Tearsheet

JetBlue Airways (JBLU)


Market Price (11/6/2025): $4.3 | Market Cap: $1.6 Bil
Sector: Industrials | Industry: Passenger Airlines

JetBlue Airways (JBLU)


Market Price (11/6/2025): $4.3
Market Cap: $1.6 Bil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0  Weak multi-year price returns
2Y Excs Rtn is -44%, 3Y Excs Rtn is -122%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -222 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.4%
1   Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 436%
2   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5%, Rev Chg QQuarterly Revenue Change % is -1.8%
3   Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15%
4   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34%
0 Weak multi-year price returns
2Y Excs Rtn is -44%, 3Y Excs Rtn is -122%
1 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -222 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.4%
2 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 436%
3 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5%, Rev Chg QQuarterly Revenue Change % is -1.8%
4 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34%

Market Valuation & Key Metrics

JBLU Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
JBLU Return-22%-2%-54%-14%42%-45%-77%
Peers Return-33%1%-20%4%60%-13%-21%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
JBLU Win Rate58%50%33%42%58%30% 
Peers Win Rate42%43%50%43%63%46% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
JBLU Max Drawdown-63%-12%-57%-43%-18%-56% 
Peers Max Drawdown-67%-12%-29%-18%-16%-39% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: DAL, UAL, LUV, AAL, 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] 2025 data is for the year up to 11/5/2025 (YTD)

How Low Can It Go

Unique KeyEventJBLUS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-82.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven486.4%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-68.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven214.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven357 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-36.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven56.4%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-82.9%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven485.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven2156 days1480 days

Compare to DAL, UAL, LUV, AAL, ALK


In The Past

JetBlue Airways's stock fell -82.9% during the 2022 Inflation Shock from a high on 3/15/2021. A -82.9% loss requires a 486.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About JetBlue Airways (JBLU)

Better Bets than JetBlue Airways (JBLU)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to JBLU. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEO_10312025_Dip_Buyer_FCFYield10312025GEOGEODip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-0.9%-0.9%-3.5%
RUN_10312025_Short_Squeeze10312025RUNSunrunSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
-0.8%-0.8%-8.2%
PLPC_10312025_Quality_Momentum_RoomToRun_10%10312025PLPCPreformed Line ProductsQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
-0.1%-0.1%-0.6%
VRSK_10172025_Monopoly_xInd_xCD_Getting_Cheaper10172025VRSKVerisk AnalyticsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-7.9%-7.9%-10.5%
CARR_10102025_Dip_Buyer_ValueBuy10102025CARRCarrier GlobalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
0.7%0.7%-0.8%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEO_10312025_Dip_Buyer_FCFYield10312025GEOGEODip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-0.9%-0.9%-3.5%
RUN_10312025_Short_Squeeze10312025RUNSunrunSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
-0.8%-0.8%-8.2%
PLPC_10312025_Quality_Momentum_RoomToRun_10%10312025PLPCPreformed Line ProductsQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
-0.1%-0.1%-0.6%
VRSK_10172025_Monopoly_xInd_xCD_Getting_Cheaper10172025VRSKVerisk AnalyticsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-7.9%-7.9%-10.5%
CARR_10102025_Dip_Buyer_ValueBuy10102025CARRCarrier GlobalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
0.7%0.7%-0.8%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for JetBlue Airways

Financials

JBLUDALUALLUVAALALKMedian
NameJetBlue .Delta Ai.United A.Southwes.American.Alaska A. 
Mkt Price4.2958.5496.6531.6213.4241.8636.74
Mkt Cap1.638.031.316.58.95.012.7
Rev LTM9,09562,92058,36827,55154,29413,44740,922
Op Inc LTM-2226,0725,1653152,2598061,532
FCF LTM-1,3543,0743,710-250882-8437
FCF 3Y Avg-1,1561,8351,783-1,019962-341311
CFO LTM-1607,9769,3692,0243,7711,4272,898
CFO 3Y Avg1537,2538,2201,9173,6671,1772,792

