Slide 1: 2Q26 Earnings Presentation
2Q26 Earnings Presentation July 28, 2026
Slide 2: Safe Harbor
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Safe Harbor This Earnings Release 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 cov
Slide 3: 2Q26 Recap
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 2Q26 Recap Joanna Geraghty Chief Executive Officer 3
Slide 4: Strong 2Q Execution Reinforces Path to Sustained Profitability
Revenue Strength and Cost Discipline Drove 2Q Outperformance • RASM increased 10.9% YoY and CASM ex-fuel (1) increased 2.4% YoY, both ahead of revised guidance midpoints (2) despite elevated fuel prices and ATC constraints Improved Visibility Supports the Second-Half Outlook • Recaptured nearly 50%
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: Resilient Demand and Disciplined Execution Strengthen 3Q Revenue
Resilient Demand and Disciplined Execution Strengthen 3Q Revenue RASM YOY Growth Broad-Based Demand Strength Drove 2Q Outperformance 12.5% to 16.5% 10.9% • Strategic commercial execution accelerated fuel recapture while maintaining strong 9.0% to 12.0% demand momentum across the booking curve • Refr
Slide 7: Fort Lauderdale Delivered 11% RASM on Nearly 40% YoY Capacity Growth
Fort Lauderdale Delivered 11% RASM on Nearly 40% YoY Capacity Growth Broader Reach and Connectivity from FLL Improved products, network relevance, and execution drive increased loyalty and RASM Greater Loyalty engagement offers opportunities to fly, earn and redeem, deepening TrueBlue® engagement an
Slide 8: JetForward Initiatives Expected to Ramp to ~$1.2B in 2028
JetForward Initiatives Expected to Ramp to ~$1.2B in 2028 Builds on 2027 JetForward target of $850M-$950M annual incremental EBIT (1) ~$1.2B Unrealized Realized through 1H 2026 ~$175M $850 - $950M ~$450M $115M $240M ~$175M ~$100M $470M $470M $90M $25M 2027 2028 Notable for 1H Reliable & Best East Co
Slide 9: Blue Sky Momentum Builds as Paisly Scales Across Travel
Blue Sky Momentum Builds as Paisly Scales Across Travel Blue Sky Partnership Value Drivers Paisly Travel Platform Launch Loyalty utility – Reciprocal earn and redemption Broader platform reach – Paisly independently powers 1 1 expand utility for TrueBlue® and MileagePlus® members TrueBlue TravelTM,
Slide 10: Upcoming BlueFirst Launch Completes Onboard Product Evolution
Upcoming BlueFirstTM Launch Completes Onboard Product Evolution And Expected to Drive ~5pts RASM Improvement in Steady State Illustrative Non-Mint® Aircraft Onboard Product Evolution Future Blue Even Main State First More Current ✓ Implemented Even State More Core Optimizing Cabin Space to Deliver t
Slide 11: 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 11
Slide 12: 2Q Execution Supports Improving Second-Half Outlook
2Q Execution Supports Improving Second-Half Outlook CASM ex-Fuel (1) 2Q Cost Execution Outperformed Expectations YoY Growth • CASM ex-fuel rose 2.4% YoY, 1.6pts better than revised guidance midpoint, on strong execution and a shift in timing of expenses 3.0% to 5.0% 2.5% to 4.5% 2.4% Fuel Recapture
Slide 13: Full Year Guidance Reestablished With 2H RASM Exceeding CASM-ex by Double Digits
Full Year Guidance Reestablished With 2H RASM Exceeding CASM-ex by Double Digits Guidance Estimated 3Q 2026 Estimated FY 2026 ASMs Year-over-Year 3.0% – 6.0% 1.5% – 3.5% RASM Year-over-Year 12.5% – 16.5% 10.0% – 12.5% CASM ex-Fuel (1) Year-over-Year 2.5% – 4.5% 2.0% – 4.0% Fuel Price per Gallon (2)
Slide 14: JetForward and Long-Term Vision
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power JetForward and Long-Term Vision 14
Slide 15: JetForward continues building beyond 2027 and supports Path to at Least $1.00 EPS in 2028
JetForward continues building beyond 2027 and supports Path to at Least $1.00 EPS in 2028 2027 JetForward target Existing JetForward initiatives 2028 JetForward target continue ramping, led by BlueFirstTM $850M-$950M + +$300M = ~$1.2B annual incremental EBIT vs. 2024 incremental EBIT vs. 2027 result
Slide 16: JetForward Execution Supports Margin Recovery and Path to Achieving 2028 EPS Target
JetForward Execution Supports Margin Recovery and Path to Achieving 2028 EPS Target Long-Term Financial Priorities 1 2 3 Deliver Positive Achieve Positive Free Strengthen Operating Margin Cash Flow Balance Sheet Improve leverage and reduce Operating margin progression End of 2027 and into 2028 inter
Slide 17: Appendix
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Appendix 17
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 Income (Loss), Operating Margin, Pre-tax Loss, Net Loss
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, OPERATING INCOME (LOSS), OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS Operating Expense, Operating Income PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS (Loss), Operating Margin, Pre-tax Loss, (unaudited) T
Slide 21: Reconciliation (continued): Loss per Share Calculation
Operating Expense, Operating Income NON-GAAP FINANCIAL MEASURE (Loss), Operating Margin, Pre-tax Loss, RECONCILIATION OF OPERATING EXPENSE, OPERATING INCOME (LOSS), OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS Pre-tax Margi
Slide 22: Appendix B: Order Book
Appendix B: Order Book JetBlue’s contractual aircraft deliveries for full year as of June 30, 2026: Aircraft Deliveries (1) A220 A321neo (2) Total (3) 2026 (4) 12 - 12 2027 7 - 7 2028 11 - 11 2029 10 - 10 2030 1 2 3 Thereafter - 42 42 (1) Aircraft delivery timing and related committed expenditures a
Slide 23: The JetBlue Way Forward
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 23