What is Azul S.A. - ADR Quarterly Revenue?

Azul S.A. - ADR Quarterly Revenue Azul SA ADR Jun-2026 Quarterly Revenue is $4,979 Million which is growth of 0.7% YoY.

What is Azul S.A. - ADR Quarterly Net Profit?

Azul S.A. - ADR Quarterly Net Profit Azul SA ADR Jun-2026 Quarterly Net Profit is $-1,041 Million which is growth of -180.5% YoY.

What is Azul S.A. - ADR Annual Revenue?

Azul S.A. - ADR Annual Revenue Azul SA ADR Dec-2025 Annual Revenue is $21,640 Million which is growth of 10.8% YoY.

What is Azul S.A. - ADR Annual Net Profit?

Azul S.A. - ADR Annual Net Profit Azul SA ADR Dec-2025 Annual Net Profit is $125 Million which is growth of 101.4% YoY.

What is Azul S.A. - ADR Total Shareholders Fund?

Azul S.A. - ADR Total Shareholders Fund Azul SA ADR Dec-2025 Total Shareholders Fund is $-29,038 Million which is growth of 4.6% YoY.

What is Azul S.A. - ADR Total Assets?

Azul S.A. - ADR Total Assets Azul SA ADR Dec-2025 Total Assets is $23,638 Million which is growth of -10.0% YoY.

What is Azul S.A. - ADR Book Value Per Share?

Azul S.A. - ADR Book Value Per Share Azul SA ADR Book Value Per Share is $-29,299,261 which is growth of -992.0% YoY.

What is Azul S.A. - ADR ROE?

Azul S.A. - ADR ROE Azul SA ADR ROE is 0% which is growth of 0% YoY.

What is Azul S.A. - ADR Cash From Operating Activity?

Azul S.A. - ADR Cash From Operating Activity Azul SA ADR Dec-2025 Cash From Operating Activity is $-1,233 Million which is growth of -144.2% YoY.

What is Azul S.A. - ADR Net Cash Flow?

Azul S.A. - ADR Net Cash Flow Azul SA ADR Dec-2025 Net Cash Flow is $-97 Million which is growth of 86.1% YoY.

Azul S.A. - ADR

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Azul SA ADR quarterly and annual earnings report: results, revenue, profit, P&L, balance sheet, cash flow, financial ratios, revenue mix, peer comparison, and financial documents

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Forecaster Analyst Estimates for Azul SA ADR share price target, revenues, EPS, net income and more

Azul SA ADR quarterly results: revenue, profit, and P&L – 13 quarter history

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POSITIVE
Quarterly Revenue Azul SA ADR Jun-2026 Quarterly Revenue is $4,979 Million which is growth of 0.7% YoY.
NEGATIVE
Quarterly Net Profit Azul SA ADR Jun-2026 Quarterly Net Profit is $-1,041 Million which is growth of -180.5% YoY.

