Jetblue Airways Corporation · NASDAQ:JBLU
Jetblue Airways — Q4 2025 Earnings Presentation
21 slides from Jetblue Airways's earnings presentation, Jan 27, 2026
Slide 1: 4Q25 Earnings Presentation
4Q25 Earnings Presentation January 27, 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: 2025 Recap
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 2025 Recap Joanna Geraghty Chief Executive Officer 3
Slide 4: 2025 Year in Review
2025 Year in Review Progressed JetForward transformation, delivering $305M of incremental EBIT (1) • Net Promoter Score (NPS) increased eight points year-over-year (YoY) as investments in operational reliability ramped • Introduced collaboration with United Airlines, called Blue Sky, and launched in
Slide 5: Continued to Execute on JetForward
4Q25 4Q demand remained healthy even with disruption challenges • 4Q YoY RASM finished positive, 2.2pts better than guidance midpoint (1), driven by strong underlying demand, and ancillary and loyalty revenue performing above Continued to expectations Execute on • Hurricane Melissa, government shutd
Slide 6: Commercial Update, JetForward Progress and Outlook
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Commercial Update, JetForward Progress and Outlook Marty St. George President 6
Slide 7: Solid Demand Momentum Supporting 2026 RASM Improvement
Solid Demand Momentum Supporting 2026 RASM Improvement 4Q25 vs. 4Q24 YoY Unit Revenue Positive in 4Q; 3pts Better Than Prior Quarter ASMs • RASM beat midpoint of guidance by 2.2pts driven by underlying demand strength RASM • Flight ancillary revenue performed well, supported by JetForward initiative
Slide 8: JetForward: Our path to sustained profitability
JetForward: Our path to sustained profitability Delivered $305M of incremental EBIT in 2025 Unrealized $850 - $950M (1) Program highlights ~$175M Realized during 2025 ~$450M $60M $185M $305M Realized a total of $305M ~$175M ~$100M incremental EBIT in 2025 $35M $25M inclusive of $90M first captured i
Slide 9: Blue Sky Accelerating and Expected to Deliver Significant 2026 Value
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 TrueBlue® and MileagePlus® customers Traditional Interline Agreement – Expanding our distribution Anticipated implementatio
Slide 10: JetForward Initiatives Expected to Drive 2026 RASM Growth
TBU JetForward Initiatives Expected to Drive 2026 RASM Growth YoY RASM Build to 2026 Guidance Midpoint +0.5pts 3.5% +0.75pts +0.75pts +1.0pts 0.5% Loyalty Blue Sky and Paisly 2026 RASM YoY (Midpoint) Macro Product Enhancements Network and Reliability Product 2026 YoY RASM Base RASM Loyalty Blue Sky
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: Effective Cost Control to Support Low Unit Cost Growth in 2026
Effective Cost Control to Support Low Unit Cost Growth in 2026 Achieved 2025 CASM ex-Fuel In-Line With Initial Guidance CASM ex-Fuel (1) YoY Growth • Effectively managed costs following proactive reduction of 2pts of annual capacity • Disruptions reduced 4Q capacity by nearly 2pts, resulting in over
Slide 13: 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 2026 and Beyond End of 2027 2028 and Beyond 1 2 3 Deliver Positive Generate Restore Balance Operating Margin Free Cash Flow Sheet Health • Path to breakeven operating • Strat
Slide 14: Outlook Supports Breakeven or Better Operating Profitability in 2026
Outlook Supports Breakeven or Better Operating Profitability in 2026 Guidance Estimated 1Q 2026 Estimated FY 2026 ASMs Year-over-Year 0.5% - 3.5% 2.5% - 4.5% RASM Year-over-Year 0.0% - 4.0% 2.0% - 5.0% CASM ex-Fuel (1) Year-over-Year 3.5% - 5.5% 1.0% - 3.0% Fuel Price per Gallon (2),(3) $2.27 - $2.4
Slide 15: Appendix
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Appendix 15
Slide 16: 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 17: 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 18: Reconciliation of operating expense, operating income, margin, and net loss
Non-GAAP Financial Measure RECONCILIATION OF OPERATING EXPENSE, OPERATING INCOME (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 Operating expense, operating income EXTINGUISHMENTS (unaudited, in m
Slide 19: Reconciliation of operating expense and loss per share (continued)
Non-GAAP Financial Measure RECONCILIATION OF OPERATING EXPENSE, OPERATING INCOME (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 Operating expense, operating EXTINGUISHMENTS (CONTINUED) income (los
Slide 20: Appendix B: Order Book
Appendix B: Order Book JetBlue’s contractual aircraft deliveries for full year as of December 31, 2025: Aircraft Deliveries (1) A220 A321neo (2) Total (3) 2026 14 - 14 2027 5 - 5 2028 11 - 11 2029 10 - 10 2030 1 3 4 Thereafter - 41 41 (1) Our committed future aircraft deliveries are subject to chang
Slide 21: The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 21