Azul Airlines (NYSE: AZUL)

$8.20-3.19%today

Brazilian ADR trading on the NYSE, priced in US dollars.

Display currency

Market Cap, EPS and the financial totals below — switch between US dollars and BRL.

Market Cap: $1.51B
P/E (TTM): —
P/B: -2.1x
EPS (TTM): $-0.44
Dividend Yield: 0.84%
52-Week Range: $7.84 – $9.83
Volume: 126K
Previous Close: $8.47

TTM = trailing twelve months — the most recent 12 months (a rolling window), used for P/E, EPS and dividends. On the tables and charts below, the in-progress current year appears as a “Last 12M” column labelled with the quarter range it covers.

Performance

Today

-3.19%

1 Week

-2.96%

1 Month

-3.30%

YTD

—

1 Year

—

5 Years

—

About Azul Airlines

US Ticker: AZUL
B3 Ticker: AZUL4
Exchange: NYSE
Currency: USD
Sector: Industrials
Industry: Airlines
Headquarters: Barueri, SP, Brazil
Employees: —
CEO: Mr. John Peter Rodgerson
Founded: 2008

Azul S.A., together with its subsidiaries, provides air transportation services in Brazil and internationally.

It is also involved in the cargo or postal; passenger charter; development of frequent-flyer programs; intellectual property owner; travel packages; funding: aircraft financing; and provision of maintenance and hangarage services for aircraft, engines, parts and pieces, aircraft acquisition, and lease services.

As of December 31, 2025, the company operated approximately 970 daily departures to 160 destinations through a network of 390 non-stop routes; with an operating fleet of 176 aircraft and a passenger contractual fleet of 227 aircraft.

The company was incorporated in 2008 and is headquartered in Barueri, Brazil.

www.voeazul.com.br

Financial Results

Revenue, EBITDA and net profit (in USD) with net margin (net profit ÷ revenue).

Financial Health

Margins, leverage and cash-flow quality derived from Azul Airlines's income statement, balance sheet and cash flow (absolute figures in USD).

ProfitabilityLeverageGrowth

Overall: Financially Solid

Net Margin: -35.0%
ROE: 24.9%
Rev Growth (YoY): +3.67%
Net Debt / EBITDA: 6.76×
Current Ratio: 0.35×
Interest Coverage: 0.51×
Free Cash Flow: 1.51B
Payout Ratio: —

Income — Margins & Efficiency

Metric	Last 12MQ2'24 – Q1'25	Δ	2024	Δ	2023	Δ	2022	Δ	2021	Δ	2020	Δ	2019	Δ	2018	Δ	2017	Δ	2016	Δ	2015	Δ	2014	Δ	2013	Δ	2012	Δ	2011	Δ	2010
Revenue	$3,552,260,108	+12.4%	$3,160,654,591	-17.4%	$3,825,496,887	+26.8%	$3,017,838,058	+68.5%	$1,790,910,380	+61.8%	$1,106,589,127	-61.2%	$2,849,383,335	+19.9%	$2,375,845,336	+1.0%	$2,352,541,451	+14.7%	$2,050,822,802	+29.7%	$1,581,570,501	-27.7%	$2,186,448,514	-1.4%	$2,218,520,324	+67.0%	$1,328,714,977	+44.0%	$922,810,959	+76.1%	$524,145,608
Gross profit	$970,933,420	+16.5%	$833,710,322	+29.2%	$645,493,176	+7.7%	$599,554,933	+84.9%	$324,207,210	+416.4%	-$102,452,995	-112.1%	$850,110,977	+80.9%	$469,877,652	-10.9%	$527,649,422	+59.3%	$331,139,194	+128.1%	$145,171,481	-63.7%	$399,847,029	-13.9%	$464,148,688	+146.6%	$188,202,044	+35.2%	$139,223,140	+146.2%	$56,539,110
Operating income	$554,632,879	+1.1%	$548,832,451	+60.3%	$342,479,485	+26.6%	$270,513,378	+2649.9%	$9,837,169	+103.6%	-$269,528,876	-153.3%	$505,863,096	+142.3%	$208,739,869	-20.1%	$261,242,487	+146.8%	$105,859,238	+349.9%	-$42,358,531	-128.0%	$151,059,116	-23.9%	$198,466,494	+4597.2%	$4,225,221	-68.6%	$13,454,857	+144.0%	-$30,591,456
EBITDA	$920,035,273	+59.8%	$575,795,982	-39.5%	$952,322,791	-10.3%	$1,061,992,771	+944.5%	$101,671,933	+107.5%	-$1,360,052,007	-3377.0%	$41,503,236	-90.9%	$455,091,632	-33.7%	$686,479,418	+112.6%	$322,869,047	+836.2%	-$43,855,486	-119.3%	$227,692,627	-12.3%	$259,700,759	+449.1%	$47,293,042	-8.6%	$51,717,242	+816.2%	$5,645,006
Net profit	-$1,242,253,966	+16.1%	-$1,481,307,726	-201.8%	-$490,795,431	-259.0%	-$136,692,843	+81.9%	-$756,383,613	+63.8%	-$2,087,275,101	-1117.6%	$205,119,343	+12.9%	$181,611,688	+13.7%	$159,765,637	+511.4%	-$38,838,361	+85.7%	-$271,665,782	-1008.6%	-$24,505,482	-379.2%	$8,778,451	+110.5%	-$83,537,235	-47.8%	-$56,536,028	+3.7%	-$58,704,573
Gross margin	27.3%	+1.0 p.p.	26.4%	+9.5 p.p.	16.9%	-3.0 p.p.	19.9%	+1.8 p.p.	18.1%	+27.4 p.p.	-9.3%	-39.1 p.p.	29.8%	+10.1 p.p.	19.8%	-2.7 p.p.	22.4%	+6.3 p.p.	16.1%	+7.0 p.p.	9.2%	-9.1 p.p.	18.3%	-2.6 p.p.	20.9%	+6.8 p.p.	14.2%	-0.9 p.p.	15.1%	+4.3 p.p.	10.8%
Operating margin	15.6%	-1.8 p.p.	17.4%	+8.4 p.p.	9.0%	-0.0 p.p.	9.0%	+8.4 p.p.	0.5%	+24.9 p.p.	-24.4%	-42.1 p.p.	17.8%	+9.0 p.p.	8.8%	-2.3 p.p.	11.1%	+5.9 p.p.	5.2%	+7.8 p.p.	-2.7%	-9.6 p.p.	6.9%	-2.0 p.p.	8.9%	+8.6 p.p.	0.3%	-1.1 p.p.	1.5%	+7.3 p.p.	-5.8%
EBITDA margin	25.9%	+7.7 p.p.	18.2%	-6.7 p.p.	24.9%	-10.3 p.p.	35.2%	+29.5 p.p.	5.7%	+128.6 p.p.	-122.9%	-124.4 p.p.	1.5%	-17.7 p.p.	19.2%	-10.0 p.p.	29.2%	+13.4 p.p.	15.7%	+18.5 p.p.	-2.8%	-13.2 p.p.	10.4%	-1.3 p.p.	11.7%	+8.1 p.p.	3.6%	-2.0 p.p.	5.6%	+4.5 p.p.	1.1%
Net margin	-35.0%	+11.9 p.p.	-46.9%	-34.0 p.p.	-12.8%	-8.3 p.p.	-4.5%	+37.7 p.p.	-42.2%	+146.4 p.p.	-188.6%	-195.8 p.p.	7.2%	-0.4 p.p.	7.6%	+0.9 p.p.	6.8%	+8.7 p.p.	-1.9%	+15.3 p.p.	-17.2%	-16.1 p.p.	-1.1%	-1.5 p.p.	0.4%	+6.7 p.p.	-6.3%	-0.2 p.p.	-6.1%	+5.1 p.p.	-11.2%
Revenue growth (YoY)	3.7%	-1.6 p.p.	5.2%	-11.1 p.p.	16.3%	-43.5 p.p.	59.9%	-13.8 p.p.	73.7%	+123.5 p.p.	-49.8%	-74.1 p.p.	24.3%	+6.1 p.p.	18.2%	+1.4 p.p.	16.8%	+10.2 p.p.	6.6%	-1.3 p.p.	7.8%	-3.0 p.p.	10.9%	-81.8 p.p.	92.6%	+34.7 p.p.	57.9%	-39.7 p.p.	97.6%	—	—
Effective tax rate	0.4%	+0.0 p.p.	0.4%	+2.1 p.p.	-1.7%	+346.5 p.p.	-348.2%	-262.1 p.p.	-86.1%	-88.3 p.p.	2.2%	+21.5 p.p.	-19.3%	-39.8 p.p.	20.5%	+9.0 p.p.	11.5%	-803.5 p.p.	815.0%	+814.8 p.p.	0.2%	-25.4 p.p.	25.6%	-52.8 p.p.	78.5%	+77.8 p.p.	0.7%	+96.1 p.p.	-95.5%	-42.2 p.p.	-53.3%
Interest coverage	0.51×	-24.2%	0.67×	+37.5%	0.49×	-41.4%	0.83×	+394.2%	-0.28×	+93.0%	-4.01×	-52.1%	-2.64×	-175.2%	3.51×	-6.9%	3.77×	+208.3%	1.22×	+314.0%	-0.57×	-155.2%	1.03×	-34.2%	1.57×	+2381.9%	-0.07×	-177.8%	0.09×	+111.0%	-0.80×

