Azul (AZUL) Cash Flow: Operating & Free Cash Flow

Azul Cash Flow Statement Analysis

Values in billions BRL

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities 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
Operating Activities
Net Income	0.12	-9.15	-2.38	-0.72	-4.21	-10.83	-2.40	-0.64	0.42
Depreciation & Amortization	3.01	2.56	2.40	2.09	1.61	1.81	1.56	1.28	1.06
Deferred Income Tax	0.00	-0.29	0.04	0.00	0.00	0.00	-0.14	0.17	0.07
Stock Based Compensation	0.07	0.04	0.07	-0.02	0.02	0.05	0.03	0.02	0.03
Change in Working Capital	-2.89	0.57	1.13	-1.98	-0.98	0.52	-0.25	-0.95	-0.44
Change in Accounts Receivable	-1.02	-0.31	0.88	-1.11	-0.27	0.34	-0.10	-0.16	-0.24
Change in Inventory	-0.06	-0.16	-3.04	-0.79	-0.25	-0.04	-0.08	-0.05	-0.04
Change in Accounts Payable	-0.81	0.93	2.80	2.27	-0.24	0.26	0.17	0.31	-0.09
Change in Other Working Capital	4.32	4.80	0.50	-2.36	-0.22	-0.04	-0.25	-1.04	-0.07
Other Operating Activities	4.32	4.80	2.17	3.06	3.26	9.43	3.79	1.87	-0.13
Net Cash from Operating Activities	-1.23	2.79	3.44	2.44	-0.31	0.98	2.59	1.76	1.01
Investing Activities
Capital Expenditures	-0.56	-1.49	-0.80	-1.25	-0.62	-0.34	-1.43	-1.09	-0.70
Acquisitions	-0.01	0.00	0.00	-0.03	-0.02	-0.04	0.00	0.00	0.00
Purchases of Investments	-0.11	-0.11	0.00	0.00	0.00	0.00	0.00	0.00	-3.67
Sales/Maturities of Investments	0.08	0.01	0.00	0.01	0.00	0.00	0.00	0.00	3.28
Other Investing Activities	-0.17	-0.31	-0.24	0.00	-0.04	-0.02	0.24	0.81	0.01
Net Cash from Investing Activities	-0.57	-1.57	-0.87	-0.64	-0.68	-0.40	-1.19	-0.27	-1.08
Financing Activities
Debt Repayment	-5.33	-4.53	-0.07	-3.39	0.88	0.91	-0.94	-1.19	-0.94
Common Stock Issued	0.05	0.00	0.00	0.02	0.00	0.02	0.04	0.00	0.00
Common Stock Repurchased	0.00	0.00	-0.01	0.00	-0.02	0.00	-0.01	-0.01	-0.05
Other Financing Activities	-0.43	-0.60	-1.32	-0.01	-0.08	0.00	0.00	0.05	-0.03
Net Cash from Financing Activities	1.71	-1.92	-1.39	-4.20	0.81	0.93	-0.91	-1.15	0.24
Summary
Effect of Forex Changes on Cash	-0.12	0.01	0.06	0.00	0.19	-0.09	-0.02	0.07	0.04
Net Change in Cash	-0.22	-0.69	1.23	-2.41	0.01	1.42	0.48	0.41	0.21
Cash at Beginning of Period	1.21	1.90	0.67	3.07	3.06	1.65	1.17	0.76	0.55
Cash at End of Period	0.99	1.21	1.90	0.67	3.07	3.06	1.65	1.17	0.76
Free Cash Flow	-1.79	1.29	2.64	1.18	-0.93	0.63	1.17	0.68	0.32

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

Frequently Asked Questions About Azul Cash Flow

What is Azul's free cash flow?

Azul had negative free cash flow of BRL 1.79B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −BRL 1.23B minus BRL 559.56M of capital expenditures.

How much does Azul spend on capital expenditures?

Azul spent BRL 559.56M on capital expenditures in fiscal 2025, compared with BRL 1.49B a year earlier.

Does Azul pay dividends or buy back shares?

Yes. In fiscal 2025 Azul returned BRL 4.00K in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition