Jetblue Airways Corporation · NASDAQ:JBLU
Jetblue Airways — Q3 2026 Earnings Presentation
22 slides from Jetblue Airways's earnings presentation, Oct 27, 2026
Slide 1: 3Q26 Earnings Presentation
3Q26 Earnings Presentation October 27, 2026
Slide 2: Safe Harbor
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Safe Harbor This Presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered
Slide 3: 3Q26 Recap
3Q26 Recap Joanna Geraghty Chief Executive Officer 3
Slide 4: Strong Revenue Growth Supports YoY Margin Expansion
Revenue Strength Driving Earnings Improvement • Strong demand and commercial execution drove 3Q RASM ~4pts above initial guidance (1) midpoint • Fuel recapture reached ~87%, ahead of 70-80% expectation Strong Revenue • Adjusted operating margin (2) expanded YoY in 3Q; 1-2pts expansion expected in 4Q
Slide 5: Commercial Update and Outlook
Commercial Update and Outlook Marty St. George President 5
Slide 6: Unit Revenue Momentum Continuing Into 4Q
Unit Revenue Momentum Continuing Into 4Q RASM YoY Growth Exceeded 3Q Revenue Expectations While Delivering on JetForward 18.0% to 22.0% 18.5% 18.4% • RASM +18.4% YoY, led by over 20% yield growth; no meaningful demand elasticity 14.5% • Broad-based revenue strength across booking curve, peak & off-p
Slide 7: 4Q Outlook Implies Fifth Straight Quarter of RASM Improvement
4Q Outlook Implies Fifth Straight Quarter of RASM Improvement +18.4% since 3Q25 16.28¢ 15.71¢ 14.60¢ 14.13¢ 13.75¢ 4Q26 1Q25 – 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 2027–2028E Guidance Y/Y RASM growth (2.7%) +0.2% +6.5% +10.9% +18.4% +18.0% - 22.0% +MSD MULTIPLE INITIATIVES CONTINUE TO RAMP BEYOND 2026 Prem
Slide 8: BlueFirst Makes Premium Travel More Accessible as We Expand Across the Network
BlueFirst Makes Premium Travel More Accessible as We Expand Across the Network More Choice, More Ways to Experience BlueFirstTM (1) A Fresh Take on First Class • BlueFirst now on sale across 30+ routes • Spacious 2-by-2 recliners with up to 7″ extra legroom • Service begins Dec. 8; phased rollout ac
Slide 9: Fort Lauderdale RASM Growth Accelerated as We Continue Building Scale
Fort Lauderdale RASM Growth Accelerated as We Continue Building Scale >65% +15% >150 ASM growth YoY RASM YoY Planned peak daily departures in 4Q Greater Scale Expands Local Relevance and Connectivity New routes broaden choice from Fort Lauderdale Customer Response Continues to Strengthen +15% RASM i
Slide 10: Financial Update and Outlook
Financial Update and Outlook Ursula Hurley Chief Financial Officer 10
Slide 11: Executing Cost Actions and Driving Sequential Improvement Into 4Q
Executing Cost Actions and Driving Sequential Improvement Into 4Q CASM ex-Fuel (1) YoY Growth Managing Disruption While Continuing Cost Actions 7.0% 7.0% • 3Q operational disruptions drove $19M of incremental ex-Fuel 3.5% costs and ~4pts of CASM ex-Fuel pressure • Underlying cost execution stayed on
Slide 12: 4Q and Full Year 2026 Outlook
4Q and Full Year 2026 Outlook Guidance Estimated 4Q 2026 Estimated FY 2026 ASMs Year-over-Year 3.0% – 4.0% 1.5% – 2.5% RASM Year-over-Year 18.0% – 22.0% 13.5% – 14.5% CASM ex-Fuel (1) Year-over-Year (1.0%) – 1.0% 3.5% – 4.5% Fuel Price per Gallon (2) $4.64 $3.95 Adjusted Operating Margin (1) - (4.5%
Slide 13: JetForward and Long-Term Vision
The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power JetForward and Long-Term Vision 13
Slide 14: JetForward Continues to Build and Compounds Beyond 2027
Recall: JetForward Continues to Build and Further Compounds Beyond 2027 Driving Path to at Least $1.00 EPS in 2028 2027 JetForward target Existing JetForward initiatives 2028 JetForward target continue ramping, led by BlueFirstTM $850M-$950M + +$300M = ~$1.2B annual incremental EBIT vs. 2024 increme
Slide 15: Margin Expansion and Disciplined Capex Support Future Free Cash Flow and Deleveraging
Margin Expansion and Disciplined Capex Support Future Free Cash Flow and Deleveraging Long-Term Financial Priorities 1 2 3 Deliver Positive Achieve Positive Free Strengthen Operating Margin in 2027 Cash Flow Balance Sheet Adjusted Operating Margin Improving Earnings and Preserve Financial Flexibilit
Slide 16: Appendix
Appendix jetBlue 16
Slide 17: Appendix A: Non-GAAP Financial Measures
Appendix A Non-GAAP Financial Measures We report our financial results in accordance with GAAP; however, we present certain non-GAAP financial measures in this Presentation. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are n
Slide 18: Operating Expenses ex-fuel and CASM ex-fuel
Operating Expenses, excluding Fuel, Other Non-Airline Operating Expenses, and Special Items ("Operating Expenses ex-fuel") and Operating Expense ex-fuel per Available Seat Mile ("CASM ex-fuel") Operating Expense per Available Seat Mile ("CASM") is a common metric used in the airline industry. Our CA
Slide 19: Reconciliation of Operating Expense, Operating Loss, Margin, Net Loss and Loss per Share
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER Operating Expense, Operating Loss, SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS Operating Margin, Pre-tax Loss, Pre-tax (unaudited) Three Month
Slide 20: Reconciliation of Operating Expense, Operating Loss, Margin, Net Loss (continued)
Operating Expense, Operating Loss, NON-GAAP FINANCIAL MEASURE Operating Margin, Pre-tax Loss, Pre-tax RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS Margin, Net Loss and Lo
Slide 21: Appendix B: Order Book
Appendix B: Order Book JetBlue’s contractual aircraft deliveries for full year as of September 30, 2026: Aircraft Deliveries (1) A220 A321neo (2) Total (3) 2026 (4) 12 - 12 2027 7 - 7 2028 9 - 9 2029 10 - 10 2030 2 2 4 Thereafter 1 42 43 (1) Aircraft delivery timing and related committed expenditure
Slide 22: jetBlue
jetBlue