JETBLUE AIRWAYS CORP
For the period ended Mar 31, 2026. Filed Apr 28, 2026.
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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.
Mar 31, 2026 · Filed Apr 28, 2026
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 2025-09-30; filed 2025-10-28.
0001158463-25-000109
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-28.
0001158463-26-000061
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 182 previous paragraphs and 131 current paragraphs.
58 unchanged; 44 reworded; 28 added; 74 removed; 6 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 10 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 (28)
Current report
First Quarter 2026 Results
Current report
As we progressed through the first quarter of 2026, demand trends strengthened across the booking curve, with continued resilience in both close-in and forward bookings, as well as sustained strength in premium travel and improving demand in core.
Current report
In the first quarter, we continued to make adjustments to our business to build the best East Coast leisure network. We further expanded our presence in Fort Lauderdale with the launch of new year-round nonstop routes to Dallas and Syracuse, announced new service to Cleveland and Orlando beginning later this year, and increased service on existing routes. These actions strengthen our investment in building depth and connectivity in Florida's largest premium market. Capacity in Fort Lauderdale increased 23% year over year in the first quarter. This growth was supported by strong demand and resulted in operating revenue per ASM growth of 5% for the period. As our presence in Fort Lauderdale grows, we are expanding to a four-bank connecting structure, enabling increased connectivity and improved utility for our customers. We continue to view Fort Lauderdale, along with key leisure destinations across the state of Florida, as essential components of our network strategy.
Current report
In addition to our Fort Lauderdale expansion, we launched new service to Destin-Fort Walton Beach from New York's John F. Kennedy International Airport (JFK) and Boston Logan International Airport, marking our eleventh destination in Florida.
Current report
Blue Sky implementation advanced in the first quarter of 2026 with the launch of interline flight sales with United, enabling customers to book on United's global network using cash or TrueBlue® points. In the second quarter of 2026, we expect to introduce reciprocal loyalty benefits across Mosaic and MileagePlus tiers, including priority boarding, preferred and extra legroom seating, and same-day standby and flight changes. We also expect to begin selling United Airlines non-air products through Paisly, starting with car rentals, with plans to expand to hotels, cruises, vacation packages, and travel insurance by the end of 2026
Current report
We further expanded the TrueBlue® loyalty program with additional utility, including the ability to use points for ancillary purchases and introducing Family Tiles, an industry-first feature that allows parents to earn status more quickly when traveling with children.
Current report
We continue to invest in our premium offerings, including our BlueHouse lounge network, with a second location expected to open in Boston, and the planned introduction of domestic first class, both expected to begin in the second half of 2026.
Current report
To secure our financial future, we are focused on preserving liquidity, maintaining cost discipline, and retaining flexibility across our network and fleet amid elevated and volatile fuel prices, which we expect to persist throughout this year, as well as broader macroeconomic uncertainty. We are actively managing key levers within our control: increasing fees and fares to better align with input costs, moderating unproductive capacity, and reducing costs. Our cost actions include reducing controllable spend, slowing hiring in certain workgroups to better align with capacity expectations, revising maintenance visit schedules, and continuing to focus on our fuel efficiency programs. At the same time, we continue to advance our JetForward cost initiatives by implementing new technology and AI to improve planning for our crew and operation, launching a sourcing center of excellence to further optimize contract spend with business partners, and implementing more efficient insourcing and outsourcing opportunities across our business. We remain focused on maintaining a strong liquidity position and proactively managing our balance sheet to navigate near-term volatility while supporting long-term, capital-efficient growth.
Current report
Aircraft Fuel
Current report
Landing Fees and Other Rents
Current report
Landing fees and other rents increased by $10 million, or 5.9%, for thethree months ended March 31, 2026 compared to the same period in 2025, primarily due to rate increases in certain cities and a decrease in airport rent credits received.
Current report
Other operating expenses increased by $33 million, or 9.9%, in the three months ended March 31, 2026 compared to the same period in 2025, primarily due to higher expenses driven by operational disruption events during the quarter, including multiple winter storms and airspace constraints, as well as an increase in tariffs.
