Achieved strong RASM growth of 6.5% year-over-year in Q1 2026, driven by resilient demand, fare increases, and capacity reductions despite operational disruptions from winter storms and TSA issues.
Net loss widened to $319 million from $208 million year-over-year, with operating margin at -10.0% and operating loss at $224 million, mainly due to higher fuel and labor costs.
JetForward and Blue Sky initiatives remain on track, targeting $310M incremental EBIT in 2026 and $850M–$950M by 2027, with new domestic first class and BlueHouse lounges expected to drive long-term value.
Liquidity ended Q1 at $2.4B, or 26% of trailing twelve-month revenue, with over $6B in unencumbered assets, providing strong financial flexibility.
Fort Lauderdale operations exceeded expectations, with RASM up 5% on 23% capacity growth, supporting network strategy.
Operating revenue rose 4.7% year-over-year to $2.24 billion, with passenger revenue up 4.0% to $2.05 billion and other revenue up 12.5%.
First quarter RASM grew 6.5%, exceeding initial guidance by 4.5 points, aided by demand strength and capacity reductions.
CASM ex-fuel increased 6.6% year-over-year to 12.21 cents, with underlying controllable costs improving by ~2 points versus initial guidance.
Average Q1 fuel price was $2.96 per gallon, up 26% versus initial guidance and 15.2% year-over-year; Q2 fuel expected at $4.13–$4.28.
Load factor improved to 82.2% from 80.7% year-over-year.
Full-year guidance suspended due to fuel price volatility; Q2 RASM expected to grow 7–11% year-over-year on 1.5–4.5% capacity growth.
Q2 CASM ex-fuel guided at 3–5% year-over-year growth, with moderation expected in the second half.
CapEx for 2026 revised down to ~$800M, with annual CapEx to remain below $1B through decade end.
Targeting 100% fuel recapture by early 2027 and positive free cash flow by end of 2027, contingent on fuel moderation.
Liquidity position of $2.4B at quarter-end, with a $600M undrawn credit line, expected to cover needs for at least the next 12 months.
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