JetBlue

JBLU · Nasdaq · Industrials · Financials, fiscal 2016 to 2025

JBLU · Last close · October 26, 2026

$2.37

JetBlue's revenue fell 2.3% to $9.1 billion in fiscal 2025. Its operating margin was −4.1%, up from −7.4% a year earlier. Free cash flow was −$1.2 billion. The diluted share count rose 4.7%.

JETBLUE AIRWAYS CORP Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001158463-26-000007 Updated October 26, 2026

Revenue

$9.1B

2.3%

Operating margin

−4.1%

3.3 pts

Net income

−$602M

Free cash flow

−$1.2B

Return on capital

−3.6%

4.1 pts

Market cap

$894M

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What JetBlue does

JetBlue is an airline. As of December 31, 2025, it served 112 destinations across the United States, the Caribbean and Latin America, Canada and Europe. Customers choose among three experiences: the core experience; EvenMore, which adds extra legroom, early boarding and other perks; and Mint, a lie-flat premium service on select coast-to-coast, Caribbean and Latin American routes and all transatlantic flights. All fares include a free carry-on bag, seatback entertainment, high-speed Wi-Fi and snacks.

JetBlue mostly flies point to point, with 95% of its routes touching at least one of six focus cities: the New York metropolitan area, Boston, Fort Lauderdale-Hollywood, Orlando, Los Angeles and San Juan. It sells most tickets on its own website, which it calls its lowest-cost channel, and also through travel agents and the booking systems they use. It runs the TrueBlue loyalty program, offers co-branded credit cards issued with Barclaycard in the United States, and sells vacation packages through its subsidiary Paisly. JetBlue calls the US airline industry extremely competitive, with airlines competing on fares, service, loyalty programs and routes.

At the end of 2025 JetBlue had an operating fleet of 288 aircraft. At that date four aircraft were grounded for lack of engines, because of required inspections of certain Pratt & Whitney engines and other engine durability problems. JetBlue says it has 23,000 employees, whom it calls crewmembers. In May 2025 it announced Blue Sky, a collaboration with United Airlines; since October 2025 customers can earn and redeem points in both airlines' loyalty programs.

Its biggest risks, as it describes them

Its heavy dependence on the New York market, where more competition, congestion, weaker demand or government cuts to its capacity at JFK could hurt it.
Keeping its planes in the air for long hours holds costs down but leaves it exposed to delays and cancellations.
Swings in the price and supply of fuel, which is one of its largest expenses.
Its reliance on a limited number of suppliers for its aircraft, engines and Fly-Fi internet service.
Large fixed obligations and debt, which could strain its ability to meet them and its liquidity.

From JetBlue's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2019, earnings per share fell 3.6% a year and net income 7.8% a year, while buybacks cut the share count by 13%. JetBlue then lost money in fiscal 2020, 2021, 2022, 2023, 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value JetBlue yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What JetBlue says to expect

