JetBlue vs United Airlines
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The short version
- United Airlines is the larger business, with $59.1B of revenue in fiscal 2025 against $9.1B for JetBlue, about 6.5 times as much.
- United Airlines grew revenue faster (3.5%, against −2.3%).
- United Airlines kept more of each dollar of sales as operating profit (8.0% operating margin, against −4.1%).
- United Airlines turned more of its sales into free cash flow (4.3% FCF margin, against −12.9%).
- United Airlines earned a higher return on the capital invested in it (15.3%, against −3.6%).
| Latest fiscal year | JBLU · FY25 | UAL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $987M | $32.1B |
| Revenue | $9.1B | $59.1B |
| Free cash flow | −$1.2B | $2.6B |
| Net income | −$602M | $3.4B |
| Growth | ||
| Revenue growth | −2.3% | 3.5% |
| 5-year growth | 25.1% | 30.9% |
| Share count change | 4.7% | −1.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | −4.1% | 8.0% |
| Net margin | −6.6% | 5.7% |
| FCF margin | −12.9% | 4.3% |
| Return on capital | −3.6% | 15.3% |
| Return on equity | −25.3% | 24.0% |
| Balance sheet | ||
| Net debt | $6.3B | $9.5B |
| Net debt / EBITDA | 19.8x | 1.2x |
| Dividends and buybacks | $0.0M | $637M |
| Valuation & quality | ||
| P/E | — | 9.0x |
| Piotroski F-score | 3 | 6 |
Revenue
FY16
JBLU $6.6B
UAL $36.6B
FY17
JBLU $7.0B
UAL $37.7B
FY18
JBLU $7.7B
UAL $41.3B
FY19
JBLU $8.1B
UAL $43.3B
FY20
JBLU $3.0B
UAL $15.4B
FY21
JBLU $6.0B
UAL $24.6B
FY22
JBLU $9.2B
UAL $45.0B
FY23
JBLU $9.6B
UAL $53.7B
FY24
JBLU $9.3B
UAL $57.1B
FY25
JBLU $9.1B
UAL $59.1B
JBLU
UAL
Operating margin
FY16
JBLU 19.1%
UAL 11.9%
FY17
JBLU 13.9%
UAL 9.6%
FY18
JBLU 3.5%
UAL 7.8%
FY19
JBLU 9.9%
UAL 9.9%
FY20
JBLU −58.0%
UAL −41.4%
FY21
JBLU −1.3%
UAL −4.2%
FY22
JBLU −3.3%
UAL 5.2%
FY23
JBLU −2.4%
UAL 7.8%
FY24
JBLU −7.4%
UAL 8.9%
FY25
JBLU −4.1%
UAL 8.0%
JBLU
UAL
Free cash flow
FY16
JBLU $782M
UAL $2.3B
FY17
JBLU $305M
UAL −$396M
FY18
JBLU $292M
UAL $2.1B
FY19
JBLU $517M
UAL $2.4B
FY20
JBLU −$1.4B
UAL −$5.9B
FY21
JBLU $735M
UAL −$40.0M
FY22
JBLU −$388M
UAL $1.2B
FY23
JBLU −$728M
UAL −$260M
FY24
JBLU −$1.3B
UAL $3.8B
FY25
JBLU −$1.2B
UAL $2.6B
JBLU
UAL
Return on capital
FY16
JBLU 19.1%
UAL 17.4%
FY17
JBLU 20.7%
UAL 15.5%
FY18
JBLU 4.3%
UAL 13.6%
FY19
JBLU 10.5%
UAL 16.0%
FY20
JBLU −23.5%
UAL −23.5%
FY21
JBLU −1.2%
UAL −3.9%
FY22
JBLU −4.4%
UAL 8.3%
FY23
JBLU −3.0%
UAL 14.1%
FY24
JBLU −7.7%
UAL 16.2%
FY25
JBLU −3.6%
UAL 15.3%
JBLU
UAL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.