false000115846300011584632026-01-272026-01-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 27, 2026
jetblue-logob76.jpg
JETBLUE AIRWAYS CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware000-4972887-0617894
(State or other jurisdiction of incorporation) (Commission File Number)(I.R.S. Employer Identification No.)
27-01 Queens Plaza North
Long Island City
New York
11101
(Address of principal executive offices)  (Zip Code)
(718) 286-7900
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueJBLUThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.
On January 27, 2026 we issued a press release announcing our financial results for the fourth quarter ended December 31, 2025. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.
The information included under Item 2.02 of this report (including the exhibits) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 7.01 Regulation FD Disclosure.
On January 27, 2026 we provided an update for investors presenting information relating to our financial outlook for the first quarter ending March 31, 2026 and full year 2026, and other information regarding our business. The update and materials to be used in conjunction with the presentation are furnished herewith as Exhibit 99.2 and Exhibit 99.3 and are incorporated herein by reference.
The information included under Item 7.01 of this report (including the exhibits) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
 
Exhibit
Number		  Description
  
Press Release dated January 27, 2026 of JetBlue Airways Corporation announcing financial results for the fourth quarter ended December 31, 2025.
Investor Update dated January 27, 2026 of JetBlue Airways Corporation.
Earnings Presentation dated January 27, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

JETBLUE AIRWAYS CORPORATION
(Registrant)
Date:January 27, 2026By:/s/ Dawn Southerton
Dawn Southerton
Vice President, Controller
(Principal Accounting Officer)
    Ex 99.1 - Earnings Release




JETBLUE ANNOUNCES FOURTH QUARTER 2025 RESULTS
Progress on JetForward Delivered $305M of Incremental EBIT (1) in 2025
Operational Reliability and Customer Satisfaction Improved for Second Consecutive Year
Positioned for Significant Margin Improvement in 2026
NEW YORK (January 27, 2026) - JetBlue Airways Corporation (NASDAQ: JBLU) today reported its financial results for the fourth quarter of 2025.
"2025 marked a meaningful step forward for JetBlue," said Joanna Geraghty, JetBlue’s chief executive officer. "In the first full year of JetForward, we made measurable progress improving reliability, strengthening customer satisfaction, and advancing our strategic priorities, even amid a challenging operating environment. While macroeconomic uncertainty impeded our return to profitability in 2025, we have proof points JetForward is working and positioning us for improved financial performance in 2026. I want to thank our 23,000 crewmembers, your commitment to caring for our customers and each other, despite many unexpected challenges we faced throughout the year, is truly inspiring."
"We saw strong underlying demand during the quarter and I’m very encouraged this momentum has carried forward into early 2026. Additionally, I am optimistic the constructive macroeconomic environment and industry capacity backdrop entering the year will support continued improvement," said Marty St. George, JetBlue’s president. "We have many exciting initiatives rolling out this year, including executing critical implementation milestones for our Blue Sky collaboration with United, opening our Boston lounge and rolling out domestic first class."
JetForward Continues Driving Results, On-Track to Deliver $850 - $950 Million Target for 2027
JetForward delivered $305 million of incremental EBIT contribution in 2025, exceeding expectations for $290 million of incremental EBIT during the first full calendar year of the program. Performance across all four priority moves continues to drive results:
•Reliable & Caring Service
◦Improved all key reliability metrics year-over-year for the second consecutive year, with on-time departures improving nearly two points.
◦Net Promoter Score increased eight points year-over-year and 17 points over the past two years.
•Best East Coast Leisure Network
◦Continued progress executing and ramping capacity redeployments.
◦Strategic capacity additions in Fort Lauderdale performed better than expected, as we regained our position as the airport’s largest airline.
•Products & Perks Customers Value
◦Preferred seating and EvenMore® continued to outperform expectations.
◦Premium co-branded credit card sign-ups exceeded year one targets.
◦Opened JetBlue's first airport lounge, BlueHouse, at JFK's Terminal 5.
•A Secure Financial Future
◦Improved tools and utilization of AI to optimize planning, better manage disruptions and enable greater self-service.
◦Strengthened efficiencies on support center fixed costs.
◦Modernizing fuel processes, unlocking cost savings through technology, process and operational initiatives.
◦Strategically reduced 2026-2029 capital expenditures by ~$3 billion since 2023.
JetForward is targeting $310 million of additional incremental EBIT in 2026, which will keep JetBlue on track to deliver $850 to $950 million of incremental EBIT for 2027.


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Fourth Quarter 2025 Financial Results and Highlights
•Capacity decreased by 1.6% year-over-year.
•Operating revenue of $2.2 billion for the fourth quarter of 2025, down 1.5% year-over-year.
•Operating revenue per available seat mile ("RASM") increased 0.2% year-over-year, better than guidance range of a decrease of 4.0% to flat, driven by underlying demand strength, coupled with loyalty, ancillaries, and other revenue exceeding expectations.
•Operating expense per available seat mile ("CASM") for the fourth quarter of 2025 increased 5.4% year-over-year.
•Operating expense per available seat mile, excluding fuel, other non-airline operating expenses, and special items ("CASM ex-Fuel") (2) for the fourth quarter of 2025 increased 6.7% year-over-year.
•Average fuel price in the fourth quarter of 2025 of $2.51 per gallon.
•Capital expenditures, including predelivery deposits, in the fourth quarter totaled $345 million.
•Ended the quarter with $2.5 billion of liquidity, or ~27% of trailing twelve-month revenue, excluding our $600 million revolving credit facility.
Full Year 2025 Financial Results
•Capacity decreased by 1.6% year-over-year.
•Operating revenue of $9.1 billion in 2025, down 2.3% year-over-year.
•Operating revenue per available seat mile ("RASM") decreased 0.7% year-over-year.
•Operating expense per available seat mile ("CASM") for 2025 decreased 3.8% year-over-year.
•Operating expense per available seat mile, excluding fuel, other non-airline operating expenses, and special items ("CASM ex-Fuel") (2) for 2025 increased 6.2% year-over-year versus our initial range from January 2025 of up 5 to 7%.
•Average fuel price in 2025 of $2.49 per gallon.
•Capital expenditures, including predelivery deposits, for the full year 2025 totaled $1.1 billion.
Full Year 2025 Commercial Highlights
•Announced Blue Sky collaboration with United Airlines, designed to accelerate JetForward.
•As part of Blue Sky, launched reciprocal loyalty accrual and redemption with United to increase the value of TrueBlue® points and bring more value to our TrueBlue® members.
•According to third-party business partner data, JetBlue's TrueBlue® program was the highest ranked airline loyalty program for customer satisfaction.
•Recognized as the top airline for first/business class customer satisfaction according to J.D. Power (3).
•Executed definitive agreements to sell our remaining Embraer E190 fleet as well as two Airbus A321neo XLR deliveries, a meaningful step in our fleet modernization and simplification plan.
•Announced our agreement with Amazon Leo to provide faster and more reliable connectivity to our on-board Wi-Fi, furthering our leadership in onboard connectivity. The roll-out is expected to begin in 2027.
•Sold assets from our JetBlue Technology Ventures subsidiary to SKY Leasing – a unique transaction that allows us to retain the up-side of the investment portfolio and other benefits, including continued access to cutting-edge companies, with greatly reduced costs.


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Outlook
"In 2025, our team stayed focused on what we could control, adjusting capacity, managing costs, and continuing to execute JetForward despite a challenging backdrop,” said Ursula Hurley, JetBlue’s chief financial officer. "Delivering meaningful incremental JetForward EBIT while holding unit costs within our original expectations demonstrates the discipline we are building across the business."
First Quarter and Full Year 2026 OutlookEstimated 1Q 2026Estimated FY 2026
Available Seat Miles ("ASMs") Year-Over-Year0.5% - 3.5%2.5% - 4.5%
RASM Year-Over-Year0.0% - 4.0%2.0% - 5.0%
CASM Ex-Fuel (2) Year-Over-Year
3.5% - 5.5%1.0% - 3.0%
Fuel Price per Gallon (4), (5)
$2.27 - $2.42$2.17 - $2.37
Adjusted Operating Margin (2)
-Breakeven or better
Interest Expense-~$580 million
Capital Expenditures (6)
~$200 million~$900 million
Note: FY 2026 guidance assumes mid-single digit average aircraft on ground due to GTF engine issues. Guidance excludes the impact of Winter Storm Fern.
"As we look ahead, we are focused on translating this progress into improved profitability. We are returning to growth, our JetForward initiatives are ramping with more to come this year, and our cost growth is low - all supporting a path to breakeven or better operating profitability," said Ursula Hurley.
Earnings Call Details
JetBlue will conduct a conference call to discuss its quarterly earnings today, January 27, 2026 at 10:00 a.m. Eastern Time. A live broadcast of the conference call will also be available via the internet at http://investor.jetblue.com. The webcast replay and presentation materials will be archived on the company’s website.
For further details, see the fourth quarter 2025 Earnings Presentation available via the internet at http://investor.jetblue.com.
About JetBlue
JetBlue is New York's Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles, Orlando and San Juan. JetBlue, known for its low fares and great service, carries customers to more than 110 destinations throughout the United States, Latin America, the Caribbean, Canada and Europe. For more information and the best fares, visit jetblue.com.
Notes
(1)Management reviews the estimated amount of earnings before interest and taxes attributable to JetForward initiatives within a given period to evaluate progress against our financial and operational targets. Incremental EBIT reflects the estimated impact of strategic initiatives on profitability, such as partnerships, fleet optimization, network changes, and cost reduction programs.
(2)Non-GAAP financial measure; Note A provides a reconciliation of each non-GAAP financial measure used in this release to the most directly comparable GAAP financial measure and explains the reasons management believes that presentation of these non-GAAP financial measures provides useful information to investors regarding JetBlue's financial condition and results of operations. In addition, refer to Note A for further details on non-GAAP forward-looking information.
(3)J.D. Power 2025 North America Airline Satisfaction Study.
(4)Includes fuel taxes and other fuel fees.
(5)As of January 9, 2026, the first quarter fuel price estimate utilizes the forward Brent crude curve and the forward Brent crude to jet crack spread to calculate fuel price. The full year fuel price estimate utilizes the same methodology for the jet crack spread, and for crude utilizes a weighted combination of the forward Brent crude curve and consensus estimates.
(6)Capital expenditures exclude one Airbus A321neo XLR, which JetBlue has entered into an agreement to sell.
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Forward-Looking Information
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 covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Release are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "goals," "targets" or the negative of these terms or other similar expressions. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. Forward-looking statements contained in this Earnings Release include, without limitation, statements regarding our outlook and future results of operations and financial position, including our expected return to profitability, any expected headwinds, our use of artificial intelligence, our aircraft fleet, our product offerings and loyalty initiatives, and our business strategy and plans and objectives for future operations, such as our JetForward initiatives and its Blue Sky component. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; the risk associated with the execution of our strategic operating plans in the near-term and long-term; risks related to the long-term nature of our fleet order book; volatility in fuel prices and availability of fuel; increased maintenance costs associated with fleet age; costs associated with salaries, wages and benefits; risks associated with a potential material reduction in the rate of interchange reimbursement fees; risks associated with doing business internationally; our reliance on high daily aircraft utilization; our dependence on the New York metropolitan market; risks associated with extended interruptions or disruptions in service at our focus cities; risks associated with airport expenses; risks associated with seasonality and weather; our reliance on a limited number of suppliers for our aircraft, engines, and our Fly-Fi® product; risks related to new or increased tariffs, including those that impact commercial aircraft and related parts imported from outside the United States; the outcome of current or future legal proceedings or regulatory actions; risks associated with stockholder activism; risks associated with cybersecurity and privacy, including potential disruptions to our information technology systems or information security breaches; heightened regulatory requirements concerning data security compliance; risks associated with reliance on, and potential failure of, automated systems to operate our business; our inability to attract and retain qualified crewmembers; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; reputational and business risk from an accident or incident involving our aircraft; risks associated with damage to our reputation and the JetBlue brand name; our significant amount of fixed obligations and the ability to service such obligations; possible failure to comply with financial and other debt covenants included in the agreements governing our debt; financial risks associated with credit card processors; risks associated with seeking short-term additional financing liquidity; failure to realize the full value of intangible or long-lived assets, causing us to record impairments; limits on our ability to use certain tax attributes; risks associated with our development and use of AI-powered solutions; risks associated with disease outbreaks or environmental disasters affecting travel behavior; compliance with environmental laws and regulations, which may cause us to incur substantial costs; the impacts of federal budget constraints or federally imposed furloughs; impact of global climate change and legal, regulatory or market response to such change; increasing scrutiny of, and evolving expectations regarding, environmental matters; changes in government regulations in our industry; acts of war or terrorism; and changes in global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs, and assumptions upon which we base our expectations may change prior to the end of each quarter or year.
Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this Earnings Release, could cause our results to differ materially from those expressed in the forward- looking statements. Further information concerning these and other factors is contained in JetBlue's filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to in our Annual Report on Form 10-K for the year ended December 31, 2024, as may be updated by our other SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025, to be filed with the SEC. In light of these risks and uncertainties, the forward-looking events discussed in this Earnings Release might not occur. Our forward-looking statements speak only as of the date of this Earnings Release. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.
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JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
(percent changes based on unrounded numbers)20252024Percent Change20252024Percent Change
OPERATING REVENUES
Passenger$2,053 $2,100 (2.2)$8,336 $8,617 (3.3)
Other191 177 7.6 726 662 9.6 
Total operating revenues2,244 2,277 (1.5)9,062 9,279 (2.3)
OPERATING EXPENSES
Aircraft fuel 503 509 (1.1)2,057 2,343 (12.2)
Salaries, wages and benefits874 828 5.5 3,453 3,263 5.8 
Landing fees and other rents149 141 5.4 658 659 (0.1)
Depreciation and amortization176 168 4.4 688 655 5.0 
Aircraft rent14 19 (22.9)74 92 (19.1)
Sales and marketing80 83 (3.2)305 328 (7.0)
Maintenance, materials and repairs193 185 4.1 791 628 26.0 
Special items1 1 44.8 30 591 (94.9)
Other operating expenses354 326 8.6 1,374 1,404 (2.2)
Total operating expenses2,344 2,260 3.7 9,430 9,963 (5.3)
OPERATING INCOME (LOSS)(100)17 
NM (1)
(368)(684)(46.2)
Operating margin(4.5)%0.7 %(5.2)pts.(4.1)%(7.4)%3.3 pts.
OTHER INCOME (EXPENSE)
Interest expense(147)(150)(2.5)(588)(365)60.8 
Interest income26 44 (41.8)127 111 14.4 
Capitalized interest1 3 (61.0)9 15 (42.2)
Gain (loss) on investments, net6 (1)NM18 (27)NM
Gain on debt extinguishments— — — — 22 NM
Other1 5 (78.7)28 31 (8.2)
Total other expense(113)(99)13.7 (406)(213)90.8 
LOSS BEFORE INCOME TAXES(213)(82)NM(774)(897)(13.7)
Pre-tax margin(9.5)%(3.6)%(5.9)pts.(8.5)%(9.7)%1.2 pts.
Income tax benefit36 38 (4.3)172 102 69.6 
NET LOSS$(177)$(44)NM$(602)$(795)(24.3)
LOSS PER COMMON SHARE:
Basic$(0.48)$(0.13)$(1.66)$(2.30)
Diluted$(0.48)$(0.13)$(1.66)$(2.30)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic368.5 351.4 362.1 346.0 
Diluted368.5 351.4 362.1 346.0 
(1) Not meaningful or greater than 100% change.
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JETBLUE AIRWAYS CORPORATION
COMPARATIVE OPERATING STATISTICS
(unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
(percent changes based on unrounded numbers)20252024Percent Change20252024Percent Change
Revenue passengers (thousands)9,718 9,942 (2.2)39,336 40,498 (2.9)
Revenue passenger miles (RPMs) (millions)12,935 13,273 (2.5)53,535 54,958 (2.6)
Available seat miles (ASMs) (millions)15,881 16,142 (1.6)65,007 66,082 (1.6)
Load factor81.5 %82.2 %(0.7)pts.82.4 %83.2 %(0.8)pts.
Aircraft utilization (hours per day) (1)
9.7 9.8 (1.0)9.9 10.1 (2.0)
Average fare$211.23 $211.18 — $211.93 $212.78 (0.4)
Yield per passenger mile (cents)15.87 15.82 0.3 15.57 15.68 (0.7)
Passenger revenue per ASM (cents)12.93 13.01 (0.6)12.82 13.04 (1.7)
Operating revenue per ASM (cents) (RASM)14.13 14.11 0.2 13.94 14.04 (0.7)
Operating expense per ASM (cents)14.76 14.00 5.4 14.51 15.08 (3.8)
Operating expense per ASM, excluding fuel (cents) (2)
11.49 10.76 6.7 11.20 10.55 6.2 
Departures76,407 78,826 (3.1)308,985 319,987 (3.4)
Average stage length (miles)1,282 1,278 0.3 1,301 1,287 1.1 
Average number of operating aircraft during period (1)
285 288 (1.0)287 286 0.3 
Average fuel cost per gallon$2.51 $2.47 1.6 $2.49 $2.75 (9.3)
Fuel gallons consumed (millions)201 206 (2.6)826 853 (3.2)
Fuel efficiency (ASMs per fuel gallon)79 78 1.0 79 77 1.6 
Average number of full-time equivalent crewmembers19,412 19,179 1.2 19,259 19,822 (2.8)
(1) Includes aircraft temporarily removed from service, including aircraft impacted by the Pratt & Whitney engine groundings and lack of engine availability.
(2) Refer to Note A at the end of our Earnings Release for more information on this non-GAAP financial measure.




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JETBLUE AIRWAYS CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(in millions)
December 31, 2025December 31, 2024
(unaudited)
Cash and cash equivalents$1,946 $1,921 
Total investment securities531 2,025 
Total assets16,570 16,841 
Total debt8,498 8,539 
Stockholders' equity2,120 2,641 

JETBLUE AIRWAYS CORPORATION
SELECTED CONSOLIDATED CASH FLOWS DATA
(in millions)
December 31,
20252024
(unaudited)
Capital expenditures and pre-delivery deposits for flight equipment$(1,122)
(1)
$(1,619)

(1) Capital expenditures and pre-delivery deposits for 2025 consisted of $187 million in Q1 2025, $309 million in Q2 2025, $281 million in Q3 2025, and $345 million in Q4 2025, totaling $1.1 billion year-to-date. 2025 Capital expenditures include charges related to one Airbus A321 neo XLR which JetBlue has entered into an agreement to sell. Q4 guidance of $300 million and full year guidance of $1.1 billion as of October 28, 2025 excluded this Airbus A321neo XLR.
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Note A - Non-GAAP Financial Measures
We report our financial results in accordance with GAAP; however, we present certain non-GAAP financial measures in this Earnings Release. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with GAAP. We present these non-GAAP financial measures because we believe they provide useful supplemental information that enables a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides an explanation of each non-GAAP financial measure used in this Earnings Release and shows a reconciliation of certain non-GAAP financial measures used in this Earnings Release to the most directly comparable GAAP financial measures.
With respect to JetBlue’s CASM Ex-Fuel (1) and Adjusted Operating Margin (2) Guidance, JetBlue is not able to provide a reconciliation of forward-looking measures where the quantification of certain excluded items reflected in the measure cannot be calculated or predicted at this time without unreasonable efforts. In these cases, the reconciling information that is unavailable includes a forward-looking range of financial performance measures beyond our control, such as fuel costs, which are subject to many economic and political factors beyond our control. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and potentially significant impact on our future GAAP financial results.
(1) CASM Ex-Fuel is a non-GAAP measure that excludes fuel, other non-airline operating expenses, and special items.
(2) Adjusted Operating Margin is a non-GAAP measure that excludes special items.

























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Operating expense per available seat mile, excluding fuel, other non-airline operating expenses, and special items ("CASM ex-fuel")
Our CASM for the relevant periods are summarized in the table below. We exclude aircraft fuel, operating expenses related to other non-airline businesses, such as Paisly (f/k/a JetBlue Travel Products) and JetBlue Technology Ventures (JBV), and special items from total operating expenses to determine Operating Expenses ex-fuel, which is a non-GAAP financial measure, and we exclude the same items from CASM to determine CASM ex-fuel, which is also a non-GAAP financial measure. We believe the impact of these special items distorts our overall trends and that our metrics are more comparable with the presentation of our results excluding such impact.
We believe Operating Expenses ex-fuel and CASM ex-fuel are useful for investors because they provide investors the ability to measure our financial performance excluding items that are beyond our control, such as fuel costs, which are subject to many economic and political factors, as well as items that are not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses and special items. We believe these non-GAAP measures are more indicative of our ability to manage airline costs and are more comparable to measures reported by other major airlines.
Special items for 2025 include severance expenses and other special items.
Special items for 2024 included Spirit-related costs, union contract costs, severance expenses, Embraer E190 fleet transition costs, and other special items.
The table below provides a reconciliation of our total operating expenses ("GAAP measure") to Operating Expenses ex-fuel, and our CASM to CASM ex-fuel for the periods presented.
NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM), EXCLUDING FUEL
(unaudited)
Three Months Ended December 31,
$Cents per ASM
($ in millions; per ASM data in cents; percent changes based on unrounded numbers)20252024Percent Change20252024Percent Change
Total operating expenses$2,344$2,2603.7 14.7614.00 5.4 
Less:
Aircraft fuel503509(1.1)3.173.15 0.6 
Other non-airline expenses151316.0 0.090.08 17.9 
Special items1144.8 0.010.01 47.2 
Operating expenses, excluding fuel$1,825$1,7375.0 11.4910.76 6.7 
Twelve Months Ended December 31,
$Cents per ASM
($ in millions; per ASM data in cents; percent changes based on unrounded numbers)20252024Percent Change20252024Percent Change
Total operating expenses$9,430$9,963(5.3)14.5115.08 (3.8)
Less:
Aircraft fuel2,0572,343(12.2)3.163.55 (10.8)
Other non-airline expenses65608.9 0.100.09 10.7 
Special items30591(94.9)0.050.89 (94.9)
Operating expenses, excluding fuel$7,278$6,9694.4 11.2010.55 6.2 
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Operating Expense, Operating Income (Loss), Operating Margin, Pre-tax Loss, Pre-tax Margin, Net Loss and Loss per Share, excluding Special Items, Gain (Loss) on Investments and Gain on Debt Extinguishments
Our GAAP results in the applicable periods were impacted by charges that were deemed special items.
Special items for 2025 include severance expenses and other special items.
Special items for 2024 included Spirit-related costs, union contract costs, severance expenses, Embraer E190 fleet transition costs, and other special items.
Certain gains and losses on our investments, net were also excluded from our 2025 and 2024 GAAP results. Additionally, the gain on debt extinguishments was also excluded from our 2024 GAAP results.
We believe the impact of these items distort our overall trends and that our metrics are more comparable with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impact of these items for the periods presented.





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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 EXTINGUISHMENTS
(unaudited, in millions)
Three Months Ended December 31,Twelve Months Ended December 31,
2025202420252024
Total operating revenues$2,244 $2,277 $9,062 $9,279 
RECONCILIATION OF OPERATING EXPENSE
Total operating expenses$2,344 $2,260 $9,430 $9,963 
Less: Special items1 1 30 591 
Total operating expenses excluding special items$2,343 $2,259 $9,400 $9,372 
RECONCILIATION OF OPERATING INCOME (LOSS)
Operating income (loss)$(100)$17 $(368)$(684)
Add back: Special items1 1 30 591 
Operating income (loss) excluding special items
$(99)$18 $(338)$(93)
RECONCILIATION OF OPERATING MARGIN
Operating margin(4.5)%0.7 %(4.1)%(7.4)%
Operating income (loss) excluding special items$(99)$18 $(338)$(93)
Total operating revenues2,244 2,277 9,062 9,279 
Adjusted operating margin(4.4)%0.8 %(3.7)%(1.0)%
RECONCILIATION OF PRE-TAX LOSS
Loss before income taxes$(213)$(82)$(774)$(897)
Add back: Special items1 1 30 591 
Less: Gain (loss) on investments, net6 (1)18 (27)
Less: Gain on debt extinguishments— — — 22 
Loss before income taxes excluding special items, gain (loss) on investments and gain on debt extinguishments$(218)$(80)$(762)$(301)
RECONCILIATION OF PRE-TAX MARGIN
Pre-tax margin(9.5)%(3.6)%(8.5)%(9.7)%
Loss before income taxes excluding special items$(218)$(80)$(762)$(301)
Total operating revenues2,244 2,277 9,062 9,279 
Adjusted pre-tax margin(9.7)%(3.5)%(8.4)%(3.2)%
RECONCILIATION OF NET LOSS
Net loss$(177)$(44)$(602)$(795)
Add back: Special items1 1 30 591 
Less: Income tax benefit related to special items (1)
— 30 7 45 
Less: Gain (loss) on investments, net6 (1)18 (27)
Less: Income tax benefit (expense) related to gain (loss) on investments, net(1)— (4)6 
Less: Gain on debt extinguishments— — — 22 
Less: Income tax expense related to gain on debt extinguishments— — — (5)
Net loss excluding special items, gain (loss) on investments and gain on debt extinguishments$(181)$(72)$(593)$(245)
(1) Fourth quarter 2024 income tax benefit relates to a reassessment of the valuation allowance related to the tax impact of the Spirit transaction costs originally recorded in March 2024 due to the termination of the Merger Agreement.
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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 EXTINGUISHMENTS (CONTINUED)
(unaudited)
Three Months Ended December 31,Twelve months ended December 31,
CALCULATION OF LOSS PER SHARE2025202420252024
Loss per common share
Basic$(0.48)$(0.13)$(1.66)$(2.30)
Add back: Special items— — 0.08 1.71 
Less: Income tax benefit related to special items (1)
— 0.08 0.02 0.13 
Less: Gain (loss) on investments, net0.01 — 0.05 (0.08)
Less: Income tax benefit (expense) related to gain (loss) on investments, net— — (0.01)0.02 
Less: Gain on debt extinguishments— — — 0.06 
Less: Income tax expense related to gain on debt extinguishments— — — (0.01)
Basic excluding special items, gain (loss) on investments and gain on debt extinguishments$(0.49)$(0.21)$(1.64)$(0.71)
Loss per common share
Diluted$(0.48)$(0.13)$(1.66)$(2.30)
Add back: Special items— — 0.08 1.71 
Less: Income tax benefit related to special items (1)
— 0.08 0.02 0.13 
Less: Gain (loss) on investments, net0.01 — 0.05 (0.08)
Less: Income tax benefit (expense) related to gain (loss) on investments, net— — (0.01)0.02 
Less: Gain on debt extinguishments— — — 0.06 
Less: Income tax expense related to gain on debt extinguishments— — — (0.01)
Diluted excluding special items, gain (loss) on investments and gain on debt extinguishments$(0.49)$(0.21)$(1.64)$(0.71)
(1) Fourth quarter 2024 income tax benefit relates to a reassessment of the valuation allowance related to the tax impact of the Spirit transaction costs originally recorded in March 2024 due to the termination of the Merger Agreement.

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CONTACTS
JetBlue Investor Relations
Tel: +1 718 709 2202
ir@jetblue.com

JetBlue Corporate Communications
Tel: +1 718 709 3089
corpcomm@jetblue.com
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Investor Update: January 27, 2026

This update provides JetBlue’s investor guidance for the first quarter ending March 31, 2026 and full year 2026.

First Quarter and Full Year 2026 Outlook
Estimated 1Q 2026
Estimated FY 2026
Capacity and Revenue
Available Seat Miles ("ASMs") Year-Over-Year0.5% - 3.5%2.5% - 4.5%
RASM Year-Over-Year0.0% - 4.0%2.0% - 5.0%
Expense
CASM Ex-Fuel (1) Year-Over-Year
3.5% - 5.5%1.0% - 3.0%
Fuel Price per Gallon (2), (3)
$2.27 - $2.42$2.17 - $2.37
Adjusted Operating Margin (1)
-Breakeven or better
Interest Expense-~$580 million
Capital Expenditures (4)
~$200 million~$900 million

(1) Non-GAAP financial measure; refer to Note A for further details on non-GAAP forward looking information.
(2) Includes fuel taxes and other fuel fees.
(3) As of January 9, 2026, the first quarter fuel price estimate utilizes the forward Brent crude curve and the forward Brent crude to jet crack spread to calculate fuel price. The full year fuel price estimate utilizes the same methodology for the jet crack spread, and for crude utilizes a weighted combination of the forward Brent crude curve and consensus estimates.
(4) Capital expenditures exclude one Airbus A321neo XLR, which JetBlue has entered into an agreement to sell.
Note: FY 2026 guidance assumes mid-single digit average aircraft on ground due to GTF engine issues. Guidance excludes the impact of Winter Storm Fern.

JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com
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Order Book

As of December 31, 2025 JetBlue’s operating fleet was comprised of 129 Airbus A320 aircraft, 100 Airbus A321, and 59 Airbus A220, for a total of 288 aircraft. This total includes aircraft that have been temporarily removed from service, including four aircraft impacted by the Pratt & Whitney engine groundings. All aircraft temporarily removed from service are expected to return to operation in the future.

During the third quarter, we marked the official retirement of our Embraer E190 aircraft from our fleet.

JetBlue’s contractual aircraft deliveries (1) for full year, as of December 31, 2025:
YearA220
A321NEO (2)
TOTAL (3)
2026
14—14
2027
5—5
2028
11—11
2029
10—10
2030134
Thereafter—4141

(1) Our committed future aircraft deliveries are subject to change based on modifications to the contractual agreements or changes to the delivery schedules.
(2) Excludes one Airbus A321neo XLR, which JetBlue has entered into an agreement to sell. Based on terms of agreement, JetBlue will accept formal delivery of the aircraft and redeliver to a third party.
(3) In addition, we have options to purchase 20 A220-300 aircraft in 2027 and 2028.


JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com
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Forward-Looking Information
This Investor Update contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this Investor Update are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "goals," "targets" or the negative of these terms or other similar expressions. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. Forward-looking statements contained in this Investor Update include, without limitation, without limitation, statements regarding our outlook and future results of operations and financial position, our order book and related assumptions, and our aircraft return schedule. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; the risk associated with the execution of our strategic operating plans in the near-term and long-term; risks related to the long-term nature of our fleet order book; volatility in fuel prices and availability of fuel; increased maintenance costs associated with fleet age; costs associated with salaries, wages and benefits; risks associated with a potential material reduction in the rate of interchange reimbursement fees; risks associated with doing business internationally; our reliance on high daily aircraft utilization; our dependence on the New York metropolitan market; risks associated with extended interruptions or disruptions in service at our focus cities; risks associated with airport expenses; risks associated with seasonality and weather; our reliance on a limited number of suppliers for our aircraft, engines, and our Fly-Fi® product; risks related to new or increased tariffs, including those that impact commercial aircraft and related parts imported from outside the United States; the outcome of current or future legal proceedings or regulatory actions; risks associated with stockholder activism; risks associated with cybersecurity and privacy, including potential disruptions to our information technology or information security breaches; heightened regulatory requirements concerning data security compliance; risks associated with reliance on, and potential failure of, automated systems to operate our business; our inability to attract and retain qualified crewmembers; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; reputational and business risk from an accident or incident involving our aircraft; risks associated with damage to our reputation and the JetBlue brand name; our significant amount of fixed obligations and the ability to service such obligations; possible failure to comply with financial and other debt covenants included in the agreements governing our debt; financial risks associated with credit card processors; risks associated with seeking short-term additional financing liquidity; failure to realize the full value of intangible or long-lived assets, causing us to record impairments; limits on our ability to use certain tax attributes; risks associated with our development and use of AI-powered solutions; risks associated with disease outbreaks or environmental disasters affecting travel behavior; compliance with environmental laws and regulations, which may cause us to incur substantial costs; the impacts of federal budget constraints or federally imposed furloughs; impact of global climate change and legal, regulatory or market response to such change; increasing scrutiny of, and evolving expectations regarding, environmental matters; changes in government regulations in our industry; acts of war or terrorism; and changes in global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs, and assumptions upon which we base our expectations may change prior to the end of each quarter or year.
Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this Investor Update, could cause our results to differ materially from those expressed in the forward-looking statements. Further information concerning these and other factors is contained in JetBlue's filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to in our Annual Report on Form 10-K for the year ended December 31, 2024, as may be updated by our other SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025, to be filed with the SEC. In light of these risks and uncertainties, the forward-looking events discussed in this Investor Update might not occur. Our forward-looking statements speak only as of the date of this Investor Update. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com
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Note A - Non-GAAP Financial Measures
We report our financial results in accordance with GAAP; however, we present certain non-GAAP financial measures in this Investor Update. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with GAAP. We present these non-GAAP financial measures because we believe they provide useful supplemental information that enables a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies.
With respect to JetBlue’s CASM Ex-Fuel (1) and Adjusted Operating Margin (2) Guidance, we are not able to provide a reconciliation of forward-looking measures where the quantification of certain excluded items reflected in the measures cannot be calculated or predicted at this time without unreasonable efforts. In these cases, the reconciling information that is unavailable includes a forward-looking range of financial measures beyond our control, such as fuel costs, which are subject to many economic and political factors beyond our control. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and potentially significant impact on our future GAAP financial results.
(1) CASM Ex-Fuel is a non-GAAP measure that excludes fuel, other non-airline operating expenses, and special items.
(2) Adjusted Operating Margin is a non-GAAP measure that excludes special items.


JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com
4
4Q25 Earnings Presentation January 27, 2026

 
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 by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this Presentation are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “expects,” “plans,” “intends,” “anticipates,” “indicates,” “remains,” “believes,” “estimates,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “goals,” “targets” or the negative of these terms or other similar expressions. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. Forward-looking statements contained in this Presentation include, without limitation, statements regarding our outlook and future results of operations and financial position, including our expected return to profitability, any expected headwinds, our use of artificial intelligence, our aircraft fleet, our product offerings and loyalty initiatives, and our business strategy and plans and objectives for future operations, such as our JetForward initiatives and its Blue Sky component. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; the risk associated with the execution of our strategic operating plans in the near- term and long-term; risks related to the long-term nature of our fleet order book; volatility in fuel prices and availability of fuel; increased maintenance costs associated with fleet age; costs associated with salaries, wages and benefits; risks associated with a potential material reduction in the rate of interchange reimbursement fees; risks associated with doing business internationally; our reliance on high daily aircraft utilization; our dependence on the New York metropolitan market; risks associated with extended interruptions or disruptions in service at our focus cities; risks associated with airport expenses; risks associated with seasonality and weather; our reliance on a limited number of suppliers for our aircraft, engines, and our Fly-Fi® product; risks related to new or increased tariffs, including those that impact commercial aircraft and related parts imported from outside the United States; the outcome of current or future legal proceedings or regulatory actions; risks associated with stockholder activism; risks associated with cybersecurity and privacy, including potential disruptions to our information technology systems or information security breaches; heightened regulatory requirements concerning data security compliance; risks associated with reliance on, and potential failure of, automated systems to operate our business; our inability to attract and retain qualified crewmembers; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; reputational and business risk from an accident or incident involving our aircraft; risks associated with damage to our reputation and the JetBlue brand name; our significant amount of fixed obligations and the ability to service such obligations; possible failure to comply with financial and other debt covenants included in the agreements governing our debt; financial risks associated with credit card processors; risks associated with seeking short-term additional financing liquidity; failure to realize the full value of intangible or long-lived assets, causing us to record impairments; limits on our ability to use certain tax attributes; risks associated with our development and use of AI-powered solutions; risks associated with disease outbreaks or environmental disasters affecting travel behavior; compliance with environmental laws and regulations, which may cause us to incur substantial costs; the impacts of federal budget constraints or federally imposed furloughs; impact of global climate change and legal, regulatory or market response to such change; increasing scrutiny of, and evolving expectations regarding, environmental matters; changes in government regulations in our industry; acts of war or terrorism; and changes in global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs, and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this Presentation, could cause our results to differ materially from those expressed in the forward- looking statements. Further information concerning these and other factors is contained in JetBlue's filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to in our Annual Report on Form 10-K for the year ended December 31, 2024, as may be updated by our other SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025, to be filed with the SEC. In light of these risks and uncertainties, the forward-looking events discussed in this Presentation might not occur. Our forward-looking statements speak only as of the date of this Presentation. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. 2

 
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 2025 Recap Joanna Geraghty Chief Executive Officer 3

 
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 initial phase - reciprocal loyalty accrual and redemption • Expanded co-brand card portfolio with the introduction of a premium card • Opened JetBlue’s first lounge, BlueHouse, at JFK’s Terminal 5 • Regained position as Fort Lauderdale's largest airline with new routes and additional frequencies Delivered unit costs within initial range (2) of up 5% to 7% while navigating a dynamic year with two points of proactive capacity reductions in response to demand (1) Management reviews the estimated amount of earnings before interest and taxes attributable to JetForward initiatives within a given period to evaluate progress against our financial and operational targets. Incremental EBIT reflects the estimated impact of strategic initiatives on profitability, such as partnerships, fleet optimization, network changes, and cost reduction programs. (2) CASM ex-Fuel guidance as of January 28, 2025. (3) Includes cash and cash equivalents and investment securities. Excludes $600M undrawn revolving credit facility. Retired remaining E190 aircraft and moved to a more cost-efficient all-Airbus fleet ✓ Maintained solid liquidity position of $2.5B (2) (~27% of trailing twelve-month revenue) and ~$6.5B in unencumbered assets 2025 Year in Review 4

 
Continued to Execute on JetForward Priorities to Drive Our Path to Profitability 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 expectations • Hurricane Melissa, government shutdown (2), Airbus airworthiness directive and Winter Storm Devin reduced 4Q capacity by nearly 2pts, impacting CASM ex-fuel by over 2pts Continued to make progress on JetForward and the path back to profitability • Achieved best performing day of NPS since 2020 in mid-November • Set a program record for highest co-brand spend in December • Generated all-time high revenue in Fort Lauderdale in December 4Q25 (1) Guidance as of October 28, 2025. (2) Air traffic control (ATC) delays and ATC reductions during the government shutdown. 5

 
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Commercial Update, JetForward Progress and Outlook Marty St. George President 6

 
7 YoY Unit Revenue Positive in 4Q; 3pts Better Than Prior Quarter • RASM beat midpoint of guidance by 2.2pts driven by underlying demand strength • Flight ancillary revenue performed well, supported by JetForward initiatives • Disruptions reduced ASMs by nearly 2pts but had minimal impact on RASM performance • Premium continued to outperform core, and loyalty continued to exceed expectations • YoY premium RASM 13pts higher versus core; gap widened versus prior quarter, even as core improved • Strength in co-brand with double digit spend growth and over 30% growth in new co-brand account acquisitions • Fort Lauderdale network investments ramped faster than anticipated Expecting Positive YoY RASM in 1Q and Full Year 2026 • Healthy booking behavior continuing into 1Q • JetForward revenue initiatives continue to launch and ramp • EvenMore® progressing, with paid load factor and yields improving • Opening of Boston lounge and continuation of strong acquisition of the premium card • Domestic first class to be installed on ~20% of non-Mint® fleet by end of year • Continued ramp from network changes, as majority are entering the second year of a three year ramp period Solid Demand Momentum Supporting 2026 RASM Improvement (1) Guidance as of October 28, 2025. 4Q25 vs. 4Q24 1Q26 vs. 1Q25 ASMs Guidance RASM Guidance 2.0% implied midpoint 0.0% to 4.0% 2.0% implied midpoint 0.5% to 3.5% Actual Guidance RASM ASMs (4.0%) to 0.0% 0.2% (1.6%) (0.75%) to 2.25% (1)

 
8 JetForward: Our path to sustained profitability Delivered $305M of incremental EBIT in 2025 (1) Stated EBIT initiative range is forecasted to include ~$25M of incremental depreciation, amortization and aircraft rent expense through 2027. 8 $305M $60M $185M $25M $35M Notable for 2H 2025 Reliable & caring service Best East Coast leisure network Products & perks customers value A secure financial future 60+ total reliability initiatives: ✓ Met all on-time performance targets in 2025 and improved each YoY ✓ NPS increased 8pts YoY, a 17pt gain over past two years ✓ Includes $15M of cost savings Continued ramp of prior and new investments: ✓ Fort Lauderdale ramping faster than expectations ✓ New routes and markets with added frequency absorbing capacity well ✓ Preferred seating outpaced expectations ✓ Blue Sky accrual/redemption Expanded premium profile: ✓ EvenMore® progressing ✓ Premium card exceeded sign-up targets Over 100 initiatives, with 2H25 focusing on: ✓ Strengthened efficiencies on fixed support center costs ✓ Modernizing fuel processes, unlocking cost savings through technology, process and operational initiatives Program highlights Realized a total of $305M incremental EBIT in 2025 inclusive of $90M first captured in 2024 Expect to drive $310M of incremental EBIT in 2026, for a total of $615M Launching domestic first in 2026, with ~20% of fleet planned to be completed by year-end and vast majority complete in 2027 On-track to drive incremental $850M - $950M for FY 2027 Realized during 2025 Unrealized ~$450M $850 - $950M (1) ~$175M ~$175M ~$100M

 
9Note: Not a comprehensive list of benefits. Traditional Interline Agreement – Expanding our distribution reach and customer choice by cross-merchandising flights on one another’s website and app Loyalty – Enhancing the utility of points through reciprocal accrual and redemption for TrueBlue® and MileagePlus® customers Paisly – Turbocharging high-margin growth as United transitions to distributing non-flight ancillaries through Paisly Blue Sky Accelerating and Expected to Deliver Significant 2026 Value Anticipated implementation of interline sales coming soon Implemented 4Q 2025 Rental cars, Hotels – 2Q26 Cruises, Packages, Insurance – 2H26 Reciprocal Benefits – Such as priority boarding, preferred and extra legroom seating, and same-day standby and flight changes Anticipated implementation beginning in March 2026

 
10 Macro Loyalty Product Enhancements Blue Sky and Paisly Network and Reliability 2026 RASM YoY (Midpoint) +1.0pts Base RASM Loyalty Product Enhancements Blue Sky & Paisly Network & Reliability 2026 YoY RASM Midpoint • Assumes consensus macro- outlook, low-single digit industry capacity growth, JetBlue growth and stage and gauge- related adjustments • Premium card • Redemption enhancements • New partnerships • Lounges • Preferred seating • EvenMore® • Domestic first class • Additional ancillary merchandising • Accrual and redemption • Interline JetBlue flights selling on United.com • United non-flight ancillaries sold through Paisly • NPS gains from operational investments • Ramp of prior network changes and benefits from recent FLL changes • Charters 2.0% - 5.0% RASM on 2.5% - 4.5% ASMs TBU 3.5% YoY RASM Build to 2026 Guidance Midpoint 0.5% +0.75pts +0.75pts +0.5pts JetForward Initiatives Expected to Drive 2026 RASM Growth

 
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Financial Update and Outlook Ursula Hurley Chief Financial Officer 11

 
12 FY25 Initial Guidance FY25 Actuals 1Q26 Guidance FY26 Guidance 3.5% to 5.5% CASM ex-Fuel (1) YoY Growth Achieved 2025 CASM ex-Fuel In-Line With Initial Guidance • Effectively managed costs following proactive reduction of 2pts of annual capacity • Disruptions reduced 4Q capacity by nearly 2pts, resulting in over 2pts of CASM ex- fuel pressure in the quarter and 0.6pts for full year Realized $75M in 2025 JetForward Cost Savings • Improved tools and utilization of AI to optimize planning, better manage disruptions and enable greater self-service • Strengthened efficiencies on support center fixed costs • Modernizing fuel processes, unlocking cost savings through technology, process and operational initiatives FY 2026 Unit Cost Growth Returning to Pre-Covid Levels • 1Q CASM ex-fuel growth expected higher than remaining quarters driven by elevated maintenance expense • ~Flat YoY CASM ex-fuel expected in 2H26, driven by: • Higher capacity growth vs. 1H26 • Continued ramp of JetForward cost initiatives (1) Operating expense per available seat mile, excluding fuel, other non-airline operating expenses and special items (“CASM ex-Fuel”); See Appendix A for further details on Non-GAAP measures. (2) Guidance as of January 28, 2025. Effective Cost Control to Support Low Unit Cost Growth in 2026 1.0% to 3.0% ~Flat (1.6%) 0.5% to 3.5% 2.5% to 4.5% 5.0% to 7.0% 6.2% YoY ASM Growth (2)

 
13 JetForward Progress Driving Path to Positive Free Cash Flow and Restoring Balance Sheet Health Deliver Positive Operating Margin Generate Free Cash Flow Restore Balance Sheet Health 1 3 Long-Term Financial Priorities 2 • Gross debt peaked in 2025 • Modest 2026 financing needs support gross debt reduction and lower interest expense • EBITDA growth expected to result in improved leverage profile (as measured by net debt / EBITDA) beginning in 2026 • Unencumbered asset base of ~$6.5B provides healthy backstop • Path to breakeven operating profitability or better in 2026 implies ~four points of YoY margin improvement supported by $310M incremental EBIT from JetForward initiatives • On-track to generate $850 - $950M of incremental EBIT for FY 2027 from JetForward 2026 and Beyond End of 2027 2028 and Beyond • Strategically reduced 2026-2029 capex by ~$3B since 2023 • Upcoming capex profile <$1B annually • Incremental EBIT from JetForward driving path to positive free cash flow by the end of 2027

 
14 (1) Non-GAAP financial measure; refer to Note A for further details on non-GAAP forward looking information. (2) Includes fuel taxes and other fuel fees. (3) As of January 9, 2026, the first quarter fuel price estimate utilizes the forward Brent crude curve and the forward Brent crude to jet crack spread to calculate fuel price. The full year fuel price estimate utilizes the same methodology for the jet crack spread, and for crude utilizes a weighted combination of the forward Brent crude curve and consensus estimates. (4) Capital expenditures exclude one Airbus A321neo XLR, which JetBlue has entered into an agreement to sell. Note: FY 2026 guidance assumes mid-single digit average aircraft on ground due to GTF engine issues. Guidance excludes the impact of Winter Storm Fern. 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 - $2.42 $2.17 - $2.37 Adjusted Operating Margin (1) - Breakeven or better Interest Expense - ~$580 million Capital Expenditures (4) ~$200 million ~$900 million Outlook Supports Breakeven or Better Operating Profitability in 2026

 
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Appendix 15

 
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 not presented in accordance with GAAP. We present these non-GAAP financial measures because we believe they provide useful supplemental information that enables a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. This Presentation includes an explanation of each non-GAAP financial measure presented in this Presentation and a reconciliation of certain non-GAAP financial measures used in this Presentation to the most directly comparable GAAP financial measures. With respect to JetBlue’s CASM Ex-Fuel (1) and Adjusted Operating Margin (2) guidance, we are not able to provide a reconciliation of forward-looking measures where the quantification of certain excluded items reflected in the measures cannot be calculated or predicted at this time without unreasonable efforts. In these cases, the reconciling information that is unavailable includes a forward-looking range of financial performance measures beyond our control, such as fuel costs, which are subject to many economic and political factors beyond our control. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and potentially significant impact on our future GAAP financial results. (1) CASM Ex-Fuel is a non-GAAP measure that excludes fuel, other non-airline operating expenses, and special items. (2) Adjusted Operating Margin is a non-GAAP measure that excludes special items. Appendix A 16

 
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. We exclude aircraft fuel, operating expenses related to other non-airline businesses, such as Paisly (f/k/a JetBlue Travel Products) and JetBlue Technology Ventures (JBV), and special items from total operating expenses to determine Operating Expenses ex-fuel, which is a non-GAAP financial measure, and we exclude the same items from CASM to determine CASM ex-fuel, which is also a non-GAAP financial measure. We believe the impact of these special items distorts our overall trends and that our metrics are more comparable with the presentation of our results excluding such impact. We believe that Operating Expenses ex-fuel and CASM ex-fuel are useful for investors because they provide investors the ability to measure our financial performance excluding items that are beyond our control, such as fuel costs, which are subject to many economic and political factors, as well as items that are not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses and special items. We believe these non-GAAP measures are more indicative of our ability to manage airline costs and are more comparable to measures reported by other major airlines. For the twelve months ended December 31, 2025, special items include severance expenses and other special items. Special items for 2024 included Spirit-related costs, union contract costs, severance expenses, Embraer E190 fleet transition costs, and other special items. The table below provides a reconciliation of our total operating expenses (GAAP measure) to Operating Expenses ex-fuel, and our CASM to CASM ex-fuel for the periods presented. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM), EXCLUDING FUEL (unaudited) Three Months Ended December 31, Twelve Months Ended December 31, $ Cents per ASM $ Cents per ASM ($ in millions; per ASM data in cents; percent changes based on unrounded numbers) 2025 2024 Percent Change 2025 2024 Percent Change 2025 2024 Percent Change 2025 2024 Percent Change Total operating expenses $ 2,344 $ 2,260 3.7 14.76 14.00 5.4 $ 9,430 $ 9,963 (5.3) 14.51 15.08 (3.8) Less: Aircraft fuel 503 509 (1.1) 3.17 3.15 0.6 2,057 2,343 (12.2) 3.16 3.55 (10.8) Other non-airline expenses 15 13 16.0 0.09 0.08 17.9 65 60 8.9 0.10 0.09 10.7 Special items 1 1 44.8 0.01 0.01 47.2 30 591 (94.9) 0.05 0.89 (94.9) Operating expenses, excluding fuel $ 1,825 $ 1,737 5.0 11.49 10.76 6.7 $ 7,278 $ 6,969 4.4 11.20 10.55 6.2 17

 
Operating expense, operating income (loss), operating margin, pre-tax loss, pre-tax margin, net loss and loss per share, excluding special items, gain (loss) on investments, and gain on debt extinguishments Our GAAP results in the applicable periods were impacted by charges that were deemed special items. Special items for 2025 include severance expenses and other special items. Special items for 2024 included Spirit-related costs, union contract costs, severance expenses, Embraer E190 fleet transition costs, and other special items. Certain gains and losses on our investments, net were also excluded from our 2025 and 2024 GAAP results. Additionally, the gain on debt extinguishments was also excluded from our 2024 GAAP results. We believe the impact of these items distort our overall trends and our metrics are more comparable with the presentation of our results excluding the impact of these items. The table provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impact of these items for the periods presented. 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 EXTINGUISHMENTS (unaudited, in millions) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Total operating revenues $ 2,244 $ 2,277 $ 9,062 $ 9,279 RECONCILIATION OF OPERATING EXPENSE Total operating expenses $ 2,344 $ 2,260 $ 9,430 $ 9,963 Less: Special items 1 1 30 591 Total operating expenses excluding special items $ 2,343 $ 2,259 $ 9,400 $ 9,372 RECONCILIATION OF OPERATING INCOME (LOSS) Operating income (loss) $ (100) $ 17 $ (368) $ (684) Add back: Special items 1 1 30 591 Operating income (loss) excluding special items $ (99) $ 18 $ (338) $ (93) RECONCILIATION OF OPERATING MARGIN Operating margin (4.5)% 0.7 % (4.1)% (7.4)% Operating income (loss) excluding special items $ (99) $ 18 $ (338) $ (93) Total operating revenues 2,244 2,277 9,062 9,279 Adjusted operating margin (4.4)% 0.8 % (3.7)% (1.0)% RECONCILIATION OF PRE-TAX LOSS Loss before income taxes $ (213) $ (82) $ (774) $ (897) Add back: Special items 1 1 30 591 Less: Gain (loss) on investments, net 6 (1) 18 (27) Less: Gain on debt extinguishments — — — 22 Loss before income taxes excluding special items, gain (loss) on investments and gain on debt extinguishments $ (218) $ (80) $ (762) $ (301) RECONCILIATION OF PRE-TAX MARGIN Pre-tax margin (9.5)% (3.6)% (8.5)% (9.7)% Loss before income taxes excluding special items $ (218) $ (80) $ (762) $ (301) Total operating revenues 2,244 2,277 9,062 9,279 Adjusted pre-tax margin (9.7)% (3.5)% (8.4)% (3.2)% RECONCILIATION OF NET LOSS Net loss $ (177) $ (44) $ (602) $ (795) Add back: Special items 1 1 30 591 Less: Income tax benefit related to special items (1) — 30 7 45 Less: Gain (loss) on investments, net 6 (1) 18 (27) Less: Income tax benefit (expense) related to gain (loss) on investments, net (1) — (4) 6 Less: Gain on debt extinguishments — — — 22 Less: Income tax expense related to gain on debt extinguishments — — — (5) Net loss excluding special items, gain (loss) on investments and gain on debt extinguishments $ (181) $ (72) $ (593) $ (245) 18 (1) Fourth quarter 2024 income tax benefit relates to a reassessment of the valuation allowance related to the tax impact of the Spirit transaction costs originally recorded in March 2024 due to the termination of the Merger Agreement.

 
Operating expense, operating income (loss), operating margin, pre-tax loss, pre-tax margin, net loss and loss per share, excluding special items, gain (loss) on investments, and gain on debt extinguishments (continued) Our GAAP results in the applicable periods were impacted by charges that were deemed special items. Special items for 2025 include severance expenses and other special items. Special items for 2024 included Spirit-related costs, union contract costs, severance expenses, Embraer E190 fleet transition costs, and other special items. Certain gains and losses on our investments, net were also excluded from our 2025 and 2024 GAAP results. Additionally, the gain on debt extinguishments was also excluded from our 2024 GAAP results. We believe the impact of these items distort our overall trends and our metrics are more comparable with the presentation of our results excluding the impact of these items. The table provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impact of these items for the periods presented. 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 EXTINGUISHMENTS (CONTINUED) (unaudited) Three Months Ended December 31, Twelve Months Ended December 31, CALCULATION OF LOSS PER SHARE 2025 2024 2025 2024 Loss per common share Basic $ (0.48) $ (0.13) $ (1.66) $ (2.30) Add back: Special items — — 0.08 1.71 Less: Income tax benefit related to special items (1) — 0.08 0.02 0.13 Less: Gain (loss) on investments, net 0.01 — 0.05 (0.08) Less: Income tax benefit (expense) related to gain (loss) on investments, net — — (0.01) 0.02 Less: Gain on debt extinguishments — — — 0.06 Less: Income tax expense related to gain on debt extinguishments — — — (0.01) Basic excluding special items, gain (loss) on investments and gain on debt extinguishments $ (0.49) $ (0.21) $ (1.64) $ (0.71) Loss per common share Diluted $ (0.48) $ (0.13) $ (1.66) $ (2.30) Add back: Special items — — 0.08 1.71 Less: Income tax benefit related to special items (1) — 0.08 0.02 0.13 Less: Gain (loss) on investments, net 0.01 — 0.05 (0.08) Less: Income tax benefit (expense) related to gain (loss) on investments, net — — (0.01) 0.02 Less: Gain on debt extinguishments — — — 0.06 Less: Income tax expense related to gain on debt extinguishments — — — (0.01) Diluted excluding special items, gain (loss) on investments and gain on debt extinguishments $ (0.49) $ (0.21) $ (1.64) $ (0.71) (1) Fourth quarter 2024 income tax benefit relates to a reassessment of the valuation allowance related to the tax impact of the Spirit transaction costs originally recorded in March 2024 due to the termination of the Merger Agreement. 19

 
20 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 change based on modifications to the contractual agreements or changes to the delivery schedules. (2) Excludes one Airbus A321neo XLR, which JetBlue has entered an agreement to sell. Based on terms of agreement, JetBlue will accept formal delivery of the aircraft and redeliver to a third party. (3) In addition, we have options to purchase 20 A220-300 aircraft in 2027 and 2028. JetBlue’s contractual aircraft deliveries for full year as of December 31, 2025: Appendix B: Order Book

 
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 21