Current report
Interest income decreased by $15 million, or 40.1%, for thethree months ended March 31, 2026 compared to the same period in 2025, driven by lower short-term investment balances.
Current report
Gain on investments, net
Current report
Gain on investments, net resulted in a $3 million gain for the three months ended March 31, 2026, compared to a$1 million gain forthe same period in 2025, primarily due to higher current year gains related to our JetBlue Technology Ventures LLC ("JBV") equity investments.
Current report
Other income decreased by $4 million, or 42.0%, for thethree months ended March 31, 2026 compared to the same period in 2025. This decrease was primarily due to lower income recorded related to our share of equity method investees' financial results compared to the prior year.
Current report
Income Taxes
Current report
For the three months ended March 31, 2026, we recorded an income tax benefit of$17 million, compared to an income tax benefit of$63 million for the same period in 2025, with the decrease primarily due to a valuation allowance reflected in the current year forecasted annual effective tax rate.
Current report
As part of our fleet strategy, we have deferred certain aircraft deliveries in prior periods to better align capacity with demand and reduce near-term capital expenditures. In parallel, we are investing in targeted modifications to certain Airbus A320 aircraft, based on operational needs, to extend useful lives and support more efficient utilization of our existing assets. This strategy is intended to optimize utilization of our existing fleet, enhance financial flexibility, and moderate capital spending in the near term while preserving long-term operational capacity. In connection with these initiatives, we revised the estimated useful lives and residual values of certain aircraft, and reflected prospectively in depreciation expense. While these changes affect depreciation expense, they did not have a material impact on our results of operations. We expect these actions to support our broader objective of navigating demand volatility while strengthening our financial position over time.
Current report
Subsequent to March 31, 2026, on April 1, 2026, the Company paid in full its 0.50% convertible senior notes due 2026, including $325 million of principal and $1 million of interest. A portion of this payment was funded using amounts previously held in escrow pursuant to the Company's revolving credit facility agreement with Citibank. Following this repayment, the Company has no remaining obligations under these notes.
Current report
Subsequent to March 31, 2026, on April 14, 2026, the Company entered into an agreement providing for up to $500 million in debt financing, secured by certain owned A320 and A220 family aircraft. The financing is expected to be funded in two or more tranches, with maturities ranging from 2033 through 2037 and interest rates based on U.S. Treasury rates plus an applicable margin. The agreement requires an initial funding to occur no later than April 30, 2026, with a minimum aggregate borrowing amount of $300 million, subject to the satisfaction of customary closing conditions. In addition, the agreement also provides for the potential to obtain up to an additional $250 million in incremental aircraft-secured financing beyond the initial $500 million commitment, subject to agreed upon terms.
Current report
We had a working capital deficit of $1.4 billion at March 31, 2026 and working capital deficit of $1.2 billion at December 31, 2025, respectively. Our working capital decreased by $283 million due to an increase in air traffic liability and accounts payable, as well as a decrease in cash and cash equivalents. The decrease was partially offset by an increase in investment securities and inventory.
Current report
(1) Excludes the following parked aircraft:
Current report
•One Embraer E190 owned aircraft and one Airbus A321neo XLR variant owned aircraft included in assets held for sale.
Current report
•One permanently parked Airbus A320 owned aircraft.
Current report
In 2025, as part of the Company's fleet transition plan, we retired our remaining Embraer E190 aircraft and entered into definitive agreements to sell the remaining E190 fleet. In 2026, we continue to sell our owned E190 aircraft pursuant to these agreements. During the first quarter of 2026, we sold Embraer E190 airframes, engines and related spare parts, and recorded a net gain of $22 million, which is included in other operating expenses on our consolidated statements of operations. We also returned our remaining leased E190 aircraft during the quarter. As of March 31, 2026, we had one permanently parked owned Embraer E190 aircraft. We expect to complete the sale of the remaining E190 aircraft in the second quarter of 2026.
Current report
For the three months ended March 31, 2026 and 2025, there were no special items.
