JETBLUE AIRWAYS CORP
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
JBLU$3.67+5.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0001158463-25-000089
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0001158463-25-000109
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 176 previous paragraphs and 182 current paragraphs.
86 unchanged; 62 reworded; 30 added; 25 removed; 3 previous and 4 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
Third Quarter 2025 Results
Current report
In thethird quarter of 2025, we had anoperating loss of $100 million, compared to an operating loss of $38 million in the 2024 period. The increase in operating loss is primarily due to softening demand compared to the prior year. Higher total operating costs were driven by maintenance, materials and repairs. Salaries, wages, and benefits also contributed to the operating loss increase compared to the prior year. These increases were partially offset by lower fuel costs.
Current report
As we progressed through the third quarter of 2025, the demand environment continued to show signs of recovery, characterized by strength in close-in bookings and premium travel.
Current report
In the third quarter, we continued to make adjustments to our business to build the best East Coast leisure network. We expanded our presence in Fort Lauderdale, and plan to launch 17 new routes and add frequencies on 12 high-demand routes from Fort Lauderdale in 2025. We also expanded the availability of Mint® service to Las Vegas, Los Angeles, and Phoenix from Fort Lauderdale. In addition to the Fort Lauderdale expansion, we announced first-ever service to Vero Beach and the return of service to Daytona Beach from New York's John F. Kennedy International Airport and Boston Logan International Airport; added service from Tampa and Fort Myers to various domestic and international destinations; and expanded Boston service to Latin America and the Caribbean.
Current report
Implementation of Blue Sky, our collaboration with United Airlines, is progressing as planned. Starting in October 2025, customers may now earn and redeem points across both JetBlue Airways and United Airlines loyalty programs. We are also now able to reaccommodate customers across either airline in the event of a real-time cancellation or schedule change. We expect implementation to progress during 2026, when we expect to begin to sell each other's flights and add other enhancements.
Current report
We also enhanced our EvenMore®offering. EvenMore® is now selling via Global Distribution Systems, providing customers more opportunities to book our premium economy offering on a single ticket through travel agents and online travel agencies.
Current report
In September 2025, we announced that JetBlue was the first airline in the world to sign on with Amazon's Project Kuiper, an advanced low Earth orbit satellite broadband network, to bring even faster and more reliable connectivity to our onboard Wi-Fi known as Fly-Fi. JetBlue expects to adopt Project Kuiper's cutting-edge technology on a portion of its fleet in 2027.
Current report
In September 2025, we retired our remaining Embraer E190 aircraft - marking nearly two decades of service and completing our transition to a more cost efficient and customer focused all-Airbus fleet. As of September 30, 2025, we had 18 permanently parked Embraer E190 aircraft, of which 13 are owned and five are awaiting lease return.
Current report
•$3 million relating to severance expenses; and
Current report
•$2 million relating to other special items.
Current report
•$26 million relating to union contract costs; and
Current report
•$1 million relating toseverance expenses.
Current report
•the sale of 12 Embraer E190 airframes and 20 engines;
Current report
•one engine sale-leaseback transaction; and
Current report
•an impairment of 20 IAE V2500 spare engines.
Current report
Increased costs related to tariffs also partially offset the other operating expense decrease compared to the prior period.
Current report
Refer to Note 7 to our condensed consoli dated financial statements included in Part I, Item 1 of this Report for additional information on the impairment.
Current report
For the nine months ended September 30, 2025, special items included the following:
Current report
•$27 million relating to severance expenses; and
Current report
•$2 million relating to other special items.
Current report
For the nine months ended September 30, 2024, special items included the following:
Current report
•$26 million relating to union contract costs;
Current report
•$17 million relating toseverance expenses; and
Current report
•six engine sale-leaseback transactions;
Current report
•the sale of 12 Embraer E190 airframes and 20 engines;
Current report
•an impairment of 20 IAE V2500 spare engines; and
Current report
Increased costs related to tariffs also partially offset the other operating expense decrease compared to the prior period.
Current report
Refer to Note 7 to our condensed consoli dated financial statements included in Part I, Item 1 of this Report for additional information on the impairment.
