← AZUL SA
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Net Income | — | — | — | — | — | — | ($722.4m) | ($2.4b) | ($9.2b) | $124.9m | |
| Net Income From Continuing Operations | — | — | — | — | — | — | ($722.4m) | ($2.4b) | ($9.2b) | $124.9m | |
| Depreciation and amortization | $301.2m | $299.8m | $324.9m | $3.7b | $1.8b | $1.5b | $2.1b | $2.4b | $2.6b | $3.0b | |
| Depreciation Amortization Depletion | — | — | — | — | — | — | $2.1b | $2.4b | $2.6b | $3.0b | |
| Deferred income tax and social contribution | $135.3m | $71.7m | $170.6m | ($135.4m) | ($242.5m) | $0 | $0 | $39.5m | ($39.5m) | $0 | |
| Deferred Income Tax | — | — | — | — | — | — | $0 | $39.5m | ($292.5m) | $0 | |
| Deferred Tax | — | — | — | — | — | — | $0 | $39.5m | ($292.5m) | $0 | |
| Adjustments For Share-Based Payments | $9.9m | $28.1m | $22.2m | $17.2m | $22.9m | $17.2m | ($18.2m) | $71.6m | $43.5m | $70.8m | |
| Gain (loss) from impairment | — | — | $0 | $2.9b | ($757.6m) | ($1.1b) | ($1.1b) | ($245.6m) | ($143.8m) | $0 | |
| Share-based payment | $9.9m | $28.1m | $22.2m | $17.2m | $22.9m | $17.2m | ($18.2m) | $71.6m | $43.5m | $70.8m | |
| Asset Impairment Charge | — | — | — | — | — | — | ($893.9m) | $23.9m | ($999.2m) | ($393.3m) | |
| Earnings (Loss)es From Equity Investments | — | — | — | — | — | — | — | — | $0 | $0 | |
| Total changes in operating assets and liabilities | — | — | — | $2.6b | $976.2m | ($310.6m) | $1.1b | $1.1b | $574.7m | ($2.9b) | |
| Additional Financial Items | |||||||||||
| Adjustments For Increase Decrease In Trade Account Payable | ($17.8m) | ($93.5m) | $142.6m | $87.6m | $993.5m | $1.1b | $2.3b | $2.8b | $3.2b | ($796.2m) | |
| Adjustments For Unrealised Foreign Exchange Losses Gains | ($528.4m) | ($62.5m) | $90.1m | $448.9m | $4.0b | $1.4b | ($1.5b) | ($1.6b) | $7.7b | ($4.2b) | |
| Goodwill | — | — | — | — | $810.9m | — | — | — | — | — | |
| Increase Decrease In Working Capital | — | — | — | — | $2.1b | ($1.1b) | ($4.3b) | $479.4m | ($6.0b) | ($7.5b) | |
| Nonoperating Income (Expense) | — | — | — | — | — | — | — | ($4.0b) | — | — | |
| Payments Of Lease Liabilities Classified As Financing Activities | — | — | — | — | — | $1.8b | $2.8b | $2.4b | $2.8b | $3.1b | |
| Payments To Acquire Or Redeem Entitys Shares | — | — | — | — | — | $16.2m | $3.9m | $6.8m | $2.6m | $4k | |
| Proceeds From Borrowings Classified As Financing Activities | $833.0m | $1.8b | $98.9m | $592.3m | $1.9b | $3.1b | $200.0m | $4.7b | $3.2b | $7.4b | |
| Proceeds From Issuing Shares | $1.5b | $1.2b | — | — | — | — | — | — | — | — | |
| Purchase Of Intangible Assets Classified As Investing Activities | $56.3m | $56.1m | $100.2m | $132.5m | $109.6m | $152.5m | $198.5m | $169.0m | $234.9m | $188.4m | |
| Repayments Of Borrowings Classified As Financing Activities | $1.4b | $1.1b | $530.5m | $110.0m | $192.4m | $391.0m | $819.2m | $1.9b | $1.7b | $2.3b | |
| Profit (loss) for the year | ($126.3m) | $529.0m | $420.3m | ($2.4b) | ($10.8b) | ($4.2b) | ($722.4m) | ($2.4b) | ($9.2b) | $124.9m | |
| Derivative financial instruments, net | — | ($9.3m) | ($298.8m) | ($367.8m) | $2.2b | ($864.2m) | ($958.0m) | $238.5m | ($317.7m) | ($46.8m) | |
| Foreign currency exchange, net | ($528.4m) | ($62.5m) | $90.1m | $448.9m | $4.0b | $1.4b | ($1.5b) | ($1.6b) | $7.7b | ($4.2b) | |
| Financial result | $360.7m | $222.1m | $182.3m | $1.1b | $2.2b | $3.4b | $4.0b | $5.3b | $5.0b | $9.1b | |
| Breakage – GUC | — | — | — | — | — | — | — | $0 | $0 | ($1.7b) | |
| Renegotiations – Chapter 11 | — | — | — | — | — | — | — | $0 | $0 | ($181.9m) | |
| Tax transaction | — | — | — | — | — | — | $0 | $0 | ($253.0m) | $0 | |
| Provisions, net | — | $78.5m | $70.4m | $897.8m | $281.5m | $646.6m | $438.4m | ($161.0m) | ($146.0m) | $1.0b | |
| Recovery of expenses and write‑offs of assets and liabilities | — | — | — | — | — | $0 | $208.9m | $269.5m | ($855.4m) | ($393.3m) | |
| Result from modification of lease and provision | — | — | $0 | $0 | ($902.9m) | ($24.3m) | ($93.1m) | ($204.0m) | ($221.4m) | ($2.8b) | |
| Result of sale and sale and leaseback | — | — | $0 | $0 | ($16.2m) | ($22.7m) | ($33.2m) | $6.4m | ($91.6m) | ($60.3m) | |
| Reconciled result | — | — | $3.1b | $3.3b | ($500.6m) | $859.2m | $2.5b | $4.0b | $4.3b | $3.1b | |
| Accounts receivable | ($20.1m) | ($242.7m) | ($160.4m) | ($98.8m) | $341.8m | ($270.3m) | ($1.1b) | $877.0m | ($292.0m) | ($1.0b) | |
| Aircraft sublease | — | $46.9m | $4.9m | $66.9m | $69.3m | $65.0m | $68.4m | $19.5m | $0 | $0 | |
| Inventories | ($17.5m) | ($37.1m) | ($53.0m) | ($78.5m) | ($44.6m) | ($159.1m) | ($159.5m) | ($153.5m) | ($159.4m) | ($61.0m) | |
| Deposits | ($69.0m) | ($168.9m) | ($65.0m) | ($49.4m) | ($173.8m) | ($421.6m) | ($606.2m) | ($453.1m) | ($455.2m) | ($411.4m) | |
| Taxes recoverable | ($1.9m) | ($68.4m) | ($170.9m) | ($15.7m) | $252.0m | $26.0m | ($122.3m) | $16.3m | ($20.3m) | ($160k) | |
| Other assets | $183.2m | ($141.1m) | ($288.4m) | ($103.2m) | $272.7m | $79.2m | $88.4m | ($128.1m) | ($575.8m) | ($390.6m) | |
| Advances to suppliers | — | — | — | ($23.9m) | $7.2m | ($120.3m) | ($629.5m) | ($2.9b) | ($2.3b) | — | |
| Accounts payable | ($17.8m) | ($93.5m) | $142.6m | $87.6m | $993.5m | $1.1b | $2.3b | $2.8b | $3.2b | ($796.2m) | |
| Airport taxes and fees | — | — | — | $9.3m | $38.0m | $80.8m | $356.1m | $228.0m | $79.8m | $129.6m | |
| Air traffic liability, services and loyalty program | — | — | — | — | — | — | — | $1.1b | $1.4b | $8.1m | |
| Salaries and benefits | $28.4m | $59.9m | ($2.3m) | $113.6m | $40.1m | $185.7m | $113.8m | $13.2m | $128.6m | $244.3m | |
| Taxes payable | ($31.1m) | ($20.4m) | $12.6m | ($8.4m) | $4.2m | $66.7m | $7.1m | ($26.8m) | $77.9m | ($12.1m) | |
| Provisions | — | — | — | — | — | ($395.4m) | ($179.4m) | ($237.5m) | ($423.1m) | ($605.1m) | |
| Other liabilities | $171.7m | ($5.7m) | $27.3m | ($112.6m) | $250.5m | $440.0m | $40.9m | $72.6m | $50.7m | $94.5m | |
| Loans and financing | — | — | — | — | — | — | — | ($792.2m) | ($1.0b) | ($517.2m) | |
| Lease | — | — | — | — | — | — | — | ($451.8m) | ($506.3m) | ($412.5m) | |
| Convertible debt instruments | — | — | — | — | — | — | — | ($542.5m) | $0 | $0 | |
| Others | — | — | — | — | — | — | — | ($380.0m) | ($462.7m) | ($379.1m) | |
| Acquisition of short-term investments | ($679.0m) | ($3.7b) | ($2.8b) | ($1.4b) | ($1.5b) | ($98.8m) | ($10.4m) | $0 | ($107.4m) | ($106.3m) | |
| Redemption of short-term investments | — | — | — | $1.8b | $1.5b | $189.5m | $11.9m | $0 | $6.2m | $84.2m | |
| Payment for acquisition of subsidiary | — | — | $0 | $0 | ($38.7m) | ($20.0m) | ($30.3m) | $0 | $0 | ($5.9m) | |
| Proceeds from sale and leaseback | — | $39.5m | $11.9m | $16.3m | $0 | $21.3m | $321.3m | $91.7m | $29.3m | $195.3m | |
| Acquisition of capitalized maintenance | — | — | — | — | — | $0 | ($628.3m) | ($339.0m) | ($577.5m) | ($361.1m) | |
| Acquisition of intangible assets | ($56.3m) | ($56.1m) | ($100.2m) | ($132.5m) | ($109.6m) | ($152.5m) | ($198.5m) | ($169.0m) | ($234.9m) | ($188.4m) | |
| Proceeds | $833.0m | $1.8b | $98.9m | $592.3m | $1.9b | $3.1b | $200.0m | $4.7b | $3.2b | $7.4b | |
| Repayment | ($1.4b) | ($1.1b) | ($530.5m) | ($110.0m) | ($192.4m) | ($391.0m) | ($819.2m) | ($1.9b) | ($1.7b) | ($2.3b) | |
| Costs | — | ($795.0m) | ($1.1b) | ($1.4b) | ($834.1m) | ($75.6m) | ($12.6m) | ($486.7m) | ($104.9m) | ($390.2m) | |
| Reverse factoring | — | — | — | — | $0 | $0 | ($818.3m) | ($831.5m) | ($496.3m) | $0 | |
| Repayment of leases | — | — | — | ($1.4b) | ($834.1m) | ($1.8b) | ($2.8b) | ($2.4b) | ($2.8b) | ($3.1b) | |
| Cost of issuing shares | — | — | — | — | — | — | — | $0 | $0 | ($43.0m) | |
| Capital increase | — | — | — | $37.8m | $23.8m | $0 | $22.9m | $819k | $0 | $51.2m | |
| Advance for future capital increase | — | — | — | $0 | $0 | $24.0m | $61k | $789k | $18k | $0 | |
| Treasury shares | ($346.3m) | ($44.7m) | ($12.2m) | ($12.9m) | $0 | ($16.2m) | ($3.9m) | ($6.8m) | ($2.6m) | ($4k) | |
| Beginning Cash Position | — | — | — | — | — | — | $3.1b | $668.3m | $1.9b | $1.2b | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | — | — | ($4.2b) | ($1.4b) | ($1.9b) | $1.7b | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | — | — | ($639.9m) | ($874.5m) | ($1.6b) | ($573.4m) | |
| Change In Account Payable | — | — | — | — | — | — | $2.3b | $2.8b | $855.5m | ($796.2m) | |
| Change In Accrued Expense | — | — | — | — | — | $185.7m | $113.8m | $13.2m | — | — | |
| Change In Income Tax Payable | — | — | — | — | — | — | $7.1m | ($26.8m) | $77.9m | ($12.1m) | |
| Change In Inventory | — | — | — | — | — | — | ($159.5m) | ($153.5m) | ($159.4m) | ($61.0m) | |
| Change In Other Current Assets | — | — | — | — | — | — | ($186.1m) | ($128.1m) | ($575.8m) | ($390.6m) | |
