Azul SA (AZUL)

Price$7.13Cached quoteAs of 2026-09-08 20:32 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because debt relief is offset by weak cash generation.

Reported: The latest close implies an equity value near $1.26 billion. Including roughly R$20.1 billion of debt after cash, the total business value is about R$26.6 billion, or roughly six times annualized first-half adjusted earnings before interest, taxes, depreciation and similar items. Inference: That multiple is not excessive for a healthier airline, but offers limited protection while cash flow remains negative. The price therefore appears balanced rather than clearly cheap or expensive.

Big pictureSales recovered strongly, but profits have not yet turned into dependable cash.

Reported: Revenue climbed from R$5.7 billion in 2020 to R$21.6 billion in 2025, while operating income reached R$4.3 billion. However, 2025 operating cash flow was negative R$1.23 billion, versus positive R$2.79 billion in 2024. First-half 2026 operating cash flow was also negative by about R$337 million; after R$352 million of capital spending, free cash flow—cash left after running and investing in the business—was approximately negative R$689 million. Inference: Reported earnings are not yet durable.

Business strengthAzul can raise fares on its broad network, but fuel swings quickly erase gains.

Reported: Azul serves more than 135 destinations with over 800 daily flights. In the second quarter, revenue per available seat rose 12.7% and passenger yield rose 12.9%, despite 10.6% less capacity. Yet adjusted operating earnings before interest, taxes, depreciation and similar items fell 55.4% to R$510 million because fuel cost per liter jumped 61.8%; fuel exposure was unhedged at June-end. Inference: The network supports pricing, but fuel and currency cycles still make earnings unusually fragile.

What could change the storyReliable cash generation could unlock upside, while more new shares or costly fuel could undo it.

Reported: Restructuring cut total debt by about R$13 billion year over year, but June still showed R$21.4 billion of debt, only R$1.27 billion of cash, and R$5.15 billion of negative equity. Creditors received 97% of the reorganized capital, while additional warrants and a management plan can create more shares. Nearly all current shares were also registered for possible resale. Inference: Sustained positive free cash flow and leverage below management’s 1.5-times 2029 goal would strengthen the bull case; renewed cash burn would favor creditors and weaken shareholders.

AI: News

Quarterly fuel shockHigher fares preserved revenue, but soaring fuel costs sharply reduced second-quarter operating earnings.

Reported: On August 13, Azul reported second-quarter revenue of R$4.98 billion, up 0.7%, while adjusted operating earnings before interest, taxes, depreciation and similar items fell 55.4% to R$510 million. Fuel cost per liter rose 61.8%, overwhelming higher fares and a 10.6% capacity reduction. Inference: The quarter showed that customers will accept some fare increases, but Azul cannot fully pass sudden fuel inflation through to passengers without sacrificing demand or capacity.

Share resale registrationA huge resale registration increased potential share supply without raising money for Azul.

Reported: An August 28 filing covered up to 372.4 million common shares, including warrant shares, equal to approximately 98.5% of the enlarged outstanding total used in the filing. The selling holders, rather than Azul, would receive any sale proceeds. Inference: Registration does not mean every holder will sell, but it removes restrictions for a very large pool of restructuring investors. That possible supply can weigh on the market valuation even though it does not directly change airline operations.

New York returnAzul moved its United States shares to the main New York exchange and presented lower-debt goals.

Reported: Trading on the New York Stock Exchange began July 9, replacing the NYSE American listing. The same day, management targeted net debt below 1.5 times operating earnings before interest, taxes, depreciation and similar items by 2029, compared with roughly 2.3–2.4 times after the first quarter. Inference: The move may improve visibility and access for investors, but the target creates demanding expectations because first-half cash flow remained negative and fuel represented about 30% of costs.

Restructuring completedAzul exited court protection with much less debt, but previous owners kept only a tiny stake.

Reported: Azul emerged from Chapter 11 on February 20 after reducing debt and lease obligations by approximately $2.5 billion. It raised about $1.38 billion through senior notes and secured $950 million of equity commitments. The plan assigned 97% of reorganized capital to secured noteholders and 3% to second-ranking noteholders before further incentives and warrants. Inference: The transaction improved survival odds and interest costs, but demonstrated how quickly a heavily indebted airline can transfer value away from existing shareholders.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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	R$6.26B
Operating expenses	R$17.32B	R$16.14B	R$16.89B	R$14.52B	R$9.92B	R$7.14B	R$12.64B	R$7.86B	R$6.46B	R$6.33B	R$6.43B
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	−R$167.6M
Operating margin	19.97%	17.36%	8.95%	8.96%	0.55%	−24.36%	−10.45%	13.18%	16.13%	5.16%	−2.68%
EBITDA	R$7.33B	R$5.95B	R$4.07B	R$3.52B	R$1.60B	R$406.5M	R$427.0M	R$2.48B	R$2.31B	R$645.5M	R$50.4M
EBITDA margin	33.89%	30.50%	21.91%	22.10%	16.03%	7.08%	3.73%	27.36%	29.93%	9.68%	0.81%
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	−R$1.07B
Net profit margin	0.58%	−46.87%	−12.83%	−4.53%	−42.23%	−188.62%	−21.00%	−7.02%	5.51%	−1.89%	−17.18%
Basic EPSper basic share	-R$0.50	-R$54.56	-R$4.18	-R$8.23	—	—	—	—	—	—	—
Diluted EPSper diluted share	-R$0.50	-R$7,875,031.52	-R$4.18	-R$8.23	—	—	—	—	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of AZUL
Holder	Shares held
United Airlines Holdings, Inc.	15.92M
VR Advisory Services Ltd	8.85M
WHITEBOX ADVISORS LLC	8.36M
DSC Meridian Capital LP	5.47M
READYSTATE ASSET MANAGEMENT LP	2.1M
MIRABELLA FINANCIAL SERVICES LLP	2.06M
PointState Capital LP	1.86M
Knighthead Capital Management, LLC	1.77M
BlackBarn Capital Partners LP	1.68M
VIKING GLOBAL INVESTORS LP	1.35M
MSD Partners, L.P.	1.15M
CASPIAN CAPITAL LP	1.03M
Sagil Capital LLP	843.49K
Deltroit Asset Management (UK) LLP	825.1K
REDWOOD CAPITAL MANAGEMENT, LLC	816.99K
FMR LLC	811.75K
CANYON CAPITAL ADVISORS LLC	721.83K
DG Capital Management, LLC	616.43K
CSS LLC/IL	597.81K
WELLS FARGO & COMPANY/MN	594.72K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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