Current report
Gain (loss) on investments, net
Current report
In September 2025, we retired our remaining Embraer E190 aircraft - marking nearly two decades of service and completing our transition to a more cost efficient and customer focused all-Airbus fleet. As of September 30, 2025, we had 18 permanently parked Embraer E190 aircraft, of which 13 are owned and five are awaiting lease return.
Removed paragraphs (25)
Previous report
Second Quarter 2025 Results
Previous report
In thesecond quarter of 2025, we hadoperating income of $6 million, compared to operating income of $57 million in the 2024 period. The decline in operating income is primarily due to softening demand resulting from lower consumer confidence because of an uncertain macro economic environment. The decline in revenue was partially mitigated by lower operating expenses, primarily aircraft fuel costs, compared to the prior year.
Previous report
(1)Refer to "Regulation G Reconciliation of Non-GAAP Financial Measures" at the end of this section for more information on this non-GAAP measure. 24
Previous report
In the second quarter, we continued to make adjustments to our business in response to the evolving macro economic environment and further realigned our network to our strengths. We are ending our service to Miami this fall and are shifting to seasonal service in Seattle this winter.
Previous report
We announced new seasonal Mint® service from both Newark and Orlando to Las Vegas starting this winter. This announcement marks the first time JetBlue will bring Mint® service to Orlando. We also launched new service from Boston to two transatlantic locations, Madrid, Spain and Edinburgh, Scotland, as well as began new service to San Pedro Sula, Honduras; Wilmington, North Carolina; Norfolk, Virginia; and Traverse City, Michigan.
Previous report
In May 2025, we announced a collaboration with United Airlines, referred to as Blue Sky. This collaboration, once implemented, is structured to give customers of both airlines even more options to find flights that fit their plans as well as new opportunities to earn and use MileagePlus® miles and TrueBlue® points across both airlines. Once in place, Blue Sky is anticipated to provide members of each airline's loyalty program with similar benefits over time. It will also provide reciprocal revenue-based miles and points accrual and redemptions when members use and earn miles or points on the partner airline. In connection with the Blue Sky collaboration, DOT has concluded its regulatory review. JetBlue and United may now begin implementing the collaboration.
Previous report
In June 2025, we announced the rebranding of JetBlue Travel Products to Paisly, LLC ("Paisly"). The rebranding marks a strategic milestone in JetBlue's broader JetForward strategy, as Paisly evolves from an internal travel platform into a full-service, tech-enabled managed travel services company. With a mission to deliver personalized, human-first experiences, Paisly is positioned to serve not only JetBlue customers but also those of other airlines, starting with a new collaboration with United Airlines, and is expected to support a growing range of partners across the broader travel landscape. The collaboration will contribute to our high-margin, high-growth Paisly business, which is JetBlue's independently-led white label platform, for the distribution of hotels, rental cars, cruises, travel insurance and packages under United's brand.
Previous report
During the quarter, we also announced the expansion of our partnership with Japan Airlines, to include TrueBlue® point redemptions. This milestone marks the first time JetBlue's TrueBlue® members can redeem points for travel with an airline partner in East Asia.
Previous report
We were also awarded the top airline for first and business class customer satisfaction in the J.D. Power 2025 North America Airlines Satisfaction Study. Additionally, our core product rose to second place for both economy and premium economy categories.
Previous report
In May 2025, as part of efforts to return focus to our core business, SKY Leasing ("SKY"), a leading aviation investment manager, acquired certain assets of JetBlue Technology Ventures LLC ("JBV"), JetBlue's venture capital subsidiary. JetBlue continues to serve as a strategic partner to SKY and its portfolio companies. JetBlue retained ownership of its fund portfolio, disclosed in Note 8 to our condensed consolidated financial statements included in Part I, Item 1 of this Report, and SKY has assumed management of the investments, subject to an agreed upon management fee. Certain other conditions exist in the agreement, but are not expected to have a material impact on the companies' operations or financial condition.
Previous report
Embraer E190 Fleet Transition
Previous report
(1)Refer to "Regulation G Reconciliation of Non-GAAP Financial Measures" at the end of this section for more information on this non-GAAP measure. 26
Previous report
Aircraft rent decreased by $5 million, or 21.2%, in the three months ended June 30, 2025 compared to the same period in 2024, as a result of fewer leases for Airbus A320 aircraft and Embraer E190 aircraft. The Company purchased certain Airbus A320 aircraft off lease and certain Embraer E190 aircraft leases reached their lease expiration and were returned to the lessor as part of the Company's fleet transition plan.
