Azul SA ( (AZULQ) ) has released its Q3 earnings. Here is a breakdown of the information Azul SA presented to its investors.
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Azul S.A., the largest airline in Brazil by number of cities served, operates in the aviation industry, offering extensive domestic and international flights with a fleet of approximately 200 aircraft.
In its third-quarter earnings report for 2025, Azul S.A. announced a record EBITDA of R$2.0 billion, marking a 20.2% increase from the previous year. The company also highlighted significant progress in its restructuring plan, including a global settlement with its Unsecured Creditors Committee.
Azul’s total operating revenue reached over R$5.7 billion, an 11.8% increase year-over-year, driven by strong demand and strategic network changes. The airline’s operating income rose by 23.7% to R$1,270.4 million, with an operating margin of 22.1%. The company also reported a 7.1% increase in capacity, primarily from international operations, and achieved a record load factor of 84.6%.
The airline’s restructuring efforts included accessing US$1.1 billion in DIP financing, with a portion used to pay down debts and improve liquidity. Azul’s liquidity position stood at R$3.4 billion, a 38.0% increase compared to the same period last year. The company also secured equity investments from United Airlines and American Airlines, totaling US$200 million.
Looking ahead, Azul’s management remains optimistic about the company’s future, focusing on cash generation and operational excellence. The restructuring plan is expected to significantly reduce debt and improve leverage, positioning Azul for long-term financial stability.

