Jetblue Airways (JBLU) Q4 2024 earnings summary

Executive summary

• Achieved a Q4 2024 adjusted operating margin of 0.8%, over two points better than 2023, though not profitable for the full year.

• Launched JetForward, a multi-year strategic plan, with over a dozen initiatives and $395M in 2024 revenue initiatives, $95M above target.

• Closed 15 cities, redeployed 20% of the network, and focused on core strengths in the East Coast, New England, Florida, and the Caribbean.

• Improved on-time performance by six points year-over-year and rose to 6th in the 2024 WSJ Airline Rankings.

• Deferred $3 billion in capital expenditures and raised over $3 billion in strategic financing to strengthen liquidity.

Financial highlights

• Generated adjusted operating income of $18 million in Q4 2024, outperforming guidance.

• Q4 2024 revenue was $2.3B, down 2.1% year-over-year, but exceeded guidance midpoint by 1.4 points.

• Full-year 2024 net loss was $795M; EBIT for 2024 was $(658)M.

• Full-year 2024 CASM-ex fuel grew 6.6% year-over-year, within initial guidance; Q4 CASM-ex fuel up 11%.

• Ended 2024 with $3.9 billion in liquidity, excluding a $600 million undrawn credit facility.

Outlook and guidance

• 2025 capacity expected to be flat; CASM-ex fuel forecasted to rise 5%-7%.

• Projecting positive adjusted operating margin of 0%-1% for 2025, with $200 million incremental EBIT from JetForward.

• Targeting $800-$900 million incremental EBIT from JetForward by 2027.

• RASM expected to increase 3%-6% for full year 2025.

• Q1 2025 ASMs expected to decline 2%-5% year-over-year; RASM to be flat to up 3.5%.