Previous report
For the three months ended June 30, 2025, special items included$24 million relating to voluntary opt-out costs, compared to$1 million for the same period in 2024.
Previous report
Other income decreased by$9 million, or 53.6%, for thethree months ended June 30, 2025 compared to the same period in 2024. This decrease was primarily due to lower income recorded related to our share of equity method investees' financial results compared to the prior year.
Previous report
(1)Refer to "Regulation G Reconciliation of Non-GAAP Financial Measures" at the end of this section for more information on this non-GAAP measure. 30
Previous report
Salaries, Wages and Benefits
Previous report
Aircraft Rent
Previous report
Sales and Marketing
Previous report
For the six months ended June 30, 2025, special items included$24 million relating to voluntary opt-out costs.
Previous report
For the six months ended June 30, 2024, special items included the following:
Previous report
•$16 million relating to voluntary opt-out costs; and
Previous report
Interest Income
Previous report
(1)Refer to "Regulation G Reconciliation of Non-GAAP Financial Measures" at the end of this section for more information on this non-GAAP measure. 33
Reworded paragraphs (62)
Previous wording
Our second quarter 2025 highlights include the following:
Current wording
Our third quarter 2025 highlights include the following:
Previous wording
•Second quarter 2025 system available seat miles ("ASMs" or "capacity")decreased by 1.5% year-over-year.
Current wording
•Third quarter 2025 system available seat miles ("ASMs" or "capacity")increased by 0.9% year-over-year.
Previous wording
•Operating revenue for the second quarter of 2025 was $2.4 billion, a 3.0% decrease year-over-year.
Current wording
•Operating revenue for the third quarter of 2025 was $2.3 billion, a 1.8% decrease year-over-year.
Previous wording
•Operating expense for thesecond quarterof 2025 was $2.4 billion, a 0.9% decrease year-over-year.
Current wording
•Operating expense for thethird quarterof 2025 was $2.4 billion, a 0.8% increase year-over-year.
Previous wording
•Operating expense, excluding special items, for the second quarter of 2025 was $2.3 billion, a 1.9%(1)decrease year-over-year.
Current wording
•Operating expense, excluding special items, for the third quarter of 2025 was $2.4 billion, a 1.7%(1)increase year-over-year.
Previous wording
•Operating expense per available seat mile ("CASM") for thesecond quarter of 2025 increased by 0.6% year-over-year to 14.13 cents compared to thesecond quarter of 2024.
Current wording
•Operating expense per available seat mile ("CASM") for thethird quarter of 2025 decreased by 0.1% year-over-year to 14.34 cents compared to thethird quarter of 2024.
Previous wording
•Excluding fuel, special items, and operating expenses related to our non-airline businesses, our cost per available seat mile ("CASM ex-fuel")(1) increased by 6.0% to 10.86 cents in thesecond quarter of 2025 compared to the second quarter of 2024.
Current wording
•Excluding fuel, special items, and operating expenses related to our non-airline businesses, our cost per available seat mile ("CASM ex-fuel")(1) increased by 3.7% to 11.02 cents in thethird quarter of 2025 compared to the third quarter of 2024.
Previous wording
JetForward, our strategic framework, is focused on four priority moves: delivering reliable and caring service, building the best east coast leisure network, offering products and perks customers value, and providing a secure financial future. Our JetForward plan, which is designed to support our long-term profitability goals, reflects various assumptions regarding factors that may impact our operational and financial performance. For further information on potential factors that could affect the success of our strategic initiatives, including JetForward, see our 2024 Form 10-K.
Current wording
JetForward, our strategic framework, is focused on four priority moves: delivering reliable and caring service, building the best east coast leisure network, offering products and perks customers value, and providing a secure financial future. Our JetForward plan, which is designed to support our long-term profitability goals, reflects various assumptions regarding factors that may impact our operational and financial performance. For further information on potential factors that could affect the success of our strategic initiatives, including JetForward, see Part I, Item 1A "Risk Factors" within our 2024 Form 10-K.
