InsiderClue
Stocks · Industrials · Air Transportation, Scheduled

AZUL SA

AZUL Clue Score54
Brazil Fiscal year ends December CIK 0001432364
$7.19 +2.71% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $7.19 +0.84% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 10 Jul 2026. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue6.67Operating income0.34Net income−0.13Fiscal year 2017Revenue7.70 +15.5%Operating income1.24Net income0.42Fiscal year 2018Revenue9.06 +17.6%Operating income1.19Net income−0.64 −249.8%Fiscal year 2019Revenue11.44 +26.3%Operating income−1.20Net income−2.40Fiscal year 2020Revenue5.74 −49.8%Operating income−1.40Net income−10.83Fiscal year 2021Revenue9.98 +73.7%Operating income0.05Net income−4.21Fiscal year 2022Revenue15.95 +59.9%Operating income1.43Net income−0.72Fiscal year 2023Revenue18.55 +16.3%Operating income1.66Net income−2.38Fiscal year 2024Revenue19.53 +5.2%Operating income3.39Net income−9.15Fiscal year 2025Revenue21.64 +10.8%Operating income4.32Net income0.12
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 6.67 7.70 9.06 11.44 5.74 9.98 15.95 18.55 19.53 21.64
Growth +15.5% +17.6% +26.3% −49.8% +73.7% +59.9% +16.3% +5.2% +10.8%
Operating income 0.34 1.24 1.19 −1.20 −1.40 0.05 1.43 1.66 3.39 4.32
Net income −0.13 0.42 −0.64 −2.40 −10.83 −4.21 −0.72 −2.38 −9.15 0.12
Growth −249.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin5.2%Net margin−1.9%Free cash flow margin−5.0%Fiscal year 2017Operating margin16.1%Net margin5.5%Free cash flow margin4.1%Fiscal year 2018Operating margin13.2%Net margin−7.0%Free cash flow margin7.5%Fiscal year 2019Operating margin−10.4%Net margin−21.0%Free cash flow margin10.2%Fiscal year 2020Operating margin−24.4%Net margin−188.6%Free cash flow margin11.0%Fiscal year 2021Operating margin0.5%Net margin−42.2%Free cash flow margin−9.4%Fiscal year 2022Operating margin9.0%Net margin−4.5%Free cash flow margin11.4%Fiscal year 2023Operating margin9.0%Net margin−12.8%Free cash flow margin16.0%Fiscal year 2024Operating margin17.4%Net margin−46.9%Free cash flow margin10.8%Fiscal year 2025Operating margin20.0%Net margin0.6%Free cash flow margin−6.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 5.2% 16.1% 13.2% −10.4% −24.4% 0.5% 9.0% 9.0% 17.4% 20.0%
Net margin −1.9% 5.5% −7.0% −21.0% −188.6% −42.2% −4.5% −12.8% −46.9% 0.6%
Free cash flow margin −5.0% 4.1% 7.5% 10.2% 11.0% −9.4% 11.4% 16.0% 10.8% −6.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.05Capital expenditure−0.39Free cash flow−0.33Fiscal year 2017Operating cash flow1.01Capital expenditure−0.70Free cash flow0.32Buybacks−0.04Fiscal year 2018Operating cash flow1.76Capital expenditure−1.09Free cash flow0.68 +112.5%Fiscal year 2019Operating cash flow2.59Capital expenditure−1.43Free cash flow1.17 +72.0%Buybacks−0.01Fiscal year 2020Operating cash flow0.98Capital expenditure−0.34Free cash flow0.63 −45.7%Buybacks0.00Fiscal year 2021Operating cash flow−0.31Capital expenditure−0.62Free cash flow−0.93 −247.7%Buybacks−0.02Fiscal year 2022Operating cash flow2.44Capital expenditure−0.62Free cash flow1.81Buybacks−0.00Fiscal year 2023Operating cash flow3.44Capital expenditure−0.46Free cash flow2.98 +64.1%Buybacks−0.01Fiscal year 2024Operating cash flow2.79Capital expenditure−0.68Free cash flow2.11 −29.2%Buybacks−0.00Fiscal year 2025Operating cash flow−1.23Capital expenditure−0.20Free cash flow−1.43 −168.0%Buybacks−0.00
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.05 1.01 1.76 2.59 0.98 −0.31 2.44 3.44 2.79 −1.23
Capital expenditure −0.39 −0.70 −1.09 −1.43 −0.34 −0.62 −0.62 −0.46 −0.68 −0.20
Free cash flow −0.33 0.32 0.68 1.17 0.63 −0.93 1.81 2.98 2.11 −1.43
Growth +112.5% +72.0% −45.7% −247.7% +64.1% −29.2% −168.0%
Buybacks n/a −0.04 n/a −0.01 0.00 −0.02 −0.00 −0.01 −0.00 −0.00

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.55Total debt3.05Net cash (debt)−2.50Shareholders’ equity−2.13Fiscal year 2017Cash0.76Total debt2.16Net cash (debt)−1.40Shareholders’ equity−0.43Fiscal year 2018Cash1.17Total debt2.60Net cash (debt)−1.43Shareholders’ equity−1.15Fiscal year 2019Cash1.65Total debt3.04Net cash (debt)−1.39Shareholders’ equity−3.52Fiscal year 2020Cash3.06Total debt6.50Net cash (debt)−3.44Shareholders’ equity−14.15Fiscal year 2021Cash3.07Total debt7.16Net cash (debt)−4.09Shareholders’ equity−18.33Fiscal year 2022Cash0.67Total debt6.12Net cash (debt)−5.45Shareholders’ equity−19.01Fiscal year 2023Cash1.90Total debt8.60Net cash (debt)−6.70Shareholders’ equity−21.33Fiscal year 2024Cash1.21Total debt12.77Net cash (debt)−11.56Shareholders’ equity−30.44Fiscal year 2025Cash0.99Total debt9.28Net cash (debt)−8.28Shareholders’ equity−29.04
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.55 0.76 1.17 1.65 3.06 3.07 0.67 1.90 1.21 0.99
Total debt 3.05 2.16 2.60 3.04 6.50 7.16 6.12 8.60 12.77 9.28
Net cash (debt) −2.50 −1.40 −1.43 −1.39 −3.44 −4.09 −5.45 −6.70 −11.56 −8.28
Shareholders’ equity −2.13 −0.43 −1.15 −3.52 −14.15 −18.33 −19.01 −21.33 −30.44 −29.04

In billions of BRL, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
5.2% 16.1% 13.2% −10.4% −24.4% 0.5% 9.0% 9.0% 17.4% 20.0%
0.3% 5.4% −5.0% −22.2% −192.8% −42.2% −4.5% −12.6% −47.1% 0.6%
−1.9% 5.5% −7.0% −21.0% −188.6% −42.2% −4.5% −12.8% −46.9% 0.6%
−5.0% 4.1% 7.5% 10.2% 11.0% −9.4% 11.4% 16.0% 10.8% −6.6%
Spending
5.8% 9.0% 12.0% 12.5% 6.0% 6.3% 3.9% 2.5% 3.5% 0.9%
815.0% −2.5% n/a n/a n/a n/a n/a n/a n/a 0.0%
Returns
−1.5% 3.1% −4.0% −12.5% −68.6% −22.7% −3.9% −11.6% −34.8% 0.5%
Balance and payout
n/a 14.0% n/a 1.1% 0.0% n/a 0.2% 0.2% 0.1% n/a

Shown in BRL as filed; the screener converts to dollars.