JetBlue (NASDAQ: JBLU) posts higher Q1 2026 revenue but wider net loss

Rhea-AI Filing Summary

JetBlue Airways reported first quarter 2026 results showing higher revenue but a wider loss. Operating revenue rose to $2.24 billion, up 4.7% year-over-year, as strong demand lifted revenue per available seat mile (RASM) by 6.5% and load factor to 82.2%.

Costs increased faster than revenue. Operating expenses grew 6.5%, pushing CASM up 8.3% and CASM ex-fuel up 6.6%, partly from operational disruptions. The company posted an operating loss of $224 million and a net loss of $319 million, versus a $208 million loss a year earlier, with operating and pre-tax margins at -10.0% and -15.0%.

Fuel was a major headwind, with average price up 15.2% to $2.96 per gallon. JetBlue is cutting off‑peak capacity, targeting 30–40% fuel cost recapture in Q2 and 100% by early 2027, and expects about $800 million in 2026 capital expenditures. Liquidity stood at $2.4 billion at quarter-end, plus an undrawn $600 million revolving credit facility and over $6 billion of unencumbered assets, as the company advances its JetForward efficiency and revenue initiatives and maintains guidance for Q2 RASM growth of 7–11% year-over-year.

Positive

• None.

Negative

• Losses widened despite revenue growth: Q1 2026 net loss increased to $319 million from $208 million, with pre-tax margin deteriorating to -15.0% and operating margin to -10.0%, as unit costs and fuel prices outpaced a 4.7% rise in operating revenue.

Insights

Airline equity analyst

Demand and unit revenue are strong, but losses widen as fuel and unit costs rise.

JetBlue grew Q1 2026 revenue 4.7% to $2.24 billion, with RASM up 6.5% and load factor at 82.2%. This reflects resilient demand, stronger yields, and particularly good performance in Fort Lauderdale and premium cabins.

However, expenses increased faster. CASM rose 8.3% and CASM ex-fuel 6.6%, helped by about four percentage points of pressure from operational disruptions. Average fuel price climbed 15.2% to $2.96 per gallon, contributing to a wider net loss of $319 million and a pre-tax margin of -15.0%.

Management guides Q2 ASMs up 1.5–4.5% with RASM up 7–11% and CASM ex-fuel up 3–5%, implying better unit revenue but continued cost and fuel pressure. Liquidity of $2.4 billion plus over $6.0 billion of unencumbered assets underpins the balance sheet while JetForward initiatives aim to deliver incremental EBIT through 2027.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Operating revenue: $2.24 billion Net loss: $319 million Operating margin: -10.0% +5 more

8 metrics

Operating revenue $2.24 billion Q1 2026, up 4.7% year-over-year

Net loss $319 million Q1 2026, vs. $208 million in Q1 2025

Operating margin -10.0% Q1 2026 operating margin

RASM growth 6.5% Q1 2026 revenue per ASM year-over-year change

CASM ex-fuel 12.21 cents Q1 2026 operating expense per ASM excluding fuel and special items

Average fuel price $2.96 per gallon Q1 2026, 15.2% higher year-over-year

Quarter-end liquidity $2.4 billion Cash, investments and equivalents as of March 31, 2026

Q2 2026 RASM outlook 7–11% YoY Guidance for revenue per ASM growth

Key Terms

RASM, CASM ex-Fuel, Available Seat Miles, JetForward, +1 more

5 terms

RASM financial

"Delivered strong RASM growth of 6.5% driven by resilient demand"

RASM (revenue per available seat mile) measures how much money an airline earns for each seat it can fly one mile, combining ticket sales and other onboard revenue divided by total seat-miles offered. It tells investors how effectively an airline turns its flying capacity into income—similar to checking how much a restaurant makes per available table hour—so rising RASM usually signals better pricing or demand, while falling RASM can warn of weaker revenue performance.

CASM ex-Fuel financial

"Operating expense per available seat mile, excluding fuel, other non-airline operating expenses, and special items"

CASM ex-fuel is a measure airlines use to show the operating cost to fly one seat one mile, with fuel expenses removed. Think of it as the base cost of running the plane — like comparing the price of a car ride without counting gas — which helps investors see underlying efficiency and compare performance across periods or carriers without the swings caused by volatile fuel prices.

Available Seat Miles financial

"Estimated 2Q 2026 Available Seat Miles ("ASMs") Year-Over-Year"

Available seat miles measure the total capacity of an airline to carry passengers, calculated by multiplying the number of seats available on all flights by the distance those flights cover. It indicates how much space an airline has to generate revenue from passenger travel. For investors, higher available seat miles generally suggest a larger operation and potential for increased earnings.

JetForward financial

"JetForward is on track and working, and we remain confident it is the right plan"

Blue Sky collaboration financial

"Advanced Blue Sky collaboration with United Airlines, with customers now able to book flights"

Earnings Snapshot

Operating revenue: $2.24 billion · Guidance included

Q1 2026

Operating revenue $2.24 billion +4.7% YoY

Net loss $319 million +53.0% YoY

Operating margin -10.0% -1.8 pts YoY

Pre-tax margin -15.0% -2.3 pts YoY

Guidance

For Q2 2026, JetBlue expects ASMs up 1.5–4.5%, RASM up 7–11%, CASM ex-fuel up 3–5%, fuel price $4.13–$4.28 per gallon, and capital expenditures of about $275 million. Full-year 2026 capital expenditures are projected at approximately $800 million.

Understanding 8-K Material Events →

false000115846300011584632026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 28, 2026

JETBLUE AIRWAYS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware			000-49728						87-0617894
(State or other jurisdiction of incorporation)			(Commission File Number)						(I.R.S. Employer Identification No.)
27-01 Queens Plaza North			Long Island City			New York			11101
(Address of principal executive offices)									(Zip Code)

(718) 286-7900

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of each exchange on which registered
Common Stock, $0.01 par value			JBLU			The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 28, 2026, we issued a press release announcing our financial results for the first quarter ended March 31, 2026. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

The information included under Item 2.02 of this report (including the exhibits) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 7.01 Regulation FD Disclosure.

On April 28, 2026, we provided an update for investors presenting information relating to our financial outlook for the second quarter ending June 30, 2026 and full year 2026, and other information regarding our business. The update and materials to be used in conjunction with the presentation are furnished herewith as Exhibit 99.2 and Exhibit 99.3 and are incorporated herein by reference.

The information included under Item 7.01 of this report (including the exhibits) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number						Description
99.1						Press Release dated April 28, 2026 of JetBlue Airways Corporation announcing financial results for the first quarter ended March 31, 2026.
99.2						Investor Update dated April 28, 2026 of JetBlue Airways Corporation.
99.3						Earnings Presentation dated April 28, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

									JETBLUE AIRWAYS CORPORATION
									(Registrant)
Date:			April 28, 2026			By:			/s/ Dawn Southerton
									Dawn Southerton
									Vice President, Controller
									(Principal Accounting Officer)

Ex 99.1 - Earnings Release

JETBLUE ANNOUNCES FIRST QUARTER 2026 RESULTS

Delivered strong RASM growth of 6.5% driven by resilient demand and solid execution in a challenging environment

Taking decisive actions to mitigate elevated fuel costs with focus on capacity, revenue opportunities and cost control

NEW YORK (April 28, 2026) - JetBlue Airways Corporation (NASDAQ: JBLU) today reported its financial results for the first quarter of 2026.

"We delivered a strong first quarter, with revenue performance exceeding our expectations, driven by resilient consumer demand and an appreciation for JetBlue's industry-leading customer offering," said Joanna Geraghty, JetBlue’s chief executive officer. "Demand trends strengthened as the quarter progressed, supporting improved yields, even in the face of a challenging operational environment."

"While the macro environment, particularly fuel, has become more volatile, we are taking decisive actions to manage what is within our control, including adjusting capacity, optimizing revenue, and maintaining disciplined cost control. At the same time, we are seeing clear evidence that JetForward is on track and working, and we remain confident it is the right plan to transform our business and get us closer to our financial priorities. In the near term, we are focused on mitigating the impact of elevated fuel prices, as JetForward continues to position us to restore sustained profitability over the long term."

JetBlue Continues to Expand and Strengthen Our #1 Position in Fort Lauderdale (FLL)

•FLL continued to exceed expectations in 1Q26 and remains a key driver of JetBlue’s network and revenue strategy.

•Delivered strong performance in FLL, with RASM up 5% year-over-year on 23% capacity growth.

