JetBlue
JBLU Nasdaq Passenger Airlines Financials FY2016–FY2025
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%.
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.
- Legal name
- JETBLUE AIRWAYS CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Accession · CIK
- 0001158463-26-000007
0001158463
Revenue and margins
JetBlue had $9.1B of revenue in fiscal 2025, down 2.3% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$1.2B in fiscal 2025, −12.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
JetBlue returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 4.7%.
Value JetBlue yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$6.3B and divides by 362.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably JetBlue can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.8B | $1.4B | $1.6B | $3.6B | $2.2B |
| Debt incl. finance leases | $4.0B | $3.6B | $4.7B | $8.5B | $8.5B |
| Net debt / EBITDA | 2.5x | 7.9x | 8.1x | — | 19.8x |
| Debt / 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 | 1.0x | 0.5x | 0.6x | 1.1x | 0.7x |
| Quick ratio | 0.9x | 0.5x | 0.6x | 1.1x | 0.7x |
| Total assets | $13.6B | $13.0B | $13.9B | $16.8B | $16.6B |
| Total liabilities | $9.8B | $9.5B | $10.5B | $14.2B | $14.5B |
| Shareholders' equity | $3.8B | $3.6B | $3.3B | $2.6B | $2.1B |
| Net debt (− = net cash) | $1.2B | $2.3B | $3.1B | $4.9B | $6.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.2M
1 insider
Sold, 12 months
$0.9M
6 insiders
Of sales under plans
53%
$0.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Carol Ann ClementsChief Digital & Tech Officer | Sold plan | 2,000 | $4.71 | $0.0M | Form 4 |
| Jul 30, 2026 | Carol Ann ClementsChief Digital & Tech Officer | Sold plan | 2,000 | $5.75 | $0.0M | Form 4 |
| Jul 30, 2026 | Ursula L HurleyChief Financial Officer | Sold plan | 77,253 | $5.76 | $0.4M | Form 4 |
| May 28, 2026 | Vivek SharmaDirector | Sold | 32,000 | $5.41 | $0.2M | Form 4 |
| May 4, 2026 | Dawn SouthertonPrincipal Accounting Officer | Sold | 18,193 | $5.00 | $0.1M | Form 4 |
| May 1, 2026 | Thomas WinkelmannDirector | Sold | 35,473 | $4.70 | $0.2M | Form 4 |
| May 1, 2026 | Warren ChristieChief Operating Officer | Sold plan | 2,680 | $4.65 | $0.0M | Form 4 |
| Nov 11, 2025 | Warren ChristieChief Operating Officer | Sold plan | 505 | $4.43 | $0.0M | Form 4 |
| Nov 4, 2025 | Peter BoneparthDirector | Bought | 50,000 | $4.12 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✕ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 5 / 8 | 3 / 8 | 3 / 8 |
| Accruals ratio | −5.3% | −6.1% | −3.0% |
| Altman Z'' | 0.02 | 0.32 | −0.31 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| JetBlue JBLU | $987M | −2.3% | −4.1% | −12.9% | −3.6% | — | 3 | |
| Alaska Air Group ALK | $3.8B | 21.3% | 2.1% | 6.6% | 2.9% | — | 5 | Compare → |
| Southwest Airlines LUV | $20.6B | 2.1% | 1.5% | −3.0% | 3.7% | 20.4x | 7 | Compare → |
| American Airlines Group AAL | $8.0B | 0.8% | 2.7% | −1.2% | 5.7% | — | 5 | Compare → |
| United Airlines UAL | $32.1B | 3.5% | 8.0% | 4.3% | 15.3% | 9.0x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $6.6B | $7.0B | $7.7B | $8.1B | $3.0B | $6.0B | $9.2B | $9.6B | $9.3B | $9.1B |
| Operating income | $1.3B | $973M | $266M | $800M | −$1.7B | −$80.0M | −$298M | −$230M | −$684M | −$368M |
| Interest expense | $78.0M | $60.0M | $59.0M | $62.0M | $139M | $6.0M | $166M | $210M | $365M | $588M |
| Pretax income | $1.2B | $918M | $219M | $768M | −$1.9B | −$263M | −$437M | −$334M | −$897M | −$774M |
| Income tax | $437M | −$222M | $30.0M | $199M | −$539M | −$81.0M | −$75.0M | −$24.0M | −$102M | −$172M |
| Net income | $727M | $1.1B | $189M | $569M | −$1.4B | −$182M | −$362M | −$310M | −$795M | −$602M |
| Diluted EPS | $2.13 | $3.45 | $0.60 | $1.91 | −$4.88 | −$0.57 | −$1.12 | −$0.93 | −$2.30 | −$1.66 |
| Diluted shares | 0.34B | 0.33B | 0.31B | 0.30B | 0.28B | 0.32B | 0.32B | 0.33B | 0.35B | 0.36B |
| Cash flow | ||||||||||
| Cash from operations | $1.6B | $1.4B | $1.2B | $1.4B | −$683M | $1.6B | $379M | $400M | $144M | −$94.0M |