Current report
For the three months ended March 31, 2026 and 2025, there were no special items.
Removed paragraphs (74)
Previous report
Third Quarter 2025 Results
Previous 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.
Previous report
•Operating expense for thethird quarterof 2025 was $2.4 billion, a 0.8% increase year-over-year.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
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 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.
Previous report
Maintenance, Materials and Repairs
Previous report
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 report
Special Items
Previous report
For the three months ended September 30, 2025, special items included the following:
Previous report
•$3 million relating to severance expenses; and
Previous report
•$2 million relating to other special items.
Previous report
For the three months ended September 30, 2024, special items included the following:
Previous report
•$26 million relating to union contract costs; and
Previous report
•$1 million relating toseverance expenses.
Previous report
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 report
•the sale of 12 Embraer E190 airframes and 20 engines;
Previous report
•one engine sale-leaseback transaction; and
Previous report
•an impairment of 20 IAE V2500 spare engines.
Previous report
Increased costs related to tariffs also partially offset the other operating expense decrease compared to the prior period.
Previous 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.
Previous report
Interest Expense
Previous report
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 report
Gain (loss) on investments, net
Previous report
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.
Previous report
RESULTS OF OPERATIONS
Previous report
Overview
Previous report
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 report
Operating Revenues
Previous report
Operating Expenses
Previous report
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 report
Salaries, Wages and Benefits
Previous report
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 report
Sales and Marketing
Previous report
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 report
Maintenance, Materials and Repairs
Previous report
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.
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Reworded paragraphs (44)
Previous wording
We expect our operating results to fluctuate significantly from quarter-to-quarter in the future due to factors such as economic conditions, weather events, cost of aircraft fuel, and various other factors, many of which are outside of our control. Consequently, we believe quarter-over-quarter comparisons of our operating results may not necessarily be meaningful; you should not rely on our results for any one quarter as an indication of our future performance. Except for uncertainty related to the cost of aircraft fuel, we expect our expenses to continue to increase from wage rate cost pressures, as we acquire additional aircraft, and as our fleet ages.
Current wording
We expect our operating results to fluctuate significantly from quarter-to-quarter in the future due to factors such as economic and geopolitical conditions, weather events, cost of aircraft fuel, and various other factors, many of which are outside of our control. Consequently, we believe quarter-over-quarter comparisons of our operating results may not necessarily be meaningful; you should not rely on our results for any one quarter as an indication of our future performance. Except for uncertainty related to the cost of aircraft fuel, we expect our expenses to continue to increase from wage rate cost pressures, as we acquire additional aircraft, and as our fleet ages.
Previous wording
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 wording
In the first quarter of 2026, we had an operating loss of $224 million, compared to an operating loss of $174 million in the 2025 period. The increase in operating loss is primarily driven by higher operating costs, including increased fuel expense and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruptions during the quarter including multiple winter storms and airspace constraints. These increases were partially offset by higher revenue driven by stronger demand and increased pricing.
Previous wording
Our third quarter 2025 highlights include the following:
Current wording
Our first quarter 2026 highlights include the following:
Previous wording
•Third quarter 2025 system available seat miles ("ASMs" or "capacity")increased by 0.9% year-over-year.
Current wording
•First quarter 2026 system available seat miles ("ASMs" or "capacity") decreased by 1.7% year-over-year.
Previous wording
•Operating revenue for the third quarter of 2025 was $2.3 billion, a 1.8% decrease year-over-year.
Current wording
•Operating revenue for the first quarter of 2026 was $2.2 billion, a 4.7% increase year-over-year.
Previous wording
•Operating expense, excluding special items, for the third quarter of 2025 was $2.4 billion, a 1.7%(1)increase year-over-year.
Current wording
•Operating expense and operating expense, excluding special items(1) for the first quarter of 2026 was $2.5 billion, a 6.5% increase year-over-year.
Previous 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.
Current wording
•Operating expense per available seat mile ("CASM") for the first quarter of 2026 increased by 8.3% year-over-year to 16.06 cents compared to the first quarter of 2025.
