Azul (B3: AZUL3) financial statements
The consolidated income statement, balance sheet and cash flow statement of Azul for its last 10 fiscal years, as filed with the regulator, in millions of Brazilian reais. At the end of fiscal 2025 it had BRL 23,638m in total assets and −BRL 29,038m in equity.
Income statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 21,640m | BRL 19,526m | BRL 18,554m | BRL 15,948m | BRL 9,976m | BRL 5,744m | BRL 11,442m | BRL 9,153m | BRL 7,789m | BRL 6,670m |
| Cost of sales | BRL 15,626m | BRL 14,310m | BRL 15,178m | BRL 13,162m | BRL 8,124m | BRL 5,459m | BRL 11,367m | BRL 7,556m | BRL 5,983m | BRL 5,451m |
| Gross profit | BRL 6,015m | BRL 5,216m | BRL 3,376m | BRL 2,786m | BRL 1,852m | BRL 285.4m | BRL 75.5m | BRL 1,597m | BRL 1,806m | BRL 1,219m |
| Operating profit | BRL 4,321m | BRL 3,391m | BRL 1,661m | BRL 1,430m | BRL 54.8m | −BRL 1,399m | −BRL 1,195m | BRL 525.4m | BRL 865.0m | BRL 344.3m |
| Profit before tax | BRL 124.9m | −BRL 9,190m | −BRL 2,341m | −BRL 722.4m | −BRL 4,213m | −BRL 11,077m | −BRL 2,536m | BRL 602.1m | BRL 597.8m | BRL 17.7m |
| Income tax | BRL 0.0m | −BRL 38.8m | BRL 39.5m | BRL 0.0m | BRL 0.0m | −BRL 242.5m | −BRL 133.2m | BRL 181.8m | BRL 68.8m | BRL 144.0m |
| Net profit | BRL 124.9m | −BRL 9,151m | −BRL 2,380m | −BRL 722.4m | −BRL 4,213m | −BRL 10,835m | −BRL 2,403m | BRL 420.3m | BRL 529.0m | −BRL 126.3m |
Balance sheet
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 23,638m | BRL 26,275m | BRL 20,533m | BRL 18,721m | BRL 18,533m | BRL 15,794m | BRL 19,197m | BRL 11,793m | BRL 10,317m | BRL 8,400m |
| Current assets | BRL 6,304m | BRL 5,658m | BRL 5,044m | BRL 4,872m | BRL 5,846m | BRL 5,417m | BRL 4,139m | BRL 3,522m | BRL 3,304m | BRL 1,910m |
| Cash | BRL 991.6m | BRL 1,210m | BRL 1,897m | BRL 668.3m | BRL 3,074m | BRL 3,065m | BRL 1,648m | BRL 1,169m | BRL 762.3m | BRL 549.2m |
| Total liabilities | BRL 52,676m | BRL 56,710m | BRL 41,861m | BRL 37,729m | BRL 36,866m | BRL 29,943m | BRL 22,717m | BRL 8,630m | BRL 7,483m | BRL 7,398m |
| Current liabilities | BRL 29,473m | BRL 21,342m | BRL 14,749m | BRL 15,056m | BRL 11,710m | BRL 10,213m | BRL 6,862m | BRL 4,057m | BRL 3,334m | BRL 3,618m |
| Equity | −BRL 29,038m | −BRL 30,435m | −BRL 21,328m | −BRL 19,008m | −BRL 18,333m | −BRL 14,149m | −BRL 3,519m | BRL 3,164m | BRL 2,834m | BRL 1,002m |
| Equity including minorities | −BRL 29,038m | −BRL 30,435m | −BRL 21,328m | −BRL 19,008m | −BRL 18,333m | −BRL 14,149m | −BRL 3,519m | BRL 3,164m | BRL 2,834m | BRL 1,002m |
Cash flow statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | −BRL 1,233m | BRL 2,787m | BRL 3,440m | BRL 2,437m | −BRL 310.6m | BRL 976.2m | BRL 2,595m | BRL 443.1m | BRL 295.5m | BRL 30.4m |
| Investing cash flow | −BRL 573.4m | −BRL 1,566m | −BRL 874.5m | −BRL 639.9m | −BRL 706.1m | −BRL 403.8m | −BRL 1,187m | BRL 58.0m | −BRL 975.8m | −BRL 644.3m |
| Financing cash flow | BRL 1,709m | −BRL 1,920m | −BRL 1,393m | −BRL 4,204m | BRL 833.9m | BRL 933.5m | −BRL 913.5m | −BRL 161.2m | BRL 856.7m | BRL 526.7m |
Where each figure comes from
From the annual financial statements (DFP) that Azul files with the CVM, the Brazilian securities regulator. The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the Azul page.
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Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.