Previous wording
On-time performance, as defined by the DOT, is arrival within 14 minutes of scheduled arrival time. In thethree months ended June 30, 2025, our system-wide on-time performance was 77.3% compared to 74.8% for the same period in 2024. Our completion factor was 99.6% for thethree months ended June 30, 2025 compared to 98.8% for the same period in 2024.
Current wording
On-time performance, as defined by the DOT, is arrival within 14 minutes of scheduled arrival time. In thethree months ended September 30, 2025, our system-wide on-time performance was 73.2% compared to 70.7% for the same period in 2024. Our completion factor was 98.2% for thethree months ended September 30, 2025 compared to 98.1% for the same period in 2024.
Previous wording
To secure our financial future and navigate near-term demand volatility, we are focused on maintaining a strong liquidity position and evaluating opportunities to reduce our controllable costs. We continue to make progress on the JetForward cost program by executing technology driven initiatives focused on AI and data science adoption to increase customer self service, disruption management, and fuel consumption reductions.
Current wording
To secure our financial future and navigate near-term demand volatility, we are focused on maintaining a healthy liquidity position, executing cost discipline, and managing our fleet to drive capital light growth. We continue to make progress on the JetForward cost program by implementing AI and data science technology to increase customer self service, disruption management, and drive fuel consumption reductions.
Previous wording
At June 30, 2025, we had$3.4 billion in liquidity, which included unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities. In addition, we had a $600 million Citibank undrawn line of credit.
Current wording
At September 30, 2025, we had$2.9 billion in liquidity, which included unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities. In addition, we have a $600 million Citibank undrawn line of credit.
Previous wording
In July 2023, Pratt & Whitney, a division of RTX Corporation, announced the requirement, mandated by the FAA, for removal of certain engines for inspection due to a rare condition involving powdered metal used in the production of certain engine parts on the PW1100G and PW1500G engine types. These engines power our Airbus A321neo and Airbus A220 fleets. The powdered metal affects engines manufactured between October 2015 and September 2021. Those engines are now required to be inspected after they have reached a reduced number of cycles dependent on the fleet type. As a result of these required inspections and other engine reliability deficiencies, as of June 30, 2025, we had eight aircraft grounded due to lack of engine availability. The Company currently expects each removed engine to take approximately 300 days to complete a shop visit and return to a serviceable condition.
Current wording
In July 2023, Pratt & Whitney, a division of RTX Corporation, announced the requirement, mandated by the FAA, for removal of certain engines for inspection due to a rare condition involving powdered metal used in the production of certain engine parts on the PW1100G and PW1500G engine types. These engines power our Airbus A321neo and Airbus A220 fleets. The powdered metal affects engines manufactured between October 2015 and September 2021. Those engines are now required to be inspected after they have reached a reduced number of cycles dependent on the fleet type. As a result of these required inspections and other engine reliability deficiencies, as of September 30, 2025, we had six aircraft grounded due to lack of engine availability. The Company currently expects each removed engine to take approximately 200 days for the PW1500G engines and approximately 300 days for the PW1100G engines to complete a shop visit and return to a serviceable condition.
Previous wording
We expect to average fewer than 10 aircraft groundings in 2025 and believe this year represents the peak. We expect the number to reduce as we progress into 2026 and fully resolve by the end of 2027. We are currently working with Pratt & Whitney on a commercial resolution and any potential remediation steps remains uncertain.
Current wording
We expect to average fewer than 10 aircraft groundings in 2025. Webelieve we are past the peak number of groundings and expect the number to reduce as we progress into 2026 and fully resolve by the end of 2027. We are currently working with Pratt & Whitney on a commercial resolution and any potential remediation steps remains uncertain.
Previous wording
(4) Total managed fleet of Embraer E190 aircraft as of June 30, 2025 was 32 aircraft, of which 25 are owned and seven are leased. Of the nine operating aircraft in the table above, six are owned and three are leased. This table excludes 23 permanently parked aircraft, of which 19 are owned and four are awaiting lease return. In the second quarter of 2025, as part of the Company's fleet transition plan, the Company entered into definitive agreements to sell our remaining owned Embraer E190 fleet, which include 25 airframes and 59 engines. These aircraft are expected to be sold beginning in the third quarter of 2025 through the second quarter of 2026. In July 2025, prior to the filing date, we sold four airframes and six engines.
