On Thursday, August 13, 2026, Azul S.A. (AZUL3) reported a net loss of R$ 1,041.2 million in the second quarter of 2026 (2Q26), reversing the net profit of R$ 1,293.4 million in 2Q25. Net revenue totaled R$ 4,978.7 million, up 0.7% from the same period in 2025, while EBITDA (earnings before interest, taxes, depreciation, and amortization) was R$ 510.1 million, with an EBITDA margin of 10.2%.
The airline reported that operating revenue in 2Q26 reached R$ 5.0 billion, a record for a second quarter, driven by fare increases to offset higher fuel costs. RASK, the indicator of revenue per available seat-kilometer, came to R$ 43.41 cents, up 12.7% year over year, while PRASK reached R$ 39.77 cents, an increase of 11.4%. Cargo and other revenues totaled R$ 418.1 million, an advance of 15.1% over 2Q25, with 16.1% growth in logistics revenues.
On the cost side, operating expenses came to R$ 5,137.7 million in 2Q26, an increase of 12.6% compared to 2Q25. CASK, cost per available seat-kilometer, rose 26.0% to R$ 44.80 cents, mainly driven by a 61.8% increase in fuel costs, which reached R$ 1,960.8 million, and a 10.6% reduction in capacity measured in ASK. Salaries and benefits grew 21.3% to R$ 745.0 million, while depreciation and amortization fell 12.3% to R$ 669.2 million.
In financial results, Azul reported net financial expense of R$ 923.7 million in 2Q26 and a negative net financial result of R$ 882.2 million, compared to a gain of R$ 913.5 million a year earlier. Net monetary and exchange variations generated a gain of R$ 27.1 million, reflecting a 0.8% appreciation of the real against the dollar at the end of the period. The company adjusted its operating figures for non-recurring items that totaled R$ 359.4 million in the quarter, mainly related to the restructuring process.
On June 30, 2026, Azul’s gross debt was R$ 21,415.9 million, down 37.8% from R$ 34,410.4 million on June 30, 2025, after the completion of the financial restructuring. Immediate liquidity closed the quarter at R$ 3,659.2 million, including cash, equivalents, and receivables, equivalent to 16.6% of revenue for the last twelve months. The leverage ratio, measured by net debt to EBITDA for the last 12 months considering available liquidity, stood at 3.0x, compared to 5.2x a year earlier.
