JetBlue Airways (JBLU)
Market Price (10/28/2026): $2.79 | Market Cap: $1.1 BilSector: Industrials | Industry: Passenger Airlines
JetBlue Airways (JBLU)
Market Price (10/28/2026): $2.79Market Cap: $1.1 BilSector: IndustrialsIndustry: Passenger Airlines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Travel & Leisure Tech, and Direct-to-Consumer Brands. | Weak multi-year price returns2Y Excs Rtn is -99%, 3Y Excs Rtn is -124% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -559 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.9% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 827% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -104% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 28% Key risksJBLU key risks include [1] significant operational challenges and capacity constraints stemming from aircraft groundings due to Pratt & Whitney engine availability issues. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Travel & Leisure Tech, and Direct-to-Consumer Brands. |
| Weak multi-year price returns2Y Excs Rtn is -99%, 3Y Excs Rtn is -124% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -559 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.9% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 827% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -104% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 28% |
| Key risksJBLU key risks include [1] significant operational challenges and capacity constraints stemming from aircraft groundings due to Pratt & Whitney engine availability issues. |
Qualitative Assessment
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Updated on 10/27/2026
JetBlue Airways (JBLU) stock has lost about 50% since 6/30/2026 because of the following key factors:
1. Wider-than-Expected Fiscal Q3 2026 Loss and Revenue Miss.
JetBlue reported a net loss of $257 million for fiscal Q3 2026, significantly widening its loss by 80.4% compared to the prior year. The adjusted loss per share of -$0.60 missed the consensus estimate of -$0.55 per share. While operating revenue increased by 21.1% year-over-year to $2.812 billion, it slightly fell short of the $2.83 billion consensus estimate, indicating persistent profitability challenges despite revenue growth.
2. Surging Fuel Costs Impacting Profitability.
The company faced a substantial increase in fuel expenses, with the average price per gallon rising 57.4% year-over-year to $3.91 in fiscal Q3 2026. This led to a 61% jump in fuel expenses, reaching $868 million. Despite JetBlue's ability to recapture approximately 87% of these higher fuel costs through increased fares, the sheer magnitude of the fuel price surge significantly pressured operating margins and contributed to the wider loss.
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JetBlue Airways (JBLU) stock has lost about 50% since 6/30/2026 because of the following key factors:
1. Wider-than-Expected Fiscal Q3 2026 Loss and Revenue Miss.
JetBlue reported a net loss of $257 million for fiscal Q3 2026, significantly widening its loss by 80.4% compared to the prior year. The adjusted loss per share of -$0.60 missed the consensus estimate of -$0.55 per share. While operating revenue increased by 21.1% year-over-year to $2.812 billion, it slightly fell short of the $2.83 billion consensus estimate, indicating persistent profitability challenges despite revenue growth.
2. Surging Fuel Costs Impacting Profitability.
The company faced a substantial increase in fuel expenses, with the average price per gallon rising 57.4% year-over-year to $3.91 in fiscal Q3 2026. This led to a 61% jump in fuel expenses, reaching $868 million. Despite JetBlue's ability to recapture approximately 87% of these higher fuel costs through increased fares, the sheer magnitude of the fuel price surge significantly pressured operating margins and contributed to the wider loss.
Show more
Updated on 10/27/2026
JetBlue Airways (JBLU) stock has lost about 50% since 6/30/2026 because of the following key factors:
1. Wider-than-Expected Fiscal Q3 2026 Loss and Revenue Miss.
JetBlue reported a net loss of $257 million for fiscal Q3 2026, significantly widening its loss by 80.4% compared to the prior year. The adjusted loss per share of -$0.60 missed the consensus estimate of -$0.55 per share. While operating revenue increased by 21.1% year-over-year to $2.812 billion, it slightly fell short of the $2.83 billion consensus estimate, indicating persistent profitability challenges despite revenue growth.
2. Surging Fuel Costs Impacting Profitability.
The company faced a substantial increase in fuel expenses, with the average price per gallon rising 57.4% year-over-year to $3.91 in fiscal Q3 2026. This led to a 61% jump in fuel expenses, reaching $868 million. Despite JetBlue's ability to recapture approximately 87% of these higher fuel costs through increased fares, the sheer magnitude of the fuel price surge significantly pressured operating margins and contributed to the wider loss.
3. Market Concerns Regarding Debt Restructuring and Financial Health.
Reports surfaced that JetBlue's creditors were organizing with advisors, raising concerns about potential debt restructuring, given the airline's cash burn and substantial debt burden, estimated around $8.5 billion. While JetBlue's CEO denied these discussions, the speculation contributed to negative market sentiment. Analysts also noted that JetBlue is expected to remain free-cash-flow negative until at least fiscal year 2028 and may need to raise approximately $1 billion in debt in fiscal year 2027.
4. Elevated Unit Costs and Operational Disruptions.
Operating expense per available seat mile excluding fuel (CASM ex-Fuel) increased by 7.0% year-over-year in fiscal Q3 2026, which was higher than the company's initial outlook. This increase was partly attributed to $19 million in operational disruptions during the quarter, highlighting ongoing challenges in managing costs and maintaining operational efficiency.
Show less
JetBlue Airways (JBLU) stock has lost about 50% since 6/30/2026 because of the following key factors:
1. Wider-than-Expected Fiscal Q3 2026 Loss and Revenue Miss.
JetBlue reported a net loss of $257 million for fiscal Q3 2026, significantly widening its loss by 80.4% compared to the prior year. The adjusted loss per share of -$0.60 missed the consensus estimate of -$0.55 per share. While operating revenue increased by 21.1% year-over-year to $2.812 billion, it slightly fell short of the $2.83 billion consensus estimate, indicating persistent profitability challenges despite revenue growth.
2. Surging Fuel Costs Impacting Profitability.
The company faced a substantial increase in fuel expenses, with the average price per gallon rising 57.4% year-over-year to $3.91 in fiscal Q3 2026. This led to a 61% jump in fuel expenses, reaching $868 million. Despite JetBlue's ability to recapture approximately 87% of these higher fuel costs through increased fares, the sheer magnitude of the fuel price surge significantly pressured operating margins and contributed to the wider loss.
3. Market Concerns Regarding Debt Restructuring and Financial Health.
Reports surfaced that JetBlue's creditors were organizing with advisors, raising concerns about potential debt restructuring, given the airline's cash burn and substantial debt burden, estimated around $8.5 billion. While JetBlue's CEO denied these discussions, the speculation contributed to negative market sentiment. Analysts also noted that JetBlue is expected to remain free-cash-flow negative until at least fiscal year 2028 and may need to raise approximately $1 billion in debt in fiscal year 2027.
4. Elevated Unit Costs and Operational Disruptions.
Operating expense per available seat mile excluding fuel (CASM ex-Fuel) increased by 7.0% year-over-year in fiscal Q3 2026, which was higher than the company's initial outlook. This increase was partly attributed to $19 million in operational disruptions during the quarter, highlighting ongoing challenges in managing costs and maintaining operational efficiency.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -50.8% change in JBLU stock from 6/30/2026 to 10/27/2026 was primarily driven by a -54.1% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.73 | 2.82 | -50.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,162 | 9,993 | 9.1% |
| P/S Multiple | 0.2 | 0.1 | -54.1% |
| Shares Outstanding (Mil) | 371 | 377 | -1.7% |
| Cumulative Contribution | -50.8% |
Market Drivers
6/30/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| JBLU | -50.8% | |
| Market (SPY) | 3.1% | 48.2% |
| Sector (XLI) | -9.3% | 29.8% |
Fundamental Drivers
The -36.2% change in JBLU stock from 3/31/2026 to 10/27/2026 was primarily driven by a -40.9% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.42 | 2.82 | -36.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,062 | 9,993 | 10.3% |
| P/S Multiple | 0.2 | 0.1 | -40.9% |
| Shares Outstanding (Mil) | 369 | 377 | -2.1% |
| Cumulative Contribution | -36.2% |
Market Drivers
3/31/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| JBLU | -36.2% | |
| Market (SPY) | 18.7% | 48.0% |
| Sector (XLI) | 4.1% | 39.0% |
Fundamental Drivers
The -42.7% change in JBLU stock from 9/30/2025 to 10/27/2026 was primarily driven by a -45.3% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.92 | 2.82 | -42.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,138 | 9,993 | 9.4% |
| P/S Multiple | 0.2 | 0.1 | -45.3% |
| Shares Outstanding (Mil) | 361 | 377 | -4.2% |
| Cumulative Contribution | -42.7% |
Market Drivers
9/30/2025 to 10/27/2026| Return | Correlation | |
|---|---|---|
| JBLU | -42.7% | |
| Market (SPY) | 16.5% | 43.6% |
| Sector (XLI) | 9.8% | 44.7% |
Fundamental Drivers
The -38.7% change in JBLU stock from 9/30/2023 to 10/27/2026 was primarily driven by a -30.9% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.60 | 2.82 | -38.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,915 | 9,993 | 0.8% |
| P/S Multiple | 0.2 | 0.1 | -30.9% |
| Shares Outstanding (Mil) | 332 | 377 | -12.0% |
| Cumulative Contribution | -38.7% |
Market Drivers
9/30/2023 to 10/27/2026| Return | Correlation | |
|---|---|---|
| JBLU | -38.7% | |
| Market (SPY) | 86.2% | 38.4% |
| Sector (XLI) | 72.2% | 42.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| JBLU Return | -2% | -54% | -14% | 42% | -42% | -48% | -84% |
| Peers Return | 1% | -20% | 4% | 60% | 4% | -8% | 29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| JBLU Win Rate | 50% | 33% | 42% | 58% | 33% | 60% | |
| Peers Win Rate | 43% | 50% | 43% | 63% | 55% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| JBLU Max Drawdown | -41% | -62% | -60% | -39% | -58% | -63% | |
| Peers Max Drawdown | -37% | -38% | -42% | -32% | -46% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LUV, DAL, AAL, UAL, ALK. See JBLU Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/27/2026 (YTD)
How Low Can It Go
| Event | JBLU | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.1% | -7.8% |
| % Gain to Breakeven | 25.2% | 8.5% |
| Time to Breakeven | 28 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -53.2% | -9.5% |
| % Gain to Breakeven | 113.6% | 10.5% |
| Time to Breakeven | 352 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.4% | -6.7% |
| % Gain to Breakeven | 28.8% | 7.1% |
| Time to Breakeven | 96 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.0% | -33.7% |
| % Gain to Breakeven | 203.4% | 50.9% |
| Time to Breakeven | 357 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.0% | -19.2% |
| % Gain to Breakeven | 22.0% | 23.8% |
| Time to Breakeven | 127 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.1% | -6.8% |
| % Gain to Breakeven | 30.0% | 7.3% |
| Time to Breakeven | 24 days | 15 days |
In The Past
JetBlue Airways's stock fell -20.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 25.2% gain to breakeven.
