JetBlue(US:JBLU)2026-01-27 11:30Financial Performance - JetBlue reported operating revenue of $2.2 billion for Q4 2025, a decrease of 1.5% year-over-year, and total operating revenue of $9.1 billion for the full year 2025, down 2.3% year-over-year[9][7]. - Total operating revenues for Q4 2025 were $2,244 million, a decrease of 1.5% compared to $2,277 million in Q4 2024[16]. - Passenger revenues decreased by 2.2% to $2,053 million in Q4 2025 from $2,100 million in Q4 2024[16]. - Total operating expenses increased by 3.7% to $2,344 million in Q4 2025, compared to $2,260 million in Q4 2024[16]. - Operating income for Q4 2025 was a loss of $100 million, compared to a profit of $17 million in Q4 2024[16]. - Net loss for the year 2025 was $602 million, an improvement of 24.3% from a net loss of $795 million in 2024[16]. - The net loss for Q4 2025 was $177 million, compared to a net loss of $44 million in Q4 2024[37]. - Loss per share for Q4 2025 was $0.48, compared to $0.13 in Q4 2024[37]. - Total operating expenses for the twelve months ended December 31, 2025, were $9,430 million, a decrease of 5.3% from $9,963 million in 2024[30]. - Operating expenses excluding fuel for the twelve months ended December 31, 2025, were $7,278 million, an increase of 4.4% from $6,969 million in 2024[30]. - The adjusted operating margin for Q4 2025 was (4.4)%, compared to 0.8% in Q4 2024[35]. - Special items for 2025 included severance expenses and other costs, impacting overall financial metrics[31]. Capacity and Revenue Metrics - Capacity decreased by 1.6% year-over-year in Q4 2025, with a full-year capacity decrease of 1.6% as well[9]. - Revenue passengers decreased by 2.2% to 9,718 thousand in Q4 2025 from 9,942 thousand in Q4 2024[18]. - Average fare remained relatively stable at $211.23 in Q4 2025 compared to $211.18 in Q4 2024[18]. - Operating revenue per available seat mile (RASM) increased by 0.2% year-over-year in Q4 2025, outperforming guidance which anticipated a decrease of 4.0% to flat[9]. Liquidity and Debt - JetBlue ended Q4 2025 with $2.5 billion in liquidity, representing approximately 27% of trailing twelve-month revenue[9]. - Total debt as of December 31, 2025, was $8,498 million, a slight decrease from $8,539 million in 2024[20]. - Cash and cash equivalents increased to $1,946 million as of December 31, 2025, compared to $1,921 million in 2024[20]. Capital Expenditures and Future Projections - The company strategically reduced capital expenditures by approximately $3 billion for the period 2026-2029 since 2023[5]. - Capital expenditures for 2025 totaled $1,122 million, down from $1,619 million in 2024[22]. - For Q1 2026, JetBlue expects available seat miles (ASMs) to increase by 0.5% to 3.5%, with RASM projected to grow by 0.0% to 4.0%[10]. Customer Satisfaction and Strategic Initiatives - JetBlue's Net Promoter Score increased by eight points year-over-year, reflecting improved customer satisfaction[5]. - JetBlue plans to execute critical milestones for its Blue Sky collaboration with United Airlines, enhancing loyalty programs and operational efficiencies[3][9]. Incremental EBIT Contribution - JetForward delivered $305 million of incremental EBIT in 2025, exceeding the initial target of $290 million, and is projected to contribute an additional $310 million in 2026, aiming for a total of $850 to $950 million by 2027[4][3].