Azul Airlines (NYSE: AZUL)

$8.48-1.17%today

Brazilian ADR trading on the NYSE, priced in US dollars. Key figures below are sourced from Yahoo Finance.

Market Cap: $1.56B
P/E (TTM): 1.1x
P/B: -2.1x
EPS (TTM): 7.40
Dividend Yield: 0.80%
52-Week Range: $7.84 – $9.83
Volume: 304K
Previous Close: $8.58

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

-1.17%

1 Week

-6.09%

1 Month

-2.97%

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

Display currency

Revenue, net debt and other totals below — switch between US dollars and BRL.

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

Azul Airlines has not paid dividends over the past decade.

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