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| Event | JBLU | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.1% | -7.8% |
| % Gain to Breakeven | 25.2% | 8.5% |
| Time to Breakeven | 28 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -53.2% | -9.5% |
| % Gain to Breakeven | 113.6% | 10.5% |
| Time to Breakeven | 352 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.4% | -6.7% |
| % Gain to Breakeven | 28.8% | 7.1% |
| Time to Breakeven | 96 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.0% | -33.7% |
| % Gain to Breakeven | 203.4% | 50.9% |
| Time to Breakeven | 357 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.1% | -6.8% |
| % Gain to Breakeven | 30.0% | 7.3% |
| Time to Breakeven | 24 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -35.6% | -17.9% |
| % Gain to Breakeven | 55.3% | 21.8% |
| Time to Breakeven | 74 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -54.6% | -53.4% |
| % Gain to Breakeven | 120.4% | 114.4% |
| Time to Breakeven | 194 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -23.4% | -8.6% |
| % Gain to Breakeven | 30.5% | 9.5% |
| Time to Breakeven | 2553 days | 47 days |
In The Past
JetBlue Airways's stock fell -20.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 25.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About JetBlue Airways (JBLU)
JetBlue Airways Corporation (JBLU) is an air passenger transportation company that operates a diverse fleet of Airbus and Embraer aircraft. Incorporated in 1998 and based in Long Island City, New York, the company focuses on providing scheduled air travel services to a broad range of destinations.
The company's main product is commercial air travel, serving passengers seeking transportation primarily within the United States, the Caribbean, and Latin America. As of late 2021, JetBlue served 107 destinations across 31 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and 24 countries in the Caribbean and Latin America. It also maintains a strategic partnership with American Airlines Group Inc., enhancing connectivity for travelers, particularly in the Northeast region.
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JetBlue is like Southwest Airlines, but with a more premium cabin experience, including personal seat-back entertainment and assigned seating.
Think of JetBlue as the Trader Joe's of airlines – offering a unique, higher-quality flying experience at competitive prices.
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- Air Passenger Transportation Services: Provides scheduled flights for passengers to various destinations across the United States, Caribbean, and Latin America.
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JetBlue Airways (JBLU) primarily sells air passenger transportation services directly to individuals rather than to other companies. Its major customer categories include:
- Leisure Travelers: Individuals and families traveling for vacations, holidays, personal events, or other recreational purposes.
- Business Travelers: Individuals traveling for work-related purposes, such as meetings, conferences, corporate events, or client visits.
- Visiting Friends and Relatives (VFR) Travelers: Individuals traveling to visit family or friends, often utilizing JetBlue's routes within the United States, to the Caribbean, or Latin America.
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- Airbus SE (AIR.PA)
- Embraer S.A. (ERJ)
- General Electric Company (GE)
- RTX Corporation (RTX)
- Safran S.A. (SAF.PA)
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Joanna Geraghty, Chief Executive Officer
Joanna Geraghty was appointed CEO of JetBlue Airways in February 2024, becoming the first woman to lead a major U.S. airline. She joined JetBlue in 2005 and has held several senior leadership positions, including President & Chief Operating Officer from 2018 to 2024, Executive Vice President, Customer Experience, and Executive Vice President, Chief People Officer from 2010 to 2014. Before her career at JetBlue, Geraghty was a partner at the law firm Holland & Knight, focusing on aviation litigation. She also serves on the board of directors for the JetBlue Foundation, Airlines for America (A4A), L3Harris Technologies, and is chairperson of the board of Concern Worldwide.
Ursula Hurley, Chief Financial Officer
Ursula Hurley was appointed Chief Financial Officer of JetBlue Airways in September 2021, after serving as acting CFO since June 2021. She began her career at JetBlue in 2004 as an analyst and has spent her entire professional career with the company. Prior to her CFO role, Hurley was the Head of Treasury and Investor Relations, where she was responsible for managing the company's $13 billion balance sheet. She played a crucial role in navigating the company through the financial challenges of the COVID-19 pandemic. Hurley also serves as President of the JetBlue Foundation.
Marty St. George, President
Marty St. George was appointed President of JetBlue in February 2024, marking his return to the airline. He previously held various leadership roles at JetBlue from 2006 to 2019, including Executive Vice President and Chief Commercial Officer, where he was instrumental in developing the airline's focus city strategy and launching airline partnerships. Before rejoining JetBlue, St. George served as Chief Commercial Officer at LATAM Airlines Group from 2020 to 2024. His experience also includes operating an airline strategy consulting practice and serving as interim Chief Commercial Officer at Norwegian Air Shuttle ASA, as well as nearly two decades at United and US Airways.
Warren Christie, Chief Operating Officer
Warren Christie became Chief Operating Officer of JetBlue in February 2024. He joined JetBlue in 2003 and has held a variety of roles with increasing responsibility, including head of safety, security, fleet operations, airports, and JetBlue University prior to his COO appointment. Christie has over 30 years of aviation experience, including serving as a Naval Aviator in the United States Navy, where he piloted the F/A-18 Hornet and instructed at the Navy Fighter Weapons School (TOPGUN).
Dave Clark, SVP Finance and Strategy
Dave Clark was named SVP Finance and Strategy in April 2024. In this role, he is responsible for financial planning and analysis, strategy and business development, and investor relations. Clark joined JetBlue in May 2009 and has led various teams across the commercial organization. He previously served as Head of Revenue and Planning from January 2022 to April 2024 and as Vice President, Sales and Revenue Management from February 2017 to December 2021. Before joining JetBlue, he was a project leader in the Boston Consulting Group's Travel & Tourism practice.
Joanna Geraghty was appointed CEO of JetBlue Airways in February 2024, becoming the first woman to lead a major U.S. airline. She joined JetBlue in 2005 and has held several senior leadership positions, including President & Chief Operating Officer from 2018 to 2024, Executive Vice President, Customer Experience, and Executive Vice President, Chief People Officer from 2010 to 2014. Before her career at JetBlue, Geraghty was a partner at the law firm Holland & Knight, focusing on aviation litigation. She also serves on the board of directors for the JetBlue Foundation, Airlines for America (A4A), L3Harris Technologies, and is chairperson of the board of Concern Worldwide.
Ursula Hurley, Chief Financial Officer
Ursula Hurley was appointed Chief Financial Officer of JetBlue Airways in September 2021, after serving as acting CFO since June 2021. She began her career at JetBlue in 2004 as an analyst and has spent her entire professional career with the company. Prior to her CFO role, Hurley was the Head of Treasury and Investor Relations, where she was responsible for managing the company's $13 billion balance sheet. She played a crucial role in navigating the company through the financial challenges of the COVID-19 pandemic. Hurley also serves as President of the JetBlue Foundation.
Marty St. George, President
Marty St. George was appointed President of JetBlue in February 2024, marking his return to the airline. He previously held various leadership roles at JetBlue from 2006 to 2019, including Executive Vice President and Chief Commercial Officer, where he was instrumental in developing the airline's focus city strategy and launching airline partnerships. Before rejoining JetBlue, St. George served as Chief Commercial Officer at LATAM Airlines Group from 2020 to 2024. His experience also includes operating an airline strategy consulting practice and serving as interim Chief Commercial Officer at Norwegian Air Shuttle ASA, as well as nearly two decades at United and US Airways.
Warren Christie, Chief Operating Officer
Warren Christie became Chief Operating Officer of JetBlue in February 2024. He joined JetBlue in 2003 and has held a variety of roles with increasing responsibility, including head of safety, security, fleet operations, airports, and JetBlue University prior to his COO appointment. Christie has over 30 years of aviation experience, including serving as a Naval Aviator in the United States Navy, where he piloted the F/A-18 Hornet and instructed at the Navy Fighter Weapons School (TOPGUN).
Dave Clark, SVP Finance and Strategy
Dave Clark was named SVP Finance and Strategy in April 2024. In this role, he is responsible for financial planning and analysis, strategy and business development, and investor relations. Clark joined JetBlue in May 2009 and has led various teams across the commercial organization. He previously served as Head of Revenue and Planning from January 2022 to April 2024 and as Vice President, Sales and Revenue Management from February 2017 to December 2021. Before joining JetBlue, he was a project leader in the Boston Consulting Group's Travel & Tourism practice.
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Key Risks to JetBlue Airways (JBLU)
- Persistent Financial Losses and Challenges to Profitability: JetBlue Airways has faced ongoing financial struggles, reporting net losses since 2019/2024 and consistently missing profitability targets. Analysts continue to project negative earnings for the company through at least 2026. This prolonged period of unprofitability raises fundamental questions about the company's ability to execute its strategic plans effectively and achieve sustained financial recovery. The company's management has repeatedly shifted its timeline for achieving breakeven or better EBIT (Earnings Before Interest and Taxes) margins, leading to skepticism among market observers regarding its execution capabilities.
- High Operating Costs and Intense Competition: JetBlue operates in a fiercely competitive airline industry characterized by high fixed costs and susceptibility to external factors. The company faces significant pressure from rising operational expenses, particularly fluctuating fuel prices and increasing labor costs. Additionally, JetBlue competes with both major legacy carriers and aggressive low-cost and ultra-low-cost providers, which intensifies pricing pressure and makes it challenging to achieve and maintain sustainable cost advantages. The company's concentration in coastal markets has also contributed to revenue pressures and potential market share losses.
- Significant Leverage and Liquidity Concerns: JetBlue carries a substantial amount of debt and operates with a high debt-to-equity ratio, indicating a significant level of leverage. This heavy debt burden makes the company vulnerable to market fluctuations, economic downturns, and rising interest expenses. Furthermore, there are ongoing concerns about JetBlue's liquidity, with potential risks such as credit card processors imposing holdbacks if specific liquidity thresholds are not met, which could further constrain the airline's cash flow.
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The addressable markets for JetBlue Airways' main products and services, which are air passenger transportation services, are identified by region as follows:
- The United States airline industry, encompassing air passenger transportation services, had an estimated total revenue of $254.5 billion in 2023.
- The Latin America Aviation Market, which includes the transportation of passengers and cargo across Mexico, Central America, South America, and the Caribbean, was valued at USD 65.3 billion in 2024.
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Expected Drivers of Future Revenue Growth for JetBlue Airways (JBLU)
Over the next 2-3 years, JetBlue Airways (JBLU) is expected to drive future revenue growth through several strategic initiatives, primarily under its "JetForward" transformation plan aimed at improving profitability.
- Expansion of Premium Product Offerings: JetBlue is focusing on increasing revenue from its premium services. This includes the continued strong performance of its Mint lie-flat transcontinental and transatlantic offerings, the planned launch of a new "Mini Mint" recliner-style premium cabin on shorter-haul routes starting in August 2026, and the introduction of a domestic first-class option in 2026. Additionally, the opening of new airport lounges, such as the "BlueHouse" at JFK Terminal 5 in December 2025 and another in Boston in 2026, aims to attract and retain higher-value premium travelers.
- Enhanced Loyalty Program and Strategic Partnerships: The "Blue Sky" collaboration with United Airlines is a significant driver, expected to accelerate the "JetForward" plan by enhancing customer choice and loyalty program retention. This partnership, which began rolling out initial benefits in late 2025 and will include mutual elite customer loyalty benefits and cross-selling interline flights throughout 2026, is anticipated to boost loyalty program engagement and associated revenue. Loyalty revenue already showed an 8% year-over-year increase in 2025, and JetBlue expects to grow loyalty revenue as a percentage of total revenue by about one point to 14% in 2026.