Current wording
In June 2025, as part of the Company's fleet transition plan, the Company entered into definitive agreements to sell our remaining owned Embraer E190 fleet, which included 25 airframes and 59 engines. These aircraft sales began in July 2025 and are expected to continue through the second quarter of 2026. In the third quarter of 2025, we sold 12 Embraer E190 airframes and 20 engines and recorded a net gain of $24 million, which is included in other operating expenses on our consolidated statement of operations.
Previous wording
We reported a net loss of$74 million, operating income of$6 million and an operating margin of 0.3% for the three months ended June 30, 2025. This compares to a net income of $25 million, an operating income of $57 million and an operating margin of 2.3% for the three months ended June 30, 2024. Our loss per share was$0.21 for the second quarter of 2025 compared to a earnings per share of $0.07 for the same period in 2024. Net loss increased $99 million year-over-year primarily due to lower revenue driven by softening demand and higher interest expense due to the financing of the TrueBlue® loyalty program in August 2024.
Current wording
We reported a net loss of$143 million, operating loss of$100 million and an operating margin of(4.3)% for the three months ended September 30, 2025. This compares to a net loss of $60 million, an operating loss of $38 million and an operating margin of (1.6)% for the three months ended September 30, 2024. Our loss per share was$0.39 for the third quarter of 2025 compared to a loss per share of $0.17 for the same period in 2024. Net loss increased $83 million year-over-year primarily due to lower revenue driven by softening demand and higher interest expense due to the financing of the TrueBlue® loyalty program in August 2024.
Previous wording
Our reported results for the three months ended June 30, 2025 and 2024 included the effects of special items and certain gains and losses on investments. Adjusting for these items, our adjusted net loss(1) was $58 million, adjusted operating income(1) was $30 million, adjusted operating margin(1) was 1.3%, and adjusted loss per share(1) was $0.16 for the three months ended June 30, 2025. This compares to an adjusted net income(1)of $26 million, adjusted operating income(1) of $58 million, adjusted operating margin(1)of 2.4%, and adjusted earnings per share(1)of $0.08 for the three months ended June 30, 2024.
Current wording
Our reported results for the three months ended September 30, 2025 and 2024 included the effects of special items and certain gains and losses on investments. Adjusting for these items, our adjusted net loss(1) was $144 million, adjusted operating loss(1) was $95 million, adjusted operating margin(1) was (4.1)%, and adjusted loss per share(1) was $0.40 for the three months ended September 30, 2025. This compares to an adjusted net loss(1)of $54 million, adjusted operating loss(1) of $11 million, adjusted operating margin(1)of (0.4)%, and adjusted loss per share(1)of $0.16 for the three months ended September 30, 2024.
Previous wording
Passenger revenue is our primary source of revenue, which includes seat revenue and baggage fees, as well as revenue from our ancillary product offerings such as Even More®. Passenger revenue decreased 3.8% for thethree months ended June 30, 2025 compared to the same period in 2024. This was mainly drivenby a 1.5% reduction in capacity and a 3.9% reduction in revenue passengers.
Current wording
Passenger revenue is our primary source of revenue, which includes seat revenue and baggage fees, as well as revenue from our ancillary product offerings such as EvenMore®. Passenger revenue decreased 2.9% for thethree months ended September 30, 2025 compared to the same period in 2024. This was mainly drivenby a 2.0% reduction in revenue passengers and a 2.0% lower yield than the prior period.
Previous wording
Other revenue increased$14 million, or 8.1%, primarily due to higher customer spend related to loyalty revenue from the non-transportation elements of the sale of TrueBlue® points. Other revenue also includes revenue from the sale of vacation packages, airport concessions and advertising revenue.
Current wording
Other revenue increased$20 million, or 12.0%, primarily due to higher customer spend related to loyalty revenue from the non-transportation elements of the sale of TrueBlue® points. Other revenue also includes revenue from the sale of vacation packages, airport concessions and advertising revenue.
Previous wording
Aircraft fuel decreased by$122 million, or 19.4%, for the three months ended June 30, 2025 compared to the same period in 2024. The average fuel price decreased by 16.2% to $2.40 per gallon and fuel consumption decreased by 3.8%, or 8 million gallons.
