Azul S. A. is the largest airline in Brazil in terms of cities served and departures, operating scheduled air transportation for passengers and cargo across an extensive domestic and international network. As of December 31, 2025, the company served 160 destinations with around 970 daily departures, creating a network of more than 390 non-stop routes. Azul S. A. generates revenue primarily from passenger ticket sales, ancillary fees, cargo transportation, loyalty program…
Azul S. A. is the largest airline in Brazil in terms of cities served and departures, operating scheduled air transportation for passengers and cargo across an extensive domestic and international network. As of December 31, 2025, the company served 160 destinations with around 970 daily departures, creating a network of more than 390 non-stop routes. Azul S. A. generates revenue primarily from passenger ticket sales, ancillary fees, cargo transportation, loyalty program activities, and travel package sales through its various business units.
Azul S. A. generates revenue through scheduled air transportation, which includes passenger ticket revenue and ancillary items such as baggage fees, upgrades, and change fees. The company also earns revenue from its logistics solutions business, Azul Cargo, which provides cargo transportation services to over 5,100 cities and communities across Brazil. Additionally, Azul Fidelidade, the wholly-owned loyalty program, generates gross billings from the sale of points to members and business partners, while Azul Viagens contributes revenue through the sale of travel packages combining airfare, ground transportation, and lodging. In 2025, Azul S. A. reported net revenue of R$21.6 billion, with passenger revenue representing 92.4% of the total.
The company operates through the following segments: Passenger and cargo transportation, Loyalty program, and Travel and tourism operations.
- Passenger and cargo transportation: This segment includes the scheduled air transportation of passengers and cargo, generating revenue from ticket sales, ancillary fees, and cargo transportation services. Azul Cargo, the logistics solutions business, operates within this segment and provides services to over 5,100 cities and communities, with more than 2,300 deliverable within 48 hours. As of December 31, 2025, Azul Cargo held a 25.1% share of cargo volume transported in Brazil and reached R$1.3 billion in net revenues, a 12.9% increase from 2024.
- Loyalty program: This segment refers to Azul Fidelidade, the wholly-owned loyalty program that enhances customer loyalty and brand recognition. Members earn points based on spending on Azul tickets and can redeem them for flights, upgrades, and other rewards, with options to combine points and cash. As of December 31, 2025, Azul Fidelidade had more than 20 million members and generated gross billings excluding the airline of R$3,644 million in 2025. The program has been the fastest growing loyalty program in Brazil for the past nine years compared to competitors such as Smiles and LATAM Pass.
- Travel and tourism operations: This segment encompasses Azul Viagens, the company's travel package business that combines airfare, ground transportation, and lodging options. Azul Viagens offers both pre-built and flexible, customized travel packages that can be purchased through the website, travel agencies, or free-standing stores. In 2025, Azul Viagens sold 56.6% more travel packages compared to 2024, leveraging the uniqueness of Azul’s network and fleet flexibility. The business contributed to other revenue, which totaled R$1.6 billion in 2025, representing 7.6% of net revenue.
Azul S. A. holds a leading position in the Brazilian airline industry, operating the largest network in terms of departures and cities served, with 160 destinations as of December 31, 2025, compared to 65 for Gol and 59 for LATAM. The company is the market leader in 115 Brazilian cities in terms of departures and leads on 88% of its routes, representing approximately 82% of its total ASKs. Azul S. A. maintains a young, fuel-efficient fleet with an average age of 7.2 years (excluding Cessna aircraft), significantly younger than its main competitors, which supports lower trip costs and operational efficiency. The company’s focus on customer service has resulted in a Net Promoter Score of 38.5 in 2025 and recognition as the fourth most on-time airline in the world according to Cirium.
Azul S. A. serves a diverse customer base including business travelers seeking convenient and frequent service, leisure travelers attracted by low fares and advance purchase options, and cargo clients ranging from retailers and manufacturers to e-commerce operators. The company also serves members of its Azul Fidelidade loyalty program, which had over 20 million participants as of December 31, 2025, and partners with financial institutions such as Itaú, Santander, Livelo, Inter, Caixa, Nubank, BTG Pactual, and C6 Bank, as well as retailers like Via Varejo, Magazine Luiza, KMV, and Satelital Brazil, and travel partners including All Accor Cross Rewards, Airport Park, and AssistCard.