Azul S.A. - ADR, Earnings Report - Quarterly Results, standalone, All financials are in BRL Million and price data in USD
Indicator	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23
SR_Q Operating Rev.	4,978.6	5,471.4	5,566.6	5,737	4,942.3	5,394.4	5,545.5	5,129.6	4,172.7	4,678.4	4,905.5	4,916.4	4,254.2
CostOfRevenue_Q Cost Of Rev.	4,253.7	3,531.5	2,891.3	4,121.5	3,746.4	3,130.5	3,219	3,539.7	3,413.1	3,435.1	2,191.1	3,794.3	3,588
GrossProfit_Q Gross Profit	724.9	1,939.9	2,675.3	1,615.5	1,195.9	2,263.9	2,326.5	1,589.9	759.6	1,243.3	2,714.4	1,122.2	666.2
OEXPNS_Q Operating Exp. ⌄	883.9	1,233.4	1,625.5	941.9	816	783	1,348.7	562.8	318.4	442.6	2,440	450.3	365
AdminAndSellingExpenses_Q Admin Plus Selling Exp.	271	315.5	-770	764.1	164.9	567.4	-124.2	409.6	344.9	338.5	-81	393.9	262
ResearchAndDevlopmentExpenses_Q RnD Exp.	-	-	-	-	-	-	-	-	-	-	-	-	-
OP_Q Operating Profit	-159	706.5	1,049.8	673.6	379.9	1,480.9	977.8	1,027.2	441.2	800.7	274.4	671.8	301.2
NetNonOperIntIncExp_Q Net Non Operations Interest Incuding Expenses ⌄	-923.7	-5,672.6	-1,722.3	-2,826.9	-834.2	-1,633.6	-1,281.8	-1,256	-1,282.6	-1,173.1	-1,194.9	-1,275.4	-1,147.1
Others_Q Other Interest Earned	14.3	956	33.7	17.9	783.6	24.7	42.5	40.6	34.6	31.5	31.3	25.7	26
IntExpNonOperating_Q Interest Exp. Non Operating	938	1,339.3	1,532.7	2,212	1,617.8	1,525.5	1,306.8	1,247.1	1,192.9	1,111	1,065.8	1,272.9	1,095.3
PBT_Q Profit Before Tax	-1,041.2	-1,493.1	-1,630.3	-1,366.5	1,293.4	1,653.6	-4,412.9	121.9	-3,842.1	-1,057.1	-13.3	-1,614.9	23.9
TAX_Q Tax		-7,513.5	-0			0	-0.3	0.7	-32.5	-6.8	39.5	-	-
NICommonStockholders_Q Net Income Common Stockholders ⌄	-1,041.2	6,020.4	-1,630.3	-1,366.5	1,293.4	1,653.6	-4,412.7	121.2	-3,809.6	-1,050.3	-52.8	-1,614.9	23.9
NP_Q Net Profit	-1,041.2	6,020.4	-1,630.3	-1,366.5	1,293.4	1,653.6	-4,412.7	121.2	-3,809.6	-1,050.3	-52.8	-1,614.9	23.9
NIIncludingNoncontrollingInterests_Q Net Income Including Non controlling Interests	-1,041.2	6,020.4	-1,630.3	-1,366.5	1,293.4	1,653.6	-4,412.7	121.2	-3,809.6	-1,050.3	-52.8	-1,614.9	23.9
DilutedNIAvailtoComStockholders_Q Diluted NI Avail to Com Stockholders Ann.	-1,041.2	6,020.4	-1,630.3	-1,366.5	1,293.4	1,653.6	-4,412.7	121.2	-3,809.6	-1,050.3	-52.8	-1,614.9	23.9
EPS_Q Basic EPS	-1,185,877	6,858,027.4	2,925,011.7	-450,001.8	33,975,135.9	1,125,004.5	-255,601,022.4		-3,375,013.5	-67,950,271.8	26,100,104.4	-104,400,417.6	1,575,006.3
AfterDilutedEPS_Q Diluted EPS After ExtraOrdinary	-5.9	17.9	-1.6	-450,003.6	33,975,132.1	-0.7	0.9	-2.1	-3,374,995.8	-67,950,267.9	-17,550,070.2	-104,400,411.8	-29,925,119.7
SHARE_Q Number Of Shares End
NIContinuingDiscontinuedOper_Q Net Income Continuing Discontinued Operations	-1,041.2	6,020.4	-1,630.3	-1,366.5	1,293.4	1,653.6	-4,412.7	121.2	-3,809.6	-1,050.3	-52.8	-1,614.9	23.9
NormalizedIncome_Q Normalized Income	-1,070.9	-44.4	-875.7	-2,119.8	-1,150.7	-1,816.6	62.4	-203.1	-857.5	-401.4	-270.6	-855.9	-566.8
InterestIncome_Q Interest Income	14.3	956	33.7	17.9	783.6	24.7	42.5	40.6	34.6	31.5	31.3	25.7	26
INT_Q Interest	938	1,339.3	1,532.7	2,212	1,617.8	1,525.5	1,306.8	1,247.1	1,192.9	1,111	1,065.8	1,272.9	1,095.3
NetInterestIncome_Q Net Interest Income	-923.7	-5,672.6	-1,722.3	-2,826.9	-834.2	-1,633.6	-1,281.8	-1,256	-1,282.6	-1,173.1	-1,194.9	-1,275.4	-1,147.1
EBIT_Q EBIT	-117.5	-1,109.8	-131.3	827.6	2,127.6	3,154.4	-3,148.5	1,328.4	-2,683.8	22.5	1,021.2	-367.7	1,093.2
EBITDA_Q EBITDA	629.6	-455.4	586.7	1,545	2,890.4	3,969.6	-2,436.6	1,954.5	-2,072.4	637	1,605	257.8	1,720.3
ReconciledCostOfRevenue_Q Reconciled Cost Of Rev.	4,253.7	3,531.5	2,891.3	3,406.5	3,746.4	2,317.9	3,219	2,916.5	2,804.8	2,823.6	2,191.1	3,171.6	2,963.3
ReconciledDepreciation_Q Reconciled Depr.	747.1	654.4	718	717.4	762.8	815.2	712	626.1	611.4	614.5	583.9	625.5	627.2
ProfitLossFromContinuingOperations_Q Profit From Continuing Operations	-1,400.7	6,020.4	-1,630.3	-1,366.4	1,468	1,653.6	-4,412.7	121.2	-3,809.6	-1,050.3	-52.8	-1,614.9	23.9
NormalizedEBITDA_Q Normalized EBITDA	602.4	-2,972.4	1,578.2	776.1	1,926.3	2,188	1,714.7	1,644.4	962.8	1,353.1	729.2	1,294.8	876.6

*All financials are in BRL Million and price data in USD

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Azul SA ADR competitor comparison and performance snapshot within industry

Azul SA ADR annual results: revenue, profit, P&L, and margins as of Dec 2025 – 11 year history

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POSITIVE
Annual Revenue Azul SA ADR Dec-2025 Annual Revenue is $21,640 Million which is growth of 10.8% YoY.
POSITIVE
Annual Net Profit Azul SA ADR Dec-2025 Annual Net Profit is $125 Million which is growth of 101.4% YoY.

