Azul (AZUL) Gross Margin (2022 - 2025)
Azul (AZUL) recorded Gross Margin of 88.22% in Q3 2025, up 57.22 percentage points from 31.00% a year earlier and up 74.91 percentage points from the prior quarter.
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Analysis
Azul (AZUL) Gross Margin (2022 - 2025) Analysis & Trends
On a TTM basis, Azul's Gross Margin came in at 34.96% as of Sep 30, 2025, up 10.75 percentage points year-over-year; for FY2024, it came in at 26.71%, up 8.51 percentage points from FY2023.
- Across earlier years, Gross Margin came in at 18.20% in FY2023.
- The Q3 2025 figure is the highest quarterly Gross Margin in data going back to Q2 2022.
- On a year-over-year basis, Gross Margin rose in five of the last six quarters, with an average year-over-year change of +14.54 percentage points.
- Per Business Quant, the preceding three quarters came in at 13.30% (Q2 2025), 41.97% (Q1 2025) and 29.27% (Q4 2024).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 172.47 Bn | 164.72 Bn | - | - |
| 2 | United Parcel Service | 92.24 Bn | 69.07 Bn | - | - |
| 3 | Csx | 90.81 Bn | 86.03 Bn | - | - |
| 4 | Canadian Pacific Kansas City | 81.61 Bn | 80.64 Bn | - | - |
| 5 | Fedex | 72.98 Bn | 39.17 Bn | - | - |
| 6 | Norfolk Southern | 71.87 Bn | 66.34 Bn | - | - |
| 7 | Delta Air Lines | 57.23 Bn | 39.41 Bn | - | - |
| 8 | United Airlines Holdings | 36.65 Bn | -21.05 Bn | - | - |
| 9 | Old Dominion Freight Line | 34.12 Bn | 32.96 Bn | - | - |
| 10 | Azul | 3.54 Bn | 2.57 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | 88.22% |
| Jun 30, 2025 | 13.30% |
| Mar 31, 2025 | 41.97% |
| Dec 31, 2024 | 29.27% |
| Sep 30, 2024 | 31.00% |
| Jun 30, 2024 | 18.20% |
| Mar 31, 2024 | 26.58% |
| Dec 31, 2023 | 20.48% |
| Sep 30, 2023 | 22.82% |
| Jun 30, 2023 | 15.66% |
| Jun 30, 2022 | 10.81% |
API Access
Azul Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=AZUL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "AZUL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=AZUL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();