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 3.7% to 11.02 cents in thethird quarter of 2025 compared to the third 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 6.6% to 12.21 cents in the first quarter of 2026 compared to the first quarter of 2025.
Previous wording
The sections below highlight some additional changes made to support these priority moves during the quarter.
Current wording
The sections below highlight some additional actions made to support these priority moves during the quarter.
Previous 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.
Current wording
We remain focused on delivering safe, reliable, and caring service for our customers. Despite a challenging operating environment, including severe weather, airspace constraints, and other external disruptions, we maintained our focus on supporting our customers and delivering reliable operations. On-time performance, as defined by the DOT, is arrival within 14 minutes of scheduled arrival time. In the three months ended March 31, 2026, our system-wide on-time performance was 68.8% compared to 75.1% for the same period in 2025. Our completion factor was 95.0% for the three months ended March 31, 2026 compared to 98.6% for the same period in 2025. JetForward includes multiple initiatives to improve our on-time performance, and we believe it will continue to improve in future periods despite the difficult operating environment during the first quarter of 2026.
Previous wording
We are focused on high-performing leisure, visiting-friends-and-relatives and transcontinental routes in core geographies like New York, New England, Florida, and Puerto Rico. In 2024, we made a number of network changes, which are ramping up throughout 2025.
Current wording
We are focused on high-performing leisure, visiting-friends-and-relatives and transcontinental routes in core geographies like New York, New England, Florida, and Puerto Rico.
Previous 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.
Current wording
At March 31, 2026, we had $2.4 billion in liquidity, which included unrestricted cash, cash equivalents, and investment 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 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.
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 durability deficiencies, as of March 31, 2026, we had four 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. 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.
Current wording
We believe we are past the peak number of groundings and expect the number of aircraft on the ground due to lack of engine availability to be in mid-single digits in 2026. We are currently working with Pratt & Whitney on a commercial resolution and any potential remediation steps remain uncertain.
Previous 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.
Current wording
In 2025, as part of the Company's fleet transition plan, we retired our remaining Embraer E190 aircraft and entered into definitive agreements to sell the remaining E190 fleet. In 2026, we continue to sell our owned E190 aircraft pursuant to these agreements. During the first quarter of 2026, we sold Embraer E190 airframes, engines and related spare parts, and recorded a net gain of $22 million, which is included in other operating expenses on our consolidated statements of operations. We also returned our remaining leased E190 aircraft during the quarter. As of March 31, 2026, we had one permanently parked owned Embraer E190 aircraft. We expect to complete the sale of the remaining E190 aircraft in the second quarter of 2026.
Previous 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.
Current wording
We reported a net loss of $319 million, operating loss of $224 million and an operating margin of (10.0)% for the three months ended March 31, 2026. This compares to a net loss of $208 million, an operating loss of $174 million and an operating margin of (8.2)% for the three months ended March 31, 2025. Our loss per share was $0.86 for the first quarter of 2026 compared to a loss per share of $0.59 for the same period in 2025. Net loss increased $111 million year-over-year primarily due to an increase in fuel expense and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruption events during the quarter, as well as a lower income tax benefit. The increases in expense were partially offset by higher revenue driven by stronger demand and increased pricing.
Previous 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.
Current wording
Our reported results for the three months ended March 31, 2026 and 2025 included the effects of certain gains on investments. Adjusting for these items, our adjusted net loss(1) was $322 million, adjusted operating loss(1) was $224 million, adjusted operating margin(1) was (10.0)%, and adjusted loss per share(1) was $0.87 for the three months ended March 31, 2026. This compares to an adjusted net loss(1)of $209 million, adjusted operating loss(1) of $174 million, adjusted operating margin(1)of (8.2)%, and adjusted loss per share(1)of $0.59 for the three months ended March 31, 2025.
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 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.
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 increased 4.0% for thethree months ended March 31, 2026 compared to the same period in 2025. This was mainly drivenby a 3.9% higher yield and a 0.7% increase in revenue passengers than the prior period.