Azul S.A. - ADR, Earnings Report - Annual Results, standalone, All financials are in BRL Million and price data in USD
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	TTM	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
SR_A Total Rev. Ann. ⌄	10.7%	30.4%		21,640.4	19,526.2	18,554.4	15,948.1	9,975.7	5,744.1	11,442.3	9,153.4	7,789.5	6,669.9	6,257.8
TotalOperatingRevenues_A Operating Rev. Ann.	10%	28.3%	21,753.6	20,001	18,125.7	17,229.7	15,020.8	9,101.6	5,744.1	11,442.3	9,030	6,985.1	6,062.9	5,575.3
CostOfRevenue_A Cost Of Rev. Ann.	1.9%	19.4%	14,798	14,464.2	13,606.9	13,468.2	13,682.1	8,169.8	5,959.4	10,180.5	7,384.1	6,042.4	5,592.9	5,683.4
GrossProfit_A Gross Profit Ann.	46.9%	-	6,955.6	7,176.2	5,919.3	5,086.3	2,266	1,805.9	-215.3	1,261.9	1,769.3	1,747.1	1,077	574.4
OEXPNS_A Operating Exp. Ann.	27.4%	15.6%	4,684.7	4,008.1	2,672.5	3,670.8	1,939.2	2,826.8	1,941.3	2,457.3	1,049.7	882	732.7	742
OP_A Operating Profit Ann.	113.2%	-	2,270.9	3,168.1	3,246.8	1,415.5	326.8	-1,020.9	-2,156.6	-1,195.4	719.6	865.1	344.3	-167.6
NetNonOperIntIncExp_A Net Non Operations Interest Incuding Expenses Ann, ⌄	-	-	-11,145.5	-7,859.4	-4,993.5	-4,810.8	-4,334.8	-3,684	-3,209.6	-1,257.5	-368.8	-429.2	-680.1	-642.7
Others_A Other Interest Earned Ann.	-27.2%	14.1%	1,021.9	100.2	149.9	104.7	259.2	147.8	51.9	42.2	32	50.6	37.6	43.2
IntExpNonOperating_A Interest Exp. Non Operating Ann.	17.2%	23.5%	6,022	6,826.4	4,857.8	4,555.7	4,240.1	3,604.4	2,373.8	1,145.1	308.3	425.4	613.1	685.9
OtherExpenses_A Other Exp. Ann.	13.6%	-		4,816.2	-7,443.5	1,054.4	3,285.6	491.6	-5,710.9	-83.4	251.4	161.9	353.5	-267.1
PBT_A PBT Ann.	-	-	-5,531.1	124.9	-9,190.2	-2,340.9	-722.4	-4,213.2	-11,077.2	-2,536.3	602.1	597.8	17.7	-1,077.4
TAX_A Tax Ann.	-	-	-7,513.5	0	-38.8	39.5			-242.5	-133.2	181.8	68.8	144	-2.5
NICommonStockholders_A Net Income Common Stockholders Ann. ⌄	-	-	1,982.4	124.9	-9,151.4	-2,380.5	-722.4	-4,213.2	-10,834.7	-2,403.1	420.3	529	-126.3	-1,074.9
NP_A Net Profit Ann.	-	-	1,982.4	124.9	-9,151.4	-2,380.5	-722.4	-4,213.2	-10,834.7	-2,403.1	420.3	529	-126.3	-1,074.9
NIIncludingNoncontrollingInterests_A Net Income Including Non controlling Interests Ann.	-	-	1,982.4	124.9	-9,151.4	-2,380.5	-722.4	-4,213.2	-10,834.7	-2,403.1	420.3	529	-126.3	-1,074.9
DilutedNIAvailtoComStockholders_A Diluted NI Avail to Com Stockholders Ann.	-	-	1,982.4	124.9	-9,151.4	-2,380.5	-722.4	-4,213.2	-10,834.7	-2,403.1	420.3	529	-126.3	-1,074.9
EPS_A EPS Ann.	-	-		3,600,014.4	-592,202,368.8	-154,125,616.5	-46,800,187.2	-274,276,097.1	-712,577,850.3	-158,625,634.5	27,900,111.6	37,800,151.2	-8,613,034.5	-71,660,000
DilutedEPS_A Diluted EPS Ann.	-	-		3,600,014.4	-592,202,368.8	-154,125,616.5	-46,800,187.2	-274,276,097.1	-712,577,850.3	-158,625,634.5	27,675,110.7	36,900,147.6	-8,613,034.5	-71,660,000
SHARE_Q Number Of Shares End	-	-					167.6		165.7					-
TotalExpenses_A Total Exp. Ann.	5.7%	18.5%		18,472.3	16,279.4	17,139	15,621.3	10,996.6	7,900.8	12,637.7	8,433.8	6,924.4	6,325.6	6,425.4
NIContinuingDiscontinuedOper_A Net Income Continuing Discontinued Operations Ann.	-	-	1,982.4	124.9	-9,151.4	-2,380.5	-722.4	-4,213.2	-10,834.7	-2,403.1	420.3	529	-126.3	-1,074.9
NormalizedIncome_A Normalized Income Ann.	-	-	-4,110.8	-4,846.3	-1.1	-2,822.9	-2,667.6	-5,802	-5,580.5	-2,208.6	265.4	321.8	-494.1	-651
InterestIncome_A Interest Income Ann.	-27.2%	14.1%	1,021.9	100.2	149.9	104.7	259.2	147.8	51.9	42.2	32	50.6	37.6	43.2
INT_A Interest Ann.	17.2%	23.5%	6,022	6,826.4	4,857.8	4,555.7	4,240.1	3,604.4	2,373.8	1,145.1	308.3	425.4	613.1	685.9
EBITDA_A EBITDA Ann.	22.6%	-	2,305.9	9,864.4	-1,918.3	4,514.3	5,353	787.7	-6,949.8	2,237.6	1,203.4	1,272.4	894.4	-216.7
ReconciledCostOfRevenue_A Reconciled Cost Of Rev. Ann.	1.9%	19.4%	14,083	14,464.2	13,606.9	13,468.2	13,682.1	8,169.8	5,959.4	10,180.5	7,384.1	6,042.4	5,592.9	5,683.4
ReconciledDepreciation_A Reconciled Depr. Ann.	12.9%	10.8%	2,836.9	3,013.4	2,564	2,404.2	2,094.5	1,544.3	1,805.6	3,670.9	324.9	299.8	301.2	218
ProfitLossFromContinuingOperations_A Profit From Continuing Operations Ann.	-	-	1,622.9	124.9	-9,151.4	-2,380.5	-722.4	-4,213.2	-10,834.7	-2,403.1	420.3	529	-126.3	-1,074.9
NormalizedEBITDA_A Normalized EBITDA Ann.	30.3%	-	-15.7	5,148.4	5,675.1	3,564.5	2,326.6	438.7	-1,900.8	2,346.2	1,326.1	1,355.5	741.5	93.6