- Targeted Network Expansion and Fort Lauderdale Focus: JetBlue is strategically expanding its network, particularly in high-demand leisure markets. Fort Lauderdale is a top growth priority, with significant capacity additions made in mid-to-late 2025 and further expansion planned as facilities become available. This expansion includes new routes and increased frequencies in core markets such as Florida, Latin America, and the Caribbean, aiming to capture high-yield leisure traffic and strengthen market dominance. International expansion also includes new European routes from Boston to Madrid and Edinburgh, which commenced in May 2025, complementing existing transatlantic services.
- Fleet Modernization for Improved Customer Experience and Efficiency: The ongoing fleet modernization, specifically the expansion of the Airbus A220 fleet to replace older Embraer E190 aircraft, is a key driver. While primarily aimed at improving fuel efficiency (a 20% improvement in fuel burn per seat is expected) and reducing unit costs, the A220s also offer improved premium seating. This enhancement in the customer experience on newer, more efficient aircraft can contribute to revenue growth by making JetBlue's offerings more attractive and potentially allowing for higher yields. JetBlue plans to double its A220 fleet by 2029.
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Share Repurchases
- JetBlue Airways did not report significant share repurchases during the last 3-5 years (2021-2025).
Share Issuance
- The company reported stock issuances of approximately $60 million in 2023, $53 million in 2024, and $52 million in 2025.
- JetBlue's shares outstanding increased from approximately 318 million at the end of 2021 to 369 million at the end of 2025.
Capital Expenditures
- Capital expenditures, including pre-delivery deposits for flight equipment, amounted to approximately $1.1 billion in 2025.
- Over the last five fiscal years, capital expenditures were $995 million in 2021, $923 million in 2022, $1.206 billion in 2023, and peaked at $1.619 billion in 2024.
- JetBlue strategically reduced its projected capital expenditures for 2026-2029 by roughly $3 billion since 2023, with anticipated capital expenditures of approximately $900 million for 2026. These expenditures primarily focus on flight equipment and associated pre-delivery deposits.
Peer Outperformance in Passenger Airlines
JBLU has trailed 90% of its 10 Passenger Airlines peers over 5Y. Among the peers that beat it is AAL. Passenger Airlines ranks 19th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Passenger Airlines constituents that JBLU has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
18%
of 11 industry peers · -40.3% return
3Y
18%
of 11 industry peers · -31.7% return
5Y
10%
of 10 industry peers · -80.0% return
Passenger Airlines peers with revenue growth within 4pp of JBLU's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| JBLU | JetBlue Airways | 1.2% | -1.1x | -40.3% | -31.7% | -80.0% | — |
| AAL | American Airlines | 5.0% | -17.4x | -6.0% | 15.5% | -33.7% | +46pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Passenger Airlines is JBLU's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 30 | -4.8% | 121.3% | 153.5% | STRL 1507% · FIX 1488% · AGX 783% |
| Marine Transportation | 5 | 54.5% | 55.5% | 146.4% | MATX 198% · KEX 146% |
| Construction Machinery & Heavy Transportation Equipment | 13 | -2.1% | 62.7% | 95.9% | CAT 294% · ALSN 256% · WAB 223% |
| Aerospace & Defense | 52 | -13.6% | 61.4% | 64.5% | ATI 1012% · FTAI 714% · HWM 563% |
| Trading Companies & Distributors | 19 | 13.4% | 41.4% | 62.4% | DXPE 425% · URI 247% · AIT 222% |
| Industrial Machinery & Supplies & Components | 72 | 1.6% | 58.8% | 38.5% | CRS 899% · MLI 351% · SYM 292% |
| Diversified Support Services | 34 | 15.0% | 43.7% | 34.6% | CXW 268% · OPLN 157% · CACI 145% |
| Rail Transportation | 7 | 35.6% | 66.8% | 31.4% | CSX 56% · UNP 40% · NSC 31% |
| Building Products | 32 | -9.0% | 21.3% | 26.9% | GFF 373% · TT 176% · JCI 140% |
| Cargo Ground Transportation | 16 | 36.9% | 11.6% | 20.2% | XPO 264% · R 263% · ARCB 54% |
| Electrical Components & Equipment | 37 | -8.9% | 78.2% | 10.9% | POWL 1955% · VRT 749% · BE 691% |
| Industrial Conglomerates | 17 | 9.0% | 6.5% | -4.7% | CSW 127% · DD 83% · CSL 65% |
| Agricultural & Farm Machinery | 16 | 0.2% | -7.4% | -11.8% | DE 102% · TTC 20% · AGCO -5% |
