JETBLUE AIRWAYS CORP
For the period ended Sep 30, 2026. Filed Oct 26, 2026.
View on SEC.govAbout this filing
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, 2026 · Filed Oct 26, 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 2026-06-30; filed 2026-07-28.
0001158463-26-000075
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-26.
0001158463-26-000097
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 171 previous paragraphs and 176 current paragraphs.
88 unchanged; 61 reworded; 25 added; 22 removed; 0 previous and 2 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 (25)
Current report
Third Quarter 2026 Results
Current report
In the third quarter of 2026, we had an operating loss of $144 million and an operating margin of (5.1)%, compared to an operating loss of $100 million and operating margin of (4.3)% in the 2025 period. The increase in operating loss was primarily driven by significantly higher fuel prices, with average fuel price per gallon for the quarter increasing 57.4% year-over-year. Operating results were also impacted by disruptions resulting from severe weather and air traffic control constraints across our core Northeast markets, which reduced completed capacity and increased crew and other operating costs. These pressures were partially offset by higher revenue driven by resilient demand and higher fares. Despite significantly higher fuel prices and operational disruptions, adjusted operating margin(1), a non-GAAP financial measure that excludes special items, improved to (3.9)% in the third quarter of 2026 from (4.1)% in the third quarter of 2025.
Current report
As we progressed through the third quarter of 2026, demand remained resilient across our network despite higher fares, with strength across the booking curve, including peak and off-peak periods. Revenue growth was primarily driven by higher yields, supported in part by improvements in our revenue management technology, while customer volumes remained relatively resilient.
Current report
We remain focused on delivering safe, reliable, and caring service for our customers. During the third quarter of 2026, our operations were impacted by a challenging summer operating environment, including severe weather and air traffic control constraints across our core Northeast markets, which reduced completed capacity and increased crew and other operating costs. Throughout these challenges, our crewmembers remained focused on caring for our customers and recovering our operations. We continue to work with the FAA to support longer-term improvements to the air traffic control system aimed at reducing delays.
Current report
During the third quarter, we continued executing our strategy to build the best East Coast leisure network. As part of these efforts, we continued expanding our presence in Fort Lauderdale, where customer demand remained strong despite significant capacity growth, with third-quarter revenue per available seat mile ("RASM") increasing nearly 15% year-over-year on more than 65% capacity growth. We continued adding destinations and frequencies to expand travel options and connecting opportunities, with peak daily departures expected to exceed 150 in the fourth quarter of 2026. This performance reinforces our strategy of concentrating growth in markets where we see opportunities to build scale and generate attractive returns.
Current report
During the third quarter of 2026, we continued to enhance our products and services through the expansion of our premium offerings, loyalty program, and strategic partnerships. We also completed the transition to a new revenue management system designed to improve forecasting and optimize revenue across our network, including Mint® and connecting itineraries.
Current report
We continued advancing our Blue Sky collaboration with United Airlines, providing customers with expanded travel options and reciprocal loyalty benefits. Since the partnership launched, TrueBlue® members have redeemed more than 1.1 billion points on United flights. Paisly also continued expanding its travel platform offerings, including car rentals through MileagePlus Travel. Hotels and travel insurance are expected to launch before the end of 2026, followed by flight-and-hotel packages and cruises in the first half of 2027.
Current report
Our loyalty program continued to build momentum during the third quarter, with loyalty revenue increasing approximately 20% year-over-year. Following the refresh of our Premier Card, acquisitions increased more than eightfold year-over-year, while spending across our co-brand portfolio grew double digits. We also continued enhancing our premium customer experience through investments such as the opening of our BlueHouse™ lounge in Boston, creating additional opportunities to deepen customer engagement.
Current report
Additionally, BlueFirst™, our new domestic first-class product and largest JetForward initiative, is now available for sale across more than 30 routes, with service expected to begin in December 2026 between Boston and Fort Lauderdale before expanding to additional routes. The majority of aircraft retrofits are expected to be completed by the end of 2027, with the earnings contribution from the product expected to continue building through 2028 and beyond.
Current report
During the third quarter, elevated fuel prices and operational disruptions presented additional cost pressures. Geopolitical developments, including continued conflict in the Middle East, contributed to volatility in global energy markets and higher aircraft fuel prices, adversely affecting our operating results. Fuel prices remain subject to significant volatility based on geopolitical developments, global supply and demand, refining capacity, and other factors outside of our control.