*All financials are in BRL Million and price data in USD

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Total Rev. Ann.

1Y CHG

10.8%

2Y CAGR

3Y CAGR

10.7%

5Y CAGR

30.4%

7Y CAGR

13.1%

10Y CAGR

13.2%

Total Revenue Annual growth is stable compared to historical averages.

Net Profit Ann.

7Y CAGR

-15.9%

Net Profit Annual growth is stable compared to historical averages.

Operating Exp. Ann.

1Y CHG

50%

2Y CAGR

4.5%

3Y CAGR

27.4%

5Y CAGR

15.6%

7Y CAGR

21.1%

10Y CAGR

18.4%

Operating Expenses Annual Cr growth is higher than historical averages.

Azul SA ADR balance sheet as of Dec 2025: assets, liabilities, reserves, and borrowings – 11 year history

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POSITIVE
Total Shareholders Fund Azul SA ADR Dec-2025 Total Shareholders Fund is $-29,038 Million which is growth of 4.6% YoY.
NEGATIVE
Total Assets Azul SA ADR Dec-2025 Total Assets is $23,638 Million which is growth of -10.0% YoY.

Azul S.A. - ADR, Balance Sheet, standalone, All financials are in BRL Million and price data in USD
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
TA_A Total Assets Ann. ⌄	8.1%	8.4%	23,637.9	26,274.9	20,532.9	18,721.3	18,533.5	15,794.5	19,197.5	11,793.2	10,316.4	8,400.4	7,839.2
CA_A Total Current Assets Ann.	9%	3.1%	6,303.5	5,658	5,044.2	4,871.9	5,846.3	5,417.4	4,138.7	3,521.8	3,304.1	1,910.3	1,855.1
CashEquivalentsShortTermInvestments_A Cash Equivalents and Short Term Investments Ann.	15.1%	-20.3%	1,017.9	1,281.9	1,897.3	668.4	3,075.2	3,156.6	1,709.9	1,686.6	1,807.2	933.8	747.1
Receivables_A Change In Account Receivables Ann.	11.6%	20.9%	2,931.1	1,979.3	1,343.4	2,109.1	1,183.8	1,132.5	1,380.6	1,352.9	1,100.5	717.8	693
Inventories_A Inventories Ann.	10.5%	19.3%	972.5	943.6	799.2	721.7	571.9	402.6	260.9	200.1	150.4	107.1	92.5
OtherCurrentAssets_A Other Current Assets Ann.	317.2%	21.5%	508.3	850.1	245.5	7	73.5	191.6	169.8	111.7	125.9	36.5	174.3
TotalNonCurrentAssets_A Total Non Current Assets Ann.	7.8%	10.8%	17,334.4	20,616.9	15,488.8	13,849.4	12,687.1	10,377	15,058.8	8,271.4	7,012.3	6,490.1	5,984.1
NetPPE_A Net PPE Ann.	10.7%	15%	12,897.3	14,505.2	11,307.4	9,505.6	7,960.8	6,410.5	9,553.6	3,289.2	3,325.5	3,440	3,553
InvestmentsAndAdvances_A Investments & Advances Ann.	4.7%	-5.7%		1,040.5	780.3	733	906.7	854.5	1,397.7	1,287.8	836	861.8	10.7
OtherNonCurrentAssets_A Other Non Current Assets Ann.	267.7%	24.5%	447.5	411.7	143.8	9	126.1	149.5	497.6	520.7	206	147.4	168.2
TotalLiabilitiesNetMinorityInterest_A Total Liabilities Net Minority Interest Ann. ⌄	11.8%	12%	52,676	56,710.2	41,860.8	37,728.8	36,866.5	29,943.2	22,716.7	8,629.5	7,482.8	7,398.4	8,231.3
CL_A Total Current Liabilities Ann.	25.1%	23.6%	29,473.2	21,342.3	14,748.9	15,056.1	11,710.3	10,212.6	6,862	4,056.8	3,334.2	3,617.6	4,059.8
PayablesAndAccruedExpenses_A Payables & Accrued Exp.s Ann.	4.9%	13.6%	5,508.5	5,365.5	3,483.2	4,776.1	2,743.1	2,917.9	2,096.6	1,674.8	1,278.4	1,316.4	1,344.5
