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AZUL on NYSE

AZUL SA

AZUL SA is an air transportation company, listed on NYSE (AZUL).1

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Last updated Oct 21, 2026.

Overview

21.6BRevenue, fiscal 20252
124.9MNet income, fiscal 20252

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  • TickerAZUL on NYSE1
  • IndustryAir Transportation, Scheduled1
  • HeadquartersD51
  • Incorporated inBrazil3
  • Business addressAv. Marcos Penteado Ulhoa Rodrigues, No. 939, 9 Floor, Ed. Jatoba, Barueri, D5 06460-0403
  • Filer categoryAccelerated filer3

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We are incorporated as a Brazilian sociedade por ações under the corporate name Azul S.A. Our headquarters are at Avenida Marcos Penteado de Ulhôa Rodrigues, n. 939, 8th floor, Edifício Jatobá, Condomínio Castelo Branco Office Park, Tamboré, Zip Code 06460-040, in the city of Barueri, State of São Paulo – Brazil. Our telephone number is +55 11 4134-9800 and our website is https://ri.voeazul.com.br/en. In addition, the SEC maintains a website at www.sec.gov that contains information filed electronically by us. The information contained on our website, any website mentioned in this annual report or any website directly or indirectly linked to these websites, is not part of, and is not incorporated by reference in, this annual report and you should not rely on such information. We are registered with the Board of Trade of the state of São Paulo under corporate registration number, or NIRE, …4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in BRL, the currency the company reports in.

Key numbers, fiscal 2025

20.0%Operating margin2
0.6%Net margin2
10.8%Revenue growth, 20252
-1.4B BRLFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Air Transport brought in 98% of the revenue AZUL SA broke down this way in fiscal 2025.

  1. Air Transport21.3B BRL298%up 10% from 2024
  2. Ancillary Revenues357.4M BRL22%up 44% from 2024
Products and services by year
Products and services20242025
Air Transport19.3B BRL21.3B BRL
Ancillary Revenues248.1M BRL357.4M BRL

Regions

Country of domicile [member] brought in 79% of the revenue AZUL SA broke down this way in fiscal 2025.

  1. Country of domicile [member]17.2B BRL279%up 7% from 2024
  2. Foreign countries [member]4.5B BRL221%up 30% from 2024
Regions by year
Regions202320242025
Country of domicile [member]14.7B BRL16.1B BRL17.2B BRL
Foreign countries [member]3.9B BRL3.4B BRL4.5B BRL

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs52¢11.2B BRL
  • Interest48¢10.3B BRL
  • Income tax0¢12.0K BRL
  • Profit1¢124.9M BRL