Current report
Against this backdrop, and amid continued macroeconomic uncertainty, we remained focused on managing the factors within our control, including disciplined capacity deployment, commercial initiatives, and cost management. Our JetForward cost initiatives continue to focus on improving operational efficiency and productivity through business partner spend management, improved crew utilization, and technology modernization.
Current report
Additionally, during the third quarter of 2026, the Company satisfied the applicable requirements to access the additional $250 million in financing under its existing aircraft-secured financing agreement, including delivery of the required advance notice. The financing is expected to fund in the fourth quarter of 2026, subject to the completion of customary funding mechanics. We continue to take a disciplined and proactive approach to managing our balance sheet, with a focus on maintaining liquidity and financial flexibility.
Current report
We remain on track to achieve our 2026 JetForward targets and continue to focus on returning to sustained operating profitability in 2027. We also remain focused on disciplined capital investment, with annual capital expenditures expected to remain below $1 billion through the end of the decade. These priorities are intended to support improved profitability, positive free cash flow, and balance sheet strengthening over time.
Current report
Salaries, wages and benefits
Current report
Salaries, wages and benefits increased by $81 million or 9.4%, for the three months ended September 30, 2026 compared to the same period in 2025, primarily driven by higher overtime and incentive pay due to operational disruptions as well as pay rate increases.
Current report
For the three months ended September 30, 2026, special items consisted of a $33 million adjustment to litigation reserves. For the three months ended September 30, 2025, special items consisted of $3 million relating to severance expenses and $2 million relating to other special items.
Current report
Gain on investments, net decreased by $8 million for the three months ended September 30, 2026, compared to the same period in 2025, primarily due to lower current year realized gains from maturities of available-for-sale securities.
Current report
Salaries, wages and benefits
Current report
Salaries, wages and benefits increased by $138 million or 5.3%, for the nine months ended September 30, 2026 compared to the same period in 2025, primarily driven by pay rate increases and higher overtime and incentive pay due to operational disruptions.
Current report
For the nine months ended September 30, 2026, special items consisted of a $33 million adjustment to litigation reserves. For the nine months ended September 30, 2025, special items consisted of $27 million relating to severance expenses and $2 million relating to other special items.
Current report
Other
Current report
For each of the three and nine months ended September 30, 2026, special items included an adjustment to litigation reserves.
Current report
For each of the three and nine months ended September 30, 2025, special items included severance expenses and other special items.
Current report
For each of the three and nine months ended September 30, 2026, special items included an adjustment to litigation reserves.
Current report
For each of the three and nine months ended September 30, 2025, special items included severance expenses and other special items.
Removed paragraphs (22)
Previous report
Second Quarter 2026 Results
Previous report
In the second quarter of 2026, we had an operating loss of $141 million, compared to an operating income of $6 million in the 2025 period. The increase in operating loss is driven by higher operating expenses, primarily due to higher fuel prices. The increase in operating expenses was partially offset by higher revenue driven by stronger demand and increased pricing.
Previous report
As we progressed through the second quarter of 2026, demand remained resilient across our network, even as JetBlue and industry fares moved higher throughout the quarter. Strength was robust throughout the booking curve, including close-in demand.
Previous report
We remain focused on delivering safe, reliable, and caring service for our customers. On-time performance, as defined by the DOT, is arrival within 14 minutes of scheduled arrival time. In the three months ended June 30, 2026, our system-wide on-time performance was 78.2% compared to 77.3% for the same period in 2025. Our completion factor was in line with the prior period at 99.5% for the three months ended June 30, 2026 compared to 99.6% for the same period in 2025.
Previous report
In the second quarter, we continued executing our strategy to build the best East Coast leisure network, and launched seasonal service from Boston to two new destinations, Barcelona and Milan, with Milan marking JetBlue's first-ever service to Italy. Together, these additions expanded our Boston transatlantic reach to nine European destinations.
Previous report
In addition, we continued expanding our presence in Fort Lauderdale, where Spirit’s exit represents one of the most significant strategic opportunities JetBlue has seen in many years. Fort Lauderdale continued to benefit from very strong customer demand, and second quarter revenue per ASM ("RASM") increased 11%, while capacity increased nearly 40%.