Current wording
Aircraft fuel decreased by$45 million, or 7.6%, for the three months ended September 30, 2025 compared to the same period in 2024. The average fuel price decreased by 6.8% to $2.49 per gallon and fuel consumption decreased by 0.8%, or 2 million gallons.
Previous wording
Maintenance, materials and repairs increased by$48 million, or 31.9%, in thethree months ended June 30, 2025 compared to the same period in 2024, primarily due to the timing of Airbus A320 engine repairs. This increase is partially offset by an increase in engine shop visit credits received.
Current wording
Maintenance, materials and repairs increased by$50 million, or 31.1%, in thethree months ended September 30, 2025 compared to the same period in 2024, primarily due to the timing of Airbus A320 engine repairs.
Previous wording
Other operating expenses decreased by$24 million, or 6.6%, in thethree months ended June 30, 2025 compared to the same period in 2024, due to net gains of $27 million principally from three engine sale-leaseback transactions, the sale of seven V2500 engines, and the contracted sale of two Airbus A321neo XLR aircraft.
Current wording
Other operating expenses decreased by $10 million, or 2.5%, in the three months ended September 30, 2025 compared to the same period in 2024, primarily due to a net gain of $25 million from the following aircraft transactions:
Previous wording
(1)Not meaningful or greater than 100% change.
Current wording
(1) Not meaningful or greater than 100% change.
Previous wording
Interest expense increased by $180 million, for thesix months ended June 30, 2025 compared to the same period in 2024. This increase wasprimarily due to the financing of our TrueBlue® program, the issuance of new equipment notes, and incremental failed aircraft sale-leaseback transactions.
Current wording
Interest expense increased by $46 million, for thethree months ended September 30, 2025 compared to the same period in 2024. This increase wasprimarily due to the financing of our TrueBlue® program, additional finance lease obligations, and the issuance of additional equipment notes.
Previous wording
Six Months Ended June 30, 2025 vs. 2024
Current wording
Nine Months Ended September 30, 2025 vs. 2024
Previous wording
We reported a net loss of$282 million, an operating loss of $168 million and an operating margin of (3.7)% for the six months ended June 30, 2025. This compares to a net loss of $691 million, an operating loss of $663 million and an operating margin of (14.3)% for the six months ended June 30, 2024. Loss per share was$0.79 for the six months ended June 30, 2025 compared to a loss per share of $2.02 for the same period in 2024. Net loss decreased$409 million year-over-year primarily due to the March 2024 write off of Spirit-related costs for $532 million as a result of the termination of the Merger agreement. This decrease was partially offset by lower revenue from softening demand and higher interest expense due to the financing of the TrueBlue® loyalty program in August 2024.
Current wording
We reported a net loss of$425 million, an operating loss of $268 million and an operating margin of (3.9)% for the nine months ended September 30, 2025. This compares to a net loss of $751 million, an operating loss of $700 million and an operating margin of (10.0)% for the nine months ended September 30, 2024. Loss per share was$1.18 for the nine months ended September 30, 2025 compared to a loss per share of $2.18 for the same period in 2024. Net loss decreased$326 million year-over-year primarily due to the March 2024 write off of Spirit-related costs for $532 million as a result of the termination of the Merger agreement. This decrease was partially offset by lower revenue from softening demand and higher interest expense due to the financing of the TrueBlue® loyalty program in August 2024.
Previous wording
Our reported results for the six months ended June 30, 2025 included the effects of special items and certain gains and losses on investments. Adjusting for these items, our adjusted net loss(1) was $267 million, adjusted operating loss(1) was $144 million, adjusted operating margin(1) was (3.2)%, and adjusted loss per share(1) was $0.75 for the six months ended June 30, 2025. This compares to an adjusted net loss(1) of $119 million, adjusted operating loss(1) of $100 million, adjusted operating margin(1) of (2.2)%, and adjusted loss per share(1) of $0.35 for the six months ended June 30, 2024.