•Expanded service with new routes and increased frequencies across high-demand markets.

Taking Action to Mitigate Increased Fuel Costs

•Expect 30% to 40% fuel recapture in the second quarter, and 100% by early 2027.

•Reduced second quarter capacity by nearly one point versus close-in expectations and reducing second half by at least two to three points versus 2026 prior expectations, with reductions focused in off-peak travel periods.

•Implemented additional cost savings beyond capacity reductions and continue to evaluate opportunities to offset increased input costs, including continued focus on fuel optimization efforts.

Proactively Strengthening Liquidity and Preserving Financial Flexibility

•Executed $500 million of committed aircraft-backed financing, with the ability to upsize by an additional $250 million.

•Repaid remaining $325 million of 2021 convertible notes during the second quarter.

•Ended the first quarter with $2.4 billion in liquidity (26% of trailing twelve month revenue versus target of 17 to 20%), excluding undrawn $600 million revolving credit facility, and continue to maintain over $6.0 billion in unencumbered assets.

First Quarter 2026 Financial Results

•First quarter 2026 system capacity decreased by 1.7% year-over-year, within our revised guidance (1) range of down 2.0% to down 1.0%.

•Operating revenue of $2.2 billion for the first quarter of 2026, an increase of 4.7% year-over-year.

•Operating revenue per available seat mile ("RASM") increased 6.5% year-over-year, near the better end of our revised guidance range.

•Operating expense per available seat mile ("CASM") for the first quarter of 2026 increased 8.3% year-over-year.

•Operating expense per available seat mile, excluding fuel, other non-airline operating expenses, and special items ("CASM ex-Fuel") (4) for the first quarter of 2026 increased 6.6% year-over-year, including ~four points of pressure driven by operational disruptions.

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•Average fuel price in the first quarter of 2026 of $2.96 per gallon, $0.39 higher year-over-year, or 15.2%.

•Capital expenditures, including predelivery deposits, in the first quarter totaled $141 million versus our revised guidance of ~$175 million, driven by the timing of deliveries.

First Quarter 2026 Commercial and Financial Highlights

•Executed throughout the quarter despite disruptions (~four point capacity impact), delivering unit revenue performance above high end of initial guidance range and near better end of revised guidance range.

•Premium cabin performance continued to outperform, with year-over-year RASM approximately nine points higher than core in the first quarter. In addition, year-over-year core RASM was strongly positive for the quarter.

•Loyalty cash remuneration grew 19% year-over-year, supported by double-digit co-brand spend growth, a 45% increase in card acquisitions, and record levels of TrueBlue® active members and attach rates.

•Expanded TrueBlue® value with new offerings including point redemption for seats and other ancillaries, Points On Repeat, and Family Tiles.

•Advanced Blue Sky collaboration with United Airlines, with customers now able to book flights on either airline using cash, points, or miles, giving travelers more freedom to shop and pay the way they prefer while accessing the strengths of either network.

•Recognized by The Points Guy with a TPG Award for Best U.S. Economy Cabin, including for transatlantic service. This is the sixth time JetBlue has won the coveted award and marks our ninth TPG Award since 2018.

•Continued progress across JetForward’s four priority moves, on track for $310 million incremental EBIT (2) in 2026.

Outlook

"As we look ahead, we are seeing continued strength across the booking curve, with momentum carrying into the second quarter supporting our unit revenue outlook," said Marty St. George, JetBlue's president. "We are particularly pleased with the revenue trends and customer response we are seeing in Fort Lauderdale. All of our second quarter capacity growth is driven by Fort Lauderdale, and we plan to continue building upon our leadership position in this key focus city."

Second Quarter 2026 Outlook			Estimated 2Q 2026
Available Seat Miles ("ASMs") Year-Over-Year			1.5% - 4.5%
RASM (3) Year-Over-Year			7.0% - 11.0%
CASM Ex-Fuel (4) Year-Over-Year			3.0% - 5.0%
Fuel Price per Gallon (5)			$4.13 - $4.28
Capital Expenditures			~$275 million
Full Year 2026 Outlook			Estimated FY 2026
Capital Expenditures (6)			~$800 million

"The operating environment remains volatile, particularly with fuel prices expected to remain elevated in the near term, and we are taking meaningful action to mitigate the impact," said Ursula Hurley, JetBlue's chief financial officer. "In addition to our revenue efforts, we are reducing capacity during off-peak periods and driving additional cost savings throughout the business."

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Earnings Call Details

JetBlue will hold a conference call to discuss its quarterly earnings today, April 28, 2026 at 10:00 a.m. Eastern Time. A live broadcast of the conference call will also be available via the internet at http://investor.jetblue.com. The webcast replay and presentation materials will be archived on the company's website for at least 30 days.

For further details, see the first quarter 2026 Earnings Presentation available via the internet at http://investor.jetblue.com.

About JetBlue

JetBlue is New York's Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles, Orlando and San Juan. JetBlue, known for its low fares and great service, carries customers to 110 destinations throughout the United States, Latin America, the Caribbean, Canada and Europe. For more information and the best fares, visit jetblue.com.

Notes

(1)Revised guidance as of March 17, 2026.

(2)Management reviews the estimated amount of earnings before interest and taxes attributable to JetForward initiatives within a given period to evaluate progress against our financial and operational targets. Incremental EBIT reflects the estimated impact of strategic initiatives on profitability, such as partnerships, fleet optimization, network changes, and cost reduction programs.

(3)RASM outlook implies 30 to 40% fuel recapture.

(4)Non-GAAP financial measure; Note A provides a reconciliation of each non-GAAP financial measure used in this release to the most directly comparable GAAP financial measure and explains the reasons management believes that presentation of these non-GAAP financial measures provides useful information to investors regarding JetBlue's financial condition and results of operations. In addition, refer to Note A for further details on non-GAAP forward-looking information.

(5)JetBlue utilizes the forward Brent crude curve and the forward Brent crude to jet crack spread to calculate fuel price for the current quarter. Fuel price is based on the forward curve as of April 10, 2026. Includes fuel taxes and other fuel fees.

(6)Capital expenditures exclude one Airbus A321neo XLR, which JetBlue expects to sell following delivery of the aircraft.

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Forward-Looking Information

This Earnings Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Earnings Release are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "goals," "targets" or the negative of these terms or other similar expressions. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. Forward-looking statements contained in this Earnings Release include, without limitation, statements regarding our outlook, goals, and future results of operations and financial position, including our expected return to profitability, any expected headwinds or tailwinds, fuel prices and volatility, demand, our aircraft fleet, our product offerings and loyalty initiatives, and our business strategy and plans and objectives for future operations, such as our JetForward initiatives, including our Blue Sky collaboration. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many important factors, including, without limitation, our extremely competitive industry; the risk associated with the execution of our strategic operating plans in the near-term and long-term; risks related to the long-term nature of our fleet order book; volatility in fuel prices and availability of fuel; increased maintenance costs associated with fleet age; costs associated with salaries, wages and benefits; risks associated with a potential material reduction in the rate of interchange reimbursement fees; risks associated with doing business internationally; our reliance on high daily aircraft utilization; our dependence on the New York metropolitan market; risks associated with extended interruptions or disruptions in service at our focus cities; risks associated with airport expenses; risks associated with seasonality and weather; our reliance on a limited number of suppliers for our aircraft, engines, and our Fly-Fi® product; risks related to new or increased tariffs, including those that impact commercial aircraft and related parts imported from outside the United States; the outcome of current or future legal proceedings or regulatory actions; risks associated with stockholder activism; risks associated with cybersecurity and privacy, including potential disruptions to our information technology systems or information security breaches; heightened regulatory requirements concerning data security compliance; risks associated with reliance on, and potential failure of, automated systems to operate our business; our inability to attract and retain qualified crewmembers; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; reputational and business risk from an accident or incident involving our aircraft; risks associated with damage to our reputation and the JetBlue brand name; our significant amount of fixed obligations and the ability to service such obligations; possible failure to comply with financial and other debt covenants included in the agreements governing our debt; financial risks associated with credit card processors; risks associated with seeking short-term additional financing liquidity; failure to realize the full value of intangible or long-lived assets, causing us to record impairments; limits on our ability to use certain tax attributes; risks associated with our development and use of AI-powered solutions; risks associated with disease outbreaks or environmental disasters affecting travel behavior; compliance with environmental laws and regulations, which may cause us to incur substantial costs; the impacts of federal government shutdowns, federal budget constraints or federally imposed furloughs; increasing scrutiny of, and evolving expectations regarding, environmental matters; changes in government regulations in our industry; acts of war or terrorism; and changes in global economic or geopolitical conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs, and assumptions upon which we base our expectations may change prior to the end of each quarter or year.

Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this Earnings Release, could cause our results to differ materially from those expressed in the forward- looking statements. Further information concerning these and other factors is contained in JetBlue's filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to in our Annual Report on Form 10-K for the year ended December 31, 2025, as may be updated by our other SEC filings. In light of these risks and uncertainties, the forward-looking events discussed in this Earnings Release might not occur. Our forward-looking statements speak only as of the date of this Earnings Release. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

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JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except per share amounts)
			Three Months Ended March 31,
(percent changes based on unrounded numbers)			2026						2025						Percent Change
OPERATING REVENUES
Passenger			$	2,048					$	1,969					4.0
Other			192						171						12.5
Total operating revenues			2,240						2,140						4.7
OPERATING EXPENSES
Aircraft fuel			573						511						12.1
Salaries, wages and benefits			896						863						3.9
Landing fees and other rents			169						159						5.9
Depreciation and amortization			179						168						6.5
Aircraft rent			15						19						(22.9)
Sales and marketing			72						70						3.4
Maintenance, materials and repairs			194						191						1.4
Other operating expenses			366						333						9.9
Total operating expenses			2,464						2,314						6.5
OPERATING LOSS			(224)						(174)						28.5
Operating margin			(10.0)		%				(8.2)		%				(1.8)			pts.
OTHER INCOME (EXPENSE)
Interest expense			(144)						(148)						(3.0)
Interest income			23						38						(40.1)
Capitalized interest			1						3						(65.5)
Gain on investments, net			3						1						NM			(1)
Other			5						9						(42.0)
Total other expense			(112)						(97)						15.4
LOSS BEFORE INCOME TAXES			(336)						(271)						23.8
Pre-tax margin			(15.0)		%				(12.7)		%				(2.3)			pts.
Income tax benefit			17						63						(73.0)
NET LOSS			$	(319)					$	(208)					53.0
LOSS PER COMMON SHARE
Basic			$	(0.86)					$	(0.59)
Diluted			$	(0.86)					$	(0.59)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic			370.8						353.7
Diluted			370.8						353.7

(1) Not meaningful or greater than 100% change.

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JETBLUE AIRWAYS CORPORATION
COMPARATIVE OPERATING STATISTICS
(unaudited)
​
															Three Months Ended March 31,
(percent changes based on unrounded numbers)																					2026						2025						Percent Change
Revenue passengers (thousands)																					9,330						9,264						0.7
Revenue passenger miles (RPMs) (millions)																					12,606						12,601						—
Available seat miles (ASMs) (millions)																					15,341						15,608						(1.7)
Load factor																					82.2		%				80.7		%				1.5			pts.
Aircraft utilization (hours per day) (1)																					9.4						9.7						(2.7)
Average fare																					$	219.49					$	212.58					3.2
Yield per passenger mile (cents)																					16.24						15.63						3.9
Passenger revenue per ASM (cents)																					13.35						12.62						5.8
Operating revenue per ASM (cents)																					14.60						13.71						6.5
Operating expense per ASM (cents)																					16.06						14.83						8.3
Operating expense per ASM, excluding fuel (cents) (2)																					12.21						11.45						6.6
Departures																					72,520						74,753						(3.0)
Average stage length (miles)																					1,303						1,297						0.5
Average number of operating aircraft during period (1)																					289						288						0.3
Average fuel cost per gallon																					$	2.96					$	2.57					15.2
Fuel gallons consumed (millions)																					193						199						(2.7)
Fuel efficiency (ASMs per fuel gallon)																					79						79						1.0
Average number of full-time equivalent crewmembers																					19,447						19,143						1.6
(1) Includes aircraft temporarily removed from service, including four aircraft impacted by the Pratt & Whitney engine groundings. (2) Refer to Note A at the end of our Earnings Release for more information on this non-GAAP financial measure.