Previous report
In July 2026, we launched additional service from Fort Lauderdale and now operate more than 125 daily departures to more than 55 nonstop destinations, representing our largest schedule from the airport. We also introduced a more structured bank schedule, with two southbound and two northbound banks designed to better connect customers to the Caribbean and Latin America. By December, we expect to surpass 150 daily flights from Fort Lauderdale and operate the largest Mint® schedule from Fort Lauderdale in JetBlue's history.
Previous report
During the second quarter of 2026, we continued to enhance our products and services by increasing the value of our loyalty program, expanding premium offerings, and introducing additional benefits designed to improve the customer experience.
Previous report
Blue Sky implementation advanced in the second quarter of 2026 with the introduction of reciprocal loyalty benefits for eligible Mosaic and MileagePlus members, including priority boarding, preferred and extra legroom seating, and same-day standby options. In July 2026, Paisly began distributing United's car rental products, with hotels and travel insurance expected in the fourth quarter of 2026, further supporting our broader travel platform strategy.
Previous report
We continued to see strong engagement across our loyalty offerings, supported in part by the relaunch of our premium co-brand credit card and demand for its BlueHouse TM benefit, which contributed to growth in new card acquisitions and loyalty remuneration during the quarter. In addition, we launched a new Buy Now, Pay Later option through ClarityPay, providing customers with additional payment flexibility.
Previous report
We continue to invest in our premium offerings, including our BlueHouse TM lounge network, with the second location expected to open in Boston in August 2026. BlueFirst TM, our planned domestic first-class product is our largest individual JetForward initiative, and an important next step in evolving our product offering. We plan to launch sales in the fall of 2026, with the majority of the retrofit work expected to be completed by the end of 2027.
Previous report
We also continued to enhance Mint®, which earned the highest ranking in customer satisfaction in the first/business class segment in North America by J.D. Power for the second consecutive year. During the quarter, we announced new onboard culinary partnerships for Mint® with refreshed menu offerings inspired by New York restaurants expected to begin in the third quarter of 2026.
Previous report
We also completed a $500 million aircraft-backed financing transaction, further strengthening our liquidity position.We continue to take a disciplined and proactive approach to managing the balance sheet, with a focus on maintaining liquidity, supporting JetForward, and optimizing our cost of capital.
Previous report
There were no special items for the three months ended June 30, 2026. For the three months ended June 30, 2025, special items consisted of$24 million ofvoluntary opt-out costs.
Previous report
There were no special items for the six months ended June 30, 2026. For the six months ended June 30, 2025, special items consisted of$24 million ofvoluntary opt-out costs.
Previous report
Gain on investments, net was $4 millionfor both the six months ended June 30, 2026 and 2025, primarily reflecting gains related to our JetBlue Technology Ventures LLC ("JBV") equity investments.
Previous report
(3) Includes obligations for one Airbus A321neo XLR variant aircraft which is expected to be sold following delivery of the aircraft. The aircraft is anticipated to deliver in the third quarter of 2026.
Previous report
(2)Includes one Airbus A321neo XLR variant aircraft which is expected to be sold following delivery of the aircraft. The aircraft is anticipated to deliver in the third quarter of 2026.
Previous report
For the three and six months ended June 30, 2026, there were no special items.
Previous report
For each of the three and six months ended June 30, 2025, special items included voluntary opt-out costs.
Previous report
For the three and six months ended June 30, 2026, there were no special items.
Previous report
For each of the three and six months ended June 30, 2025, special items included voluntary opt-out costs.
Reworded paragraphs (61)
Previous wording
Our second quarter 2026 highlights include the following:
Current wording
Our third quarter 2026 highlights include the following:
Previous wording
•Second quarter 2026 system available seat miles ("ASMs" or "capacity") increased by 3.2% year-over-year.
Current wording
•Third quarter 2026 system available seat miles ("ASMs" or "capacity") increased by 2.3% year-over-year.
Previous wording
•Operating revenue for the second quarter of 2026 was $2.7 billion, a 14.5% increase year-over-year.
Current wording
•Operating revenue for the third quarter of 2026 was $2.8 billion, a 21.1% increase year-over-year.
Previous wording
•Operating expense for the second quarter of 2026 was $2.8 billion, a 20.8% increase year-over-year.