| Data Processing & Outsourced Services | 6 | -24.0% | 0.8% | -16.4% | EXLS 66% · BR 7% · G -14% |
| Security & Alarm Services | 9 | -55.6% | 27.9% | -18.1% | BCO 72% |
| Office Services & Supplies | 9 | 19.9% | 17.8% | -20.4% | PBI 214% · TILE 152% · HNI 54% |
| Environmental & Facilities Services | 29 | -31.4% | 37.5% | -23.0% | GEO 269% · CLH 180% · RSG 94% |
| Research & Consulting Services | 13 | -0.8% | -18.0% | -27.0% | HURN 297% · BAH 16% · FCN 11% |
| Passenger Airlines ← | 11 | -0.8% | 30.5% | -31.9% | LTM 3073% · UAL 129% · DAL 117% |
| Passenger Ground Transportation | 3 | -31.8% | 59.5% | -35.2% | UBER 47% · CAR -35% · LYFT -64% |
| Air Freight & Logistics | 12 | -23.5% | -6.6% | -39.1% | FDX 80% · EXPD 77% · CHRW 66% |
| Human Resource & Employment Services | 22 | 15.0% | -6.5% | -42.4% | ADP 48% · FA 12% · PAYX 4% |
| Airport Services | 4 | -53.6% | -56.0% | -85.2% | JOBY -43% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
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Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 39.69 |
| Mkt Cap | 14.8 |
| Rev LTM | 46,264 |
| Op Inc LTM | 1,210 |
| FCF LTM | -220 |
| FCF 3Y Avg | -172 |
| CFO LTM | 3,512 |
| CFO 3Y Avg | 2,465 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.3% |
| Rev Chg 3Y Avg | 7.7% |
| Rev Chg Q | 20.2% |
| QoQ Delta Rev Chg LTM | 4.7% |
| Op Inc Chg LTM | -36.7% |
| Op Inc Chg 3Y Avg | -22.3% |
| Op Mgn LTM | 3.0% |
| Op Mgn 3Y Avg | 4.0% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 7.9% |
| CFO/Rev 3Y Avg | 7.6% |
| FCF/Rev LTM | -0.8% |
| FCF/Rev 3Y Avg | -1.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.8 |
| P/S | 0.4 |
| P/Op Inc | 8.1 |
| P/EBIT | 6.8 |
| P/E | 4.2 |
| P/CFO | 4.0 |
| Total Yield | 1.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -3.1% |
| D/E | 1.5 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.7% |
| 3M Rtn | -16.8% |
| 6M Rtn | 11.9% |
| 12M Rtn | -0.1% |
| 3Y Rtn | 61.5% |
| 1M Excs Rtn | -5.8% |
| 3M Excs Rtn | -18.0% |
| 6M Excs Rtn | 5.1% |
| 12M Excs Rtn | -13.9% |
| 3Y Excs Rtn | -27.8% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $2.82 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 04/12/2002 | |
| Distance from 52W High | -56.3% | |
| 50 Days | 200 Days | |
| DMA Price | $4.10 | $4.95 |
| DMA Trend | down | down |
| Distance from DMA | -31.2% | -43.0% |
| 3M | 1YR | |
| Volatility | 68.1% | 68.1% |
| Downside Capture | 647.32 | 291.22 |
| Upside Capture | 97.38 | 185.82 |
| Correlation (S&P 500) | 49.5% | 44.4% |
JBLU Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.67 | 2.53 | 2.67 | 2.59 | 2.16 | 1.72 |
| Up Beta | 1.42 | 2.51 | 1.39 | 3.37 | 3.11 | 1.85 |
| Down Beta | 3.36 | 2.12 | 2.68 | 1.36 | 1.62 | 1.74 |
| Up Capture | 231% | 132% | 251% | 276% | 247% | 303% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 16 | 27 | 60 | 117 | 371 |
| Down Capture | 356% | 425% | 339% | 243% | 159% | 111% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 26 | 37 | 65 | 130 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with JBLU | |
|---|---|---|---|---|
| JBLU | -38.4% | 68.1% | -0.44 | - |
| Sector ETF (XLI) | 9.4% | 17.2% | 0.35 | 44.0% |
| Equity (SPY) | 14.6% | 12.7% | 0.79 | 44.1% |
| Gold (GLD) | -1.4% | 28.5% | -0.06 | 24.7% |
| Commodities (DBC) | 47.3% | 20.6% | 1.76 | -39.3% |
| Real Estate (VNQ) | 3.8% | 13.9% | 0.02 | 28.1% |
| Bitcoin (BTCUSD) | -27.9% | 43.4% | -0.63 | 14.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with JBLU | |
|---|---|---|---|---|
| JBLU | -27.8% | 62.2% | -0.27 | - |
| Sector ETF (XLI) | 11.8% | 17.6% | 0.50 | 46.6% |
| Equity (SPY) | 12.8% | 17.1% | 0.56 | 44.5% |
| Gold (GLD) | 17.6% | 18.9% | 0.75 | 7.9% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | -6.6% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 36.8% |
| Bitcoin (BTCUSD) | 4.5% | 51.6% | 0.27 | 23.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with JBLU | |
|---|---|---|---|---|
| JBLU | -16.5% | 55.7% | -0.10 | - |
| Sector ETF (XLI) | 13.3% | 20.1% | 0.58 | 51.9% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 44.6% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 3.7% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 4.9% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 40.3% |
| Bitcoin (BTCUSD) | 62.2% | 66.2% | 1.02 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | 19.0% | ||
