In brief

Azul posted R$ 1.2 billion Ebitda in 3Q26, down 39%.

Revenue fell 1.8% to R$ 5.6 billion.

What we know

04

  1. Verified fact · material

    Azul posted Ebitda of R$ 1.2 billion in 3Q26, down about 39% year on year.

    Lower margin.

    Sources[01][02][03]

  2. Verified fact · material

    Net revenue was R$ 5.6 billion, down 1.8%.

    Flat revenue.

    Sources[01][02][03]

  3. Verified fact

    Bloomberg Línea reports a R$ 538 million loss; Investidor10, R$ 164.5 million.

    Undeclared cuts.

    Sources[02][03]

  4. Verified fact

    Fuel cost per liter rose 47.2%, according to Bloomberg Línea.

    Cost pressure.

    Sources[02]

Transmission to assets

Market read-through

The Ebitda drop reflects pricier fuel with nearly flat revenue.

Portfolio impact

01
AZUL4negative

Lower margin.

Pressure on the stock.

What would change the view: Stable fuel.

direct35% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

What to watch

  • Jet fuel price
  • Debt restructuring

Limits of the reporting

What remains uncertain

  • The net loss figure differs across sources.

Full sources

03
01
CNN Brasil MoneyAzul tem Ebitda de R$1,2 bi no 3º tri, receita líquida soma R$5,6 biindependent newsroom
02
Bloomberg Línea BrasilAzul reduz prejuízo no 3º trimestre, mas custos mantêm pressão sobre as operaçõesindependent newsroom
03
Investidor10Azul (AZUL3) registra prejuízo de R$ 164,5 milhões no 3T26; Ebitda soma R$ 1,2 bilhãoindependent newsroom
06