| Change In Other Current Liabilities | — | — | — | — | — | — | $834.7m | $1.2b | $1.5b | $102.6m | |
| Change In Other Working Capital | — | — | — | — | — | — | $768.1m | ($134.3m) | ($316.5m) | ($278.1m) | |
| Change In Payable | — | — | — | — | — | — | $2.3b | $2.8b | $933.4m | ($808.2m) | |
| Change In Payables And Accrued Expense | — | — | — | — | — | — | $2.3b | $2.8b | $933.4m | ($808.2m) | |
| Change In Prepaid Assets | — | — | — | — | — | — | ($1.2b) | ($3.3b) | ($455.2m) | ($411.4m) | |
| Change In Receivables | — | — | — | — | — | — | ($1.2b) | $912.8m | ($312.3m) | ($1.0b) | |
| Change In Tax Payable | — | — | — | — | — | — | $7.1m | ($26.8m) | $77.9m | ($12.1m) | |
| Change In Working Capital | — | — | — | — | — | — | $1.1b | $1.1b | $574.7m | ($2.9b) | |
| Changes In Account Receivables | — | — | — | — | — | — | ($1.1b) | $877.0m | ($292.0m) | ($1.0b) | |
| Changes In Cash | — | — | — | — | — | — | ($2.4b) | $1.2b | ($698.7m) | ($97.0m) | |
| End Cash Position | — | — | — | — | — | — | $668.3m | $1.9b | $1.2b | $991.6m | |
| Financing Cash Flow | — | — | — | — | — | — | ($4.2b) | ($1.4b) | ($1.9b) | $1.7b | |
| Free Cash Flow | — | — | — | — | — | — | $986.3m | $2.5b | $1.3b | ($2.0b) | |
| Gain Loss On Investment Securities | — | — | — | — | — | — | ($958.0m) | $238.5m | ($317.7m) | ($986.5m) | |
| Gain Loss On Sale Of PPE | — | — | — | — | — | — | $114.2m | $303.7m | $51.8m | $137.9m | |
| Investing Cash Flow | — | — | — | — | — | — | ($639.9m) | ($874.5m) | ($1.6b) | ($573.4m) | |
| Issuance Of Capital Stock | — | — | — | — | — | — | $22.9m | $819k | $0 | $51.2m | |
| Net Business Purchase And Sale | — | — | — | — | — | — | ($30.3m) | $0 | $0 | ($5.9m) | |
| Net Foreign Currency Exchange Gain Loss | — | — | — | — | — | — | ($1.5b) | ($1.6b) | $7.7b | ($4.2b) | |
| Net Intangibles Purchase And Sale | — | — | — | — | — | — | ($198.5m) | ($169.0m) | ($234.9m) | ($188.4m) | |
| Net PPE Purchase And Sale | — | — | — | — | — | — | $215.8m | ($372.7m) | ($652.0m) | $4.2m | |
| Operating Gains Losses | — | — | — | — | — | — | ($2.3b) | ($1.1b) | $7.5b | ($5.0b) | |
| Other Non Cash Items | — | — | — | — | — | — | $3.9b | $5.1b | $4.8b | $4.3b | |
| Provisionand Write Offof Assets | — | — | — | — | — | — | $438.4m | ($161.0m) | ($146.0m) | $1.0b | |
| Purchase Of Business | — | — | — | — | — | — | ($30.3m) | $0 | $0 | ($5.9m) | |
| Purchase Of Intangibles | — | — | — | — | — | — | ($198.5m) | ($169.0m) | ($234.9m) | ($188.4m) | |
| Purchase Of PPE | — | $589.5m | $754.6m | $1.4b | $343.1m | $624.3m | ($624.2m) | ($464.4m) | ($681.3m) | ($198.4m) | |
| Repurchase Of Capital Stock | — | — | — | — | — | — | ($3.9m) | ($6.8m) | ($2.6m) | ($4k) | |
| Sale Of PPE | — | — | — | — | — | — | $840.0m | $91.7m | $29.3m | $202.6m | |
| Stock Based Compensation | — | — | — | — | — | — | ($18.2m) | $71.6m | $43.5m | $70.8m | |
| Profit or Loss | ($126.3m) | $529.0m | $420.3m | ($2.4b) | ($10.8b) | ($4.2b) | ($722.4m) | ($2.4b) | ($9.2b) | $124.9m | |