Current wording
Our reported results for the nine months ended September 30, 2025 included the effects of special items and certain gains and losses on investments. Adjusting for these items, our adjusted net loss(1) was $412 million, adjusted operating loss(1) was $239 million, adjusted operating margin(1) was (3.5)%, and adjusted loss per share(1) was $1.15 for the nine months ended September 30, 2025. This compares to an adjusted net loss(1) of $173 million, adjusted operating loss(1) of $110 million, adjusted operating margin(1) of (1.6)%, and adjusted loss per share(1) of $0.50 for the nine months ended September 30, 2024.
Previous wording
Passenger revenue is our primary source of revenue, which includes seat revenue and baggage fees, as well as revenue from our ancillary product offerings such as Even More® Space. Passenger revenue decreased $170 million, or 4.0%, for the six months ended June 30, 2025 compared to the same period in 2024. This was mainly driven by a 2.9% reduction in capacity and a 3.6% reduction in revenue passengers.
Current wording
Passenger revenue is our primary source of revenue, which includes seat revenue and baggage fees, as well as revenue from our ancillary product offerings such as EvenMore® Space. Passenger revenue decreased $234 million, or 3.6%, for the nine months ended September 30, 2025 compared to the same period in 2024. This was mainly driven by a 1.6% reduction in capacity and a 3.1% reduction in revenue passengers.
Previous wording
Other revenue increased $29 million, or 9.5%, primarily due to higher customer spend related to loyalty revenue from the non-transportation elements of the sale of TrueBlue® points. Other revenue also includes revenue from the sale of vacation packages, airport concessions and advertising revenue.
Current wording
Other revenue increased $50 million, or 10.3%, primarily due to higher customer spend related to loyalty revenue from the non-transportation elements of the sale of TrueBlue® points. Other revenue also includes revenue from the sale of vacation packages, airport concessions and advertising revenue.
Previous wording
Aircraft fuel decreased by $236 million, or 18.9%, for the six months ended June 30, 2025 compared to the same period in 2024. The average fuel price for the six months ended June 30, 2025 decreased by 14.9% to $2.48 per gallon and fuel consumption decreased by 4.7%, or 21 million gallons.
Current wording
Aircraft fuel decreased by $281 million, or 15.3%, for the nine months ended September 30, 2025 compared to the same period in 2024. The average fuel price decreased by 12.3% to $2.48 per gallon and fuel consumption decreased by 3.4%, or 22 million gallons.
Previous wording
Salaries, wages and benefits increased by $68 million, or 8.5%, for the three months ended June 30, 2025 compared to the same period in 2024, driven by a pilot union contract wage rate increase of 9% effective August 2024.
Current wording
Salaries, wages and benefits increased by $145 million, or 5.9%, for the nine months ended September 30, 2025 compared to the same period in 2024, driven by a pilot union contract wage rate increase of 9% effective August 2024.
Previous wording
Depreciation and amortization increased by $17 million, or 5.4%, for the six months ended June 30, 2025 compared to the same period in 2024. This increase wasprimarily driven by the induction of new aircraft and engines.
Current wording
Depreciation and amortization increased by $25 million, or 5.2%, for the nine months ended September 30, 2025 compared to the same period in 2024. This increase wasprimarily driven by the induction of new aircraft and engines.
Previous wording
Aircraft rent decreased $13 million, or 25.3%, in thesix months ended June 30, 2025 compared to the same period in 2024, as a result of fewer leases for Airbus A320 aircraft and Embraer E190 aircraft. The Company purchased certain Airbus A320 aircraft off lease and certain Embraer E190 aircraft leases reached their lease expiration and were returned to the lessor as part of the Company's fleet transition plan.
Current wording
Aircraft rent decreased $13 million, or 18.1%, in thenine months ended September 30, 2025 compared to the same period in 2024, primarily due to fewer leases for Embraer E190 aircraft. As part of the Company's fleet transition plan, certain Embraer E190 aircraft leases reached their lease expiration and were returned to the lessor.
Previous wording
Sales and marketing decreased by$11 million, or 11.8%, in thethree months ended June 30, 2025 compared to the same period in 2024, primarily due to lower credit card fees as a result of the reduction in passenger revenue.
Current wording
Sales and marketing decreased by$20 million, or 8.3%, in thenine months ended September 30, 2025 compared to the same period in 2024, primarily due to lower credit card fees as a result of the reduction in passenger revenue.
