Jetblue Airways (JBLU) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong revenue growth (up 14.5% YoY), driven by robust demand, JetForward initiatives, and network expansion, but higher fuel costs led to a net loss of $247 million and an operating loss of $141 million.

• JetForward transformation generated $470 million cumulative incremental EBIT through June 2026, with annual benefit targeted at $850–$950 million by end of 2027.

• Full-year 2026 operating margin guidance reinstated at (2.0)% to (5.0)%, with H2 margin expected to improve ~3.5 points YoY.

• 2028 EPS target set at $1.00+ per share, assuming $3.00/gallon jet fuel and continued demand strength.

• Strategic focus on disciplined capacity, cost control, premium product ramp-up, and loyalty expansion to drive future profitability.

Financial highlights

• Q2 2026 operating revenue rose 14.5% YoY to $2.7 billion; RASM up 10.9% YoY, exceeding guidance.

• Net loss for Q2 2026 was $247 million, compared to $74 million in Q2 2025; loss per share was $(0.66) vs. $(0.21) YoY.

• Operating margin for Q2 2026 was (5.2)%, down from 0.3% in Q2 2025.

• CASM ex-fuel increased 2.4% YoY in Q2 2026, outperforming guidance.

• Ended Q2 2026 with $2.2 billion in cash and investment securities, representing 23% of trailing 12-month revenue.

Outlook and guidance

• FY 2026 operating margin expected at (2.0)% to (5.0)%; H2 margin ~3.5 points better YoY.

• FY 2026 RASM guidance: up 10.0%–12.5% YoY; capacity growth: 1.5%–3.5% YoY; CASM ex-fuel: up 2.0%–4.0% YoY.

• Q3 2026 capacity growth expected at 3%–6% YoY; RASM up 12.5%–16.5% YoY.

• Targeting 100% fuel cost recapture by early 2027.

• 2028 EPS target of at least $1/share, assuming $3/gal jet fuel and continued demand strength.