Azul Sa (New York Stock Exchange:AZUL)
Insiders here have filed 3 Form 4s in the last 90 days, but all of them are share awards, grants or other non-market transactions. Those are compensation, not a decision to buy, so they are not scored.
Profitable, but on a thin margin.
- Revenue
- $21.75B
- Net income
- $1.62B
- Net margin
- 7.4%
Heavily indebted for what it earns.
- Total debt
- $21.38B
- Cash
- $970.1M
- Net debt / EBITDA
- 6.54x
Owes more within a year than it holds to pay it.
- Current assets
- $6.28B
- Current liabilities
- $14.87B
- Current ratio
- 0.42
Roughly cash-neutral.
- Operating cash flow
- -$1.17B
- Free cash flow
- -$1.47B
- FCF margin
- -6.8%
Burning cash with under a year of runway — expect a raise.
- Shares outstanding
- 184.3M
- Share growth (1y)
- -38.3%
- Cash runway
- 10 months
Five pillars — profitability, leverage, liquidity, cash generation, dilution & runway — each scored 0–20 from the company’s own income statement, balance sheet and cash-flow statement, then scaled to 100. A pillar the statements cannot answer is left out rather than guessed; fewer than three and no score is shown.
AZUL Income Statement
| Fiscal Period | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Period Ending | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 |
| Revenue | $5.09 B | $5.47 B | $5.57 B | $5.62 B | $4.94 B | $5.39 B |
| Revenue Growth (YoY) | 3.02 % | 1.43 % | 0.38 % | 9.50 % | 18.44 % | 15.30 % |
| Cost of Revenue | $4.99 B | $4.16 B | $2.89 B | $4.04 B | $4.29 B | $3.13 B |
| Gross Profit | $106.37 M | $1.31 B | $2.68 B | $1.58 B | $654.96 M | $2.26 B |
| SG&A Expense | $405.89 M | $447.07 M | -$769.97 M | $748.15 M | $492.78 M | $245.80 M |
| R&D Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Operating Expenses | $405.89 M | $635.09 M | $1.63 B | $748.15 M | $691.21 M | $783.01 M |
| Operating Income | -$299.52 M | $675.96 M | $1.05 B | $831.24 M | -$36.25 M | $1.48 B |
| Pretax Income | -$1.43 B | -$1.49 B | -$1.63 B | -$1.34 B | $1.47 B | $1.65 B |
| Tax Provision | $0.00 | -$7.51 B | -$15.00 K | $0.00 | $12.00 K | $15.00 K |
| Net Income | -$1.43 B | $6.02 B | -$1.63 B | -$1.34 B | $1.47 B | $1.65 B |
| EPS (Basic) | -$7.74 | $82.29 | -$11.10 | -$4.47 | $4.92 | $5.58 |
| EPS (Diluted) | -$7.74 | $82.29 | -$11.10 | -$4.47 | $4.92 | $5.58 |
| Shares Outstanding | 184.28 M | 73.16 M | 149.33 M | 298.62 M | 298.59 M | 285.27 M |
Quarterly figures; YoY compares the same fiscal quarter a year earlier. Source: public market data.