Jetblue Airways (JBLU) Q4 2025 earnings summary

Executive summary

• Achieved $305 million incremental EBIT in 2025 from JetForward transformation, surpassing expectations and driving operational improvements, with continued progress toward profitability and improved operational reliability for the second consecutive year.

• Net Promoter Score rose 8 points in 2025 and 17 points since early 2024, reflecting enhanced customer satisfaction and loyalty.

• Launched Blue Sky partnership with United Airlines, expanded co-brand card portfolio, and opened first lounge at JFK, with Boston lounge to follow in 2026.

• Regained largest carrier status in Fort Lauderdale, with new routes, record revenue in December, and up to 26 daily Mint flights.

• Maintained cost discipline and advanced premium product offerings despite macroeconomic headwinds and industry disruptions.

Financial highlights

• 2025 total operating revenue was $9.06 billion, down from $9.28 billion in 2024; Q4 revenue was $2.2 billion, down 1.5% year-over-year.

• 2025 operating loss was $(368) million, improved from $(684) million in 2024; adjusted operating loss $(338) million.

• 2025 net loss was $(602) million ($1.66/share), improved from $(795) million in 2024; adjusted net loss $(593) million.

• Adjusted operating margin for 2025 was -3.7%; Q4 operating margin was -4.5%.

• Ended 2025 with $2.5 billion liquidity (~27% of trailing twelve-month revenue), excluding a $600 million undrawn revolver.

Outlook and guidance

• 2026 guidance targets 2.5%-4.5% capacity (ASMs) growth, 2%-5% unit revenue (RASM) growth, and 1%-3% non-fuel unit cost (CASM ex-fuel) growth, aiming for breakeven or better adjusted operating margin.

• JetForward expected to deliver $310 million incremental EBIT in 2026, totaling $615 million since inception and targeting $850-$950 million by 2027.

• 2026 fuel price per gallon guidance is $2.17-$2.37.

• CapEx for 2026 projected at $900 million, with 14 aircraft deliveries and start of first-class retrofits.

• Path to positive free cash flow by end of 2027, with $850M-$950M incremental EBIT targeted for FY 2027.