Azul S.A. (AZUL) Cash Flow Statement
Where AZUL’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- −R$1.21B −143.4% vs 2024
- Capital expenditures
- R$194.5M 0.9% of revenue
- Free cash flow
- −R$1.40B −6.5% margin
- Returned to shareholders
- R$3,921
- Change in cash
- R$119.0M cash at year-end R$529.0M
Cash from operations
−R$1.21B
Capital expenditures
−R$194.5M
Investments (net)
−R$22.1M
Acquisitions & other
−R$345.5M
Net borrowing (repayment)
+R$2.09B
Shares issued
+R$51.2M
Other financing
−R$466.8M
Currency & other
+R$214.1M
Change in cash
R$119.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AZUL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AZUL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$54.0M2016 | −R$1.21B2025 | — | |
| Capital expenditures | R$385.8M2016 | R$194.5M2025 | −7.3%/yr | |
| Free cash flow | −R$331.8M2016 | −R$1.40B2025 | — | |
| Free cash flow margin | −5.0%2016 | −6.5%2025 | −1.5 pts | |
| Operating cash flow / net income | 2.392017 | −9.872025 | −12.26 | |
| Stock-based compensation | R$9.9M2016 | R$70.8M2025 | +24.5%/yr | |
| Share buybacks (net) | R$346.3M2016 | R$3,9212025 | −71.8%/yr | |
| Capex / revenue | 5.8%2016 | 0.9%2025 | −4.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AZUL cash flow by activity
OperatingInvestingFinancingChange in cash
AZUL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AZUL cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$122.4M | −R$9.15B | −R$2.38B | −R$722.4M | −R$4.21B | −R$10.83B | −R$2.40B | −R$635.7M | R$424.5M | −R$126.3M |
| Depreciation & amortization | R$3.01B | R$2.56B | R$2.40B | R$2.09B | R$1.54B | R$1.81B | R$1.62B | R$1.28B | R$1.06B | R$301.2M |
| Stock-based compensation | R$70.8M | R$43.5M | R$71.6M | −R$18.2M | R$17.2M | R$51.8M | R$32.3M | R$24.1M | R$28.1M | R$9.9M |
| Change in working capital | −R$2.83B | R$574.7M | R$1.13B | −R$1.98B | −R$977.9M | R$524.8M | −R$251.1M | −R$951.4M | −R$442.3M | R$297.4M |
| Other non-cash items | −R$1.58B | R$8.76B | R$2.21B | R$3.06B | R$3.32B | R$9.43B | R$3.59B | R$2.04B | −R$59.5M | −R$428.2M |
| Cash from operating activities | −R$1.21B | R$2.79B | R$3.44B | R$2.44B | −R$310.6M | R$976.2M | R$2.59B | R$1.76B | R$1.01B | R$54.0M |
| Investing activities | ||||||||||
| Capital expenditures | −R$194.5M | −R$1.26B | −R$803.3M | −R$1.25B | −R$624.3M | −R$343.1M | −R$1.43B | −R$1.09B | −R$695.0M | −R$385.8M |
| Investments (net) | −R$22.1M | −R$101.2M | R$0 | R$1.5M | — | — | — | — | — | — |
| Acquisitions & other investing | −R$345.5M | −R$205.6M | −R$71.1M | R$611.2M | −R$60.6M | −R$60.8M | R$241.1M | R$812.6M | −R$386.3M | −R$258.5M |
| Cash from investing activities | −R$562.1M | −R$1.57B | −R$874.5M | −R$639.9M | −R$684.9M | −R$403.8M | −R$1.19B | −R$273.8M | −R$1.08B | −R$644.3M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −R$3,921 | −R$2.6M | −R$6.8M | −R$3.9M | −R$16.2M | — | −R$12.9M | −R$12.2M | −R$47.4M | −R$346.3M |
| Net borrowing (repayment) | R$2.09B | −R$1.32B | −R$69.6M | −R$3.39B | — | — | — | — | — | — |
| Shares issued | R$51.2M | R$0 | R$819,000 | R$22.9M | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | −R$466.8M | −R$601.2M | −R$1.32B | −R$830.8M | R$828.8M | R$933.5M | −R$900.6M | −R$1.14B | R$290.9M | R$873.0M |
| Cash from financing activities | R$1.68B | −R$1.92B | −R$1.39B | −R$4.20B | R$812.6M | R$933.5M | −R$913.5M | −R$1.15B | R$243.5M | R$526.7M |
| Summary | ||||||||||
| Net change in cash | R$119.0M | −R$687.3M | R$1.23B | −R$2.41B | R$9.0M | R$1.42B | R$478.7M | R$406.8M | R$213.2M | −R$87.3M |
| Cash at end of period | 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 |
| Free cash flow | −R$1.40B | R$1.53B | R$2.64B | R$1.18B | −R$934.9M | R$633.2M | R$1.17B | R$678.5M | R$319.2M | −R$331.8M |
| Free cash flow margin | −6.5% | 7.8% | 14.2% | 7.4% | −9.4% | 11.0% | 10.2% | 7.5% | 4.1% | −5.0% |
| Capex / revenue | 0.9% | 6.4% | 4.3% | 7.9% | 6.3% | 6.0% | 12.5% | 12.0% | 9.0% | 5.8% |
| Operating cash flow / net income | −9.87 | — | — | — | — | — | — | — | 2.39 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −R$1.43B | R$5.91B | −R$1.66B | −R$1.34B | R$1.47B | R$1.65B | R$121.2M | −R$3.81B | −R$1.05B | −R$1.61B | R$23.9M | −R$736.6M |
