Lopes, Socrátes DantasOliveira Júnior, Paulo Roberto de2025-02-122025-02-122025-01-21OLIVEIRA JUNIOR, Paulo Roberto de. Voo turbulento: uma análise econômico-financeira das empresas aéreas brasileiras listadas na [B]3 – antes, durante e pós pandemia do Sars-COV-2. Orientador: Dr. Socrátes Dantas Lopes. 2025. 48 f. Trabalho de Conclusão de Curso (Graduação em Ciências Contábeis) - Departamento de Ciências Exatas e Aplicadas, Centro de Ensino Superior do Seridó, Universidade Federal do Rio Grande do Norte, Caicó, 2025.https://repositorio.ufrn.br/handle/123456789/62665This research aims to analyze the impacts of the COVID-19 pandemic on the economic and financial indicators of the Brazilian airlines Azul S.A. and Gol S.A., considering the pre-pandemic (2018-2019), pandemic (2020-2021) and post-pandemic (2022-2023) periods. For this purpose, quarterly financial data from the accounting statements available on the B3 platform were used, and the liquidity, profitability and debt indicators were calculated and analyzed. The research adopts a quantitative, exploratory and documentary approach, associated with the application of statistical tests such as Shapiro- Wilk and Mann-Whitney to verify the normality of the data and significant differences between the two companies. The results showed that, during the pandemic period, the air transport sector faced a severe deterioration in all financial indicators, a direct reflection of the mobility restrictions imposed by health measures. Both companies showed a sharp reduction in their liquidity and profitability ratios, while their debt increased significantly, especially due to the reclassification of leases under IFRS 16 (CPC – 06). Despite this, Azul S.A. demonstrated greater adaptability in the post-pandemic period, managing to partially recover its profitability ratios and improve its debt structure, while Gol S.A. continued to face greater challenges, aggravated by its high dependence on third-party capital. Statistical tests confirmed significant differences in the economic and financial performance of the two companies, indicating that distinct management strategies resulted in heterogeneous financial impacts. In addition, the analysis revealed that the companies needed to adopt measures such as renegotiating contracts, reducing operating costs and diversifying revenues to mitigate the adverse effects of the crisis. This study contributes to the understanding of the impacts of the pandemic on the Brazilian airline industry, highlighting the relevance of economic and financial analysis as a management and decision-making tool in times of crisis. Additionally, recommendations for future research are suggested, including the application of new statistical tests, the analysis of macroeconomic variables and an international comparative approach. The results obtained offer important support for managers, investors and public policy makers in the search for strategies that promote the recovery and sustainability of the airline industry in a highly volatile and competitive environmentPandemia de COVID-19Indicadores econômico-financeirosEmpresas aéreasAnálise econômico-financeiraTestes estatísticosEconomic and financial indicatorsAirlinesStatistical testsAzul S.AGol S.AEconomic and financial analysisbachelorThesis