| Capital expenditure | $850M | $1.1B | $908M | $932M | $715M | $907M | $767M | $1.1B | $1.5B | $1.1B |
| Free cash flow | $782M | $305M | $292M | $517M | −$1.4B | $735M | −$388M | −$728M | −$1.3B | −$1.2B |
| Depreciation and amortization | $393M | $424M | $469M | $525M | $535M | $540M | $585M | $621M | $655M | $688M |
| Stock-based compensation | $23.0M | $29.0M | $28.0M | $31.0M | $28.0M | $28.0M | $30.0M | $39.0M | $39.0M | $40.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $297M | $131M | $22.0M | $0.0M |
| Share buybacks | $120M | $380M | $375M | $535M | $160M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $120M | $380M | $375M | $535M | $160M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $971M | $693M | $887M | $1.3B | $3.1B | $2.8B | $1.4B | $1.6B | $3.6B | $2.2B |
| Total debt | $1.2B | $1.1B | $1.6B | $2.2B | $4.8B | $4.0B | $3.6B | $4.7B | $8.5B | $8.5B |
| Finance lease liabilities | $0.0M | $0.0M | $107M | $89.0M | $63.0M | $3.0M | $2.0M | $0.0M | $116M | $449M |
| Current assets | $1.4B | $1.2B | $1.4B | $1.8B | $3.3B | $3.2B | $1.9B | $2.2B | $4.3B | $3.2B |
| Current liabilities | $2.2B | $2.1B | $2.5B | $2.7B | $2.7B | $3.4B | $3.7B | $3.6B | $3.9B | $4.4B |
| Inventory | $47.0M | $55.0M | $78.0M | $81.0M | $71.0M | $74.0M | $87.0M | $109M | $158M | $193M |
| Property and equipment, net | $7.3B | $8.0B | $8.0B | $8.6B | $8.4B | $8.8B | $9.1B | $9.7B | $10.7B | $11.2B |
| Total assets | $9.3B | $9.8B | $11.0B | $11.9B | $13.4B | $13.6B | $13.0B | $13.9B | $16.8B | $16.6B |
| Total liabilities | $5.4B | $5.0B | $6.3B | $7.1B | $9.5B | $9.8B | $9.5B | $10.5B | $14.2B | $14.5B |
| Shareholders' equity | $4.0B | $4.7B | $4.7B | $4.8B | $4.0B | $3.8B | $3.6B | $3.3B | $2.6B | $2.1B |
| Margins | ||||||||||
| Operating margin | 19.1% | 13.9% | 3.5% | 9.9% | −58.0% | −1.3% | −3.3% | −2.4% | −7.4% | −4.1% |
| EBITDA margin | 25.1% | 19.9% | 9.6% | 16.4% | −39.9% | 7.6% | 3.1% | 4.1% | −0.3% | 3.5% |
| Net margin | 11.0% | 16.3% | 2.5% | 7.0% | −45.8% | −3.0% | −4.0% | −3.2% | −8.6% | −6.6% |
| FCF margin | 11.9% | 4.4% | 3.8% | 6.4% | −47.3% | 12.2% | −4.2% | −7.6% | −14.4% | −12.9% |
| Returns | ||||||||||
| Return on capital | 19.1% | 20.7% | 4.3% | 10.5% | −23.5% | −1.2% | −4.4% | −3.0% | −7.7% | −3.6% |
| Return on capital employed | 18.7% | 13.2% | 3.3% | 9.1% | −17.2% | −0.8% | −3.1% | −2.4% | −5.9% | −2.9% |
| Return on equity | 20.1% | 26.1% | 4.0% | 12.0% | −31.0% | −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% |
| Growth | ||||||||||
| Revenue growth | — | 6.5% | 9.2% | 5.7% | −63.5% | 104.2% | 51.7% | 5.0% | −3.5% | −2.3% |
| Net income growth | 7.4% | 56.8% | −83.4% | 201.1% | −338.0% | — | — | — | — | — |
| EPS growth | 7.6% | 62.0% | −82.6% | 218.3% | −355.5% | — | — | — | — | — |
| FCF growth | 2.8% | −61.0% | −4.3% | 77.1% | −370.4% | — | −152.8% | — | — | — |
| Share count change | −0.8% | −3.5% | −4.8% | −5.1% | −7.0% | 14.6% | 1.8% | 2.9% | 3.9% | 4.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.2x | 0.3x | 1.1x | 0.8x | — | 2.5x | 7.9x | 8.1x | — | 19.8x |
| Debt / equity | 0.3x | 0.2x | 0.4x | 0.5x | 1.2x | 1.0x | 1.0x | 1.4x | 3.2x | 4.0x |
| Interest coverage | 16.2x | 16.2x | 4.5x | 12.9x | −12.3x | −13.3x | −1.8x | −1.1x | −1.9x | −0.6x |
| Current ratio | 0.6x | 0.6x | 0.6x | 0.7x | 1.3x | 1.0x | 0.5x | 0.6x | 1.1x | 0.7x |
| Quick ratio | 0.6x | 0.5x | 0.5x | 0.6x | 1.2x | 0.9x | 0.5x | 0.6x | 1.1x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 12.9% | 15.3% | 11.9% | 11.5% | 24.2% | 15.0% | 8.4% | 11.7% | 15.9% | 11.9% |
| Stock comp / revenue | 0.4% | 0.4% | 0.4% | 0.4% | 1.0% | 0.5% | 0.3% | 0.4% | 0.4% | 0.4% |
| Payouts / FCF | 15.4% | 124.6% | 128.4% | 103.5% | — | 0.0% | — | — | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 5.0 | 6.0 | 3.0 | 5.0 | 4.0 | 5.0 | 3.0 | 3.0 |
| Altman Z'' | 2.0 | 2.2 | 1.4 | 1.9 | 0.6 | 1.0 | −0.1 | 0.0 | 0.3 | −0.3 |
| Accruals ratio | −10.1% | −2.5% | −9.8% | −7.7% | −5.3% | −13.5% | −5.6% | −5.3% | −6.1% | −3.0% |
Source: SEC EDGAR XBRL filings (CIK 0001158463). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.