Growth & Margins

JBLUDALUALLUVAALALKMedian
NameJetBlue .Delta Ai.United A.Southwes.American.Alaska A. 
Rev Chg LTM-2.5%4.3%4.2%0.6%1.3%27.8%2.8%
Rev Chg 3Y Avg2.3%10.8%13.2%6.8%6.5%18.6%8.8%
Rev Chg Q-1.8%6.4%2.6%1.1%0.3%27.9%1.9%
QoQ Delta Rev Chg LTM-0.5%1.6%0.7%0.3%0.1%6.4%0.5%
Op Mgn LTM-2.4%9.7%8.8%1.1%4.2%6.0%5.1%
Op Mgn 3Y Avg-1.0%9.5%9.2%0.3%6.1%7.2%6.6%
QoQ Delta Op Mgn LTM-0.9%0.3%-0.5%-0.0%-0.9%-1.5%-0.7%
CFO/Rev LTM-1.8%12.7%16.1%7.3%6.9%10.6%9.0%
CFO/Rev 3Y Avg1.5%12.1%14.8%7.3%6.9%10.3%8.8%
FCF/Rev LTM-14.9%4.9%6.4%-0.9%1.6%-0.1%0.8%
FCF/Rev 3Y Avg-12.4%3.0%3.1%-3.8%1.8%-3.3%-0.7%

Valuation

JBLUDALUALLUVAALALKMedian
NameJetBlue .Delta Ai.United A.Southwes.American.Alaska A. 
Mkt Cap1.638.031.316.58.95.012.7
P/S0.20.60.50.60.20.40.5
P/EBIT-24.45.85.726.93.48.25.7
P/E-3.38.29.543.614.715.912.1
P/CFO-9.84.83.38.22.43.53.4
Total Yield-30.1%12.8%10.5%4.7%6.8%6.3%6.5%
Dividend Yield0.0%0.6%0.0%2.4%0.0%0.0%0.0%
FCF Yield 3Y Avg-60.1%5.7%7.7%-5.9%11.6%-5.6%0.1%
D/E6.00.61.00.34.11.31.1
Net D/E4.40.50.60.13.30.90.7

Returns

JBLUDALUALLUVAALALKMedian
NameJetBlue .Delta Ai.United A.Southwes.American.Alaska A. 
1M Rtn-12.1%0.8%-0.4%-2.9%13.4%-13.6%-1.7%
3M Rtn-1.2%8.5%8.8%7.0%14.3%-22.5%7.8%
6M Rtn-3.8%30.5%28.3%5.6%27.1%-16.5%16.3%
12M Rtn-27.3%1.6%20.8%5.6%1.7%-13.8%1.7%
3Y Rtn-43.5%83.7%126.8%-8.7%-4.9%-6.7%-5.8%
1M Excs Rtn-10.7%2.5%-1.2%-3.6%13.9%-15.8%-2.4%
3M Excs Rtn-7.9%2.3%2.7%0.4%7.2%-28.6%1.3%
6M Excs Rtn-24.5%9.8%7.6%-15.1%6.4%-37.2%-4.3%
12M Excs Rtn-44.3%-17.2%1.5%-13.0%-19.5%-33.6%-18.3%
3Y Excs Rtn-122.2%1.8%48.8%-82.4%-80.9%-81.4%-81.1%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Air transportation services9,615    
Other 572428224308
Passenger 8,5865,6092,7337,786
Total9,6159,1586,0372,9578,094


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity61,283,183
Short Interest: % Change Since 930202518.5%
Average Daily Volume22,147,979
Days-to-Cover Short Interest2.77
Basic Shares Quantity363,700,000
Short % of Basic Shares16.8%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/28/2025-11.9%-11.4% 
7/29/20256.7%-0.5%22.0%
4/29/20252.7%14.7%28.3%
1/28/2025-25.7%-25.3%-17.3%
10/29/2024-17.1%-22.0%-19.3%
7/30/202412.3%-9.8%-18.0%
4/23/2024-18.8%-21.4%-24.5%
1/30/2024-4.7%1.5%16.7%
...
SUMMARY STATS   
# Positive7912
# Negative171512
Median Positive2.7%2.4%15.8%
Median Negative-6.4%-8.6%-17.3%
Max Positive12.3%14.7%70.7%
Max Negative-25.7%-25.3%-24.7%

SEC Filings

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Report DateFiling DateFiling
93020251028202510-Q 9/30/2025
6302025729202510-Q 6/30/2025
3312025429202510-Q 3/31/2025
12312024214202510-K 12/31/2024
93020241029202410-Q 9/30/2024
6302024730202410-Q 6/30/2024
3312024425202410-Q 3/31/2024
12312023212202410-K 12/31/2023
93020231031202310-Q 9/30/2023
6302023801202310-Q 6/30/2023
3312023428202310-Q 3/31/2023
12312022227202310-K 12/31/2022
93020221102202210-Q 9/30/2022
6302022805202210-Q 6/30/2022
3312022429202210-Q 3/31/2022
12312021222202210-K 12/31/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Hurley Ursula LChief Financial Officer2192025Sell7.5015,000112,500313,748Form
1Mittal Nik2052025Buy6.1486,244529,452630,395Form