Previous 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.
Current wording
Other revenue increased$21 million, or 12.5%, 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, charters, advertising, and lounge revenue.
Previous 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.
Current wording
Aircraft fuel increased by$62 million, or 12.1%, for the three months ended March 31, 2026 compared to the same period in 2025. The average fuel price increased by 15.2% to $2.96 per gallon and fuel consumption decreased by 2.7%, or 5 million gallons.
Previous 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.
Current wording
Depreciation and amortization increased by $11 million, or 6.5%, for thethree months ended March 31, 2026 compared to the same period in 2025. This increase was primarily driven by the induction of new aircraft and spare engines, partially offset by the retirement of the Embraer E190 fleet as part of the Company's fleet transition plan.
Previous 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.
Current wording
Aircraft rent decreased by $4 million, or 22.9%, in thethree months ended March 31, 2026 compared to the same period in 2025, as a result of fewer leases for Airbus A320 aircraft and Embraer E190 aircraft. As part of the Company's fleet transition plan, Embraer E190 aircraft leases reached their lease expiration and were returned to the lessor. The decrease was partially offset by an increase in the number of leased engines.
Previous wording
(1) Not meaningful or greater than 100% change.
Current wording
(1)Not meaningful or greater than 100% change.
Previous wording
The following table sets forth our operating statistics for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following table sets forth our operating statistics for the three months ended March 31, 2026 and 2025:
Previous wording
(2) This table includes aircraft that have been temporarily removed from service, including six aircraft impacted by the Pratt & Whitney engine groundings. All aircraft temporarily removed from service are expected to return to operation in the future.
Current wording
(2) This table includes aircraft that have been temporarily removed from service, including four aircraft impacted by the Pratt & Whitney engine groundings. All aircraft temporarily removed from service are expected to return to operation in the future.
Previous wording
At September 30, 2025, we had unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities of$2.9 billion. We also have a$600 million Citibank undrawn line of credit. We believe this will be sufficient to satisfy our liquidity needs for at least the next 12 months from the date of this Report, and we expect to meet our long-term liquidity needs with our projected cash from operations, available lines of credit and debt financing.
Current wording
At March 31, 2026, we had unrestricted cash, cash equivalents, and investment securities of$2.4 billion. We also have a$600 million Citibank undrawn line of credit. We believe this will be sufficient to satisfy our liquidity needs for at least the next twelve months from the date of this Report, and we expect to meet our long-term liquidity needs with our projected cash from operations, available lines of credit and debt financing.
Previous wording
We use operating cash flows to provide working capital for current and future operations. Cash flows (used in) provided by operating activities were $(143) million and $161 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease in operating cash flows is primarily due to operating losses and net change in working capital.
Current wording
We use operating cash flows to provide working capital for current and future operations. Cash flows provided by operating activities were $120 million and $114 million for the three months ended March 31, 2026 and 2025, respectively. The increase in operating cash flows is primarily due to the net change in working capital, particularly higher air traffic liability driven by current quarter sales, partially offset by an increase in operating losses driven by higher fuel costs and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruption events during the quarter.
Previous wording
During the nine months ended September 30, 2025, flight equipment capital expenditures included $563 million related to the purchase of aircraft and spare engines as well as aircraft interior modifications. Flight capital expenditures also included $69 million in spare part purchases and $35 million in aircraft pre-delivery deposit payments. Other property and equipment capital expenditures included ground equipment purchases and facilities improvements for $110 million. Investing activities for the current year also included $1.5 billion in net proceeds from investment securities and $190 million of proceeds primarily fromsix sale-leaseback transactions, the sale of 12 Embraer E190 airframes and 20 Embraer E190 engines, and other flight equipment.
Current wording
During the three months ended March 31, 2026, flight equipment capital expenditures included $79 million related to the purchase of aircraft and spare engines as well as aircraft interior modifications. Flight capital expenditures also included $14 million in spare part purchases and $15 million in aircraft pre-delivery deposit payments. Other property and equipment capital expenditures included ground equipment purchases and facilities improvements for $33 million. Investing activities for the current year also included $9 million in net proceeds from investment securities and $40 million of proceeds primarily from the sale of Embraer E190 airframes, Embraer E190 engines, and other flight equipment.
