Azul (AZUL) Balance Sheet: Assets & Liabilities

Azul (AZUL) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Azul reported total assets of BRL 23.63B and total liabilities of BRL 52.65B. Shareholders' equity was negative at −BRL 29.02B, meaning liabilities exceed assets. Total debt stood at BRL 35.84B against BRL 1.02B in cash and short-term investments, a net debt position of BRL 34.82B.

Azul Balance Sheet Analysis

Values in billions BRL

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Azul S.A. (AZUL) - 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
Current Assets
Cash and Cash Equivalents	0.53	1.21	1.90	0.67	3.07	3.06	1.65	1.17	0.76
Short-Term Investments	0.49	0.07	0.00	0.00	0.00	0.09	0.06	0.52	1.04
Cash & Short-Term Investments	1.02	1.28	1.90	0.67	3.08	3.16	1.71	1.69	1.81
Accounts Receivable	2.93	1.98	1.34	1.80	1.18	1.13	1.38	1.43	0.97
Inventory	1.34	0.94	0.80	0.72	0.57	0.40	0.26	0.20	0.15
Other Current Assets	1.01	1.45	1.00	0.19	1.02	0.73	0.79	0.38	0.53
Total Current Assets	6.30	5.66	5.04	4.87	5.85	5.42	4.14	3.69	3.46
Non-Current Assets
Property, Plant & Equipment (Net)	12.89	13.47	11.31	9.51	7.96	6.41	9.55	3.29	3.33
Long-Term Investments	0.03	1.04	0.78	0.73	0.91	0.85	1.40	1.29	0.84
Goodwill	0.90	0.90	0.90	0.90	0.90	0.81	0.75	0.75	0.75
Intangible Assets	0.63	0.66	0.56	0.53	0.46	0.36	0.33	0.26	0.21
Other Non-Current Assets	2.87	4.55	1.94	0.33	2.46	1.94	3.02	6.81	5.33
Total Non-Current Assets	17.33	20.62	15.49	13.85	12.69	10.38	15.06	12.40	10.45
Total Assets	23.63	26.27	20.53	18.72	18.53	15.79	19.20	16.09	13.92
Current Liabilities
Accounts Payable	3.93	4.15	2.28	2.52	1.53	2.04	1.31	1.19	0.97
Short-Term Debt	17.22	8.65	5.10	1.88	4.52	3.13	2.07	1.40	1.33
Accrued Liabilities	0.53	0.51	0.47	0.48	-	-	-	-	-
Deferred Revenue	6.24	6.33	5.21	4.14	3.06	2.49	2.09	1.67	1.29
Other Current Liabilities	2.07	1.51	1.43	0.15	1.93	2.36	1.33	0.95	0.47
Total Current Liabilities	29.46	21.34	14.75	15.06	11.71	10.21	6.86	5.28	4.12
Non-Current Liabilities
Long-Term Debt	18.62	28.90	21.23	7.51	20.39	16.75	13.56	10.28	8.59
Deferred Tax Liabilities	0.19	0.00	0.04	0.00	0.00	0.00	0.24	0.29	0.14
Other Non-Current Liabilities	4.37	6.47	5.84	0.93	4.77	2.98	2.05	1.40	1.46
Total Non-Current Liabilities	23.19	35.37	27.11	22.67	25.16	19.73	15.85	11.97	10.19
Total Liabilities	52.65	56.71	41.86	37.73	36.87	29.94	22.72	17.24	14.31
Stockholders' Equity
Common Stock	7.13	2.32	2.31	2.31	2.29	2.25	2.24	2.21	2.16
Retained Earnings	-34.68	-34.82	-25.67	-23.29	-22.56	-18.35	-7.52	-0.84	-1.21
Accumulated Other Comprehensive Income	-1.40	2.07	2.03	1.98	1.95	1.95	1.77	1.80	1.89
Treasury Stock	0.00	0.00	0.01	0.01	-	-	-	-	-
Additional Paid-in Capital	-0.07	0.00	-0.01	-0.01	-0.01	0.01	-0.02	-0.01	0.00
Shares Outstanding	0.90	0.34	0.34	0.34	-	-	-	-	-
Total Stockholders' Equity	-29.02	-30.44	-21.33	-19.01	-18.33	-14.15	-3.52	-1.15	2.83
Total Liabilities & Equity	23.63	26.27	20.53	18.72	18.53	15.79	19.20	16.09	13.92

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

Frequently Asked Questions About Azul Balance Sheet

How much debt does Azul have?

Azul had total debt of BRL 35.84B as of Dec 31, 2025, against BRL 1.02B in cash and short-term investments. Total debt was BRL 37.54B a year earlier.

What are Azul's total assets?

Azul reported total assets of BRL 23.63B as of Dec 31, 2025, down 10.1% from BRL 26.27B a year earlier. Total liabilities were BRL 52.65B.

What is Azul's shareholders' equity?

Azul's shareholders' equity was negative at −BRL 29.02B as of Dec 31, 2025, so its liabilities exceeded its assets.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition