JETBLUE AIRWAYS CORP
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net loss | $(602) | $(795) | $(310) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
| Deferred income taxes | (183) | (110) | (27) |
| Depreciation and amortization | 688 | 655 | 621 |
| Spirit special items, non-cash | — | 450 | — |
| Gain on debt extinguishments | — | (22) | — |
| Stock-based compensation | 40 | 39 | 39 |
| Gain on flight equipment transactions, net | (99) | (17) | — |
| Unrealized (gains) losses on investments | (2) | 21 | — |
| Changes in certain operating assets and liabilities: | |||
| (Increase) decrease in receivables | (22) | 4 | (3) |
| (Increase) decrease in inventories, prepaid and other | (63) | 2 | 67 |
| Increase (decrease) in air traffic liability | 116 | (10) | (145) |
| Increase (decrease) in accounts payable and other accrued liabilities | 36 | (28) | 141 |
| Other, net | (3) | (45) | 17 |
| Net cash (used in) provided by operating activities | (94) | 144 | 400 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Capital expenditures | (1,078) | (1,478) | (1,128) |
| Pre-delivery deposits for flight equipment | (44) | (141) | (78) |
| Purchase of held-to-maturity investments | (142) | (752) | (69) |
| Proceeds from the maturities of held-to-maturity investments | 84 | 582 | 12 |
| Purchase of available-for-sale securities | (480) | (1,778) | (474) |
| Proceeds from the sale of available-for-sale securities | 2,041 | 487 | 489 |
| Payment for Spirit Airlines acquisition | — | (22) | (131) |
| Proceeds from the sale of assets and sale-leaseback transactions | 279 | 30 | 12 |
| Other, net | (2) | (8) | (11) |
| Net cash provided by (used in) investing activities | 658 | (3,080) | (1,378) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from issuance of long-term debt, net of issuance costs | — | 3,793 | 78 |
| Proceeds from failed sale-leaseback transactions | — | 668 | 1,331 |
| Proceeds from issuance of common stock | 52 | 60 | 53 |
| Repayment of long-term debt and finance lease obligations | (461) | (748) | (347) |
| Acquisition of treasury stock | (8) | (6) | (4) |
| Other, net | — | — | (4) |
| Net cash (used in) provided by financing activities | (417) | 3,767 | 1,107 |
| INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | 147 | 831 | 129 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 2,148 | 1,317 | 1,188 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period (1) | $2,295 | $2,148 | $1,317 |
| SUPPLEMENTAL CASH FLOW INFORMATION | |||
| Cash payments for interest, net | $(427) | $(230) | $(80) |
| Cash proceeds (payments) for income taxes, net | 2 | (2) | 49 |
| NON-CASH TRANSACTIONS | |||
| Operating lease assets acquired under operating leases | $417 | $58 | $46 |
| Flight equipment acquired under finance leases | 400 | 122 | — |
| (1) Refer to the table below for a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents. | |||
| JETBLUE AIRWAYS CORPORATION | |||
|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) | |||
| (in millions) | |||
| December 31, | |||
| 2025 | 2024 | 2023 | |
| Cash and cash equivalents | $1,946 | $1,921 | $1,166 |
| Restricted cash and cash equivalents (2) | 349 | 227 | 151 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $2,295 | $2,148 | $1,317 |
(2)Restricted cash and restricted cash equivalents primarily consists of principal and interest payments held as a reserve associated with the financing of the TrueBlue®program, funds held in escrow for principal repayment of 0.50% convertible senior notes pursuant to the Citibank Line of Credit agreement, funds held for workers compensation obligations and various letters of credit.
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