Financial Performance & Outlook - JetBlue progressed its JetForward transformation, delivering $305 million of incremental EBIT in 2025[6,19] - The company maintained a solid liquidity position of $2.5 billion, representing approximately 27% of trailing twelve-month revenue, and ~$6.5 billion in unencumbered assets[7] - JetBlue expects to drive $310 million of incremental EBIT in 2026, for a total of $615 million from JetForward initiatives[21] - The airline anticipates generating incremental EBIT of $850 million - $950 million for FY 2027 from JetForward[21,38] - JetBlue strategically reduced 2026-2029 capex by approximately $3 billion since 2023, with an upcoming capex profile of less than $1 billion annually[38] - The company's outlook supports breakeven or better adjusted operating margin in 2026[39] Revenue & Cost Management - 4Q25 RASM (Revenue per Available Seat Mile) finished positive, 2.2 percentage points better than guidance midpoint, driven by strong underlying demand and ancillary and loyalty revenue performing above expectations[12] - Disruptions reduced ASMs (Available Seat Miles) by nearly 2 percentage points in 4Q, impacting CASM ex-fuel (Cost per Available Seat Mile, excluding fuel) by over 2 percentage points[12,34] - JetBlue achieved 2025 CASM ex-Fuel in-line with initial guidance at 6.2%[31] - The company expects 2026 CASM ex-fuel growth to be between 1% and 3%[31,39] Strategic Initiatives - Net Promoter Score (NPS) increased eight points year-over-year as investments in operational reliability ramped[9] - JetBlue launched the initial phase of its collaboration with United Airlines, called Blue Sky, featuring reciprocal loyalty accrual and redemption[9]

Financial Performance & Outlook - 3Q25 performance met or exceeded guidance midpoints[7] - CASM ex-fuel up 3.7% year-over-year[9] - Adjusted operating margin three points better than implied by July guidance ranges[9] - The company expects capital expenditures to trend at or below $1 billion annually beginning in 2026[35] - Interest expense is estimated at approximately $590 million for the full year 2025, reduced by about $10 million[36] Revenue & Demand - 3Q2025 ASMs increased by 0.9% compared to 3Q2024, while guidance was between 0.0% and 1.0%[19] - 3Q unit revenues exceeded midpoint of revised guidance[22] - TrueBlue revenue was up 12% year-over-year[25] Strategic Initiatives - The company plans to launch 17 new routes and increase frequency on 12 high-demand markets from Fort Lauderdale in 2025[12] - Implementation of Blue Sky with United Airlines is on track, with reciprocal loyalty point accrual & redemption launched[9] - A220s represent approximately 25% unit cost improvement versus E190s[33]

Financial Performance & Outlook - JetBlue delivered a positive operating margin in 2Q25, meeting or exceeding guidance ranges[6] - JetForward program is increasing its target by $50 million, aiming for $850-950 million in EBIT by 2027[9, 11] - Capital expenditures are expected to trend below $1 billion annually from 2026 through the end of the decade[24] Revenue & Demand - Year-over-year RASM decreased by 1.5% in 2Q25, but exceeded the guidance range[8, 15] - Revenue generated within 14 days of travel increased by 7% year-over-year[20] - 3Q25 RASM is guided to be between -6.0% and -2.0% year-over-year[16] Cost Management & Fleet - CASM ex-Fuel increased by 6.0% year-over-year in 2Q25, outperforming the better end of the guidance range[8] - The company expects AOGs (Aircraft On Ground) to average below 10 for 2025, compared to mid-to-high teens previously[26] - JetBlue is pausing four of 10 planned A320 restyles and selling two XLRs to avoid an orphan fleet[25] Strategic Initiatives - Blue Sky collaboration with United Airlines is expected to add $50 million in incremental EBIT to JetForward[8, 13] - The company realized a total of $90 million incremental EBIT in 1H25 on top of the $90 million EBIT captured in 2024[11]