Azul S.A. (AZUL) Balance Sheet
AZUL balance sheet, 2025
December 31, 2025 · Brazilian reaisR$23.63B assets = R$52.65B liabilities + −R$29.02B equity
Liabilities exceed assets: shareholders’ equity is negative (−R$29.02B).
Both columns are drawn to the same scale: what AZUL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AZUL financial health
Current ratio0.21
Tight · current assets cover current liabilities 0.21×
Equity / assets−122.8%
Thin equity · of assets funded by shareholders
Cash / debt2.8%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles6.5%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
AZUL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | R$8.40B2016 | R$23.63B2025 | +12.2%/yr | |
| Total liabilities | R$7.40B2016 | R$52.65B2025 | +24.4%/yr | |
| Shareholders’ equity | R$1.00B2016 | −R$29.02B2025 | — | |
| Cash & short-term investments | R$933.8M2016 | R$1.02B2025 | +1.0%/yr | |
| Total debt | R$4.08B2016 | R$35.84B2025 | +27.3%/yr | |
| Net cash (debt) | −R$3.15B2016 | −R$34.82B2025 | −R$31.7B | |
| Working capital | −R$1.71B2016 | −R$23.16B2025 | −R$21.5B | |
| Current ratio | 0.532016 | 0.212025 | −0.31 | |
| Debt / equity | 4.072016 | 3.502017 | −0.57 | |
| Shares outstanding | 220.0M2016 | 298.6M2025 | +3.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AZUL assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
AZUL liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
AZUL debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AZUL balance sheet in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | R$1.02B | R$1.28B | R$1.90B | R$668.3M | R$3.08B | R$3.16B | R$1.71B | R$1.69B | R$1.81B | R$933.8M |
| Cash & equivalents | R$529.0M | R$1.21B | R$1.90B | R$668.3M | R$3.07B | R$3.06B | R$1.65B | R$1.17B | R$762.3M | R$549.2M |
| Short-term investments | R$488.4M | R$71.9M | R$0 | R$733,043 | R$1.4M | R$91.8M | R$62.0M | R$517.4M | R$1.04B | R$384.6M |
| Receivables | R$2.93B | R$1.98B | R$1.34B | R$1.87B | R$1.18B | R$1.13B | R$1.38B | R$1.43B | R$972.2M | R$717.8M |
| Inventory | R$1.34B | R$943.6M | R$799.2M | R$854.6M | R$571.9M | R$402.6M | R$260.9M | R$200.1M | R$150.4M | R$107.1M |
| Other current assets | R$1.01B | R$1.45B | R$1.00B | R$1.47B | R$1.02B | R$725.7M | R$787.3M | R$377.0M | R$534.9M | R$151.6M |
| Total current assets | R$6.30B | R$5.66B | R$5.04B | R$4.87B | R$5.85B | R$5.42B | R$4.14B | R$3.69B | R$3.46B | R$1.91B |
| Property, plant & equipment (net) | R$12.89B | R$13.47B | R$11.31B | R$9.51B | R$7.96B | R$6.41B | R$9.55B | R$3.29B | R$3.33B | R$3.44B |
| Goodwill & intangible assets | R$1.54B | R$1.56B | R$1.46B | R$1.43B | R$1.36B | R$1.17B | R$1.09B | R$1.02B | R$961.0M | R$942.6M |
| Long-term investments | R$0 | R$1.04B | R$780.3M | R$733.0M | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other non-current assets | R$2.90B | R$4.55B | R$1.94B | R$2.18B | R$3.37B | R$2.80B | R$4.42B | R$8.10B | R$6.17B | R$2.11B |
| Total assets | R$23.63B | R$26.27B | R$20.53B | R$18.72B | R$18.53B | R$15.79B | R$19.20B | R$16.09B | R$13.92B | R$8.40B |
| Liabilities | ||||||||||
| Accounts payable | R$3.93B | R$4.15B | R$2.28B | R$2.52B | R$1.53B | R$2.04B | R$1.31B | R$1.19B | R$971.8M | R$1.03B |
| Short-term debt | R$17.22B | R$8.65B | R$5.10B | R$5.91B | R$4.52B | R$3.13B | R$2.07B | R$1.40B | R$1.33B | R$1.03B |
| Deferred revenue | R$6.24B | R$6.33B | R$5.21B | R$4.14B | R$3.06B | R$2.49B | R$2.09B | R$1.67B | R$1.29B | R$949.4M |
| Total current liabilities | R$29.46B | R$21.34B | R$14.75B | R$15.06B | R$11.71B | R$10.21B | R$6.86B | R$5.28B | R$4.12B | R$3.62B |
| Long-term debt | R$9.58B | R$13.83B | R$9.77B | R$7.51B | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Lease obligations | R$12.71B | R$21.38B | R$15.15B | R$14.58B | — | — | — | — | — | — |
| Other long-term liabilities | R$13.61B | R$21.54B | R$17.34B | R$15.16B | R$25.16B | R$19.73B | R$15.85B | R$11.97B | R$10.19B | R$3.78B |
| Total liabilities | R$52.65B | R$56.71B | R$41.86B | R$37.73B | R$36.87B | R$29.94B | R$22.72B | R$17.24B | R$14.31B | R$7.40B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | R$7.13B | R$2.32B | R$2.31B | R$2.31B | R$2.29B | R$2.25B | R$2.24B | R$2.21B | R$2.16B | R$1.49B |
| Retained earnings (deficit) | −R$34.68B | −R$34.82B | −R$25.67B | −R$23.29B | −R$22.56B | −R$18.35B | −R$7.52B | −R$836.2M | −R$1.21B | −R$1.74B |
| Accumulated other comprehensive income | −R$1.40B | R$2.07B | R$2.03B | R$1.98B | R$1.95B | R$1.95B | R$1.77B | R$1.80B | R$1.89B | R$1.26B |
| Total shareholders' equity | −R$29.02B | −R$30.44B | −R$21.33B | −R$19.01B | −R$18.33B | −R$14.15B | −R$3.52B | −R$1.15B | R$2.83B | R$1.00B |
| Key figures | ||||||||||
| Total debt | R$35.84B | R$37.54B | R$26.34B | R$23.97B | R$24.91B | R$19.88B | R$15.62B | R$11.68B | R$9.92B | R$4.08B |
| Net cash (debt) | −R$34.82B | −R$36.26B | −R$24.44B | −R$23.30B | −R$21.83B | −R$16.72B | −R$13.91B | −R$9.99B | −R$8.11B | −R$3.15B |
| Working capital | −R$23.16B | −R$15.68B | −R$9.70B | −R$10.18B | −R$5.86B | −R$4.80B | −R$2.72B | −R$1.59B | −R$653.5M | −R$1.71B |
| Tangible book value | −R$30.56B | −R$31.99B | −R$22.79B | −R$20.43B | −R$19.69B | −R$15.32B | −R$4.61B | −R$2.17B | R$1.87B | R$59.4M |
| Shares outstanding | 298.6M | 231.8M | 231.7M | 231.6M | 230.4M | 229.2M | 227.3M | 225.1M | 214.4M | 220.0M |
| Current ratio | 0.21 | 0.27 | 0.34 | 0.32 | 0.50 | 0.53 | 0.60 | 0.70 | 0.84 | 0.53 |
| Quick ratio | 0.13 | 0.15 | 0.22 | 0.17 | 0.36 | 0.42 | 0.45 | 0.59 | 0.67 | 0.46 |
| Debt / equity | — | — | — | — | — | — | — | — | 3.50 | 4.07 |
| Equity / assets | −122.8% | −115.8% | −103.9% | −101.5% | −98.9% | −89.6% | −18.3% | −7.1% | 20.4% | 11.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | R$1.27B | R$2.06B | R$1.02B | R$1.77B | R$2.59B | R$1.60B | R$1.14B | R$1.48B | R$1.34B | R$1.40B | R$616.2M | R$466.4M |
| Cash & equivalents | R$970.1M | R$612.7M | R$991.6M | R$623.2M | R$1.46B | R$460.7M | R$1.08B | R$1.44B | R$1.34B | R$1.40B | R$616.2M | R$466.4M |
| Short-term investments | R$296.8M | R$1.45B | R$26.3M | R$1.15B | R$1.13B | R$1.14B | R$57.0M | R$35.9M | R$1.37B | R$121.9M | R$514.5M | R$640,796 |
| Receivables | R$2.59B | R$2.75B | R$2.72B | R$2.89B | R$1.90B | R$1.92B | R$1.58B | R$1.26B | R$1.58B | R$1.79B | R$1.61B | R$1.57B |
| Inventory | R$1.59B | R$1.40B | R$972.5M | R$1.35B | R$1.25B | R$972.6M | R$1.22B | R$1.20B | R$943.3M | R$751.6M | R$722.7M | R$718.9M |
| Other current assets | R$833.8M | R$933.6M | R$1.59B | R$1.30B | R$1.44B | R$1.47B | R$1.07B | R$1.02B | R$1.00B | R$1.99B | R$1.68B | R$1.20B |
| Total current assets | R$6.28B | R$7.14B | R$6.30B | R$7.31B | R$7.18B | R$5.96B | R$5.01B | R$4.95B | R$4.86B | R$5.93B | R$4.63B | R$3.95B |
| Property, plant & equipment (net) | R$12.27B | R$11.90B | R$12.90B | R$14.19B | R$13.47B | R$14.55B | R$13.17B | R$12.68B | R$11.47B | R$9.77B | R$8.68B | R$9.32B |
| Goodwill & intangible assets | R$1.53B | R$1.51B | R$1.54B | R$1.55B | R$1.57B | R$1.57B | R$1.52B | R$1.50B | R$1.48B | R$1.46B | R$1.47B | R$1.46B |
| Long-term investments | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other non-current assets | R$10.64B | R$10.23B | R$2.90B | R$4.63B | R$4.68B | R$3.47B | R$3.71B | R$3.69B | R$3.08B | R$2.44B | R$2.34B | R$2.67B |
| Total assets | R$30.74B | R$30.78B | R$23.64B | R$27.67B | R$26.90B | R$25.55B | R$23.40B | R$22.83B | R$20.90B | R$19.61B | R$17.12B | R$17.40B |
| Liabilities | ||||||||||||
| Accounts payable | R$2.64B | R$2.90B | R$3.93B | R$3.50B | R$3.58B | R$3.65B | R$3.70B | R$3.19B | R$2.34B | R$1.90B | R$2.91B | R$2.72B |
| Short-term debt | R$3.93B | R$3.52B | — | R$15.40B | R$9.15B | R$4.87B | R$6.47B | R$6.06B | R$5.09B | R$5.06B | R$6.35B | R$6.02B |
| Deferred revenue | R$6.25B | R$5.61B | — | R$6.02B | R$6.55B | R$6.40B | R$5.81B | R$5.82B | R$5.17B | R$4.33B | R$4.48B | R$4.09B |
| Total current liabilities | R$14.87B | R$14.30B | R$29.47B | R$26.87B | R$21.36B | R$17.02B | R$18.52B | R$17.40B | R$14.41B | R$14.06B | R$16.82B | R$15.88B |
| Long-term debt | R$8.54B | R$8.64B | R$9.58B | R$9.53B | R$12.47B | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Lease obligations | R$11.53B | R$10.93B | R$12.71B | R$16.99B | R$17.62B | — | — | — | — | — | — | — |
| Other long-term liabilities | R$12.48B | R$11.57B | R$13.62B | R$18.72B | R$19.11B | R$36.98B | R$30.92B | R$31.59B | R$28.85B | R$26.83B | R$19.98B | R$21.24B |
| Total liabilities | R$35.88B | R$34.51B | R$52.68B | R$55.13B | R$52.94B | R$54.00B | R$49.44B | R$49.00B | R$43.26B | R$40.89B | R$36.80B | R$37.13B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | R$21.72B | R$21.49B | — | R$7.07B | R$7.13B | R$5.40B | R$2.32B | R$2.32B | R$2.32B | R$2.31B | R$2.31B | R$2.31B |
| Retained earnings (deficit) | −R$30.03B | −R$28.32B | −R$34.69B | −R$33.12B | −R$31.70B | −R$33.16B | −R$30.41B | −R$30.53B | −R$26.72B | −R$25.61B | −R$24.00B | −R$24.02B |
| Accumulated other comprehensive income | R$3.23B | R$3.17B | — | −R$1.40B | −R$1.47B | −R$680.3M | R$2.06B | R$2.06B | R$2.04B | R$2.02B | R$2.02B | R$2.00B |
| Total shareholders' equity | −R$5.15B | −R$3.73B | −R$29.04B | −R$27.45B | −R$26.04B | −R$28.45B | −R$26.04B | −R$26.17B | −R$22.37B | −R$21.29B | −R$19.68B | −R$19.73B |
| Key figures | ||||||||||||
| Total debt | R$21.38B | R$20.39B | R$9.58B | R$37.93B | R$35.08B | R$35.88B | R$31.59B | R$31.53B | R$27.70B | R$26.68B | R$22.22B | R$23.14B |
| Net cash (debt) | −R$20.12B | −R$18.33B | −R$8.57B | −R$36.16B | −R$32.49B | −R$34.28B | −R$30.45B | −R$30.05B | −R$26.36B | −R$25.28B | −R$21.61B | −R$22.68B |
| Working capital | −R$8.59B | −R$7.16B | −R$23.17B | −R$19.56B | −R$14.18B | −R$11.06B | −R$13.51B | −R$12.45B | −R$9.55B | −R$8.13B | −R$12.19B | −R$11.93B |
| Tangible book value | −R$6.68B | −R$5.24B | −R$30.57B | −R$29.00B | −R$27.61B | −R$30.02B | −R$27.56B | −R$27.67B | −R$23.85B | −R$22.75B | −R$21.15B | −R$21.19B |
| Shares outstanding | 184.3M | 73.2M | 896.0M | 298.6M | 298.6M | 285.3M | 231.8M | 231.7M | 231.6M | 38.6M | 232.0M | 232.0M |
| Current ratio | 0.42 | 0.50 | 0.21 | 0.27 | 0.34 | 0.35 | 0.27 | 0.28 | 0.34 | 0.42 | 0.28 | 0.25 |
| Quick ratio | 0.26 | 0.34 | 0.13 | 0.17 | 0.21 | 0.21 | 0.15 | 0.16 | 0.20 | 0.23 | 0.13 | 0.13 |
| Equity / assets | −16.7% | −12.1% | −122.8% | −99.2% | −96.8% | −111.4% | −111.2% | −114.6% | −107.0% | −108.6% | −115.0% | −113.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported (latest annual report filed April 3, 2026); data from EODHD.
AZUL financial position
At the end of fiscal 2025 (December 31, 2025), Azul had total assets of R$23.6 billion (down 10.1% from a year earlier), total liabilities of R$52.6 billion and shareholders' equity of -R$29.0 billion. It held R$1.0 billion in cash and short-term investments against R$35.8 billion of debt, net debt of R$34.8 billion. Its current ratio was 0.21. In the latest quarter (ended June 30, 2026) total assets were R$30.7 billion and equity -R$5.1 billion.
Related: AZUL income statement, AZUL cash flow statement, AZUL key metrics. See the AZUL stock overview for the latest quote and news.
AZUL balance sheet FAQ
What are Azul's total assets?
Azul reported total assets of R$23.6 billion at the end of fiscal 2025 (December 31, 2025), compared with R$26.3 billion a year earlier.
How much debt does Azul have?
Azul had R$35.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Azul have?
Azul held R$1.0 billion in cash and short-term investments at the end of fiscal 2025; with R$35.8 billion of debt that is net debt of R$34.8 billion.
What is Azul's book value?
Azul's shareholders' equity (book value) was -R$29.0 billion at the end of fiscal 2025.
What is Azul's current ratio?
Azul had current assets of R$6.3 billion and current liabilities of R$29.5 billion, a current ratio of 0.21 (current liabilities exceed current assets).
How much goodwill does Azul have?
Azul carried R$1.5 billion of goodwill and intangible assets, 6.5% of total assets, at the end of fiscal 2025.