Previous wording
During the nine months ended September 30, 2024, flight equipment capital expenditures included $992 million related to the purchase of aircraft and spare engines as well as aircraft interior modifications. Flight capital expenditures also included $65 million in spare part purchases and $75 million in aircraft pre-delivery deposit payments. Other property and equipment capital expenditures included ground equipment purchases and facilities improvements for $70 million. Investing activities also included $942 million in net purchases of investment securities and $22 million in Spirit shareholder payments.
Current wording
During the three months ended March 31, 2025, flight equipment capital expenditures included $125 million related to the purchase of aircraft and spare engines as well as aircraft interior modifications. Flight capital expenditures also included $20 million in spare part purchases and $11 million in aircraft pre-delivery deposit payments. Other property and equipment capital expenditures included ground equipment purchases and facilities improvements for $31 million. Investing activities also included $500 million in net proceeds from investment securities and $44 million of proceeds from the sale of assets and sale-leaseback transactions.
Previous wording
Financing activities for the nine months ended September 30, 2025 primarily consisted of $339 million in payments on our outstanding debt and finance lease obligations and issuance of common stock of$30 million related to our crewmember stock purchase plan.
Current wording
Financing activities for the three months ended March 31, 2026 primarily consisted of $112 million in payments on our outstanding debt and finance lease obligations.
Previous wording
We expect to meet our obligations as they become due through available cash, investment securities, and internally generated funds, supplemented, as necessary, by financing activities which may be available to us. However, we cannot predict what the effect on our business might be from future developments related to the extremely competitive environment in which we operate, or from events beyond our control, such as volatile fuel prices, economic conditions, weather-related disruptions, airport infrastructure challenges, the spread of infectious diseases, the impact of other airline bankruptcies, restructurings or consolidations, U.S. or international military actions, acts of terrorism, or other external geopolitical events and conditions. We believe there is sufficient liquidity available to us to meet our cash requirements for at least the next 12 months.
Current wording
We expect to meet our obligations as they become due through available cash, investment securities, and internally generated funds, supplemented, as necessary, by financing activities which may be available to us. However, we cannot predict what the effect on our business might be from future developments related to the extremely competitive environment in which we operate, or from events beyond our control, such as volatile or increasing fuel prices, economic conditions, the effectiveness and timing of our efforts to increase fees and fares to align with volatile input costs, weather-related disruptions, airport infrastructure challenges, the spread of infectious diseases, the impact of other airline bankruptcies, restructurings or consolidations, U.S. or international military actions, acts of terrorism, or other external geopolitical events and conditions. We believe there is sufficient liquidity available to us to meet our cash requirements for at least the next twelve months.
Previous wording
(3) Includes obligations for two Airbus A321neo XLR variant aircraft that have been contracted to sell following delivery of the aircraft. One aircraft is anticipated to deliver in the fourth quarter of 2025 and the second aircraft in the first quarter of 2026.
Current wording
(3) Includes obligations for one Airbus A321neo XLR variant aircraft which is expected to sell following delivery of the aircraft. The aircraft is anticipated to deliver in the third quarter of 2026.
Previous wording
In August 2024, JetBlue co-issued with Loyalty LP, the TrueBlue® Notes and TrueBlue® Term Loan Facility. The agreements governing the TrueBlue® Notes and TrueBlue® Term Loan Facility contains affirmative, negative and financial covenants including compliance with certain debt service coverage ratios and minimum liquidity requirements. These agreements also contain events of default, including a cross-default to other material indebtedness.
Current wording
In August 2024, JetBlue co-issued with JetBlue Loyalty LP, the TrueBlue® Notes and TrueBlue® Term Loan Facility. The agreements governing the TrueBlue® Notes and TrueBlue® Term Loan Facility contain affirmative, negative and financial covenants including compliance with certain debt service coverage ratios and minimum liquidity requirements. These agreements also contain events of default, including a cross-default to other material indebtedness.
