MarketCapExport financials
Azul S.A. (AZUL)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
CSV downloads as a ZIP archive with one file for each report and frequency.
Facebook
X
Telegram
Azul S.A. Balance Sheet 2025-2011 | AZUL
Brief overview of Azul S.A.'s balance sheet strength
The review uses the five latest available annual reports between 2016 and 2020.
Assets reached 15.8 billion BRL, compared with 8.4 billion BRL at the beginning. Growth of +88% and CAGR near 17.1% show active expansion.
Liabilities expanded faster than the asset base, +304.7% versus +88%. Debt-service capacity deserves attention.
Negative shareholders' equity signals an accumulated net asset deficit and calls for particular caution.
Cash accounts for 19.4% of assets versus 6.5% initially. The change indicates the degree of financial flexibility.
The balance sheet includes a negative accumulated result of -18.4 billion BRL. It should be assessed alongside historical profits and capital distributions.
Conclusion
Azul S.A. has limited balance sheet resilience and depends heavily on cash generation and refinancing capacity.
Annual Balance Sheet Azul S.A.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
11.7 B | 20.2 B | 13.2 B | 13.9 B | - | 4.3 B | 1.87 B | 2.54 B | 2.73 B | 3.49 B | 4.17 B | 2.87 B | 2.49 B | 2.72 B | 1.31 B |
Long Term Debt |
9.36 B | 15.1 B | 11.5 B | 10.6 B | - | 6.5 B | 3.04 B | 3.37 B | 2.92 B | 3.05 B | 3.56 B | 2.69 B | 2.25 B | 2.24 B | 1.27 B |
Long Term Debt Current |
3.35 B | 6.31 B | 3.69 B | 4.03 B | - | 2.27 B | 1.59 B | 1.24 B | - | - | - | - | - | - | - |
Total Non Current Liabilities |
23.2 B | 35.4 B | 27.1 B | 22.7 B | - | 19.7 B | 15.9 B | 4.57 B | 4.15 B | 3.78 B | 4.17 B | 2.97 B | 2.5 B | 2.43 B | 1.32 B |
Total Liabilities |
- | - | - | - | - | 29.9 B | 22.7 B | 8.63 B | 7.48 B | 7.4 B | 8.23 B | 5.82 B | 5.14 B | 4.4 B | 1.91 B |
Deferred Revenue |
- | - | - | - | - | 2.49 B | 2.09 B | 1.67 B | 1.29 B | 949 M | 878 M | 832 M | 612 M | 391 M | 137 M |
Retained Earnings |
-34.7 B | -34.8 B | -25.7 B | -23.3 B | - | -18.4 B | -7.52 B | -836 M | -1.21 B | -1.74 B | -1.62 B | -543 M | -478 M | -498 M | -327 M |
Total Assets |
23.6 B | 26.3 B | 20.5 B | 18.7 B | - | 15.8 B | 19.2 B | 11.8 B | 10.3 B | 8.4 B | 7.84 B | 6.24 B | 5.61 B | 4.75 B | 1.96 B |
Cash and Cash Equivalents |
992 M | 1.21 B | 1.9 B | 668 M | - | 3.06 B | 1.65 B | 1.17 B | 762 M | 549 M | 636 M | - | - | - | - |
Book Value |
23.6 B | 26.3 B | 20.5 B | 18.7 B | - | -14.1 B | -3.52 B | 3.16 B | 2.83 B | 1 B | -392 M | 416 M | 476 M | 351 M | 58.4 M |
Total Shareholders Equity |
-29 B | -30.4 B | -21.3 B | -19 B | - | -14.1 B | -3.52 B | -1.15 B | -391 M | 1 B | -392 M | - | - | - | - |
Annual performance
Select metrics to display
All numbers in BRL currency
Quarterly Balance Sheet Azul S.A.
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
9.36 B | 15.1 B | 11.5 B | 10.6 B | - | - | - | 11.4 B | - | - | - | 10.2 B | - | - | - | 10.5 B | - | - | - | 7.68 B | - | - | - | 6.43 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
23.2 B | 35.4 B | 27.1 B | 22.7 B | - | - | - | 25.2 B | - | - | - | 19.7 B | - | - | - | 15.9 B | - | - | - | 12 B | - | - | 4.07 B | 10.2 B | - | - | - | 3.78 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-34.7 B | -34.8 B | -25.7 B | -23.3 B | - | - | - | -22.6 B | - | - | - | -18.4 B | - | - | - | -7.52 B | - | - | - | -5.11 B | - | - | -1.05 B | -4.44 B | - | - | - | -1.74 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
23.6 B | 26.3 B | 20.5 B | 18.7 B | - | - | - | 18.5 B | - | - | - | 15.8 B | - | - | - | 19.2 B | - | - | - | 16.1 B | - | - | 10.4 B | 13.9 B | - | - | - | 8.4 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
992 M | 1.21 B | 1.9 B | 102 M | - | - | - | 230 M | - | - | - | 465 M | - | - | - | 309 M | - | - | - | 370 M | - | - | 739 M | 160 M | - | - | 435 M | 549 M | - | - | - | 637 M | - | - | - | 389 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
23.6 B | 26.3 B | 20.5 B | 18.7 B | - | - | - | 18.5 B | - | - | - | 15.8 B | - | - | - | 19.2 B | - | - | - | 16.1 B | - | - | 10.4 B | 13.9 B | - | - | - | 8.4 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
-29 B | -30.4 B | -21.3 B | -19 B | - | - | - | -18.3 B | - | - | - | -14.1 B | - | - | - | -3.52 B | - | - | - | -1.15 B | - | - | 3.02 B | -433 M | - | - | 1.06 B | -2.13 B | - | - | - | -392 M | - | - | - | 416 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
Select metrics to display
All numbers in BRL currency
Balance Sheet is a fundamental financial report of Azul S.A., providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
USA
Panama
Russia
Mexico
Irlanda
China
Brasil
