Jetblue Airways Corporation · NASDAQ:JBLU
Jetblue Airways — Q2 2025 Earnings Presentation
20 slides from Jetblue Airways's earnings presentation, Jul 29, 2025
Slide 1: 2Q25 Earnings Presentation
2Q25 Earnings Presentation July 29, 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: 2Q25 Recap and JetForward Update
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 2Q25 Recap and JetForward Update Joanna Geraghty Chief Executive Officer 3
Slide 4: JetBlue delivered a positive operating margin
2Q25 2Q performance met or exceeded guidance (1) ranges • Strong peaks and close-in demand drove year-over-year RASM of (1.5%), JetBlue delivered exceeding our guidance range a positive • Continued progress on JetForward drove improved on-time performance (2) and operating margin completion factor i
Slide 5: JetForward: Our path to sustained profitability
JetForward: Our path to sustained profitability Increasing target by $50M to $850-950M (1) EBIT (2) through 2027 ~$175M $850 - $950M Unrealized Program highlights ~$450M $25M Realized as of July 1, 2025 Increased target $125M Realized a total of $90M ~$175M incremental EBIT in 1H25 $180M ~$100M $15M
Slide 6: Commercial Update and Outlook
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Commercial Update and Outlook Marty St. George President 6
Slide 7: Blue Sky increases 2027 JetForward EBIT target by $50M
Blue Sky increases 2027 JetForward EBIT target by $50M This is incremental to initial JetForward partnership assumption Traditional Interline Agreement – Expands our distribution reach and customer choice by cross-merchandising flights on one another’s website and app Loyalty – Enhancing the utility
Slide 8: Expecting close-in demand strength to carry into 3Q
Expecting close-in demand strength to carry into 3Q 2Q2025 vs. 2Q2024 2Q25 revenue results beat initial expectations • Demand characterized by strong peaks, elevated close-in demand and relatively weak troughs 1 2 • Revenue generated within 14 days of travel increased 7% YoY ASMs RASM • Easter and M
Slide 9: 3Q RASM guide reflects sequential improvement, when adjusting for transitory factors
3Q RASM guide reflects sequential improvement, when adjusting for transitory factors 2Q YoY 3Q YoY RASM RASM 3Q25 Implied (1) 2Q25 Actual YoY Easter + Newark 2Q25 Adjusted YoY 3Q25 Implied YoY Crowdstrike Adjusted YoY RASM Benefit RASM RASM Midpoint Headwind RASM Midpoint YoY capacity increases sequ
Slide 10: 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 10
Slide 11: Pratt & Whitney AOG forecast improving, supporting capital light growth trajectory
Pratt & Whitney AOG forecast improving, supporting capital light growth trajectory through the end of the decade Expected Average Annual Active Aircraft (1) Improving AOG forecast is enabling long-term capacity growth and a better CASM ex- fuel growth trajectory ~290 ~280 Taking action to optimize o
Slide 12: Executing on controllable costs
Executing on controllable costs CASM ex-Fuel (1),(2) YoY Growth Beat 2Q CASM-ex guidance • Mitigated close-in capacity reductions, beating midpoint of guidance, driven by: 6.5% to 4.0% to • Better-than-expected completion factor (~0.5 pts) 8.5% 6.0% 5.0% to • Cost reductions (~0.5 pts) – including r
Slide 13: Outlook summary
Outlook summary Guidance Estimated 3Q 2025 Estimated FY 2025 ASMs Year-over-Year (1.0%) – 2.0% (2.5%) – (0.5%) RASM Year-over-Year (6.0%) – (2.0%) – CASM ex-Fuel (1),(2) Year-over-Year 4.0% – 6.0% 5.0% – 7.0% Fuel Price per Gallon (3) $2.50 – $2.65 – Interest Expense – ~$600 million Capital Expendit
Slide 14: Appendix
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Appendix 14
Slide 15: 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 16: Operating expense per available seat mile, excluding fuel (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 17: Reconciliation of operating expense, operating income, and pre-tax income excluding special items
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, OPERATING INCOME (LOSS), OPERATING MARGIN, PRE-TAX INCOME (LOSS), PRE-TAX Operating expense, operating income MARGIN, NET INCOME (LOSS), EARNINGS (LOSS) PER SHARE, EXCLUDING SPECIAL ITEMS, AND GAIN (LOSS) ON INVESTMENTS (unaudited) (los
Slide 18: Reconciliation of net income and earnings per share excluding special items (continued)
Operating expense, operating income NON-GAAP FINANCIAL MEASURE (loss), operating margin, pre-tax RECONCILIATION OF OPERATING EXPENSE, OPERATING INCOME (LOSS), OPERATING MARGIN, PRE-TAX INCOME (LOSS), PRE-TAX income (loss), pre-tax margin, net MARGIN, NET INCOME (LOSS), EARNINGS (LOSS) PER SHARE, EXC
Slide 19: Appendix B: Order Book
Appendix B: Order Book JetBlue’s aircraft deliveries for full year as of June 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 on mod
Slide 20: The JetBlue Way Forward
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power