Previous wording
We have$57 million of restricted cash pledged under standby letters of credit related to certain leases that will expire at the end of the related lease terms. Approximately 63% of our owned property and equipment and intangible assets at net book value were pledged or committed to be pledged as security under various loan agreements.
Current wording
We have$59 million of restricted cash pledged under standby letters of credit related to certain leases that will expire at the end of the related lease terms. Approximately 61% of our owned property and equipment and intangible assets at net book value were pledged or committed to be pledged as security under various loan agreements.
Previous wording
As of September 30, 2025, our operating fleet consisted of(1):
Current wording
As of March 31, 2026, our operating fleet consisted of(1), (2):
Previous wording
(3) Excludes two Airbus A321neo aircraft with Mint® not yet entered into service.
Current wording
•One Airbus A321neo aircraft with Mint®not yet entered into service.
Previous wording
(1)This table includes aircraft that have been temporarily removed from service, including six aircraft impacted by the Pratt & Whitney engine groundings. All aircraft temporarily removed from service are expected to return to operation in the future.
Current wording
(2)Includes aircraft that have been temporarily removed from service but are expected to return to operation in the future.
Previous wording
Of our operating fleet,269 are owned by us and 14 are leased under operating leases. Our owned aircraft include aircraft associated with sale-leaseback transactions that did not qualify as sales for accounting purposes, also referred to as failed sale-leasebacks. As of September 30, 2025, the average age of our operating fleet was 12 years.
Current wording
Of our operating fleet,281 are owned by us and 10 are leased under operating leases. Our owned aircraft include aircraft associated with sale-leaseback transactions that did not qualify as sales for accounting purposes, also referred to as failed sale-leasebacks. As of March 31, 2026, the average age of our operating fleet was 12 years.
Previous wording
(2)Includes two Airbus A321neo XLR variant aircraft which have been contracted to sell following delivery of the aircraft. One aircraft is anticipated to deliver in the fourth quarter of 2025 and the second aircraft in the first quarter of 2026.
Current wording
(2)Includes one Airbus A321neo XLR variant aircraft which is expected to sell following delivery of the aircraft. The aircraft is anticipated to deliver in the third quarter of 2026.
Previous wording
Depending on market conditions, we may use a mix of cash and debt financing for aircraft scheduled for delivery in the remainder of 2025. Although we believe debt and/or lease financing should be available to us, we cannot give any assurance that we will be able to secure financing on attractive terms, if at all. To the extent we cannot secure financing on terms we deem attractive, we may be required to pay in cash, further modify our aircraft acquisition plans, or incur higher than anticipated financing costs.
Current wording
Depending on market conditions, we may use a mix of cash and debt financing for aircraft scheduled for delivery in the remainder of 2026. Although we believe debt and/or lease financing should continue to be available to us, we cannot give any assurance that we will be able to secure financing on attractive terms, if at all. To the extent we cannot secure financing on terms we deem attractive, we may be required to pay in cash, further modify our aircraft acquisition plans, or incur higher than anticipated financing costs.
Showing the first 40 of 44 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Financing activities for the three months ended March 31, 2025 primarily consisted of $81 million in payments on our outstanding debt and finance lease obligations.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
Nine Months Ended September 30, 2025 vs. 2024
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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 report — wording carried elsewhere
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 report — wording carried elsewhere
We measure capacity in terms of available seat miles, which represents the number of seats available for passengers multiplied by the number of miles the seats are flown. Yield, or the average amount one passenger pays to fly one mile, is calculated by dividing passenger revenue by revenue passenger miles. We attempt to increase passenger revenue by increasing our yield and also increasing our load factor of flights, when possible. Our objective is to optimize our fare mix to increase our overall revenue per available seat mile while continuing to provide our customers with competitive fares.
Previous report — wording carried elsewhere
In detail, our operating costs per ASM, were as follows: