GOL Boosts Revenue by 22.9% in Q2 2025 and Reduces Debt, Though Net Loss Continues
GOL increases revenue but posts another quarterly loss. Debt decreases following its exit from Chapter 11 as the airline expands its capacity.
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GOL Linhas Aéreas, a member of the Abra Group, announced on August 15 its consolidated financial results for the second quarter of 2025 (Q2 2025), the first since completing its restructuring process under Chapter 11 in the United States. The data reveal a company with strengthened operations and a lighter capital structure, though it still faces challenges on its path to profitability.
The airline's net revenue reached BRL 4.8 billion, a 22.9% increase compared to the BRL 3.9 billion from the same period in 2024. This growth was driven by a 24.1% rise in passenger transport revenue.
However, operating costs also climbed, marking a 31.3% increase to BRL 5.1 billion. The company attributed this rise to the sharp devaluation of the Brazilian real against the US dollar, investments in fleet recovery, and higher maintenance expenses, including unscheduled removals of LEAP engines. As a result, the operating result was a loss of BRL 349 million.
Ultimately, the net loss for the quarter was BRL 1.5 billion. While a negative figure, it represents a substantial improvement over the BRL 3.9 billion loss reported in the second quarter of 2024.
What Do GOL's Results Show?
What was GOL's result in the second quarter of 2025? GOL reported a net loss of BRL 1.5 billion, despite a 22.9% increase in revenue.
Did GOL emerge from bankruptcy (Chapter 11)? Yes, the company successfully concluded its financial restructuring process on June 6, 2025, which allowed it to reduce its debt.
How did the exchange rate affect GOL? The devaluation of the real against the dollar increased its operating costs, as expenses like aircraft leasing and maintenance are dollarized, negatively impacting its profitability.
Operational Recovery and Expansion
Operationally, GOL demonstrated a notable recovery. Total capacity, measured in Available Seat Kilometers (ASK), increased by 19.2%. This advance was particularly strong in the international market, with 62.1% growth, while domestic supply expanded by 13.3%. This expansion was made possible by the reactivation of 20 aircraft that had been grounded.
The company maintained a healthy Load Factor of 82.1%, a slight increase of 1.4 percentage points. Furthermore, it solidified its reputation for efficiency by being recognized by the analytics firm Cirium as the most punctual airline in Latin America in June 2025.
The total fleet at the end of the quarter stood at 141 Boeing 737 aircraft, comprising 57 737-MAX, 76 737-NG, and 8 737-800BCF freighters. The airline is continuing its modernization plan, having returned 12 NG aircraft and received 10 MAX aircraft since Q2 2024. The company's goal is to have the entire fleet operational by the first quarter of 2026.
A New Phase Post-Restructuring
The conclusion of the Chapter 11 process on June 6 was a turning point. Thanks to renegotiations with its creditors, total gross debt decreased by 9.9% year-over-year, standing at BRL 26.4 billion. The company highlighted that its net leverage was reduced from 5.7x to 3.7x immediately after exiting the process.
With renewed support from the Abra Group, GOL is advancing its 5-year plan with a more solid financial position. Network expansion continues, with ticket sales launched for its new international route to Caracas, Venezuela, which solidifies São Paulo/Guarulhos as its main international hub.
Complementary business units, Smiles and GOLLOG, also showed positive performance. The loyalty program increased its membership, while the cargo division grew its revenue by 14.0%, supported by the addition of two freighter aircraft and its partnership with Mercado Libre.
In a challenging macroeconomic environment, GOL is demonstrating resilience and focusing its strategy on sustainability, profitability, and improving the customer experience, as reflected by a 17-point increase in its Net Promoter Score (NPS) since before the restructuring began.
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