| 7/28/2026 | 10.5% | 14.7% | -6.4% |
| 4/28/2026 | 1.2% | -3.0% | 9.3% |
| 1/27/2026 | -6.9% | 3.7% | 9.6% |
| 10/28/2025 | -11.9% | -11.4% | -7.4% |
| 7/29/2025 | 6.7% | -0.5% | 22.0% |
| 4/29/2025 | 2.7% | 14.7% | 28.3% |
| 1/28/2025 | -25.7% | -25.3% | -17.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 10 | 11 |
| # Negative | 18 | 14 | 13 |
| Median Positive | 6.7% | 3.6% | 14.9% |
| Median Negative | -6.6% | -9.2% | -7.4% |
| Max Positive | 19.0% | 14.7% | 28.3% |
| Max Negative | -25.7% | -25.3% | -24.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | 19.0% | ||
| 7/28/2026 | 10.5% | 14.7% | -6.4% |
| 4/28/2026 | 1.2% | -3.0% | 9.3% |
| 1/27/2026 | -6.9% | 3.7% | 9.6% |
| 10/28/2025 | -11.9% | -11.4% | -7.4% |
| 7/29/2025 | 6.7% | -0.5% | 22.0% |
| 4/29/2025 | 2.7% | 14.7% | 28.3% |
| 1/28/2025 | -25.7% | -25.3% | -17.3% |
| 10/29/2024 | -17.1% | -22.0% | -19.3% |
| 7/30/2024 | 12.3% | -9.8% | -18.0% |
| 4/23/2024 | -18.8% | -21.4% | -24.5% |
| 1/30/2024 | -4.7% | 1.5% | 16.7% |
| 10/31/2023 | -10.5% | 2.4% | 6.0% |
| 8/1/2023 | -8.3% | -16.7% | -21.6% |
| 4/25/2023 | -0.6% | 3.4% | 0.9% |
| 1/26/2023 | -0.7% | -1.9% | -3.1% |
| 10/25/2022 | -2.9% | 6.6% | 3.4% |
| 8/2/2022 | -6.4% | 0.5% | -6.6% |
| 4/26/2022 | -11.4% | -13.5% | -24.7% |
| 1/27/2022 | 2.7% | 9.0% | 14.9% |
| 10/26/2021 | -0.9% | -0.8% | -2.7% |
| 7/27/2021 | -6.9% | -8.6% | -5.0% |
| 4/27/2021 | -2.2% | -4.2% | -3.5% |
| 1/28/2021 | -0.2% | 2.2% | 25.5% |
| 10/27/2020 | -5.4% | -4.5% | 26.3% |
| SUMMARY STATS | |||
| # Positive | 7 | 10 | 11 |
| # Negative | 18 | 14 | 13 |
| Median Positive | 6.7% | 3.6% | 14.9% |
| Median Negative | -6.6% | -9.2% | -7.4% |
| Max Positive | 19.0% | 14.7% | 28.3% |
| Max Negative | -25.7% | -25.3% | -24.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/26/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/26/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 03/02/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/18/2020 | 10-K |
Recent Forward Guidance
Updated 10/27/2026Latest: Q3 2026 Earnings Reported 10/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Available Seat Miles (ASMs) Growth | Reported | 3.0% | 3.5% | 4.0% | -1.0% | Lower New | Guidance: 4.5% for Q3 2026 | |
| Q4 2026 RASM Growth | Reported | 18.0% | 20.0% | 22.0% | 5.5% | Higher New | Guidance: 14.5% for Q3 2026 | |
| Q4 2026 CASM Ex-Fuel Growth | Reported | -1.0% | 0.0% | 1.0% | -3.5% | Lower New | Guidance: 3.5% for Q3 2026 | |
| Q4 2026 Fuel Price per Gallon | Reported | 4.64 | ||||||
| Q4 2026 Aircraft-Backed Financing | Reported | 250.00 Mil | ||||||
| Q4 2026 Operating Margin Expansion | Reported | 1.0% | 1.5% | 2.0% | ||||
| Q4 2026 Capital Expenditures | Reported | 300.00 Mil | 0.0% | Same New | Guidance: 300.00 Mil for Q3 2026 | |||
| 2026 Available Seat Miles (ASMs) Growth | Reported | 1.5% | 2.0% | 2.5% | -0.5% | Lowered | Guidance: 2.5% for 2026 | |
| 2026 RASM Growth | Reported | 13.5% | 14.0% | 14.5% | 2.8% | Raised | Guidance: 11.25% for 2026 | |
| 2026 CASM Ex-Fuel Growth | Reported | 3.5% | 4.0% | 4.5% | 1.0% | Raised | Guidance: 3.0% for 2026 | |
| 2026 Fuel Price per Gallon | Reported | 3.95 | ||||||
| 2026 Adjusted Operating Margin | Reported | -6.5% | -5.5% | -4.5% | -2.0% | Lowered | Guidance: -3.5% for 2026 | |
| 2026 Interest Expense | Reported | 590.00 Mil | 0.0% | Affirmed | Guidance: 590.00 Mil for 2026 | |||
| 2026 Effective Tax Rate | Reported | 6.0% | ||||||
| 2026 Capital Expenditures | Reported | 850.00 Mil | 0.0% | Affirmed | Guidance: 850.00 Mil for 2026 | |||
| 2028 EPS | Reported | 1 | 1 | 0.0% | Affirmed | Guidance: 1 for 2028 | ||
Prior: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Available Seat Miles (ASMs) Year-Over-Year | Reported | 0.03 | 0.05 | 0.06 | ||||
| Q3 2026 RASM Year-Over-Year | Reported | 0.13 | 0.15 | 0.17 | ||||
| Q3 2026 CASM Ex-Fuel Year-Over-Year | Reported | 0.03 | 0.04 | 0.05 | ||||
| Q3 2026 Capital Expenditures | Reported | 300.00 Mil | ||||||
| 2026 Available Seat Miles (ASMs) Year-Over-Year | Reported | 0.02 | 0.03 | 0.04 | ||||
| 2026 RASM Year-Over-Year | Reported | 0.1 | 0.11 | 0.13 | ||||
| 2026 CASM Ex-Fuel Year-Over-Year | Reported | 0.02 | 0.03 | 0.04 | ||||
| 2026 Adjusted Operating Margin | Reported | -5.0% | -3.5% | -2.0% | ||||
| 2026 Interest Expense | Reported | 590.00 Mil | ||||||
| 2026 Capital Expenditures | Reported | 850.00 Mil | 6.2% | Raised | Guidance: 800.00 Mil for 2026 | |||
