Azul S.A. (AZUL) Income Statement
AZUL 2025 at a glance
Fiscal year ended December 31, 2025 · Brazilian reaisAZUL revenue and net income
Where AZUL's revenue goes
2025Each bar shows an amount and its share of revenue. AZUL kept 0.6% of revenue as net income.
AZUL profit margins
AZUL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.8% | +10.7% | +30.4% | +13.2% |
| Gross profit | +19.6% | +54.1% | — | +26.8% |
| Operating income | +27.5% | +44.6% | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AZUL income statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | R$21.64B | R$19.53B | R$18.55B | R$15.95B | R$9.98B | R$5.74B | R$11.44B | R$9.06B | R$7.70B | R$6.67B |
| Cost of revenue | R$15.48B | R$14.38B | R$15.42B | R$14.26B | R$8.17B | R$6.22B | R$8.13B | R$5.29B | R$4.48B | R$5.59B |
| Gross profit | R$6.16B | R$5.15B | R$3.13B | R$1.68B | R$1.81B | −R$472.1M | R$2.97B | R$3.76B | R$3.23B | R$1.08B |
| Sales, general & admin | R$1.02B | R$1.58B | R$1.32B | R$103.2M | R$484.2M | R$864.0M | R$444.1M | R$368.7M | R$309.5M | R$347.1M |
| Total operating expenses | R$1.84B | R$1.76B | R$1.47B | R$253.8M | R$1.75B | R$927.0M | R$4.51B | R$2.57B | R$1.99B | R$732.7M |
| Operating income | R$4.32B | R$3.39B | R$1.66B | R$1.43B | R$54.8M | −R$1.40B | −R$1.20B | R$1.19B | R$1.24B | R$344.3M |
| Interest income | R$100.2M | R$149.9M | R$104.7M | R$259.2M | — | — | — | — | — | — |
| Interest expense | R$2.79B | R$5.52B | R$4.56B | R$3.98B | R$3.36B | R$2.74B | R$1.33B | R$993.0M | R$542.9M | R$684.4M |
| Income before taxes | R$124.9M | −R$9.19B | −R$2.34B | −R$722.4M | −R$4.21B | −R$11.08B | −R$2.54B | −R$452.9M | R$414.1M | R$17.7M |
| Income taxes | R$12,000 | −R$38.8M | R$39.5M | — | — | −R$242.5M | −R$133.2M | R$182.8M | −R$10.4M | R$144.0M |
| Net income | R$124.9M | −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 |
| EBITDA | R$5.93B | R$5.81B | R$4.62B | R$5.61B | R$566.3M | −R$7.06B | R$3.32B | R$2.72B | R$2.27B | R$932.0M |
| Gross margin | 28.5% | 26.4% | 16.9% | 10.6% | 18.1% | −8.2% | 26.0% | 41.5% | 41.9% | 16.1% |
| Operating margin | 20.0% | 17.4% | 9.0% | 9.0% | 0.5% | −24.4% | −10.4% | 13.2% | 16.1% | 5.2% |
| Net margin | 0.6% | −46.9% | −12.8% | −4.5% | −42.2% | −188.6% | −21.0% | −7.0% | 5.5% | −1.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | R$5.09B | R$5.47B | R$5.57B | R$5.62B | R$4.94B | R$5.39B | R$5.13B | R$4.17B | R$4.68B | R$4.92B | R$4.25B | R$4.48B |
| Cost of revenue | R$4.99B | R$4.16B | R$2.89B | R$4.04B | R$4.29B | R$3.13B | R$3.47B | R$3.41B | R$3.44B | R$3.21B | R$3.59B | R$3.89B |
| Gross profit | R$106.4M | R$1.31B | R$2.68B | R$1.58B | R$655.0M | R$2.26B | R$1.66B | R$759.6M | R$1.24B | R$1.70B | R$666.2M | R$583.5M |
| Sales, general & admin | R$271.0M | R$447.1M | R$770.0M | R$764.1M | R$492.8M | R$457.2M | R$240.2M | R$153.4M | R$338.5M | R$393.9M | R$262.0M | R$293.9M |
| Total operating expenses | R$405.9M | R$635.1M | R$4.52B | R$748.1M | R$691.2M | R$783.0M | R$633.3M | R$318.4M | R$442.6M | R$739.0M | R$365.0M | R$415.5M |
| Operating income | −R$299.5M | R$676.0M | R$1.05B | R$831.2M | −R$36.3M | R$1.48B | R$1.03B | R$441.2M | R$800.7M | R$962.4M | R$301.2M | R$168.0M |
| Interest income | R$14.3M | R$956.0M | R$33.7M | R$17.9M | R$783.6M | — | — | — | — | — | — | — |
| Interest expense | R$734.0M | R$1.34B | R$1.53B | R$2.58B | R$1.43B | R$2.39B | R$1.25B | R$1.73B | R$1.16B | R$1.83B | R$1.06B | R$516.1M |
| Income before taxes | −R$1.43B | −R$1.49B | −R$1.63B | −R$1.34B | R$1.47B | R$1.65B | R$361.0M | −R$3.84B | −R$1.06B | −R$1.28B | R$23.9M | −R$736.6M |
| Income taxes | — | −R$7.51B | — | — | R$12,000 | R$15,000 | R$700,000 | −R$32.5M | −R$6.8M | — | — | — |
| Net income | −R$1.43B | R$6.02B | −R$1.63B | −R$1.34B | R$1.47B | R$1.65B | R$360.3M | −R$3.81B | −R$1.05B | −R$1.28B | R$23.9M | −R$736.6M |
| EBITDA | R$464.5M | R$500.6M | R$620.4M | R$1.53B | R$726.5M | R$2.30B | R$2.24B | −R$2.06B | R$668.4M | R$1.17B | R$928.4M | R$957.3M |
| Gross margin | 2.1% | 24.0% | 48.1% | 28.1% | 13.3% | 42.0% | 32.4% | 18.2% | 26.6% | 34.6% | 15.7% | 13.0% |
| Operating margin | −5.9% | 12.4% | 18.9% | 14.8% | −0.7% | 27.5% | 20.0% | 10.6% | 17.1% | 19.6% | 7.1% | 3.8% |
| Net margin | −28.1% | 110.0% | −29.3% | −23.8% | 29.7% | 30.7% | 7.0% | −91.3% | −22.4% | −26.0% | 0.6% | −16.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported in AZUL's financial statements (latest annual report filed April 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AZUL financial results
In fiscal year 2025 (ended December 31, 2025), Azul reported revenue of R$21.6 billion, up 10.8% from the year before. It had net income of R$124.9 million, a net profit margin of 0.6%. Over five years revenue grew at an average rate of 30.4% a year. Figures are in Brazilian reais, the currency of its financial statements.
See the AZUL stock overview for the latest quote and news, or the AZUL chart for price history and technical indicators.
AZUL income statement FAQ
What is Azul's annual revenue?
Azul reported total revenue of R$21.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 10.8% from R$19.5 billion the previous year.
Is Azul profitable?
Yes. Azul reported net income of R$124.9 million in fiscal 2025, a net profit margin of 0.6%; its operating margin was 20.0%.
What is Azul's gross margin?
Azul's gross margin was 28.5% in fiscal 2025: for every $100 of revenue, Azul kept $28 after the direct cost of its products and services.
How fast is Azul growing?
Revenue grew 30.4% a year on average over the last five fiscal years, from R$5.7 billion to R$21.6 billion.
When does Azul's fiscal year end?
Azul's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 3, 2026.