Current wording
•Operating expense for the third quarter of 2026 was $3.0 billion, a 22.1% increase year-over-year.
Previous wording
•Operating expense, excluding special items(1) for the second quarter of 2026 was $2.8 billion, a 22.0% increase year-over-year.
Current wording
•Operating expense, excluding special items(1) for the third quarter of 2026 was $2.9 billion, a 20.9% increase year-over-year.
Previous wording
•Operating expense per available seat mile ("CASM") for the second quarter of 2026 increased by 17.0% year-over-year to 16.53 cents compared to the second quarter of 2025.
Current wording
•Operating expense per available seat mile ("CASM") for the third quarter of 2026 increased by 19.4% year-over-year to 17.12 cents compared to the third 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 2.4% to 11.12 cents in the second quarter of 2026 compared to the second quarter of 2025.
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 7.0% to 11.78 cents in the third quarter of 2026 compared to the third quarter of 2025.
Previous wording
In July 2026, we were selected as the successful bidder to acquire certain operating authorizations (slots) previously operated by Spirit Airlines at New York's LaGuardia Airport. If completed, the acquisition would support up to 12 daily roundtrips at LaGuardia. The transaction closing remains subject to regulatory approvals and other conditions.
Current wording
Additionally, during the third quarter, we were selected as the successful bidder to acquire 22 operating authorizations (slots) previously operated by Spirit Airlines at New York's LaGuardia Airport. Following receipt of regulatory approval, the Company completed the acquisition in October 2026.
Previous wording
To secure our financial future, we remain focused on preserving liquidity, maintaining cost discipline, and proactively managing our balance sheet. In the second quarter, as fuel prices remained elevated and the macroeconomic and geopolitical backdrop remained fluid, we focused on the levers within our control, including disciplined capacity, commercial actions, cost initiatives, and fuel burn. JetForward continued to support profitability through cost initiatives, including enhanced digital tools and technology modernization to improve crewmember productivity, improved fuel efficiency through advanced flight planning and routing, real-time data, and predictive analytics, and expanded AI- and data science-enabled capabilities to improve planning, automate decision-making, and better manage disruptions.
Current wording
To secure our financial future, we remain focused on preserving liquidity, maintaining cost discipline, and proactively managing our balance sheet.
Previous wording
At June 30, 2026, we had $2.2 billion in liquidity, which included unrestricted cash, cash equivalents, and investment securities. In addition, we have a $600 million Citibank undrawn line of credit.
Current wording
At September 30, 2026, we had $2.2 billion in liquidity, which includes $1.6 billion in unrestricted cash, cash equivalents, and investment securities and our $600 million undrawn Citibank 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 durability deficiencies, as of June 30, 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. 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 for the remainder of 2026.
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 September 30, 2026, we had two aircraft grounded due to lack of engine availability. The Company currently expects each removed engine to take approximately 170 days for the PW1500G engines and approximately 270 days for the PW1100G engines to complete a shop visit and return to a serviceable condition. 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 remain in the single digits for the remainder of 2026.
Previous wording
These credits are accounted for as vendor consideration under ASC 705-20 and will be allocated to qualifying purchases through December 31, 2027 based on our estimated eligible spend for applicable goods and services during that period. Credits associated with operating expenditures will be recognized as reductions of the related operating expenses, while credits associated with capital expenditures will be recognized as reductions of the cost basis of the related assets.
Current wording
These credits are accounted for as vendor consideration under ASC 705-20 and are allocated to qualifying purchases through December 31, 2027 based on our estimated eligible spend for applicable goods and services during that period. Credits associated with operating expenditures are recognized as reductions of the related operating expenses, while credits associated with capital expenditures are recognized as reductions of the cost basis of the related assets.
Previous 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. During the six months ended June 30, 2026, we sold our remaining owned Embraer E190 airframes, as well as certain Embraer E190 engines and related spare parts, and recorded a net gain of $30 million, which is included in other operating expenses on our consolidated statements of operations. We also returned our remaining leased E190 aircraft. As of June 30, 2026, one Embraer E190 engine and certain related spare parts remained available for sale.
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. During the nine months ended September 30, 2026, we completed the sale of our remaining owned Embraer E190 airframes and engines and continued to sell related spare parts, and recorded a net gain of $28 million, which is included in other operating expenses in our consolidated statements of operations. We also returned our remaining leased E190 aircraft.
