Azul (AZUL) Financial Statements & Analysis

Azul (AZUL) Income Statement

Azul reported revenue of BRL 21.64B in fiscal 2025 (fiscal year ended Dec 31, 2025), up 10.8% from BRL 19.53B a year earlier. Net income was BRL 124.86M, a net margin of 0.6%. Gross margin was 33.2% and operating margin 14.6%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was BRL 4.98B, up 0.7% from the same quarter a year earlier.

Azul Income Statement Analysis

Values in billions BRL

Income Statement Balance Sheet Cash Flow Ratios

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Azul S.A. income statement - Annual data in billions BRL
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	21.64	19.53	18.55	15.95	9.98	5.74	11.44	9.06	7.70
Cost of Revenue	15.63	13.61	15.42	14.26	9.20	6.22	8.13	5.29	4.48
Gross Profit	7.18	5.92	3.13	1.68	1.81	-0.47	2.97	3.76	3.23
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	1.70	0.97	1.32	0.80	0.75	1.22	0.44	0.37	0.31
Operating Expenses	4.01	2.67	1.47	0.25	1.75	0.93	4.51	2.57	1.99
Operating Income	3.17	3.25	1.66	1.43	0.05	-1.40	-1.20	1.19	1.24
Other Income/Expense
Interest Income	0.10	0.15	-0.28	0.21	0.13	0.02	0.07	0.04	0.05
Interest Expense	6.83	4.86	4.56	3.98	3.36	2.74	1.33	0.99	0.54
Other Income/Expense	4.82	-7.44	-4.00	-2.15	-4.27	-9.68	-1.34	-1.65	-0.83
Income
Income Before Tax	0.12	-9.19	-2.34	-0.72	-4.21	-11.08	-2.54	-0.45	0.41
Income Tax Expense	0.00	-0.04	0.04	0.00	0.00	-0.24	-0.13	0.18	-0.01
Net Income	0.12	-9.15	-2.38	-0.72	-4.21	-10.83	-2.40	-0.64	0.42
Net Income - Continuous Operations	0.12	-9.15	-2.38	-0.72	-4.21	-10.83	-2.40	-0.64	0.42
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	4.63	-1.77	1.74	5.61	-0.75	-7.06	1.92	1.75	2.27
EBIT	4.32	-4.33	1.42	3.52	-1.02	-	-	-	-
Depreciation & Amortization	0.01	0.01	2.40	2.09	1.54	1.81	0.22	0.31	1.06
Earnings Per Share
Basic EPS	3.00	-55.00	-10.00	-3.00	-19.00	-48.00	-11.00	-3.00	2.00
Diluted EPS	-1.00	-7875032.00	-10.00	-3.00	-19.00	-48.00	-11.00	-3.00	2.00
Basic Shares Outstanding	0.04	0.17	0.23	0.23	0.23	0.23	0.23	0.23	0.21
Diluted Shares Outstanding	0.04	0.17	0.23	0.23	0.23	0.23	0.23	0.23	0.21

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Azul Financial Statements

What was Azul's revenue in fiscal 2025?

Azul reported revenue of BRL 21.64B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 10.8% from BRL 19.53B a year earlier.

Is Azul profitable?

Yes. Azul earned net income of BRL 124.86M in fiscal 2025, a net margin of 0.6%. In fiscal 2024 it lost BRL 9.15B.

What is Azul's operating margin?

Azul's operating income was BRL 3.17B on revenue of BRL 21.64B in fiscal 2025, an operating margin of 14.6%, compared with 16.6% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition