JetBlue (JBLU) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$9,993	$2,824	25.8%	$10,915	9.2%
Adj. EBITDA	$154	$136	54.1%	$206	33.9%
Free Cash Flow	($1,135)	($269)	6.3%	($1,377)	(21.3%)
Net Debt, end of period	$7,135	$7,404		$8,512	19.3%
Net Debt / Adj. EBITDA	46.3x	36.7x		41.3x	-5.0x
Total Liquidity, end of period	$1,858	$1,589		$481	(74.1%)

The credit over the next year

JetBlue holds no fuel hedges, so the credit swings on whether fares keep covering jet fuel: Q3 2026 unit revenue rose 18.4% and recaptured about 87% of a 57% jump in fuel price, and Q4 is guided at $4.64 a gallon with unit revenue up 18% to 22%. Each $0.10 a gallon is about $22 million a quarter of cost against an operating loss of $144 million in Q3, so the path to break-even in 2027 depends on fuel easing along the forward curve while fares hold and JetForward keeps non-fuel unit cost growth near zero to 2%. Capacity growth is modest, about 2% to 4%, with Fort Lauderdale growth the main swing in where seats go.

Leverage falls from 46.3x to 41.3x over the next four quarters on the starting case.
The company burns $1.38bn of cash over the next year on the starting case, so liquidity has to fund it.
Net debt grows from $7.14bn to $8.51bn.
Liquidity a year out is $481mm, against $1.86bn today.

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$1,258.0
8.00% Equipment Notes, Series 2019-1 B (EETC), due 2027	38.0	100.0%	8.00%	0.2x	Neutral
2.95% Equipment Notes, Series 2019-1 A (EETC), due 2028	128.0	100.0%	2.95%	1.1x	Neutral
7.75% Equipment Notes, Series 2020-1 B (EETC), due 2028	73.0	100.0%	7.75%	1.6x	Neutral
TrueBlue senior secured term loan facility due 2029	742.0	100.0%	N/a	6.4x	Neutral
9.875% Senior Secured Notes due 2031 (TrueBlue notes)	1,991.0	85.8%*	13.92%	19.3x	Neutral
2.75% Equipment Notes, Series 2019-1 AA (EETC), due 2032	409.0	100.0%	2.75%	22.0x	Bearish
4.00% Equipment Notes, Series 2020-1 A (EETC), due 2032	407.0	100.0%	4.00%	24.6x	Bearish
Aircraft failed sale-leaseback transactions, due through 2036	2,011.0	100.0%	N/a	37.7x	Neutral
Floating rate equipment notes, due through 2036	619.0	100.0%	N/a	41.7x	Neutral
Fixed rate equipment notes, due through 2036	573.0	100.0%	N/a	45.4x	Neutral
Finance leases	421.0	100.0%	N/a	48.1x	Neutral
Fixed rate special facility bonds, due through 2036	43.0	100.0%	N/a	48.4x	Neutral
2.50% Convertible Senior Notes due 2029	460.0	100.0%	2.50%	51.4x	Bearish
CARES Act Payroll Support Program loan due 2030	259.0	100.0%	N/a	53.1x	Neutral
Payroll Support Program Extension (PSP2) loan due 2031	144.0	100.0%	N/a	54.0x	Neutral
American Rescue Plan Payroll Support (PSP3) loan due 2031	132.0	100.0%	N/a	54.9x	Neutral
Total Debt	$8,393.0			54.5x
Net Debt	$7,135.0			46.3x

Last Twelve Months

Revenue	$9,993
Implied Costs	(9,839)
Adj. EBITDA	$154
(-) Interest Expense	(493)
(-) Capex	(911)
Memo: FCF	($1,135)
Total Liquidity	$1,858.0

Next 12 months, starting case▲ Revenue $9.99bn → $10.92bn▲ Adj. EBITDA $154mm → $206mm▼ Free cash flow -$1.14bn → -$1.38bn▼ Net leverage 46.3x → 41.3x▼ Liquidity $1.86bn → $481mm

JetBlue

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$1,258.0
Undrawn Revolver ($600mm facility)			600.0
Total Liquidity			$1,858.0

8.00% Equipment Notes, Series 2019-1 B (EETC), due 2027	8.00%	11/15/2027	38.0	100.0%	8.00%	N/a	N/a	Neutral
2.95% Equipment Notes, Series 2019-1 A (EETC), due 2028	2.95%	5/15/2028	128.0	100.0%	2.95%	N/a	N/a	Neutral
7.75% Equipment Notes, Series 2020-1 B (EETC), due 2028	7.75%	11/15/2028	73.0	100.0%	7.75%	N/a	N/a	Neutral
TrueBlue senior secured term loan facility due 2029	S + 475	8/27/2029	742.0	100.0%	N/a	N/a	N/a	Neutral
9.875% Senior Secured Notes due 2031 (TrueBlue notes)	9.875%	9/20/2031	1,991.0	85.8%*	13.92%	8/27/2027 @ 104.938	32.21%	Neutral
2.75% Equipment Notes, Series 2019-1 AA (EETC), due 2032	2.75%	5/15/2032	409.0	100.0%	2.75%	N/a	N/a	Bearish
4.00% Equipment Notes, Series 2020-1 A (EETC), due 2032	4.00%	11/15/2032	407.0	100.0%	4.00%	N/a	N/a	Bearish
Aircraft failed sale-leaseback transactions, due through 2036	part of this bal...	N/a	2,011.0	100.0%	N/a	N/a	N/a	Neutral
Floating rate equipment notes, due through 2036	SOFR plus a marg...	N/a	619.0	100.0%	N/a	N/a	N/a	Neutral
Fixed rate equipment notes, due through 2036	N/a	N/a	573.0	100.0%	N/a	N/a	N/a	Neutral
Finance leases	N/a	N/a	421.0	100.0%	N/a	N/a	N/a	Neutral
Fixed rate special facility bonds, due through 2036	5.00%	N/a	43.0	100.0%	N/a	N/a	N/a	Neutral
Total Secured Debt			$7,455.0						15.3x	23.5x	17.3x	745.5x	20.0x	48.4x	36.2x	22.8x
Net Secured Debt			$6,197.0						12.7x	19.5x	14.4x	619.7x	16.6x	40.2x	30.1x	18.9x

2.50% Convertible Senior Notes due 2029	2.50%	9/1/2029	460.0	100.0%	2.50%	9/1/2027 @ 100	2.50%	Bearish
CARES Act Payroll Support Program loan due 2030	S + 200	4/23/2030	259.0	100.0%	N/a	N/a	N/a	Neutral
Payroll Support Program Extension (PSP2) loan due 2031	S + 200	1/15/2031	144.0	100.0%	N/a	N/a	N/a	Neutral
American Rescue Plan Payroll Support (PSP3) loan due 2031	S + 200	5/6/2031	132.0	100.0%	N/a	N/a	N/a	Neutral
Other debt, discounts and issuance costs	N/a	N/a	(57.0)
Total Debt			$8,393.0						17.2x	26.5x	19.5x	839.3x	22.5x	54.5x	40.7x	25.6x
Net Debt			$7,135.0						14.6x	22.5x	16.6x	713.5x	19.1x	46.3x	41.3x	29.9x
						Adj. EBITDA			$488	$317	$430	$10	$373	$154	$206	$328

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$6,037	$9,158	$9,615	$9,279	$9,062	$9,993	$10,915	$11,058
Y/Y Growth		51.7%	5.0%	(3.5%)	(2.3%)		9.2%	1.3%
Implied Costs	(5,549)	(8,841)	(9,185)	(9,269)	(8,689)	(9,839)	(10,709)	(10,730)
Adj. EBITDA	$488	$317	$430	$10	$373	$154	$206	$328
Margin	8.1%	3.5%	4.5%	0.1%	4.1%	1.5%	1.9%	3.0%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$488	$317	$430	$10	$373	$154	$206	$328
(-) Interest Expense (Cash Only)	(180)	(124)	(80)	(230)	(427)	(493)	(584)	(584)
(-) Cash Taxes	3	(45)	49	(2)	2	(3)	(3)	(3)
(-) Capex	(907)	(767)	(1,128)	(1,478)	(1,078)	(911)	(995)	(1,008)
(+/-) Working Capital and Other	1,331	231	1	366	(42)	118	--	--
Memo: FCF	$735	($388)	($728)	($1,334)	($1,172)	($1,135)	($1,377)	($1,268)
% of Debt	8.8%	(4.6%)	(8.7%)	(15.9%)	(14.0%)	(13.5%)	(16.4%)	(15.1%)

Liquidity

Unrestricted Cash	$1,258.0
Undrawn Revolver	600.0
Total Liquidity	$1,858.0
(-) Debt due through 2028	(239.0)
(+/-) Free cash flow, last twelve months	(1,135.0)
Liquidity after maturities and a year of cash flow	$484.0

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

The governing debt documents are listed and linked below. The review of baskets and loopholes, and the score, have not been run for this company yet.

All debt documents

Aug 27, 2024Indenture for the 9.875% Senior Secured Notes due 2031 (TrueBlue loyalty program financing) · indenture · 9.875% Senior Secured Notes due 2031 (TrueBlue notes)
Aug 27, 2024Term Loan Credit and Guaranty Agreement (TrueBlue loyalty program term loan), Barclays as administrative agent · credit agreement · TrueBlue senior secured term loan facility due 2029
Feb 28, 2025First Amendment to Term Loan Credit and Guaranty Agreement (repricing) · credit agreement amendment · TrueBlue senior secured term loan facility due 2029
Jul 29, 2024Second Amended and Restated Credit and Guaranty Agreement, conformed copy through the Second Amendment (Citibank revolver) · credit agreement · Citibank revolving credit facility ($600mm commitment, undrawn, matures 2029-10-21)
Aug 16, 2024Indenture for the 2.50% Convertible Senior Notes due 2029 · indenture · 2.50% Convertible Senior Notes due 2029
Oct 21, 2022Second Amended and Restated Credit and Guaranty Agreement (Citibank revolver), as originally signed · credit agreement · Citibank revolving credit facility ($600mm commitment, undrawn, matures 2029-10-21)
Jul 29, 2024Second Amendment to the Second Amended and Restated Credit and Guaranty Agreement (Citibank revolver) · credit agreement amendment · Citibank revolving credit facility ($600mm commitment, undrawn, matures 2029-10-21)
Oct 17, 2023First Amendment to the Second Amended and Restated Credit and Guaranty Agreement (Citibank revolver) · credit agreement amendment · Citibank revolving credit facility ($600mm commitment, undrawn, matures 2029-10-21)
Aug 17, 2020Indenture and Security Agreement (N946JL), 2020-1 EETC sample aircraft indenture · indenture · 4.00% Equipment Notes, Series 2020-1 A (EETC), due 2032; 7.75% Equipment Notes, Series 2020-1 B (EETC), due 2028
Aug 17, 2020Intercreditor Agreement (2020-1) · intercreditor or security agreement · 4.00% Equipment Notes, Series 2020-1 A (EETC), due 2032; 7.75% Equipment Notes, Series 2020-1 B (EETC), due 2028
Nov 12, 2019Indenture and Security Agreement (N976JT), 2019-1 EETC sample aircraft indenture · indenture · 2.75% Equipment Notes, Series 2019-1 AA (EETC), due 2032; 2.95% Equipment Notes, Series 2019-1 A (EETC), due 2028; 8.00% Equipment Notes, Series 2019-1 B (EETC), due 2027
Aug 27, 2020First Amendment to Indenture and Security Agreement (N976JT), adding the Series B equipment notes · supplemental indenture · 8.00% Equipment Notes, Series 2019-1 B (EETC), due 2027 (and amends the indenture for Series 2019-1 AA and A)
Aug 27, 2020Amended and Restated Intercreditor Agreement (2019-1) · intercreditor or security agreement · 2.75% Equipment Notes, Series 2019-1 AA (EETC), due 2032; 2.95% Equipment Notes, Series 2019-1 A (EETC), due 2028; 8.00% Equipment Notes, Series 2019-1 B (EETC), due 2027
Nov 12, 2019Pass Through Trust Agreement (base agreement for the 2019-1 and 2020-1 certificates) · indenture · All Series 2019-1 and Series 2020-1 Equipment Notes (EETC)
Aug 17, 2020Indenture and Security Agreement (N2002J), second 2020-1 EETC sample aircraft indenture · indenture · 4.00% Equipment Notes, Series 2020-1 A (EETC), due 2032; 7.75% Equipment Notes, Series 2020-1 B (EETC), due 2028
Aug 17, 2020Trust Supplement No. 2020-1A · supplemental indenture · 4.00% Equipment Notes, Series 2020-1 A (EETC), due 2032
Nov 12, 2019Trust Supplement No. 2019-1AA · supplemental indenture · 2.75% Equipment Notes, Series 2019-1 AA (EETC), due 2032
Nov 12, 2019Trust Supplement No. 2019-1A · supplemental indenture · 2.95% Equipment Notes, Series 2019-1 A (EETC), due 2028
Aug 17, 2020Trust Supplement No. 2020-1B · supplemental indenture · 7.75% Equipment Notes, Series 2020-1 B (EETC), due 2028
Aug 27, 2020Trust Supplement No. 2019-1B · supplemental indenture · 8.00% Equipment Notes, Series 2019-1 B (EETC), due 2027
Aug 17, 2020Participation Agreement (N946JL), 2020-1 EETC · other · 4.00% Equipment Notes, Series 2020-1 A (EETC), due 2032; 7.75% Equipment Notes, Series 2020-1 B (EETC), due 2028
Aug 17, 2020Participation Agreement (N2002J), 2020-1 EETC · other · 4.00% Equipment Notes, Series 2020-1 A (EETC), due 2032; 7.75% Equipment Notes, Series 2020-1 B (EETC), due 2028
Nov 12, 2019Participation Agreement (N976JT), 2019-1 EETC · other · 2.75% Equipment Notes, Series 2019-1 AA (EETC), due 2032; 2.95% Equipment Notes, Series 2019-1 A (EETC), due 2028; 8.00% Equipment Notes, Series 2019-1 B (EETC), due 2027
Aug 27, 2020First Amendment to Participation Agreement (N976JT), 2019-1 EETC · other · 8.00% Equipment Notes, Series 2019-1 B (EETC), due 2027 (and amends the agreement for Series 2019-1 AA and A)
Aug 17, 2020Revolving Credit Agreement (2020-1A), liquidity facility from Natixis · other · 4.00% Equipment Notes, Series 2020-1 A (EETC), due 2032
Nov 12, 2019Revolving Credit Agreement (2019-1AA), liquidity facility from Credit Agricole · other · 2.75% Equipment Notes, Series 2019-1 AA (EETC), due 2032
Nov 12, 2019Revolving Credit Agreement (2019-1A), liquidity facility from Credit Agricole · other · 2.95% Equipment Notes, Series 2019-1 A (EETC), due 2028
Aug 17, 2020Revolving Credit Agreement (2020-1B), liquidity facility from Natixis · other · 7.75% Equipment Notes, Series 2020-1 B (EETC), due 2028
Aug 27, 2020Revolving Credit Agreement (2019-1B), liquidity facility from Credit Agricole · other · 8.00% Equipment Notes, Series 2019-1 B (EETC), due 2027
Apr 23, 2020Promissory Note to the U.S. Treasury under the Payroll Support Program (PSP1) · other · CARES Act Payroll Support Program loan due 2030
Jan 15, 2021Promissory Note to the U.S. Treasury under the Payroll Support Program Extension (PSP2) · other · Payroll Support Program Extension (PSP2) loan due 2031
May 6, 2021Promissory Note to the U.S. Treasury under Payroll Support Program 3 (PSP3) · other · American Rescue Plan Payroll Support (PSP3) loan due 2031
Mar 25, 2021Indenture for the 0.50% Convertible Senior Notes due 2026 · indenture · 0.50% Convertible Senior Notes due 2026 (repaid at maturity on 2026-04-01) · repaid

Scores and summaries are an analyst-style reading of the documents produced with AI and checked against the text. They are not legal advice. Read the document before relying on any point.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$6,037	$9,158	$9,615	$9,279	$9,062	$9,993	$10,915	$11,058
Y/Y Growth		51.7%	5.0%	(3.5%)	(2.3%)		9.2%	1.3%
Implied Costs	(5,549)	(8,841)	(9,185)	(9,269)	(8,689)	(9,839)	(10,709)	(10,730)
Adj. EBITDA	$488	$317	$430	$10	$373	$154	$206	$328
Margin	8.1%	3.5%	4.5%	0.1%	4.1%	1.5%	1.9%	3.0%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$488	$317	$430	$10	$373	$154	$206	$328
(-) Interest Expense (Cash Only)	(180)	(124)	(80)	(230)	(427)	(493)	(584)	(584)
(-) Cash Taxes	3	(45)	49	(2)	2	(3)	(3)	(3)
(-) Capex	(907)	(767)	(1,128)	(1,478)	(1,078)	(911)	(995)	(1,008)
(+/-) Working Capital and Other	1,331	231	1	366	(42)	118	--	--
Memo: FCF	$735	($388)	($728)	($1,334)	($1,172)	($1,135)	($1,377)	($1,268)
% of Debt	8.8%	(4.6%)	(8.7%)	(15.9%)	(14.0%)	(13.5%)	(16.4%)	(15.1%)

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Jet fuel price $ per gallon	2.51	2.96	4.23	3.91	4.64	3.96	3.70	3.63	3.53	3.53	3.53	3.53	$208.0mm on cost of revenue	483
Capacity (available seat miles) billion ASMs	15.88	15.34	17.17	17.27	16.44	15.65	17.51	17.61	16.77	15.96	17.86	17.97	$162.8mm on revenue	252
Operating revenue per available seat mile (RASM) cents	14.13	14.60	15.71	16.28	16.96	15.65	15.71	16.28	16.96	15.20	15.71	16.28	$172.7mm on revenue	670
CASM excluding fuel, non-airline costs and special items cents	11.49	12.21	11.12	11.78	11.49	12.45	11.34	12.02	11.72	12.70	11.57	12.26	$172.7mm on other operating costs	121

JetBlue holds no fuel hedges, so the credit swings on whether fares keep covering jet fuel: Q3 2026 unit revenue rose 18.4% and recaptured about 87% of a 57% jump in fuel price, and Q4 is guided at $4.64 a gallon with unit revenue up 18% to 22%. Each $0.10 a gallon is about $22 million a quarter of cost against an operating loss of $144 million in Q3, so the path to break-even in 2027 depends on fuel easing along the forward curve while fares hold and JetForward keeps non-fuel unit cost growth near zero to 2%. Capacity growth is modest, about 2% to 4%, with Fort Lauderdale growth the main swing in where seats go.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$2,244	$2,240	$2,697	$2,812	$2,824	$2,472	$2,752	$2,868	$2,878	$2,444	$2,809	$2,926
Y/Y Growth	(1.4%)	4.7%	14.5%	21.1%	25.8%	10.3%	2.1%	2.0%	1.9%	(1.1%)	2.1%	2.0%
Adj. EBITDA	$88	($32)	$49	$49	$136	($107)	$118	$60	$324	($144)	$111	$36
Margin	3.9%	(1.4%)	1.8%	1.7%	4.8%	(4.3%)	4.3%	2.1%	11.3%	(5.9%)	3.9%	1.2%
Free Cash Flow	($287)	($6)	($377)	($465)	($269)	($480)	($280)	($349)	($85)	($514)	($292)	($378)
Cash, end of period	1,946	1,857	1,656	1,258	989	510	230	(119)	(204)	(717)	(1,010)	(1,387)
Total Debt, end of period	8,498	8,435	8,478	8,393	8,393	8,393	8,393	8,393	8,393	8,393	8,393	8,393
Net Debt / Adj. EBITDA	17.6x	19.6x	34.6x	46.3x	36.7x	62.5x	41.8x	41.3x	21.8x	25.4x	26.8x	29.9x

Revenue is built from Passenger, Product and Service Other, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Oct 27, 2026

Slides Webcast and audio replay Investor relations site

Revenue jumped 21% on strong fares and fuel recapture, but fuel costs widened the net loss to $257 million and liquidity fell to $2.2 billion.

Takeaways

Revenue rose 21% to $2.81 billion. RASM grew 18.4% on capacity up only 2.3%. Yields rose over 20% and the company says it recaptured about 87% of higher fuel costs.
Fuel averaged $3.91 a gallon, up 57%. GAAP operating margin was -5.1% versus -4.3% a year ago. Excluding special items it was roughly -3.9%, a slight improvement on last year. Net loss was $257 million versus $143 million.
Cash burn continues. Unrestricted cash and investments fell to about $1.6 billion from about $2.5 billion at year end 2025. Total liquidity is $2.2 billion including a $600 million undrawn revolver.
Total debt was $8.39 billion, down slightly from $8.50 billion at year end. Stockholders' equity fell to $1.34 billion from $2.12 billion as losses mounted.
Unencumbered assets grew to about $7 billion, including $2.8 billion of aircraft and engines after new appraisals. A further $250 million aircraft-backed financing is expected to fund in Q4.
Management targets positive operating margin in 2027, a free cash flow turn from late 2027 into 2028, and at least $1.00 EPS in 2028. Capex is to stay under $1 billion a year through the decade.

Debt and capital

Liquidity of $2.2 billion at September 30, 2026: $1.6 billion of unrestricted cash and investments plus a $600 million undrawn revolving credit facility.
An additional $250 million of aircraft-backed financing is expected to fund in Q4 2026, subject to customary funding mechanics.
Unencumbered asset base of about $7 billion, including $2.8 billion in aircraft and engines, is presented as added financing capacity.
Total debt of $8.39 billion. Management says it will delever as free cash flow improves but gave no specific leverage target.
One Airbus A321neo XLR is excluded from capex because the company expects to sell it. Remaining order book is 12 aircraft in 2026, 7 in 2027 and 9 in 2028.
No buybacks, new bond issues or liability management actions were announced in the quarter's materials.

Guidance

Q4 2026: capacity up 3% to 4%, RASM up 18% to 22%, CASM ex-fuel between down 1% and up 1%, fuel $4.64 a gallon, capex about $300 million. Adjusted operating margin to expand 1 to 2 points year over year.
Full year 2026 adjusted operating margin cut to -4.5% to -6.5%, from -2.0% to -5.0% in July, mainly on higher fuel ($3.95 versus $3.49 a gallon).
Full year RASM raised to 13.5% to 14.5% (from 10.0% to 12.5%). Full year CASM ex-fuel raised to 3.5% to 4.5% (from 2.0% to 4.0%). Capacity narrowed to 1.5% to 2.5% (from 1.5% to 3.5%).
Full year interest expense held at about $590 million and capex held at about $850 million, excluding one A321neo XLR the company plans to sell.
Long term targets held: JetForward incremental EBIT of $850 million to $950 million by 2027 and about $1.2 billion by 2028, with at least $1.00 EPS in 2028 assuming $3.00 jet fuel.

Tone: Upbeat on revenue momentum and the 2027 profit path, while leaning on asset-backed financing capacity to bridge continued cash burn under high fuel prices.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release, investor update and earnings slides only. JetBlue does not publish a transcript or prepared remarks on its IR site or with the SEC.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Revenue rose 21% on much higher fares, but fuel costs rose faster and the operating loss widened to $144mm.

Results

Third quarter operating revenue was $2.81bn, up 21.1% from $2.32bn a year earlier.
The release gives no EBITDA figure. Operating loss was $144mm against $100mm a year earlier, an operating margin of -5.1% against -4.3%. Excluding $33mm of special items, the adjusted operating margin was -3.9% against -4.1%.
Unit revenue (RASM) rose 18.4% on 2.3% more capacity. Unit cost (CASM) rose 19.4%, and unit cost excluding fuel rose 7.0%.
Net loss was $257mm, or $0.68 per share, against $143mm, or $0.39 per share. Interest expense was $149mm in the quarter.
Capital spending was $189mm by the company's count, which leaves out one A321neo XLR it expects to sell. The cash flow table shows $249mm including that aircraft.

Why

Price did the work. Average fare rose 19.2% and yield rose 21.2%, while passengers rose 2.2% and load factor fell 1.5 points to 83.6%.
Fuel cost $3.91 per gallon, up 57%, taking fuel expense to $868mm from $539mm. The company says it recovered about 87% of the higher fuel cost through revenue.
Fort Lauderdale capacity grew more than 65% and unit revenue there rose nearly 15%. Loyalty revenue rose 20%.
Operational disruption added about four points to unit cost growth excluding fuel. Special items were a $33mm increase to litigation reserves.

Balance sheet and guidance

Cash and equivalents were $1.26bn and investment securities $368mm at September 30, 2026. The company states liquidity of $2.2bn, including an undrawn $600mm credit facility.
Total debt was $8.39bn, against $8.50bn at year-end 2025. Stockholders' equity fell to $1.34bn from $2.12bn.
A further $250mm of aircraft-backed financing is expected to fund in the fourth quarter. The company puts its unencumbered assets at about $7bn, including $2.8bn of aircraft and engines.
Fourth quarter 2026: capacity up 3.0% to 4.0%, RASM up 18.0% to 22.0%, CASM excluding fuel between down 1.0% and up 1.0%, fuel at $4.64 per gallon, capital spending about $300mm, and operating margin 1 to 2 points better than a year earlier.
Full year 2026: capacity up 1.5% to 2.5%, RASM up 13.5% to 14.5%, CASM excluding fuel up 3.5% to 4.5%, fuel at $3.95 per gallon, adjusted operating margin of -4.5% to -6.5%, interest expense about $590mm, and capital spending about $850mm excluding the aircraft held for sale.
The release does not show the prior full-year ranges, so it does not say whether these were raised or cut. It notes third quarter guidance had been revised on September 10, 2026.
The company restated its aims of operating profit in 2027 and at least $1 of earnings per share with positive free cash flow in 2028. No revenue, EBITDA or free cash flow dollar guidance is given.

What to watch

Fuel is forecast at $4.64 per gallon in the fourth quarter, about 85% above a year earlier. Margin guidance depends on RASM growth of 18% to 22% holding against that.
Cash fell to $1.26bn from $1.95bn at year-end 2025 and the full-year adjusted operating margin is still guided negative. Watch whether the $250mm aircraft financing funds and where liquidity ends the year.
Unit cost excluding fuel is guided roughly flat in the fourth quarter after rising 7.0% in the third. A miss there would undercut the stated path to operating profit in 2027.

From the company's press release filed Oct 26, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Oct 26, 20268-K for Oct 26, 2026: Results; Regulation FD · Presentation or supplement · Press release · Presentation or supplement
Jul 28, 20268-K for Jul 28, 2026: Results; Regulation FD · Presentation or supplement · Press release · Presentation or supplement
Apr 28, 20268-K for Apr 28, 2026: Results; Regulation FD · Presentation or supplement · Press release · Presentation or supplement
Jan 27, 20268-K for Jan 27, 2026: Results; Regulation FD · Presentation or supplement · Press release · Presentation or supplement
Oct 28, 20258-K for Oct 28, 2025: Results; Regulation FD · Presentation or supplement · Press release · Presentation or supplement
Jul 29, 20258-K for Jul 29, 2025: Results; Regulation FD · Presentation or supplement · Press release · Presentation or supplement
Apr 29, 20258-K for Apr 29, 2025: Results; Regulation FD · Presentation or supplement · Press release · Presentation or supplement
Jan 28, 20258-K for Jan 28, 2025: Results; Regulation FD · Presentation or supplement · Press release · Presentation or supplement

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Sep 10, 20268-K for Sep 10, 2026: Regulation FD
Aug 27, 20268-K for Aug 24, 2026: Director or officer change
Jun 1, 20268-K for Jun 1, 2026: Regulation FD
May 20, 20268-K for May 14, 2026: Shareholder vote
Apr 17, 20268-K for Apr 14, 2026: Other event
Mar 17, 20268-K for Mar 17, 2026: Regulation FD
Dec 12, 20258-K for Dec 9, 2025: Bylaw change
Dec 2, 20258-K for Dec 2, 2025: Regulation FD
Sep 11, 20258-K for Sep 11, 2025: Regulation FD
Sep 4, 20258-K for Sep 4, 2025: Regulation FD
May 16, 20258-K for May 14, 2025: Shareholder vote
Mar 11, 20258-K for Mar 11, 2025: Regulation FD
Dec 4, 20248-K for Dec 4, 2024: Regulation FD
Sep 16, 20248-K for Sep 10, 2024: Director or officer change; Regulation FD
Sep 5, 20248-K for Sep 5, 2024: Regulation FD
Sep 3, 20248-K for Aug 27, 2024: Material agreement; New debt; Equity sold; Other event
Aug 21, 20248-K for Aug 16, 2024: Material agreement; New debt; Equity sold; Other event
Aug 14, 20248-K for Aug 14, 2024: Other event
Aug 13, 20248-K for Aug 12, 2024: Other event
Aug 12, 20248-K for Aug 12, 2024: Other event

Proxy statements 3

Other filings 8

Dec 3, 2020424B5
Dec 1, 2020424B5
Aug 14, 2020424B5
Aug 13, 2020424B5
Aug 5, 2020424B2
Aug 5, 2020424B2
Aug 3, 2020424B2
Aug 3, 2020424B2

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Coming up

Feb 11, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
Nov 15, 2027Maturity. 8.00% Equipment Notes, Series 2019-1 B (EETC), due 2027: $38mm outstanding comes due.
May 15, 2028Maturity. 2.95% Equipment Notes, Series 2019-1 A (EETC), due 2028: $128mm outstanding comes due.
Nov 15, 2028Maturity. 7.75% Equipment Notes, Series 2020-1 B (EETC), due 2028: $73mm outstanding comes due.

Recent 8-K filings

Oct 26, 2026Reported results; Regulation FD disclosure
Sep 10, 2026Regulation FD disclosure
Aug 27, 2026Director or officer change
Jul 28, 2026Reported results; Regulation FD disclosure