Slide 1: 1Q26 Earnings Presentation
1Q26 Earnings Presentation April 28, 2026
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: 1Q26 Recap
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 1Q26 Recap Joanna Geraghty Chief Executive Officer 3
Slide 4: Adjusting to Elevated Fuel Environment while Continuing to Execute on JetForward
1Q26 Executed throughout 1Q despite challenging operating environment • RASM and CASM-ex (1) both finished at or near better end of revised guidance ranges (2) • RASM grew 6.5% year-over-year (YoY), 4.5pts better than initial guidance midpoint (3) • ~2.5pts due to demand strength and ~2pts due to st
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: Strong Demand Continuing into Second Quarter
Strong Demand Continuing into Second Quarter 1Q26 vs. 1Q25 1Q Demand was Strong, Translating into YoY RASM Benefits • Quarter was already ~90% booked ahead of the rise in oil prices in early March, resulting in limited RASM ASMs in-quarter opportunity to offset increased fuel 6.5% 5.0% to 7.0% • Pea
Slide 7: 2Q RASM Midpoint Reflects Strong Sequential Improvement of ~7.5pts
2Q RASM Midpoint Reflects Strong Sequential Improvement of ~7.5pts 1Q YoY 2Q YoY RASM RASM Easter Shift + 2Q26 YoY RASM 1Q26 Actual Disruptions 1Q26 Adjusted Guidance 2Q26 Adjusted (1) YoY RASM Benefit YoY RASM (Midpoint) Easter Shift YoY RASM ~1.5% 10.5% 9.0% 6.5% 3.0% ~(3.5%) (1) Guidance represen
Slide 8: 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 8
Slide 9: Actioning Incremental Savings to Offset Fuel Increases
Actioning Incremental Savings to Offset Fuel Increases CASM ex-Fuel YoY Growth 1Q CASM ex-Fuel Higher Due to Disruptions 6.5% to • ~4pts of growth due to close-in capacity reductions from operational disruptions 7.5% 6.6% • Underlying controllable costs better by ~2pts vs. initial guidance driven by
Slide 10: 2Q Outlook - High Fuel, but Strong RASM and CASM ex-Fuel
2Q Outlook - High Fuel, but Strong RASM and CASM ex-Fuel Guidance Estimated 2Q 2026 ASMs Year-over-Year 1.5% - 4.5% RASM (1) Year-over-Year 7.0% - 11.0% CASM ex-Fuel (2) Year-over-Year 3.0% - 5.0% Fuel Price per Gallon (3) $4.13 - $4.28 Capital Expenditures ~$275 million Guidance Estimated FY 2026 C
Slide 11: Focused on Offsetting Fuel Costs and Executing on JetForward
Focused on Offsetting Fuel Costs and Executing on JetForward JetForward has transformed our airline and continues to progress within expectations 2026 JetForward initiatives remain on-track to deliver $310M in incremental EBIT: Blue Sky interline is live and domestic first class expected in 2H26 ✓ D
Slide 12: Appendix
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Appendix 12
Slide 13: JetForward and Long-Term Vision
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power JetForward and Long-Term Vision 13
Slide 14: JetForward Has Driven Transformational Change, On-Track to Deliver $850-$950M Incremental EBIT in 2027
JetForward has Driven Transformational Change Across JetBlue, On-Track to Deliver $850 - $950M Incremental EBIT in 2027 Implemented Four 2027 ✓ JetForward Initiatives Priority In process of implementing Incremental Delivered $305M incremental EBIT in 2025 Moves EBIT (1) Targets ✓ Initiated multi-yea
Slide 15: Fort Lauderdale Delivered Positive RASM on Double Digit YoY Capacity Growth in 1Q
Fort Lauderdale Delivered Positive RASM on Double Digit YoY Capacity Growth in 1Q Bolstering FLL as a Point of Origin Announced or launched over 20 new routes and increased frequency on over 20 high-demand markets Growing International Connectivity Gaining additional access to international arrival
Slide 16: Blue Sky Accelerating and Expected to Deliver Significant 2026 Value
The JetBlue Way Forward | Our Strategic Evolution – Loyalty & Travel Brand | Returning to Historical Earnings Power Blue Sky Accelerating and Expected to Deliver Significant 2026 Value Loyalty – Enhancing the utility of points through reciprocal accrual and Implemented 4Q 2025 redemption for TrueBlu
Slide 17: JetForward Progress Driving Path to Positive Free Cash Flow and Restoring Balance Sheet Health
JetForward Progress Driving Path to Positive Free Cash Flow and Restoring Balance Sheet Health Long-Term Financial Priorities Target end of 2027 2028 and Beyond 1 2 3 Deliver Positive Generate Restore Balance Operating Margin Free Cash Flow Sheet Health • Moderating fuel prices, strong • Need positi
Slide 18: 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 19: Operating Expenses ex-fuel and CASM ex-fuel
Operating Expenses, excluding Fuel, Other Non-Airline Operating Expenses, and Special Items ("Operating Expenses ex-fuel") and Operating Expense ex-fuel per Available Seat Mile ("CASM ex-fuel") Operating Expense per Available Seat Mile ("CASM") is a common metric used in the airline industry. Our CA
Slide 20: Operating Expense, Operating Loss, Operating Margin, Pre-tax Loss, Net Loss excluding Special Items
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, Operating Expense, Operating Loss, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS (unaudited) Operating Margin, Pre-tax Loss, Pre-tax Three Month
Slide 21: Operating Expense, Operating Loss, Operating Margin, Pre-tax Loss, Net Loss (continued)
Operating Expense, Operating Loss, Operating Margin, Pre-tax Loss, Pre-tax Margin, Net Loss and Loss per Share, excluding Special Items and Gain on Investments (continued) NON-GAAP FINANCIAL MEASURE For the three months ended March 31, 2026 RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERAT
Slide 22: Appendix B: Order Book
Appendix B: Order Book JetBlue’s contractual aircraft deliveries for full year as of March 31, 2026: Aircraft Deliveries (1) A220 A321neo (2) Total (3) 2026 (4) 12 - 12 2027 7 - 7 2028 11 - 11 2029 10 - 10 2030 1 3 4 Thereafter - 41 41 (1) Our committed future aircraft deliveries are subject to chan
Slide 23: The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 23