Azul is Brazil's largest airline by cities served and domestic departures, operating scheduled passenger flights to 160 domestic destinations and select international routes. Azul's domestic network is its defining competitive feature: it serves roughly twice as many cities as Gol or LATAM, and is the only airline serving 85 of those destinations, which means the majority of its routes face no direct competition. Azul anchors its hub-and-spoke network at three main hubs — Campinas/Viracopos, Belo Horizonte/Confins, and Recife — and deploys smaller Embraer E-Jets and ATR turboprops on thinner routes that larger-aircraft competitors cannot serve profitably. Beyond the core passenger business, Azul operates Azul Cargo (a logistics network covering over 5,100 cities using dedicated freighters), Azul Fidelidade (a loyalty program with over 20 million members that sells points to banks, retailers, and travel partners), and Azul Viagens (a vacation package business sold through travel agencies and freestanding stores). Azul's costs are heavily USD-denominated — fuel, leases, and maintenance — while revenues are in Brazilian reais, creating FX exposure. Azul emerged from U.S. Chapter 11 bankruptcy in February 2026, cutting funded debt by roughly US$1.1B and reducing lease liabilities by nearly 40%. Going forward, Azul's strategy focuses on fleet modernization with next-generation aircraft, upgauging existing routes, and growing non-airline loyalty billings.