Previous wording
We reported a net loss of $247 million, operating loss of $141 million and an operating margin of (5.2)% for the three months ended June 30, 2026. This compares to a net loss of $74 million, an operating income of $6 million and an operating margin of 0.3% for the three months ended June 30, 2025. Our loss per share was $0.66 for the second quarter of 2026 compared to a loss per share of $0.21 for the same period in 2025. Net loss increased $173 million year-over-year primarily due to an increase in fuel expense partially offset by higher revenue driven by stronger demand and increased pricing as compared to the same period in 2025.
Current wording
We reported a net loss of $257 million, operating loss of $144 million and an operating margin of (5.1)% for the three months ended September 30, 2026. This compares to a net loss of $143 million, an operating loss of $100 million and an operating margin of (4.3)% for the three months ended September 30, 2025. Our loss per share was $0.68 for the third quarter of 2026 compared to a loss per share of $0.39 for the same period in 2025. Net loss increased $114 million year-over-year primarily due to elevated fuel prices as well as higher salaries, wages and benefits, largely attributable to operational disruptions, as well as a lower current year income tax benefit. The increases in expense were partially offset by higher revenue driven by stronger demand and higher fares.
Previous wording
Our reported results for the three months ended June 30, 2026 and 2025 included the effects of certain gains on investments. For the three months ended June 30, 2025, our reported results also included the effects of special items. Adjusting for these items, our adjusted net loss(1) was $247 million, adjusted operating loss(1) was $141 million, adjusted operating margin(1) was (5.2)%, and adjusted loss per share(1) was $0.66 for the three months ended June 30, 2026. This compares to an adjusted net loss(1)of $58 million, adjusted operating income(1) of $30 million, adjusted operating margin(1)of 1.3%, and adjusted loss per share(1)of $0.16 for the three months ended June 30, 2025.
Current wording
Our reported results for the three months ended September 30, 2026 and 2025 included the effects of special items and certain gains on investments. Adjusting for these items, our adjusted net loss(1) was $226 million, adjusted operating loss(1) was $111 million, adjusted operating margin(1) was (3.9)%, and adjusted loss per share(1) was $0.60 for the three months ended September 30, 2026. This compares to an adjusted net loss(1)of $144 million, adjusted operating loss(1) of $95 million, adjusted operating margin(1)of (4.1)%, and adjusted loss per share(1)of $0.40 for the three months ended September 30, 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 increased 14.1% for thethree months ended June 30, 2026 compared to the same period in 2025. This was mainly drivenby a 9.6% higher yield and a 5.1% increase in revenue passengers 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 21.8% for thethree months ended September 30, 2026 compared to the same period in 2025. This was mainly drivenby a 21.2% higher yield and a 2.2% increase in revenue passengers compared to the prior period.
Previous wording
Other revenue increased$33 million, or 18.6%, 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.
Current wording
Other revenue increased$25 million, or 13.4%, 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
(1)Not meaningful or greater than 100% change.
Current wording
(1) Not meaningful or greater than 100% change.
Previous wording
Aircraft fuel increased by$407 million, or 80.7%, for the three months ended June 30, 2026 compared to the same period in 2025. The average fuel price increased by 76.3% to $4.23 per gallon and fuel consumption increased by 2.5%, or 5 million gallons.
Current wording
Aircraft fuel increased by $329 million, or 61.0%, for the three months ended September 30, 2026 compared to the same period in 2025. The average fuel price increased by 57.4% to $3.91 per gallon and fuel consumption increased by 2.3%, or 5 million gallons.
Previous wording
Landing fees and other rents increased by $12 million, or 7.1%, for thethree months ended June 30, 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 wording
Landing fees and other rents increased by $20 million, or 11.1%, for the three months ended September 30, 2026 compared to the same period in 2025, primarily due to rate increases in certain cities.
Previous wording
Depreciation and amortization increased by $23 million, or 6.7%, for the six months ended June 30, 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.
Current wording
Depreciation and amortization increased by $13 million, or 7.4%, for the three months ended September 30, 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 by $9 million, or 23.4%, in the six months ended June 30, 2026 compared to the same period in 2025, primarily due to 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.
