JetBlue Airways Corporation (JBLU)

JetBlue Airways reported a third-quarter 2026 net loss of $257 million on operating revenue of $2.8 billion, up 21.1 percent from a year earlier, in results released on 26 October 13.

Revenue per available seat mile, the money earned for each seat flown one mile, rose 18.4 percent 1. Jet fuel cost an average of $3.91 a gallon, 57 percent more than a year before 1. The company said it recaptured about 87 percent of the higher fuel cost 1.

Chief executive Joanna Geraghty said resilient demand and strong yields drove revenue well ahead of initial expectations 1. A September update said weather and air traffic control limits in the Northeast raised costs, as the airline's air traffic cancellations nearly doubled 4.

The company expects further margin expansion in the fourth quarter, and says it is working toward at least $1 of earnings per share and positive free cash flow in 2028 1. Pilot contract talks, open since May 2024, are ongoing 3.

In July 2020, JetBlue and American Airlines entered the Northeast Alliance, a tie-up that a court permanently barred effective 18 August 2023 after an antitrust challenge by the U.S. Justice Department and several states 3.

JetBlue then tried to buy Spirit Airlines 9. Reuters reported on 4 March 2024 that JetBlue ended its $3.8 billion merger agreement after a U.S. judge blocked the deal on competition concerns 9.

In July 2024 the company announced JetForward, a strategic framework with four priority moves: reliable and caring service, the best East Coast leisure network, products and perks customers value, and a secure financial future 5.

Revenue slid over those years, from $9,615 million in 2023 to $9,279 million in 2024 and $9,062 million in 2025 5. Net loss was $795 million in 2024 and $602 million in 2025 5.

The 2025 drop came mainly from flying less: passenger revenue fell 3.3 percent on a 1.6 percent cut in capacity and a 2.9 percent fall in revenue passengers 5. Other revenue rose 9.6 percent on higher customer spending through the TrueBlue loyalty program 5.

Engine trouble weighed throughout 3. In July 2023, Pratt & Whitney announced an FAA-mandated removal of certain engines for inspection, and those engines power the Airbus A321neo and A220 aircraft 3.

In 2025 JetBlue retired its remaining Embraer E190 aircraft as part of a fleet transition plan 3. In May 2025 it announced Blue Sky, a collaboration with United Airlines, and in October 2025 customers became eligible to earn and redeem points across both loyalty programs 5.

What JetBlue sells

JetBlue flies passengers, mostly in the Northeast, Florida and the Caribbean 5. Passenger revenue was $8,336 million of $9,062 million in 2025, and other revenue, mainly loyalty points, $726 million 5.

Customers choose the core cabin, EvenMore (extra legroom and early boarding) or Mint, a lie-flat seat on select coast-to-coast, Caribbean, Latin American and all transatlantic flights 5. Every fare includes a carry-on bag, seatback entertainment and Wi-Fi 5.

BlueFirst, a new domestic first-class cabin, went on sale on more than 30 routes, with first service on 8 December between Boston and Fort Lauderdale 1.

Network and fleet

About 95 percent of routes touch one of six focus cities: the New York area, Boston, Fort Lauderdale, Orlando, Los Angeles and San Juan 5. JetBlue's seat share at year-end 2025 was 26 percent in Boston and 29 percent in San Juan 5.

In Fort Lauderdale, revenue per seat mile rose nearly 15 percent on more than 65 percent capacity growth in the third quarter 1. The operating fleet on 30 September 2026 was 298 aircraft: 129 A320, 102 A321 and 67 A220 2.

Loyalty, cards and Paisly

TrueBlue is the loyalty program, and its co-brand credit cards are issued with Barclaycard on the Mastercard network 5. Loyalty revenue grew about 20 percent in the third quarter, and Premier Card sign-ups rose more than eightfold 3.

Paisly, a wholly owned subsidiary, packages hotels, rental cars and attractions with JetBlue flights, and now sells car rentals through United's MileagePlus Travel 53.

People and rivals

Joanna Geraghty is chief executive, Marty St George president and Ursula Hurley chief financial officer 1. JetBlue employed about 23,000 crewmembers, and about 49 percent of full-time equivalents were union-represented at the end of 2025 5.

The annual report calls the U.S. airline industry extremely competitive 5. Frontier Airlines bid $57.5 million against JetBlue for Spirit's LaGuardia slots, according to Skift 10.

Current problems

As of 30 September 2026, two aircraft were grounded for lack of engine availability, and the company expects the count to stay in single digits for the rest of 2026 3. RTX's engine unit gave credits of up to $105 million in a July 2026 agreement 3.

Class-action suits over the Northeast Alliance continue, and in October 2026 JetBlue and American opposed class certification 3. American also sued JetBlue in Texas in April 2025 over revenue sharing tied to the alliance 3.

The umbrella, in words

JetBlue's brands include JetBlue, Mint, EvenMore, TrueBlue, Paisly and the BlueHouse lounges, the first of which opened at JFK Terminal 5 in December 2025 5.

The subsidiaries exhibit lists nine, including Paisly, JetBlue Technology Ventures and BlueBermuda Insurance, plus Cayman Islands entities for JetBlue Cayman 1, JetBlue Cayman 2 and JetBlue Loyalty 6.

JetBlue reports 5 percent ownership in JFK Millennium Partners, its partner building a new Terminal 6 at JFK, given through a $65 million letter of credit 5. It leases Terminal 5 at JFK through November 2042 5.

In October 2026 JetBlue completed the $58.5 million purchase of 22 LaGuardia operating authorizations that Spirit Airlines had operated 3.

BlackRock reported a passive 11.8 percent stake as of 30 September 2025 in a Schedule 13G amendment 7. Vladimir Galkin, a person, reported owning 10 percent as of May 2026, partly through a family trust 8.

For the fourth quarter, the company guides to capacity up 3.0% to 4.0%, revenue per seat mile up 18.0% to 22.0% and fuel at $4.64 a gallon 2.

For 2026 as a whole it guides to an adjusted operating margin of negative 4.5 to negative 6.5 percent and capital spending of about $850 million 2.

Management says it is on track for its 2026 JetForward goals and aims to return to sustained operating profitability in 2027 3. It also expects annual capital spending to stay below $1 billion through the end of the decade 3.

BlueFirst service is to begin in December 2026, with most aircraft retrofits finished by the end of 2027, the company says 3. Paisly expects hotels and travel insurance before the end of 2026, then packages and cruises in the first half of 2027 3.

Aircraft deliveries scheduled as of 30 September 2026 are 4 A220 in the rest of 2026, 7 in 2027 and 9 in 2028 3. The company expects $250 million of aircraft-backed financing to fund in the fourth quarter 1.

The FAA approved the LaGuardia slot purchase, InsideFlyer reported, with an 80 percent use requirement starting in early 2027 and no transfers until April 2028 11.

The inflight crew contract with TWU becomes amendable on 13 December 2026, and pilot talks continue 5.