Newest column (“Last 12M”) = trailing 12 months, the last 4 reported quarters — shown with the quarter range it spans; earlier columns are full fiscal years.

Balance Sheet — Health & Leverage

Metric	Last 12MQ2'24 – Q1'25	Δ	2024	Δ	2023	Δ	2022	Δ	2021	Δ	2020	Δ	2019	Δ	2018	Δ	2017	Δ	2016	Δ	2015	Δ	2014	Δ	2013	Δ	2012	Δ	2011	Δ	2010
Net debt	$6,216,429,173	+5.7%	$5,881,063,630	+16.7%	$5,039,059,008	+14.3%	$4,409,842,751	+12.5%	$3,920,057,987	+21.0%	$3,239,651,817	-6.9%	$3,480,533,584	+42.8%	$2,437,961,386	+196.0%	$823,774,576	-23.1%	$1,071,651,139	+1.6%	$1,055,030,707	-2.4%	$1,081,430,617	+2.5%	$1,054,724,706	-20.6%	$1,329,059,215	+89.5%	$701,220,781	+70.6%	$411,114,320
Net Debt / Equity	-1.25×	-4.3%	-1.19×	-4.2%	-1.15×	+6.5%	-1.23×	-2.9%	-1.19×	-0.2%	-1.19×	+70.1%	-3.97×	-233.0%	2.99×	+210.1%	0.96×	-72.3%	3.48×	+132.7%	-10.64×	-254.5%	6.89×	+31.9%	5.22×	-32.5%	7.74×	-65.4%	22.40×	+489.7%	3.80×
Net Debt / EBITDA	6.76×	-33.8%	10.21×	+93.0%	5.29×	+27.4%	4.15×	-89.2%	38.56×	+1718.6%	-2.38×	-102.8%	83.86×	+1465.4%	5.36×	+346.4%	1.20×	-63.8%	3.32×	+113.8%	-24.06×	-606.5%	4.75×	+16.9%	4.06×	-85.5%	28.10×	+107.3%	13.56×	-81.4%	72.83×
Debt / Equity	-1.26×	-2.2%	-1.23×	+0.1%	-1.23×	+2.1%	-1.26×	+7.2%	-1.36×	+3.3%	-1.41×	+68.4%	-4.44×	-232.3%	3.36×	+172.4%	1.23×	-69.4%	4.03×	+132.8%	-12.27×	-256.8%	7.83×	+22.8%	6.37×	-25.2%	8.52×	-65.5%	24.66×	+468.5%	4.34×
Current ratio	0.35×	+32.1%	0.27×	-22.5%	0.34×	+5.7%	0.32×	-35.2%	0.50×	-5.9%	0.53×	-12.0%	0.60×	-30.5%	0.87×	-12.4%	0.99×	+87.7%	0.53×	+15.6%	0.46×	-28.6%	0.64×	+25.2%	0.51×	-0.6%	0.51×	-39.5%	0.85×	+45.1%	0.59×
Return on equity (ROE)	24.9%	-5.2 p.p.	30.1%	+18.9 p.p.	11.2%	+7.4 p.p.	3.8%	-19.2 p.p.	23.0%	-53.6 p.p.	76.6%	+100.0 p.p.	-23.4%	-45.6 p.p.	22.2%	+3.6 p.p.	18.7%	+31.3 p.p.	-12.6%	-286.7 p.p.	274.1%	+289.7 p.p.	-15.6%	-20.0 p.p.	4.3%	+53.0 p.p.	-48.7%	+132.0 p.p.	-180.6%	-126.4 p.p.	-54.2%
Return on assets (ROA)	-27.7%	+7.1 p.p.	-34.8%	-23.2 p.p.	-11.6%	-7.7 p.p.	-3.9%	+18.9 p.p.	-22.7%	+45.9 p.p.	-68.6%	-72.9 p.p.	4.3%	-1.7 p.p.	6.0%	+0.8 p.p.	5.1%	+6.6 p.p.	-1.5%	+12.2 p.p.	-13.7%	-12.7 p.p.	-1.0%	-1.4 p.p.	0.4%	+4.0 p.p.	-3.6%	+1.8 p.p.	-5.4%	+2.6 p.p.	-8.0%
Book value / share	$-35.00	+17.7%	$-42.51	-12.0%	$-37.96	-22.2%	$-31.06	-8.7%	$-28.56	-20.1%	$-23.79	-825.4%	$-2.57	-135.4%	$7.25	-9.1%	$7.98	+185.0%	$2.80	+410.8%	$-0.90	-163.2%	$1.43	-22.3%	$1.84	+17.6%	$1.56	+448.4%	$0.28	-71.1%	$0.98