CurrentDebtCapLeaseObligation_A Current Debt Cap Lease Obligation Ann.	49.5%	40.6%	17,225.8	8,645.7	5,104.1	5,153.7	4,521.1	3,130.7	2,066.5	335.1	568.2	985.2	1,249.3
CurrentDeferredLiabilities_Q Current Deferred Liabilities	14.7%	20.2%	6,240.7	6,326.1	5,205.9	4,140	3,063.8	2,488.9	2,094.3	1,672.5	1,287.4	949.4	-
OtherCurrentLiabilities_A Other Current Liabilities Ann.	-6.6%	-31.5%	124	334.3	219.3	152	405.2	821.4	281.2	374.5	200.2	366.7	588.1
TotalNonCurrentLiabilities_A Total Non Current Liabilities Ann.	0.8%	3.3%	23,202.8	35,367.9	27,111.9	22,672.7	25,156.2	19,730.6	15,854.6	4,572.7	4,148.6	3,780.8	4,171.5
LongTermDebtAndCapitalLeaseObligation_Q LT Debt & Capital Lease Obligation	1.6%	2.5%	18,942.3	28,896.9	21,233.7	18,065.6	20,388.3	16,750.7	13,558.3	3,371	2,921.7	3,049.3	-
TradeandOtherPayablesNonCurrent_A Trade & Other Payables Non Current Ann.	19.3%	33.8%	1,853.2	2,154	2,604.9	1,091.4	915.6	431.6	119.3	95.7	105.4	75.6	82.2
TotalDeferredCreditsAndOtherNonCurrentLiabilities_A Total Deferred Credits & Other Non Current Liabilities Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
TotalShareHoldersFunds_A Total ShareHolders Funds Ann. ⌄	-	-	-29,038.1	-30,435.3	-21,327.9	-19,007.5	-18,333	-14,148.8	-3,519.2	3,163.7	2,833.6	1,002	-392.2
EQCAP_A Equity Share Capital Ann.	-	-	-29,038.1	-30,435.3	-21,327.9	-19,007.5	-18,333	-14,148.8	-3,519.2	3,163.7	2,833.6	1,002	-392.2
CapitalStock_A Capital Stock Ann.	45.5%	26%	7,131.9	2,315.6	2,314.8	2,313.9	2,290.9	2,246.4	2,243.2	2,209.4	2,163.4	1,488.6	479.4
RetainedEarnings_A Retained Earnings Ann.	-	-	-34,693.7	-34,818.5	-25,667.1	-23,286.7	-22,564.3	-18,351.1	-7,516.4	-836.2	-1,214.8	-1,743.8	-1,617.5
GainsLossesNotAffectingRetainedEarnings_A Gains Losses Not Affecting Retained Earnings Ann.	-	-	-1,403.8	2,071.9	2,032.7	1,975.4	1,952.3	1,948.5	1,769.6	1,801.1	1,887.7	1,257.2	745.9
TotalCapitalization_A Total Capitalization Ann.	-	-	-19,453.4	-16,603	-11,553.2	-11,498.8	-9,337.7	-7,646.6	-482.3	6,534.7	5,755.3	4,051.2	3,169.5
TangibleAssets_A Tangible Assets Ann.	-	-	-30,574.1	-31,994.9	-22,791.1	-20,434	-19,691	-15,319	-4,606.7	2,147.1	1,872.6	59.4	-1,315.5
WC_A Working Capital Ann.	-	-	-23,169.6	-15,684.3	-9,704.7	-10,184.2	-5,863.9	-4,795.2	-2,723.3	-535	-30.1	-1,707.3	-2,204.7
InvestedCapital_A Invested Capital Ann.	-	-	-5,581.1	-14,271.5	-10,136.5	-10,371.1	-8,314.3	-6,788.2	-1	6,869.7	6,323.5	5,036.5	4,418.8
TangibleBookValue_A Tangible Book Value Ann.	-	-	-30,574.1	-31,994.9	-22,791.1	-20,434	-19,691	-15,319	-4,606.7	2,147.1	1,872.6	59.4	-1,315.5
Borrowings_A Borrowings Ann.	15.9%	12.7%	36,168	37,542.6	26,337.8	23,219.3	24,909.3	19,881.3	15,624.8	3,706	3,489.9	4,034.5	4,810.9
NetDebt_A Net Debt Ann.	41.3%	39.2%	22,465.3	14,953.8	9,294	7,968.1	6,944.9	4,295.7	1,870.3	2,536.9	2,727.6	3,485.3	4,174.4
ShareIssued_A Share Issued Ann.	38.7%	22%	896	335.8	335.8	335.6	333.7	331.6	329.6	326.6	323.8	317.6	317.6
SHARE_Q Number Of Shares End	-	-				167.6		165.7					-

*All financials are in BRL Million and price data in USD

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Total Assets Ann.

1Y CHG

-10%

2Y CAGR

7.3%

3Y CAGR

8.1%

5Y CAGR

8.4%

7Y CAGR

10.4%

10Y CAGR

11.7%

Total Assets Annual is falling faster than historical averages.

Total Current Liabilities Ann.

1Y CHG

38.1%

2Y CAGR

41.4%

3Y CAGR

25.1%

5Y CAGR

23.6%

7Y CAGR

32.8%

10Y CAGR

21.9%

Total Current Liabilities Annual Cr growth is higher than historical averages.

Azul SA ADR ROE, ROCE, book value, and debt-to-equity ratio as of Dec 2025 – 11 year history

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NEGATIVE
Book Value Per Share Azul SA ADR Book Value Per Share is $-29,299,261 which is growth of -992.0% YoY.
NEUTRAL
ROE Azul SA ADR ROE is 0% which is growth of 0% YoY.

Azul S.A. - ADR, Ratios, standalone, All financials are in BRL Million and price data in USD
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
ROA_A RoA Ann. %	-	-	-	-39.10%	-12.13%	-3.88%	-24.55%	-61.93%	-15.51%	3.80%	5.65%	-1.56%	-15.27%
ROE_A ROE Ann. %	-	-	-	-	-	-	-	-	-	14.02%	27.58%	-41.43%	-8,837.46%
ROIC_Q ROIC %	-	-	-	-	-	-	-	-	-	-1.9	6.2	2.6	-
OPMPCT_A OPM Ann. %	92.6%	-	14.64%	16.63%	7.63%	2.05%	-10.23%	-37.55%	-10.45%	7.86%	11.11%	5.16%	-2.68%
NBTO_A Inventory Turnover Ratio Ann.	-	-	-	15.6	17.7	21.2	16.8	18	44.2	42.1	46.9	56.1	63
ASETTO_A Asset Turnover Ann. %	-	-	-	0.8	1	0.9	0.6	0.3	0.7	0.8	0.8	0.8	0.9
WCTO_A Working Capital Turnover Ann.	-	-	-0.9	-1.2	-1.9	-1.6	-1.7	-1.2	-4.2	-17.1	-258.8	-3.9	-2.8
QuickRatio_A Quick Ratio Ann.	-	-	-	0.2	0.2	0.2	0.4	0.4	0.5	0.8	0.9	0.5	0.4
CRATIO_A Current Ratio Ann.	-	-	-	0.3	0.3	0.3	0.5	0.5	0.6	0.9	1	0.5	0.5
IC_A Interest Coverage Ratio Ann.	-	-	-	-0.9	0.5	0.8	-0.2	-3.7	-1.2	3	2.4	1	-0.6
LTDE_A LT Debt To Equity Ann.	-	-	-	-	-	-	-	-	-	1.1	1	3	-

*All financials are in BRL Million and price data in USD

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Azul SA ADR cash flow: net, operating, investing, and financing flows as of Dec 2025 – 11 year history

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NEGATIVE
Cash From Operating Activity Azul SA ADR Dec-2025 Cash From Operating Activity is $-1,233 Million which is growth of -144.2% YoY.
POSITIVE
Net Cash Flow Azul SA ADR Dec-2025 Net Cash Flow is $-97 Million which is growth of 86.1% YoY.

Azul S.A. - ADR, Cash Flow, standalone, All financials are in BRL Million and price data in USD
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
CFO_A Cash from Operating Act. Ann. ⌄	-	-	-1,232.5	2,787	3,439.7	2,437.3	-310.6	976.2	2,594.6	443.1	295.3	30.4	-397.7
ProfitLossFromContinuingOperations_A Profit From Continuing Operations Ann.	-	-	124.9	-9,151.4	-2,380.5	-722.4	-4,213.2	-10,834.7	-2,403.1	420.3	529	-126.3	-1,074.9
DepreciationAmortizationDepletion_A Depreciation Amortization Depletion Ann.	12.9%	10.8%	3,013.4	2,564	2,404.2	2,094.5	1,544.3	1,805.6	3,670.9	324.9	299.8	301.2	218
DepreciationAndAmortization_A Depreciation And Amortization Ann.	12.9%	10.8%	3,013.4	2,564	2,404.2	2,094.5	1,544.3	1,805.6	3,670.9	324.9	299.8	301.2	218
DeferredTax_A Deferred Tax Ann.	-	-		-292.5	39.5			-242.5	-135.4	170.6	71.7	135.3	-3.9
DeferredIncomeTax_A Deferred Income Tax Ann.	-	-		-292.5	39.5			-242.5	-135.4	170.6	71.7	135.3	-3.9
EmployeesStockOptions_A ESOPs Ann.	-	25.3%	70.8	43.5	71.6	-18.3	17.2	22.9	17.2	22.2	28.1	9.9	9.8
OtherNonCashItems_A Other Non Cash Items Ann.	1.9%	17.2%	4,318.5	4,797	5,109.9	4,084.3	3,394.5	1,950.8	1,079	182.3	222.1	360.7	299.2
ChangeInWorkingCapital_A Change In Working Capital Ann.	-	-	-2,888.3	574.7	1,131	1,141.6	-545.3	2,377.3	231.8	-205	-365	259	-46.4
ChangeInReceivables_A Change In Receivables Ann.	-	-	-1,041.6	-312.3	912.8	-1,161.1	-179.3	663.1	-47.6	-331.4	-311.1	-22	-10
ChangeInInventory_A Change In Inventory Ann.	-	-	-61	-159.4	-153.5	-159.5	-159.1	-44.6	-78.5	-53	-37.1	-17.6	-3
ChangePayablesAccruedExpense_A Change Payables Accrued Expense Ann.	-	-	-808.2	3,263.2	2,768.8	2,395	7.6	780.9	322	317.5	62.4	-34.8	166.2
ChangeInOtherCurrentAssets_A Change In Other Current Assets Ann.	-	-	-390.6	-575.8	-128.1	88.4	79.2	272.7	-103.2	-288.4	-141.1	183.2	-179.4
ChangeInOtherCurrentLiabilities_A Change In Other Current Liabilities Ann.	-53.3%	-30.8%	102.6	1,460.6	1,207	1,004.6	1,014.9	645.1	309.2	349.7	332.4	243.2	155.6
ChangeInOtherWorkingCapital_A Change In Other Working Capital Ann.	-	-	-278.1	-316.5	-134.3	484.3	-402.6	259	-96.1	-62.7	-81.6	-59.1	-45.8
CFI_A Cash from Investing Act. Ann. ⌄	-	-	-573.4	-1,565.7	-874.5	-639.9	-706.2	-403.8	-1,186.8	58	-975.8	-644.4	-542.5
NetPPEPurchaseAndSale_A Net PPE Purchase & Sale Ann.	-	-	4.2	-652	-372.7	-412.5	-624.3	-297.4	-1,368.6	-391.5	-412.2	532	-945.3
PurchaseOfPPE_A Purchase Of PPE Ann.	-	-	-198.4	-681.3	-464.4	-1,252.5	-624.3	-343.1	-1,428	-754.6	-589.5	-	-1,193.6
NetBusinessPurchaseAndSale_A Net Business Purchase & Sale Ann.	-	-	-5.9			-30.3	-20	-38.7	-	-	-	-	-
PurchaseOfBusiness_A Purchase Of Business Ann.	-	-	-5.9			-30.3	-20	-38.7	-	-	-	-	-
PurchaseOfInvestment_A Purchase Of Investment Ann.	-	-	-106.3	-107.4		-10.4	-98.8	-1,471.7	-1,451.6	-2,843	-3,673.7	-1,111.5	-539.2
SaleOfInvestment_A Sale Of Investment Ann.	92%	-43.9%	84.2	6.2		11.9	189.5	1,513.6	1,816.9	3,392.7	3,166.2	377.3	994.7
NetOtherInvestingChanges_A Net Other Investing Changes Ann.	-	-	-	-0.1	6.1	-	-	-	-51	-	-	-	-
CFA_A Cash from Financing Act. Ann. ⌄	-	12.9%	1,708.9	-1,920.1	-1,392.9	-4,203.6	833.9	933.5	-913.5	-161.2	856.8	526.7	1,161.1
NetIssuancePaymentsOfDebt_A Net Issuance Payments Of Debt Ann.	-	18.1%	2,090.9	-1,316.3	-69.6	-3,391.8	901.7	909.7	-938.4	-273.7	-253.9	-569.4	848.1
NetLongTermDebtIssuance_A Net Long Term Debt Issuance Ann.	-	18.1%	2,090.9	-1,316.3	-69.6	-3,391.8	901.7	909.7	-938.4	-273.7	-253.9	-569.4	848.1
NetShortTermDebtIssuance_A Net ST Debt Issuance Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
NetCommonStockIssuance_A Net Common Stock Issuance Ann.	39.2%	-	51.2	-2.6	-6	19	-16.2		-12.9	-12.2	1,228.6	1,451.6	313
CommonStockIssuance_A Common Stock Issuance Ann.	30.6%	-	51.2		0.8	23		-	-		1,231.3	1,451.6	313
CommonStockPayments_A Common Stock Payments Ann.	-	-		-2.6	-6.8	-3.9	-16.2		-12.9	-12.2	-2.7	-
dividend_1Y_actual Dividend 1year	-	-
DividendPerShare_A Dividend Per Share Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
NetOtherFinancingCharges_A Net Other Financing Charges Ann.	-	-	-433.2	-601.2	-1,317.4	-830.9	-51.6	-	-	77	-73.2	-9.2	-
CashAndCashEquivalentEndOfYear_A Cash Plus Cash Eqv. End Of Year Ann.	14.1%	-20.2%	991.6	1,210	1,897.3	668.4	3,073.8	3,064.8	1,647.9	1,169.1	762.3	549.2	636.5
NetIncDecInCashAndCashEquivalents_A Net Increase In Cash Plus Cash Eqv.s Ann.	-	-	-97	-698.7	1,172.3	-2,406.1	-182.9	1,505.9	494.3	339.8	176.3	-87.3	220.9
CashAndCashEquivalentBeginOfYear_A Cash Plus Cash Eqv. Begin Of Year Ann.	-26.7%	-6%	1,210	1,897.3	668.4	3,073.8	3,064.8	1,647.9	1,169.1	762.3	549.2	636.5	389
IncomeTaxPaidSupplementalData_A Income Tax Paid Supplemental Data Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
InterestPaidSupplementalData_A Interest Paid Supplemental Data Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
CapitalExpenditure_A Capex Ann.	-	-	-747.9	-1,493.8	-972.3	-1,451.1	-776.8	-452.7	-1,560.4	-854.8	-645.6	-442.1	-1,246.3
IssuanceOfCapitalStock_A Issuance Of Capital Stock Ann.	30.6%	-	51.2		0.8	23		-	-		1,231.3	1,451.6	313
IssuanceOfDebt_A Issuance Of Debt Ann.	233.6%	30.8%	7,423.2	3,210	4,733.3	200	3,092.5	1,936.2	608.6	810.8	1,989.6	979.6	1,925
RepaymentOfDebt_A Repayment Of Debt Ann.	-	-	-5,332.2	-4,526.3	-4,802.9	-3,591.8	-2,190.8	-1,026.5	-1,547	-1,084.5	-2,243.5	-1,549.1	-1,076.9
RepurchaseOfCapitalStock_A Repurchase Of Capital Stock Ann.	-	-		-2.6	-6.8	-3.9	-16.2		-12.9	-12.2	-47.4	-346.3
FreeCashFlow_A Free Cash Flow Ann.	-	-	-1,980.4	1,293.2	2,467.4	986.3	-1,087.4	523.6	1,034.2	-411.8	-350.3	-411.8	-1,644

*All financials are in BRL Million and price data in USD

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Cash from Financing Act. Ann.

5Y CAGR

12.9%

10Y CAGR

3.9%

Cash from Financing Annual Activity growth is stable compared to historical averages.

Forecaster
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Competitors/Peers
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Cash Flow

26.48% Fall from 52W High

Azul SA ADR quarterly and annual earnings report: results, revenue, profit, P&L, balance sheet, cash flow, financial ratios, revenue mix, peer comparison, and financial documents

Azul SA ADR - Forecaster

Forecaster Analyst Estimates for Azul SA ADR share price target, revenues, EPS, net income and more

Azul SA ADR - Earnings Report - Quarterly Results

Azul SA ADR quarterly results: revenue, profit, and P&L – 13 quarter history

Quarterly Revenue Azul SA ADR Jun-2026 Quarterly Revenue is $4,979 Million which is growth of 0.7% YoY.

Quarterly Net Profit Azul SA ADR Jun-2026 Quarterly Net Profit is $-1,041 Million which is growth of -180.5% YoY.

Azul SA ADR - Competitors/Peers

Azul SA ADR competitor comparison and performance snapshot within industry

Azul SA ADR - Earnings Report - Annual Results

Azul SA ADR annual results: revenue, profit, P&L, and margins as of Dec 2025 – 11 year history

Annual Revenue Azul SA ADR Dec-2025 Annual Revenue is $21,640 Million which is growth of 10.8% YoY.

Annual Net Profit Azul SA ADR Dec-2025 Annual Net Profit is $125 Million which is growth of 101.4% YoY.

Azul SA ADR - Balance Sheet

Azul SA ADR balance sheet as of Dec 2025: assets, liabilities, reserves, and borrowings – 11 year history

Total Shareholders Fund Azul SA ADR Dec-2025 Total Shareholders Fund is $-29,038 Million which is growth of 4.6% YoY.

Total Assets Azul SA ADR Dec-2025 Total Assets is $23,638 Million which is growth of -10.0% YoY.

Azul SA ADR - Ratios

Azul SA ADR ROE, ROCE, book value, and debt-to-equity ratio as of Dec 2025 – 11 year history

Book Value Per Share Azul SA ADR Book Value Per Share is $-29,299,261 which is growth of -992.0% YoY.

ROE Azul SA ADR ROE is 0% which is growth of 0% YoY.

Azul SA ADR - Cash Flow

Azul SA ADR cash flow: net, operating, investing, and financing flows as of Dec 2025 – 11 year history

Cash From Operating Activity Azul SA ADR Dec-2025 Cash From Operating Activity is $-1,233 Million which is growth of -144.2% YoY.

Net Cash Flow Azul SA ADR Dec-2025 Net Cash Flow is $-97 Million which is growth of 86.1% YoY.