Jetblue Airways Corporation · NASDAQ:JBLU
Jetblue Airways — Q3 2025 Earnings Presentation
19 slides from Jetblue Airways's earnings presentation, Oct 28, 2025
Slide 1: 3Q25 Earnings Presentation
3Q25 Earnings Presentation October 28, 2025
Slide 2: Safe Harbor
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Safe Harbor This Presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered
Slide 3: 3Q25 Recap
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 3Q25 Recap Joanna Geraghty Chief Executive Officer 3
Slide 4: Executing on JetForward Priorities to Drive Our Path to Profitability
3Q25 3Q performance met or exceeded guidance midpoints (1) • Excellent operational performance in August and September helped to offset impact from ATC and weather challenges in July Executing on JetForward • Strong close-in demand drove unit revenues to better end of initial guidance range Prioriti
Slide 5: Commercial Update and Outlook
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Commercial Update and Outlook Marty St. George President 5
Slide 6: Reaffirming Our Position as Fort Lauderdale's Largest Airline
Reaffirming Our Position as Fort Lauderdale’s Largest Airline More Destinations & Connectivity Adding Routes & Frequencies In 2025, we plan to launch 17 new routes and increase frequency on 12 high-demand markets from Fort Lauderdale Growing Mint ® This winter, JetBlue is scheduled to offer over 25
Slide 7: Blue Sky Delivering Significant Value into 2026 and Contributing Meaningfully to JetForward EBIT
Blue Sky Delivering Significant Value into 2026 and Contributing Meaningfully to JetForward EBIT Loyalty – Enhancing the utility of points through reciprocal accrual and redemption for TrueBlue® and MileagePlus® customers, and reciprocal loyalty Implemented October 23rd benefits (1) Traditional Inte
Slide 8: Continuing Demand Recovery Drove Favorable 3Q Revenue Results
Continuing Demand Recovery Drove Favorable 3Q Revenue Results 3Q2025 vs. 3Q2024 3Q unit revenues exceeded midpoint of revised guidance • Strong demand in peak summer, especially close-in, while troughs remained pressured ASMs 1 2 RASM 0.9% • Premium continued to outperform core, and loyalty continue
Slide 9: Financial Update and Outlook
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Financial Update and Outlook Ursula Hurley Chief Financial Officer 9
Slide 10: Improved Full-Year Unit Cost Guidance, Despite Less Capacity
Improved Full-Year Unit Cost Guidance, Despite Less Capacity CASM ex-Fuel (1) YoY Growth Beat 3Q CASM-ex guidance midpoint despite challenging July • Half point of benefit from strong operational performance in August and September and another half point from a shift in timing of maintenance expense
Slide 11: Capex to Step Down in 2026 and Through Remainder of the Decade
Capex to Step Down in 2026 and Through Remainder of the Decade Growing the business over the coming years – even while capex moderates Directional Capital Expenditure Commitments Beginning in 2026, capex ~$1.1 billion is expected to decline through the end of the decade – and trend at, or below, $1
Slide 12: Outlook Summary
Outlook Summary Guidance Estimated 4Q 2025 Estimated FY 2025 ASMs Year-over-Year (0.75%) - 2.25% (2.0%) - 0.0% Improved midpoint RASM Year-over-Year (4.0%) - 0.0% – CASM ex-Fuel (1) Year-over-Year 3.0% - 5.0% 5.0% - 6.0% Improved midpoint & narrowed range Fuel Price per Gallon (2),(3) $2.33 - $2.4
Slide 13: Appendix
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Appendix 13
Slide 14: Appendix A: Non-GAAP Financial Measures
Appendix A Non-GAAP Financial Measures We report our financial results in accordance with GAAP; however, we present certain non-GAAP financial measures in this Presentation. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are n
Slide 15: CASM Ex-Fuel
Operating expense per available seat mile, excluding fuel, other non-airline operating expenses, and special items (“CASM Ex- Fuel”) Operating Expense per Available Seat Mile ("CASM") is a common metric used in the airline industry. Our CASM for the relevant periods are summarized in the table below
Slide 16: Reconciliation of Operating Expense, Operating Loss, Operating Margin and Net Loss
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS, GAIN (LOSS) ON INVESTMENTS AND GAIN ON DEBT EXTINGUISHMENTS Operating expense, operating loss, (unaudited) operating marg
Slide 17: Calculation of Loss Per Share (continued)
Operating expense, operating loss, NON-GAAP FINANCIAL MEASURE operating margin, pre-tax loss, pre-tax RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, margin, net loss and loss per share, EXCLUDING SPECIAL ITEMS, GAIN (LOS
Slide 18: Appendix B: Order Book
Appendix B: Order Book JetBlue’s aircraft deliveries for full year as of September 30, 2025: Aircraft Deliveries (1) A220 A321neo (2) Total (3) 2025 (4) 18 2 20 2026 16 - 16 2027 7 - 7 2028 9 - 9 2029 7 - 7 Thereafter 1 44 45 (1) Our committed future aircraft deliveries are subject to change based o
Slide 19: The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 19