Newest column (“Last 12M”) = trailing 12 months, the last 4 reported quarters — shown with the quarter range it spans; earlier columns are full fiscal years.

Net Debt & Leverage

Free Cash Flow

Margins

Dividend Payout Ratio

Capex ÷ Revenue

Cash Conversion (operating cash flow ÷ net income)

Ratios computed from company financial statements. Net Debt = total debt − cash & equivalents; FCF = operating cash flow − capital expenditure; absolute values in USD.

Valuation & Dividends

Dividend History

$0.00

Azul Airlines has not paid dividends over the past decade.

Dividends and yield from Yahoo Finance (per ADR share, in US dollars). The current-year figures are calendar year-to-date (dividends actually paid this year), not the trailing 12 months.

Listings

Azul Airlines trades on 3 exchanges. Prices on this page are the NYSE ADR (AZUL).

Exchange	Ticker	Currency
NYSEpriced here	AZUL	USD
B3 (São Paulo)	AZUL4	BRL
Mexico (BMV)	AZUL	MXN

Frequently Asked Questions

Why hold Azul Airlines AZUL ADR instead of local B3 AZUL4 shares?

Buying directly on Brazil’s B3 exchange means opening a local brokerage account, converting currency and dealing with Brazilian tax paperwork. ADRs remove that friction: they settle in dollars, follow US market hours, and report in formats foreign investors already understand.

The trade-off is that an ADR’s price reflects two moving parts: (1) the underlying share price, quoted in reais on the B3, and (2) the USD/BRL exchange rate. Because of that second part, a rising company can still deliver a flat, or even negative, dollar return if the real weakens against the dollar. The same applies to ETFs: funds such as EWZ, EWZS and FLBR bundle dozens of these companies into a single ticker for instant diversification, but their dollar value still moves with the real.

Where is Azul Airlines listed?

Azul Airlines trades on 3 exchanges. The line quoted on this page is NYSE in the United States (AZUL, US dollars). It also trades on B3 (São Paulo) in Brazil (AZUL4, Brazilian reais) and Mexico (BMV) in Mexico (AZUL, Mexican pesos).

On how many exchanges does Azul Airlines trade?

3. NYSE — AZUL (USD) · B3 (São Paulo) — AZUL4 (BRL) · Mexico (BMV) — AZUL (MXN). Prices shown on this page are the NYSE line, AZUL.

What is Azul Airlines' primary listing?

Azul Airlines' primary listing is on the B3 in Brazil, where the shares trade as AZUL4 in reais — the company's home market. The NYSE line quoted on this page is an ADR over those same shares: it gives you the asset in US dollars, on US market hours, without opening a Brazilian brokerage account or trading in reais.

What is the difference between AZUL and AZUL4?

They are the same company and, economically, the same asset. AZUL4 is the original Brazilian share, listed on the B3 and quoted in reais. AZUL is an American Depositary Receipt over that share, listed on the NYSE and quoted in US dollars — a wrapper whose purpose is to give foreign investors access to the Brazilian asset without opening an account in Brazil. The AZUL price therefore tracks two things: AZUL4 in reais, and the USD/BRL exchange rate.

How can I buy Azul Airlines stock in the United States?

Azul Airlines is listed on the NYSE under AZUL, priced in US dollars. Any US brokerage offering NYSE-listed securities can trade it, with no foreign-account paperwork and no currency conversion.

As of Fri, Aug 14, 17:00 BRT · Market closed

Financial data last updated: July 17, 2026

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