Afya (AFYA) financial statements

Consumer Defensive · Education & Training Services · Market cap $1.3B

Afya reported revenue of 3.7B BRL in fiscal 2025, up 42.6% a year over 8 years.

Net income was 752M BRL and the operating margin 32.8%, against 22.8% in 2017.

Free cash flow was 1.4B BRL, and the company returned 147M BRL in dividends.

The diluted share count rose 184% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (BRL).

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<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/AFYA/financials">Afya financials</a> on Investingly</p>

Income statement

Fiscal years, in BRL, from Afya's 10-K filings with the SEC.

Fiscal year	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	216M BRL	334M BRL	751M BRL	1.2B BRL	1.7B BRL	2.3B BRL	2.9B BRL	3.3B BRL	3.7B BRL
Cost of revenue	124M BRL	168M BRL	-309M BRL	435M BRL	652M BRL	860M BRL	1.1B BRL	1.2B BRL	1.3B BRL
Gross profit	92M BRL	166M BRL	442M BRL	767M BRL	1.1B BRL	1.5B BRL	1.8B BRL	2.1B BRL	2.4B BRL
Selling, general and admin	45M BRL	70M BRL	239M BRL	403M BRL	623M BRL	798M BRL	940M BRL	1.0B BRL	1.1B BRL
Operating income	49M BRL	96M BRL	205M BRL	363M BRL	441M BRL	664M BRL	767M BRL	1.0B BRL	1.2B BRL
Interest expense	1M BRL	2M BRL	24M BRL	26M BRL	244M BRL	350M BRL	458M BRL	459M BRL	561M BRL
Pre-tax income	51M BRL	99M BRL	187M BRL	335M BRL	273M BRL	428M BRL	430M BRL	676M BRL	861M BRL
Income tax	2M BRL	4M BRL	14M BRL	27M BRL	31M BRL	36M BRL	24M BRL	27M BRL	—
Net income	45M BRL	86M BRL	154M BRL	292M BRL	223M BRL	374M BRL	386M BRL	632M BRL	752M BRL
EPS (diluted)	1.41 BRL	1.81 BRL	2.02 BRL	3.12 BRL	2.37 BRL	4.12 BRL	4.27 BRL	6.93 BRL	8.24 BRL
Diluted shares	32M	48M	76M	94M	94M	91M	91M	91M	91M
Gross margin	42.6%	49.7%	58.9%	63.8%	62.1%	63.1%	61.4%	63.2%	64.5%
Operating margin	22.8%	28.9%	27.3%	30.2%	25.6%	28.5%	26.7%	30.6%	32.8%
Net margin	21.0%	25.9%	20.5%	24.3%	13.0%	16.0%	13.4%	19.1%	20.4%

Balance sheet

Fiscal years, in BRL, from Afya's 10-K filings with the SEC.

Fiscal year	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash and short-term investments	25M BRL	62M BRL	943M BRL	1.0B BRL	749M BRL	1.1B BRL	553M BRL	911M BRL	1.1B BRL
Receivables	—	58M BRL	125M BRL	302M BRL	378M BRL	453M BRL	546M BRL	596M BRL	717M BRL
Inventory	—	1M BRL	4M BRL	8M BRL	12M BRL	12M BRL	1M BRL	—	—
Total current assets	—	134M BRL	1.1B BRL	1.4B BRL	1.2B BRL	1.6B BRL	1.2B BRL	1.6B BRL	1.9B BRL
Property, plant and equipment	66M BRL	139M BRL	139M BRL	260M BRL	420M BRL	542M BRL	609M BRL	658M BRL	711M BRL
Total assets	—	918M BRL	2.9B BRL	4.8B BRL	6.4B BRL	7.2B BRL	7.6B BRL	8.8B BRL	9.4B BRL
Total current liabilities	—	182M BRL	333M BRL	589M BRL	767M BRL	906M BRL	1.1B BRL	1.1B BRL	884M BRL
Long-term debt	—	51M BRL	7M BRL	510M BRL	1.2B BRL	1.7B BRL	1.6B BRL	1.8B BRL	2.0B BRL
Total liabilities	—	328M BRL	799M BRL	2.0B BRL	3.4B BRL	3.9B BRL	3.9B BRL	4.5B BRL	4.5B BRL
Shareholders' equity	47M BRL	502M BRL	2.1B BRL	2.8B BRL	2.9B BRL	3.2B BRL	3.6B BRL	4.3B BRL	4.9B BRL
Net debt	-25M BRL	16M BRL	-883M BRL	-428M BRL	626M BRL	790M BRL	1.2B BRL	1.3B BRL	929M BRL

Cash flow

Fiscal years, in BRL, from Afya's 10-K filings with the SEC.

Fiscal year	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating cash flow	40M BRL	80M BRL	299M BRL	372M BRL	631M BRL	844M BRL	1.0B BRL	1.4B BRL	1.5B BRL
Capital spending	21M BRL	22M BRL	122M BRL	138M BRL	277M BRL	297M BRL	118M BRL	137M BRL	166M BRL
Free cash flow	19M BRL	59M BRL	178M BRL	234M BRL	354M BRL	547M BRL	925M BRL	1.3B BRL	1.4B BRL
Stock-based compensation	—	2M BRL	18M BRL	33M BRL	43M BRL	31M BRL	32M BRL	32M BRL	15M BRL
Dividends paid	3M BRL	6M BRL	52M BRL	13M BRL	19M BRL	20M BRL	19M BRL	18M BRL	147M BRL
Net borrowing	-1M BRL	68M BRL	-68M BRL	-155M BRL	702M BRL	495M BRL	-107M BRL	363M BRL	-130M BRL
Free cash flow margin	8.7%	17.6%	23.6%	19.5%	20.6%	23.5%	32.2%	39.2%	36.9%
Dividends per share	0.08 BRL	0.12 BRL	0.68 BRL	0.14 BRL	0.20 BRL	0.22 BRL	0.21 BRL	0.20 BRL	1.61 BRL

Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for AFYA.

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Questions

What was Afya's revenue in 2025?

3.7B BRL in fiscal 2025, from its 10-K filing.

How much free cash flow does Afya generate?

1.4B BRL in fiscal 2025 (operating cash flow minus capital spending).

From Afya's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.