Fourth quarter 2026: operating marginJetBlue expects 1–2 points of 4Q year-over-year operating margin expansion
Full year 2026: effective tax rateOur estimated effective tax rate is ~6% for the full year 2026, primarily reflecting a non-cash impact from a valuation allowance included in our forecasted annual effective tax rate.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 26, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from JetBlue's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. JetBlue's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to JetBlue's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $2.37
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and JetBlue's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2,842	1,392	1,567	3,610	2,159
Debt incl. finance leases	4,006	3,647	4,716	8,539	8,498
Net debt (negative means net cash)	1,164	2,255	3,149	4,929	6,339
Net debt to EBITDA	2.5x	7.9x	8.1x	—	19.8x
Debt to equity	1.0x	1.0x	1.4x	3.2x	4.0x
Interest coverage	−13.3x	−1.8x	−1.1x	−1.9x	−0.6x
Current ratio	0.9x	0.5x	0.6x	1.1x	0.7x
Quick ratio	0.9x	0.5x	0.6x	1.1x	0.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $206,000 of JetBlue shares on the open market, and 6 insiders sold $911,466, $480,568 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 31, 2026	Carol Ann ClementsChief Digital & Tech Officer	Sold plan	2,000	$4.71	$9,420	Form 4
Jul 30, 2026	Ursula L HurleyChief Financial Officer	Sold plan	77,253	$5.76	$444,949	Form 4
Jul 30, 2026	Carol Ann ClementsChief Digital & Tech Officer	Sold plan	2,000	$5.75	$11,500	Form 4
May 28, 2026	Vivek SharmaDirector	Sold	32,000	$5.41	$173,076	Form 4
May 4, 2026	Dawn SouthertonPrincipal Accounting Officer	Sold	18,193	$5.00	$90,965	Form 4
May 1, 2026	Thomas WinkelmannDirector	Sold	35,473	$4.70	$166,857	Form 4
May 1, 2026	Warren ChristieChief Operating Officer	Sold plan	2,680	$4.65	$12,462	Form 4
Nov 11, 2025	Warren ChristieChief Operating Officer	Sold plan	505	$4.43	$2,237	Form 4
Nov 4, 2025	Peter BoneparthDirector	Bought	50,000	$4.12	$206,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Fail
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Fail
F-score	5 of 8	3 of 8	3 of 8
Accruals ratio	−5.3%	−6.1%	−3.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put JetBlue side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
JetBlue	FY25	−2.3%	−4.1%	−12.9%	−3.6%	19.8x	3
Alaska Air Group	FY25	21.3%	2.1%	6.6%	2.9%	3.1x	5	Compare
Southwest Airlines	FY25	2.1%	1.5%	−3.0%	3.7%	0.9x	7	Compare
American Airlines Group	FY25	0.8%	2.7%	−1.2%	5.7%	5.3x	5	Compare
United Airlines	FY25	3.5%	8.0%	4.3%	15.3%	1.2x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	6,584	7,012	7,658	8,094	2,957	6,037	9,158	9,615	9,279	9,062
Revenue growth	—	6.5%	9.2%	5.7%	−63.5%	104.2%	51.7%	5.0%	−3.5%	−2.3%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	1,260	973	266	800	−1,714	−80	−298	−230	−684	−368
Net income	727	1,140	189	569	−1,354	−182	−362	−310	−795	−602
Diluted EPS (US$)	2.13	3.45	0.60	1.91	−4.88	−0.57	−1.12	−0.93	−2.30	−1.66
Diluted shares (millions)	342	330	314	298	278	318	324	333	346	362
Cash flow
Cash from operations	1,632	1,379	1,200	1,449	−683	1,642	379	400	144	−94
Capital expenditure	850	1,074	908	932	715	907	767	1,128	1,478	1,078
Free cash flow	782	305	292	517	−1,398	735	−388	−728	−1,334	−1,172
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	120	380	375	535	160	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	297	131	22	0
Stock-based compensation	23	29	28	31	28	28	30	39	39	40
Balance sheet at fiscal year end
Cash and short-term investments	971	693	887	1,328	3,100	2,842	1,392	1,567	3,610	2,159
Debt incl. finance leases	1,244	1,075	1,670	2,334	4,863	4,006	3,647	4,716	8,539	8,498
Total assets	9,323	9,781	10,959	11,918	13,406	13,642	13,045	13,853	16,841	16,570
Total liabilities	5,390	4,976	6,274	7,119	9,455	9,793	9,482	10,516	14,200	14,450
Shareholders' equity	4,013	4,732	4,685	4,799	3,951	3,849	3,563	3,337	2,641	2,120
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	19.1%	13.9%	3.5%	9.9%	−58.0%	−1.3%	−3.2%	−2.4%	−7.4%	−4.1%
Net margin	11.0%	16.3%	2.5%	7.0%	−45.8%	−3.0%	−4.0%	−3.2%	−8.6%	−6.6%
Free cash flow margin	11.9%	4.3%	3.8%	6.4%	−47.3%	12.2%	−4.2%	−7.6%	−14.4%	−12.9%
Return on capital	19.1%	20.7%	4.3%	10.5%	−23.5%	−1.2%	−4.3%	−3.0%	−7.7%	−3.6%
Return on equity	20.1%	26.1%	4.0%	12.0%	−30.9%	−4.7%	−9.8%	−9.0%	−26.6%	−25.3%
Return on assets	8.1%	11.9%	1.8%	5.0%	−10.7%	−1.4%	−2.7%	−2.3%	−5.2%	−3.6%
Net debt to EBITDA	0.2x	0.3x	1.1x	0.8x	—	2.5x	7.9x	8.1x	—	19.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: JetBlue's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with JetBlue.