Current wording
Aircraft rent decreased by $2 million, or 8.3%, in the three months ended September 30, 2026 compared to the same period in 2025, primarily due to 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
Sales and marketing increased by$12 million, or 14.9%, in thethree months ended June 30, 2026 compared to the same period in 2025, primarily due to higher credit card fees as a result of the increase in passenger revenue.
Current wording
Sales and marketing increased by $14 million, or 17.2%, in the three months ended September 30, 2026 compared to the same period in 2025, primarily due to higher credit card fees as a result of the increase in passenger revenue.
Previous wording
Other operating expenses increased by $78 million, or 11.7%, in the six months ended June 30, 2026 compared to the same period in 2025. The increase was primarily driven by higher costs associated with operational disruption events, higher airport-related and operational support costs reflecting contractual rate increases, and higher customer experience-related costs. The increase also reflects lower net gains on asset sale transactions, as gains from current year E190 aircraft sales were lower than prior year gains from sale-leaseback and engine sale transactions.
Current wording
Other operating expenses increased by $57 million, or 15.9%, in the three months ended September 30, 2026 compared to the same period in 2025. The increase was driven by lower net gains on asset sale transactions, primarily related to E190 aircraft and engine sales, as well as higher airport-related costs due to contractual rate increases and network changes. The increase also reflects higher costs associated with operational disruption events.
Previous wording
Interest income decreased by $16 million, or 47.3%, for the three months ended June 30, 2026 compared to the same period in 2025, driven by lower short-term investment balances.
Current wording
Interest income decreased by $13 million, or 45.4%, for the three months ended September 30, 2026 compared to the same period in 2025, driven by lower short-term investment balances.
Previous wording
Other income decreased by $14 million, or 78.9%, for the six months ended June 30, 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 wording
Other income decreased by $5 million, or 53.2%, for the three months ended September 30, 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.
Previous wording
For the six months ended June 30, 2026, we recorded an income tax benefit of $41 million, compared to an income tax benefit of $83 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 wording
For the three months ended September 30, 2026, we recorded an income tax benefit of $13 million, compared to an income tax benefit of $53 million for the same period in 2025, with the decrease primarily due to a valuation allowance included in our forecasted annual effective tax rate that offsets most of the income tax benefit for the current period.
Previous wording
Six Months Ended June 30, 2026 vs. 2025
Current wording
Nine Months Ended September 30, 2026 vs. 2025
Previous wording
We reported a net loss of$566 million, an operating loss of $365 million and an operating margin of (7.4)% for the six months ended June 30, 2026. This compares to 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. Our loss per share was$1.51 for the six months ended June 30, 2026 compared to a loss per share of $0.79 for the same period in 2025. Net loss increased$284 million year-over-year primarily due toan increase in fuel expense and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruption events during the year, lower current year net gains related to asset sale transactions, as well as a lower current year income tax benefit. The increases in expense were partially offset by higher revenue driven by stronger demand and increased pricing.
Current wording
We reported a net loss of$823 million, an operating loss of $509 million and an operating margin of (6.6)% for the nine months ended September 30, 2026. This compares to 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. Our loss per share was$2.20 for the nine months ended September 30, 2026 compared to a loss per share of $1.18 for the same period in 2025. Net loss increased$398 million year-over-year primarily due toan increase in fuel expense and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruption events during the year, lower current year net gains related to asset sale transactions, as well as a lower current year income tax benefit. The increases in expense were partially offset by higher revenue driven by stronger demand and higher fares.
Previous wording
Our reported results for the six months ended June 30, 2026 and 2025 included the effects of certain gains on investments. For the six months ended June 30, 2025, our reported results also included the effects of special items. Adjusting for these items, our adjusted net loss(1) was $569 million, adjusted operating loss(1) was $365 million, adjusted operating margin(1) was (7.4)%, and adjusted loss per share(1) was $1.52 for the six months ended June 30, 2026. This compares to an adjusted net loss(1) of $267 million, adjusted operating loss(1) of $144 million, adjusted operating margin(1) of (3.2)%, and adjusted loss per share(1) of $0.75 for the six months ended June 30, 2025.