| Depreciation & amortization | R$764.0M | R$654.4M | R$718.0M | R$702.4M | R$762.8M | R$815.2M | R$626.1M | R$611.4M | R$614.5M | R$625.5M | R$627.2M | R$567.7M |
| Stock-based compensation | — | R$60.9M | R$66,000 | — | — | R$12.8M | R$10.8M | R$10.8M | R$11.5M | R$15.4M | R$22.0M | R$20.6M |
| Change in working capital | −R$513.1M | −R$1.08B | R$246.3M | −R$2.08B | −R$488.1M | −R$441.9M | R$330.3M | −R$258.2M | −R$1.03B | −R$446.5M | R$236.6M | R$117.3M |
| Other non-cash items | R$967.7M | −R$5.67B | R$897.0M | R$1.68B | −R$1.81B | −R$2.35B | −R$394.6M | R$4.62B | R$1.39B | R$1.32B | −R$316.4M | R$1.07B |
| Cash from operating activities | −R$213.8M | −R$126.3M | R$206.2M | −R$1.03B | −R$68.2M | −R$313.2M | R$693.8M | R$1.18B | −R$63.2M | −R$95.5M | R$593.3M | R$1.04B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$77.3M | −R$64.9M | −R$132.3M | −R$29.5M | −R$57.4M | −R$144.3M | −R$247.5M | −R$256.0M | −R$417.4M | −R$132.8M | −R$221.8M | −R$41.6M |
| Investments (net) | R$0 | R$26.7M | R$264,000 | R$21,000 | R$81.1M | — | — | — | — | — | — | — |
| Acquisitions & other investing | −R$55.8M | −R$3.6M | −R$131.7M | −R$91.8M | R$28.3M | −R$93.8M | R$13.7M | −R$157.0M | −R$18.5M | −R$293.4M | R$0 | −R$40.2M |
| Cash from investing activities | −R$133.2M | −R$41.9M | −R$263.8M | −R$121.3M | R$52.0M | −R$238.2M | −R$233.7M | −R$412.9M | −R$435.9M | −R$426.2M | −R$221.8M | −R$81.8M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | −R$45 | −R$95 | R$0 | — | — | −R$52,000 | −R$2.5M | −R$3.9M | — | −R$2.9M |
| Net borrowing (repayment) | −R$416.3M | −R$1.31B | R$368.8M | R$842.0M | R$1.06B | — | — | — | — | — | — | — |
| Shares issued | R$0 | R$2.75B | R$0 | R$7,000 | R$49.4M | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | R$33.0M | −R$104.6M | R$9.7M | −R$392.2M | −R$43.0M | −R$176.8M | −R$817.6M | −R$668.2M | −R$56.9M | R$1.24B | −R$220.0M | −R$1.16B |
| Cash from financing activities | −R$383.3M | R$1.34B | R$378.5M | R$449.9M | R$1.07B | −R$176.8M | −R$817.6M | −R$668.3M | −R$59.4M | R$1.24B | −R$220.0M | −R$1.16B |
| Summary | ||||||||||||
| Net change in cash | R$356.2M | R$114.5M | −R$110.8M | −R$775.3M | R$998.1M | −R$749.3M | −R$357.4M | R$102.0M | −R$559.7M | R$783.2M | R$149.8M | −R$202.0M |
| Cash at end of period | R$970.1M | R$612.7M | R$529.0M | 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 |
| Free cash flow | −R$291.1M | −R$191.2M | R$73.9M | −R$1.06B | −R$125.6M | −R$457.5M | R$446.3M | R$922.1M | −R$480.6M | −R$228.3M | R$371.5M | R$1.00B |
| Free cash flow margin | −5.7% | −3.5% | 1.3% | −18.9% | −2.5% | −8.5% | 8.7% | 22.1% | −10.3% | −4.6% | 8.7% | 22.4% |
| Capex / revenue | 1.5% | 1.2% | 2.4% | 0.5% | 1.2% | 2.7% | 4.8% | 6.1% | 8.9% | 2.7% | 5.2% | 0.9% |
| Operating cash flow / net income | — | −0.02 | — | — | −0.05 | −0.19 | 5.73 | — | — | — | 24.82 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported; data from EODHD.
AZUL cash generation
In fiscal 2025 (ended December 31, 2025), Azul generated -R$1.2 billion of cash from operations (down 143.4%) and spent R$194.5 million on capital expenditures, leaving free cash flow of -R$1.4 billion, −6.5% of revenue. It returned R$0.0 million to shareholders through dividends (R$0) and net share buybacks (R$0.0 million). Cash and equivalents rose by R$119.0 million over the year.
Related: AZUL income statement, AZUL balance sheet. See the AZUL stock overview for the latest quote and news.
AZUL cash flow FAQ
What is Azul's free cash flow?
Azul's free cash flow was -R$1.4 billion in fiscal 2025: -R$1.2 billion of operating cash flow minus R$194.5 million of capital expenditures It was R$1.5 billion a year earlier..
How much cash does Azul generate from operations?
Azul generated -R$1.2 billion of cash from operating activities in fiscal 2025, −9.87 times its net income of R$122.4 million.
How much does Azul spend on capital expenditures?
Azul spent R$194.5 million on capital expenditures in fiscal 2025, 0.9% of revenue, compared with R$1.3 billion the year before.
How much stock does Azul buy back?
Azul spent R$0.0 million on net share repurchases in fiscal 2025.