Out of 21.6B BRL in revenue.2

Financial statements

Revenue56789221.6B BRL in 2025+139% since 2018
010.0B BRL20.0B BRL30.0B BRL2018: 9.1B BRL9.1B BRL20182019: 11.4B BRL11.4B BRL2019+26%2020: 5.7B BRL5.7B BRL2020−50%2021: 10.0B BRL10.0B BRL2021+74%2022: 15.9B BRL15.9B BRL2022+60%2023: 18.6B BRL18.6B BRL2023+16%2024: 19.5B BRL19.5B BRL2024+5%2025: 21.6B BRL21.6B BRL2025+11%
Operating income5678924.3B BRL in 2025+262% since 2018
-2.0B BRL02.0B BRL4.0B BRL6.0B BRL2018: 1.2B BRL1.2B BRL20182019: -1.2B BRL-1.2B BRL20192020: -1.4B BRL-1.4B BRL2020+17%2021: 54.8M BRL54.8M BRL20212022: 1.4B BRL1.4B BRL2022+2509%2023: 1.7B BRL1.7B BRL2023+16%2024: 3.4B BRL3.4B BRL2024+104%2025: 4.3B BRL4.3B BRL2025+27%
Net income567892124.9M BRL in 2025
-15.0B BRL-10.0B BRL-5.0B BRL05.0B BRL2018: -635.7M BRL-635.7M BRL20182019: -2.4B BRL-2.4B BRL2019+278%2020: -10.8B BRL-10.8B BRL2020+351%2021: -4.2B BRL-4.2B BRL2021−61%2022: -722.4M BRL-722.4M BRL2022−83%2023: -2.4B BRL-2.4B BRL2023+230%2024: -9.2B BRL-9.2B BRL2024+284%2025: 124.9M BRL124.9M BRL2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Passenger revenue20.0B BRL18.1B BRL17.2B BRL
Other revenues1.6B BRL1.4B BRL1.3B BRL
Total revenue21.6B BRL19.5B BRL18.6B BRL
Aircraft fuel-5.7B BRL-5.6B BRL-5.9B BRL
Salaries and benefits-2.7B BRL-2.7B BRL-2.4B BRL
Airport taxes and fees-1.3B BRL-1.1B BRL-1.1B BRL
Auxiliary services for air transport-956.9M BRL-872.5M BRL-807.6M BRL
Maintenance-824.1M BRL-789.2M BRL-898.3M BRL
Advertising and publicity-915.4M BRL-889.2M BRL-779.3M BRL
Depreciation and amortization-3.0B BRL-2.6B BRL-2.4B BRL
Impairment and onerous contracts0 BRL143.8M BRL245.6M BRL
Insurance-100.4M BRL-79.6M BRL-89.5M BRL
Renegotiations Chapter 11181.9M BRL0 BRL0 BRL
Breakage GUC Chapter 111.7B BRL0 BRL0 BRL
Restructuring costs Chapter 11-871.0M BRL0 BRL0 BRL
Other-2.9B BRL-1.7B BRL-2.8B BRL
Total operating expenses-17.3B BRL-16.1B BRL-16.9B BRL
Operating profit4.3B BRL3.4B BRL1.7B BRL
Financial income904.1M BRL239.1M BRL220.1M BRL
Financial expenses-10.3B BRL-5.2B BRL-5.6B BRL
Derivative financial instruments, net986.5M BRL317.7M BRL-238.5M BRL
Foreign currency exchange, net4.2B BRL-7.9B BRL1.6B BRL
Financial result-4.2B BRL-12.6B BRL-4.0B BRL
Income (loss) before income tax and social contribution124.9M BRL-9.2B BRL-2.3B BRL
Current income tax and social contribution-12.0K BRL-723.0K BRL0 BRL
Deferred income tax and social contribution0 BRL39.5M BRL-39.5M BRL
Income (loss) for the year124.9M BRL-9.2B BRL-2.4B BRL

Compare AZUL SA with another company

Corporate structure

AZUL SA sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of AZUL SA

  • AZUL SA D5

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What AZUL SA reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net2.8B BRL2 Dec 31, 20253.0B BRL2 Dec 31, 2024−8.6%
Operating-lease assets (leased space)10.1B BRL2 Dec 31, 202511.5B BRL2 Dec 31, 2024−11.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents991.6M BRL2 Dec 31, 20251.2B BRL2 Dec 31, 2024−18.0%

Inventory

ItemLatestA year beforeChange
Inventory, total972.5M BRL2 Dec 31, 2025943.6M BRL2 Dec 31, 2024+3.1%

Leadership

Who has led AZUL SA, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. John Peter Rodgerson2026–now

Chief financial officer

  1. Alexandre Wagner Malfitani2026–now
Board members and other officers (15)

Former names

  • SALEB II PARTICIPACOES SAApr 10, 2008 to Apr 10, 20083

Timeline

  1. Mar 17, 2026New chief executive John Peter Rodgerson becomes CEO11

Filings

270 filings to the SEC since October 2021: 7 annual reports, 30 insider forms, 16 large holders, 217 other. The latest 20:

  1. Oct 7, 20266-K EDGAR
  2. Sep 30, 2026424B3 EDGAR
  3. Sep 30, 20266-K EDGAR
  4. Sep 14, 2026EFFECT EDGAR
  5. Sep 14, 2026424B3 EDGAR
  6. Aug 28, 2026POS AM EDGAR
  7. Aug 14, 20266-K EDGAR
  8. Aug 14, 2026SCHEDULE 13G/A EDGAR
  9. Aug 14, 2026SCHEDULE 13G/A EDGAR
  10. Jul 16, 202625 EDGAR
  11. Jul 10, 20266-K EDGAR
  12. Jul 6, 20266-K EDGAR
  13. Jul 6, 20268-A12B EDGAR
  14. Jul 6, 2026424B3 EDGAR
  15. Jul 6, 2026CERT NYSE CERTIFICATION EDGAR
  16. Jul 1, 2026EFFECT EDGAR
  17. Jul 1, 20266-K EDGAR
  18. Jul 1, 2026424B3 EDGAR
  19. Jun 17, 20264 PRIMARY DOCUMENT EDGAR
  20. Jun 17, 20263 PRIMARY DOCUMENT EDGAR

The 270 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 42. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
United Airlines Holdings, Inc.15,919,380$143.1M37.2%New
VR Advisory Services Ltd8,854,652$79.6M7.1%New
Whitebox Advisors LLC8,362,136$75.2M3.7%New
DSC Meridian Capital LP5,474,847$49.2M16.2%New
Readystate Asset Management LP2,098,940$18.9M1.2%New
Mirabella Financial Services Llp2,059,046$18.9M1.9%New
PointState Capital LP1,855,834$16.7M0.3%New
Knighthead Capital Management, LLC1,773,734$16.0M2.8%New
BlackBarn Capital Partners LP1,684,188$15.1M3.8%New
Viking Global Investors LP1,349,734$12.1M0.0%New
MSD Partners, L.P.1,147,091$10.3M13.4%New
Caspian Capital LP1,034,524$9.3M5.3%New
Sagil Capital LLP843,494$7.6M3.7%New
Deltroit Asset Management (UK) LLP825,100$7.4M1.2%New
Redwood Capital Management, LLC816,991$7.3M0.8%New
Fmr LLC811,746$7.3M0.0%New
Canyon Capital Advisors LLC721,828$6.5M0.7%New
DG Capital Management, LLC616,433$5.5M2.1%New
Css Llc/il597,806$5.4M0.4%New
Wells Fargo & Company/mn594,724$5.3M0.0%New
Senator Investment Group LP505,584$4.5M0.2%New
Man Group plc488,052$4.4M0.0%New
Taconic Capital Advisors LP433,176$3.9M2.4%New
Walleye Capital LLC370,987$3.3M0.0%New
Royal Bank Of Canada344,508$3.1M0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How AZUL SA is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAZUL SA1
  • CIK0001432364
  • Filer statusAccelerated filer not an emerging growth company; not a shell company4
  • Incorporated inBrazil4
  • Fiscal year endsDecember 311
  • Industry code (SIC)4512 Air Transportation, Scheduled1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business addressAv. Marcos Penteado Ulhoa Rodrigues, No. 939, 9 Floor, Ed. Jatoba, Barueri, D5 06460-0401
  • Phone55 11 4831 28801
  • Shares outstanding2,128,965,121 Ordinary Shares shares; 896,039,753 Preference Shares shares; 54,913,287,951,407 Ordinary Shares shares as of Dec 31, 20254
  • AuditorGrant Thornton Auditores Independentes Ltda., Campinas, Brazil PCAOB ID 5270; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceApr 10, 20081
  • Filings503 in all: 6-K (347), 3 (17), 4 (13), CORRESP (10), 20-F (9), UPLOAD (9), EFFECT (7), F-1/A (7)1
    All 41 form types

    SCHEDULE 13G (7), DRS (5), F-1 (5), 424B3 (4), 6-K/A (4), 20-F/A (3), 8-A12B (3), CT ORDER (3), DRS/A (3), DRSLTR (3), F-6 POS (3), REGDEX (3), SC 13G (3), SCHEDULE 13D/A (3), SCHEDULE 13G/A (3), 424B1 (2), 424B7 (2), CERT (2), F-3ASR (2), F-6 (2), F-6EF (2), POS AM (2), RW (2), SC 13G/A (2), SCHEDULE 13D (2), SEC STAFF LETTER (2), 144 (1), 25 (1), 25-NSE (1), CERTNYS (1), D (1), F-6/A (1), NT 20-F (1)

  • Latest filingsAnnual report (20-F) Apr 3, 2026

Sources

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