Current wording
Our reported results for the nine months ended September 30, 2026 and 2025 included the effects of special items and certain gains on investments. Adjusting for these items, our adjusted net loss(1) was $795 million, adjusted operating loss(1) was $476 million, adjusted operating margin(1) was (6.1)%, and adjusted loss per share(1) was $2.12 for the nine months ended September 30, 2026. This compares to an adjusted net loss(1) of $412 million, adjusted operating loss(1) of $239 million, adjusted operating margin(1) of (3.5)%, and adjusted loss per share(1) of $1.15 for the nine months ended September 30, 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 increased 9.3% for the six months ended June 30, 2026 compared to the same period in 2025. This was mainly driven by a 7.0% higher yield and a 3.0% increase in revenue passengers 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 13.6% for the nine months ended September 30, 2026 compared to the same period in 2025. This was mainly driven by a 11.8% higher yield and a 2.7% increase in revenue passengers compared to the prior period.
Previous wording
Other revenue increased $55 million, or 15.6%, 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.
Current wording
Other revenue increased $80 million, or 14.8%, 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 increased by $469 million, or 46.2%, for the six months ended June 30, 2026 compared to the same period in 2025. The average fuel price increased by 46.2% to $3.63 per gallon, while fuel consumption was relatively consistent with the prior-year period.
Current wording
Aircraft fuel increased by $798 million, or 51.4%, for the nine months ended September 30, 2026 compared to the same period in 2025. The average fuel price increased by 50.2% to $3.73 per gallon while fuel consumption was relatively consistent with the prior-year period.
Previous wording
Landing fees and other rents increased by $22 million, or 6.6%, for thesix months ended June 30, 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 wording
Landing fees and other rents increased by $42 million, or 8.2%, for the nine months ended September 30, 2026 compared to the same period in 2025, primarily due to rate increases in certain cities.
Previous wording
Depreciation and amortization increased by $12 million, or 6.9%, for thethree months ended June 30, 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.
Current wording
Depreciation and amortization increased by $36 million, or 6.9%, for the nine months ended September 30, 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 by $5 million, or 23.7%, in thethree months ended June 30, 2026 compared to the same period in 2025, primarily due to 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.
Current wording
Aircraft rent decreased by $11 million, or 18.2%, in the nine months ended September 30, 2026 compared to the same period in 2025, primarily due to 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
Sales and marketing increased by$13 million, or 9.4%, in thesix months ended June 30, 2026 compared to the same period in 2025, primarily due to higher credit card fees as a result of theincrease in passenger revenue.
Current wording
Sales and marketing increased by $27 million, or 12.1%, in the nine months ended September 30, 2026 compared to the same period in 2025, primarily due to higher credit card fees as a result of the increase in passenger revenue.
Previous wording
Other operating expenses increased by $45 million, or 13.4%, in the three months ended June 30, 2026 compared to the same period in 2025. The increase was primarily driven by higher airport-related and operational support costs, reflecting increased flight activity and contractual rate increases, as well as higher customer experience-related costs. The increase also reflects lower net gains on asset sale transactions, as gains from current year E190 aircraft sales were lower than prior year period gains from sale-leaseback and engine sale transactions.
Current wording
Other operating expenses increased by $134 million, or 13.2%, in the nine months ended September 30, 2026 compared to the same period in 2025. The increase was primarily driven by lower net gains on asset sale transactions, reflecting fewer sale-leaseback transactions compared to the prior year, as well as higher airport-related costs due to contractual rate increases and network changes. The increase also reflects higher costs associated with operational disruption events.
Previous wording
Interest income decreased by $31 million, or 43.5%, for thesix months ended June 30, 2026 compared to the same period in 2025. This decrease wasprimarily driven by lower short-term investment balances.
Current wording
Interest income decreased by $44 million, or 44.1%, for the nine months ended September 30, 2026 compared to the same period in 2025. This decrease was primarily driven by lower short-term investment balances.
Previous wording
Gain on investments, net resulted in a $1 million gain for the three months ended June 30, 2026, compared to a $3 million gain for the same period in 2025, primarily due to lower current year gains related to our JetBlue Technology Ventures LLC ("JBV") equity investments.
Current wording
Gain on investments, net resulted in a $4 million gain for the nine months ended September 30, 2026, compared to a $12 million gain for the same period in 2025, primarily due to lower current year realized gains from maturities of available-for-sale securities.
Showing the first 40 of 61 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Other income decreased by $19 million, or 69.2%, for the nine months ended September 30, 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 — wording carried from elsewhere
(1) Not meaningful or greater than 100% change.