| 2028 EPS | Reported | 1 | ||||||
Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Available Seat Miles (ASMs) Year-Over-Year | Reported | 0.02 | 0.03 | 0.05 | 1.0% | Higher New | Guidance: 0.02 for Q1 2026 | |
| Q2 2026 RASM Year-Over-Year | Reported | 0.07 | 0.09 | 0.11 | 7.0% | Higher New | Guidance: 0.02 for Q1 2026 | |
| Q2 2026 CASM Ex-Fuel Year-Over-Year | Reported | 0.03 | 0.04 | 0.05 | -0.5% | Lower New | Guidance: 0.05 for Q1 2026 | |
| Q2 2026 Fuel Price per Gallon | Reported | 4.13 | 4.21 | 4.28 | 79.3% | Higher New | Guidance: 2.35 for Q1 2026 | |
| Q2 2026 Capital Expenditures | Reported | 275.00 Mil | 37.5% | Higher New | Guidance: 200.00 Mil for Q1 2026 | |||
| 2026 Capital Expenditures | Reported | 800.00 Mil | -11.1% | Lowered | Guidance: 900.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 1/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Available Seat Miles (ASMs) Year-Over-Year | Reported | 0.01 | 0.02 | 0.04 | 1.2% | Higher New | Actual: 0.01 for Q4 2025 | |
| Q1 2026 RASM Year-Over-Year | Reported | 0 | 0.02 | 0.04 | 4.0% | Higher New | Actual: -0.02 for Q4 2025 | |
| Q1 2026 CASM Ex-Fuel Year-Over-Year | Reported | 0.04 | 0.05 | 0.06 | 0.5% | Higher New | Actual: 0.04 for Q4 2025 | |
| Q1 2026 Fuel Price per Gallon | Reported | 2.27 | 2.35 | 2.42 | -2.5% | Lower New | Actual: 2.41 for Q4 2025 | |
| Q1 2026 Capital Expenditures | Reported | 200.00 Mil | -33.3% | Lower New | Actual: 300.00 Mil for Q4 2025 | |||
| 2026 Incremental EBIT | Reported | 310.00 Mil | ||||||
| 2026 Available Seat Miles (ASMs) Year-Over-Year | Reported | 0.03 | 0.04 | 0.05 | 4.5% | Higher New | Actual: -0.01 for 2025 | |
| 2026 RASM Year-Over-Year | Reported | 0.02 | 0.04 | 0.05 | ||||
| 2026 CASM Ex-Fuel Year-Over-Year | Reported | 0.01 | 0.02 | 0.03 | -3.5% | Lower New | Actual: 0.06 for 2025 | |
| 2026 Fuel Price per Gallon | Reported | 2.17 | 2.27 | 2.37 | ||||
| 2026 Interest Expense | Reported | 580.00 Mil | -1.7% | Lower New | Actual: 590.00 Mil for 2025 | |||
| 2026 Capital Expenditures | Reported | 900.00 Mil | -18.2% | Lower New | Actual: 1.10 Bil for 2025 | |||
| 2027 Incremental EBIT | Reported | 850.00 Mil | 900.00 Mil | 950.00 Mil | ||||
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clements, Carol Ann | Chief Digital & Tech Officer | Direct | Sell | 10022026 | 4.29 | 2,000 | 8,580 | 771,754 | Form |
| 2 | Clements, Carol Ann | Chief Digital & Tech Officer | Direct | Sell | 9022026 | 4.71 | 2,000 | 9,420 | 856,730 | Form |
| 3 | Hurley, Ursula L | Chief Financial Officer | Direct | Sell | 8032026 | 5.76 | 77,253 | 444,949 | 1,215,853 | Form |
| 4 | Clements, Carol Ann | Chief Digital & Tech Officer | Direct | Sell | 8032026 | 5.75 | 2,000 | 11,500 | 1,057,402 | Form |
| 5 | Sharma, Vivek | Direct | Sell | 6012026 | 5.41 | 32,000 | 173,073 | 191,889 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clements, Carol Ann | Chief Digital & Tech Officer | Direct | Sell | 10022026 | 4.29 | 2,000 | 8,580 | 771,754 | Form |
| 2 | Clements, Carol Ann | Chief Digital & Tech Officer | Direct | Sell | 9022026 | 4.71 | 2,000 | 9,420 | 856,730 | Form |
| 3 | Hurley, Ursula L | Chief Financial Officer | Direct | Sell | 8032026 | 5.76 | 77,253 | 444,949 | 1,215,853 | Form |
| 4 | Clements, Carol Ann | Chief Digital & Tech Officer | Direct | Sell | 8032026 | 5.75 | 2,000 | 11,500 | 1,057,402 | Form |
| 5 | Sharma, Vivek | Direct | Sell | 6012026 | 5.41 | 32,000 | 173,073 | 191,889 | Form | |
| 6 | Southerton, Dawn | Principal Accounting Officer | Direct | Sell | 5052026 | 5.00 | 18,193 | Form | ||
| 7 | Winkelmann, Thomas | Direct | Sell | 5052026 | 4.70 | 35,473 | Form | |||
| 8 | Christie, Warren | Chief Operating Officer | Direct | Sell | 5052026 | 4.65 | 2,680 | 12,462 | 1,091,973 | Form |
| 9 | Christie, Warren | Chief Operating Officer | Direct | Sell | 11132025 | 4.43 | 505 | 2,237 | 688,843 | Form |
| 10 | Boneparth, Peter | Direct | Buy | 11052025 | 4.12 | 50,000 | 206,000 | 454,840 | Form |
Investor Activity (13F)
Updated Oct 28, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
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| Active Manager |
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Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
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External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/27/2026