| Proceeds From Sales Of Property Plant And Equipment Classified As Investing Activities | $532.0m | $177.3m | $363.2m | $59.4m | $45.7m | $0 | $0 | ($464.4m) | $0 | ($198.4m) | |
| Capital Expenditure | — | — | — | — | — | — | ($1.5b) | ($972.3m) | ($1.5b) | ($747.9m) | |
| Capital Expenditure Reported | — | — | — | — | — | — | ($628.3m) | ($339.0m) | ($577.5m) | ($361.1m) | |
| Net Investment Purchase And Sale | — | — | — | — | — | — | $1.5m | $0 | ($101.2m) | ($22.1m) | |
| Purchase Of Investment | — | — | — | — | — | — | ($10.4m) | $0 | ($107.4m) | ($106.3m) | |
| Sale Of Investment | — | — | — | — | — | — | $11.9m | $0 | $6.2m | $84.2m | |
| Net cash used by investing activities | ($644.3m) | ($975.8m) | $58.0m | ($1.2b) | ($403.8m) | ($706.1m) | ($639.9m) | ($874.5m) | ($1.6b) | ($573.4m) | |
| Issuance Of Debt | — | — | — | — | — | — | $200.0m | $4.7b | $3.2b | $7.4b | |
| Long Term Debt Issuance | — | — | — | — | — | — | $200.0m | $4.7b | $3.2b | $7.4b | |
| Net Issuance Payments Of Debt | — | — | — | — | — | — | ($3.4b) | ($69.6m) | ($1.3b) | $2.1b | |
| Net Long Term Debt Issuance | — | — | — | — | — | — | ($3.4b) | ($69.6m) | ($1.3b) | $2.1b | |
| Long Term Debt Payments | — | — | — | — | — | — | ($3.6b) | ($4.8b) | ($4.5b) | ($5.3b) | |
| Repayment Of Debt | — | — | — | — | — | — | ($3.6b) | ($4.8b) | ($4.5b) | ($5.3b) | |
| Common Stock Issuance | — | — | — | — | — | — | $22.9m | $819k | $0 | $51.2m | |
| Net Common Stock Issuance | — | — | — | — | — | — | $19.0m | ($6.0m) | ($2.6m) | $51.2m | |
| Common Stock Payments | — | — | — | — | — | — | ($3.9m) | ($6.8m) | ($2.6m) | ($4k) | |
| Net Other Financing Charges | — | — | — | — | — | — | ($830.8m) | ($1.3b) | ($601.2m) | ($433.2m) | |
| Net cash provided (used) by financing activities | $526.6m | $856.8m | ($161.2m) | ($913.5m) | $933.5m | $833.9m | ($4.2b) | ($1.4b) | ($1.9b) | $1.7b | |
| Exchange rate changes on cash and cash equivalents | ($23.6m) | $36.8m | $67.0m | ($15.6m) | ($89.0m) | $191.9m | $673k | $56.7m | $11.4m | ($121.4m) | |
| Effect Of Exchange Rate Changes | — | — | — | — | — | — | $673k | $56.7m | $11.4m | ($121.4m) | |
| Increase (decrease) in cash and cash equivalents | ($87.3m) | $213.1m | $406.8m | $478.7m | $1.4b | $9.0m | ($2.4b) | $1.2b | ($687.3m) | ($218.4m) | |
| Restricted cash | — | — | — | — | — | $0 | $0 | $6.1m | $0 | $0 | |
| Cash and cash equivalents at the beginning of the year | $549.2m | $762.3m | $1.2b | $1.6b | $3.1b | $3.1b | $668.3m | $1.9b | $1.2b | $991.6m | |
| Change In Cash Supplemental As Reported | — | — | — | — | — | — | ($2.4b) | $1.2b | ($687.3m) | ($218.4m) | |
| Interest Paid Classified As Operating Activities | $342.8m | $301.9m | $214.7m | $969.1m | $480.3m | $624.5m | $1.2b | $1.7b | $2.1b | $1.5b | |
| Taxes Refund Paid | — | — | — | — | — | $0 | $0 | — | — | — |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.