Previous wording
Maintenance, materials and repairs increased $106 million, or 37.6%, for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to the timing of Airbus A320 engine repairs. This increase is partially offset by an increase in engine shop visit credits received.
Current wording
Maintenance, materials and repairs increased $156 million, or 35.2%, for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to the timing of Airbus A320 engine repairs. This increase is partially offset by an increase in engine shop visit credits received.
Previous wording
Other operating expenses decreased by $50 million, or 6.9%, in thesix months ended June 30, 2025 compared to the same period in 2024, due to net gains of $49 million principally from five engine sale-leaseback transactions, the sale of seven V2500 engines, and the contracted sale of two Airbus A321neo XLR aircraft.
Current wording
Other operating expenses decreased by $58 million, or 5.5%, in the nine months ended September 30, 2025 compared to the same period in 2024, primarily due to a net gain of $74 million from the following aircraft transactions:
Previous wording
(1)Not meaningful or greater than 100% change.
Current wording
(1) Not meaningful or greater than 100% change.
Previous wording
Interest expense increased by $84 million, for thethree months ended June 30, 2025 compared to the same period in 2024. This increase wasprimarily due to the financing of our TrueBlue® program, the issuance of new equipment notes, and incremental failed aircraft sale-leaseback transactions.
Current wording
Interest expense increased by $226 million, for thenine months ended September 30, 2025 compared to the same period in 2024. This increase wasprimarily due to the financing of our TrueBlue® program, the issuance of new equipment notes, and incremental failed aircraft sale-leaseback transactions.
Previous wording
Interest income increased by $34 million, or 90.6%, for thesix months ended June 30, 2025 compared to the same period in 2024. This increase wasprimarily driven by an increase in short term investments from the proceeds received from the TrueBlue® Financings.
Current wording
Interest income increased by $35 million, or 51.5%, for thenine months ended September 30, 2025 compared to the same period in 2024. This increase wasprimarily driven by an increase in short term investments from the proceeds received from the TrueBlue® Financings.
Previous wording
Gain (loss) on investments, net resulted in a$4 million gain for the six months ended June 30, 2025. This gain primarily relates to realized gains from maturities of available-for-sale securities. For the six months ended June 30, 2024, gain (loss) on investments resulted in a $23 million loss on certain equity securities. This loss primarily relates to a mark-to-market adjustment on our preferred shares of one of our JBV equity investments.
Current wording
Gain (loss) on investments, net resulted in a$12 million gain for the nine months ended September 30, 2025. This gain primarily relates to realized gains from maturities of available-for-sale securities. For the nine months ended September 30, 2024, gain (loss) on investments resulted in a $25 million loss on certain equity securities. This loss primarily relates to a mark-to-market adjustment on our preferred shares of one of our JBV equity investments.
Previous wording
The following table sets forth our operating statistics for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table sets forth our operating statistics for the three and nine months ended September 30, 2025 and 2024:
Showing the first 40 of 62 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
For the three months ended September 30, 2025, special items included the following:
Current report — wording carried from elsewhere
For the three months ended September 30, 2024, special items included the following:
Current report — wording carried from elsewhere
Gain (loss) on investments, net resulted in a $8 million gain for the three months ended September 30, 2025. This gain primarily relates to realized gains from maturities of available-for-sale securities. For the three months ended September 30, 2024, gain (loss) on investments, net resulted in a$2 million loss. The loss primarily relates to a write off of one of our JetBlue Technology Ventures (JBV) equity investments.
Current report — wording carried from elsewhere
•the contracted sale of two Airbus A321neo XLR aircraft.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Interest income increased by $15 million, or 86.8%, for thethree months ended June 30, 2025 compared to the same period in 2024. This increase wasprimarily driven by an increase in short term investments due to the proceeds received from the TrueBlue® Financings.
Previous report — wording carried elsewhere
Salaries, wages and benefits increased by $107 million, or 6.7%, for the six months ended June 30, 2025 compared to the same period in 2024, driven by a pilot union contract wage rate increase of 9% effective August 2024.
Previous report — wording carried elsewhere
Sales and marketing decreased by$17 million, or 10.4%, in thesix months ended June 30, 2025 compared to the same period in 2024, primarily due to lower credit card fees as a result of the reduction in passenger revenue.