Azul Q2 2026 slides: record revenue, deleveraging progress amid fuel surge

Azul S.A., the Brazilian airline, reported its Q2 2026 results on August 14, 2026, showcasing record revenue and improved balance sheet amid a volatile fuel price environment. The airline achieved record revenue of R$5.0 billion, up 0.7% year-over-year, with revenue per available seat kilometer (RASK) rising 12.7% to R$43.41 cents.

Management attributed this success to capacity discipline and strategic focus on premium customers, which helped offset a 61.8% surge in fuel costs, which rose 61.8% per liter year-over-year. Despite reducing capacity by 10.6% year-over-year, Azul's adjusted EBITDA totaled R$510 million with a 10.2% margin, and immediate liquidity stood at R$3.7 billion, or 16.6% of last twelve months' revenue.

The airline also reported a significant improvement in balance sheet optimization, with net debt to EBITDA leverage declining to 2.8x in Q2 2026 from 4.8x in 2025.