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JETBLUE AIRWAYS CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(in millions)
			March 31, 2026						December 31, 2025
			(unaudited)
Cash and cash equivalents			$	1,857					$	1,946
Total investment securities			522						531
Total assets			16,611						16,570
Total debt			8,435						8,498
Stockholders' equity			1,810						2,120

JETBLUE AIRWAYS CORPORATION
SELECTED CONSOLIDATED CASH FLOWS DATA
(in millions)
			Three Months Ended March 31,
			2026						2025
			(unaudited)
Capital expenditures and pre-delivery deposits for flight equipment			$	(141)					$	(187)

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Note A - Non-GAAP Financial Measures

We report our financial results in accordance with GAAP; however, we present certain non-GAAP financial measures in this Earnings Release. Non-GAAP financial measures are financial measures that are derived from the condensed consolidated financial statements, but that are not presented in accordance with GAAP. We present these non-GAAP financial measures because we believe they provide useful supplemental information that enables a meaningful comparison of our results to others in the airline industry and our prior results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides an explanation of each non-GAAP financial measure used in this Earnings Release and shows a reconciliation of certain non-GAAP financial measures used in this Earnings Release to the most directly comparable GAAP financial measures.

With respect to JetBlue's CASM Ex-Fuel (1) guidance, JetBlue is not able to provide a reconciliation of forward-looking measures where the quantification of certain excluded items reflected in the measure cannot be calculated or predicted at this time without unreasonable efforts. In these cases, the reconciling information that is unavailable includes a forward-looking range of financial performance measures beyond our control, such as interest rates and fuel costs, which are subject to many economic and political factors beyond our control. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and potentially significant impact on our future GAAP financial results.

(1) CASM Ex-Fuel is a non-GAAP measure that excludes fuel, other non-airline operating expenses, and special items.

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Operating expense per available seat mile, excluding fuel, other non-airline operating expenses, and special items ("CASM ex-fuel")

CASM is a common metric used in the airline industry. Our CASM for the relevant periods are summarized in the table below. We exclude aircraft fuel, operating expenses related to other non-airline businesses, such as Paisly and JetBlue Technology Ventures (JBV), and special items from total operating expenses to determine Operating Expenses ex-fuel, which is a non-GAAP financial measure, and we exclude the same items from CASM to determine CASM ex-fuel, which is also a non-GAAP financial measure. We believe the impact of these special items distorts our overall trends and that our metrics are more comparable with the presentation of our results excluding such impact.

For the three months ended March 31, 2026 and 2025, there were no special items.

We believe Operating Expenses ex-fuel and CASM ex-fuel are useful for investors because they provide investors the ability to measure our financial performance excluding items that are beyond our control, such as fuel costs, which are subject to many economic and political factors, as well as items that are not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses and special items. We believe these non-GAAP measures are more indicative of our ability to manage airline costs and are more comparable to measures reported by other major airlines.

The table below provides a reconciliation of our total operating expenses (GAAP measure) to Operating Expenses ex-fuel, and our CASM to CASM ex-fuel for the periods presented.

NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM), EXCLUDING FUEL
(unaudited)
			Three Months Ended March 31,
			$																		Cents per ASM
(in millions; per ASM data in cents; percent changes based on unrounded numbers)			2026						2025						Percent Change						2026						2025						Percent Change
Total operating expenses			$	2,464					$	2,314					6.5						16.06						14.83						8.3
Less:
Aircraft fuel			573						511						12.1						3.73						3.27						14.1
Other non-airline expenses			18						16						13.5						0.12						0.11						15.5
Special items			—						—						NM			(1)			—						—						NM
Operating expenses, excluding fuel			$	1,873					$	1,787					4.8						12.21						11.45						6.6

(1) Not meaningful or greater than 100% change.

Operating Expense, Operating Loss, Operating Margin, Pre-tax Loss, Pre-tax Margin, Net Loss and Loss per Share, excluding Special Items and Gain on Investments

For the three months ended March 31, 2026 and 2025, there were no special items.

Certain gains on our investments, net were excluded from our March 31, 2026 and 2025 non-GAAP results.

We believe the impact of these items distort our overall trends and that our metrics are more comparable with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impact of these items for the periods presented.

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NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS
			Three Months Ended March 31,
(in millions except percentages)			2026						2025
Total operating revenues			$	2,240					$	2,140
RECONCILIATION OF OPERATING EXPENSE
Total operating expenses			$	2,464					$	2,314
Less: Special items			—						—
Total operating expenses excluding special items			$	2,464					$	2,314
Percent change			6.5		%
RECONCILIATION OF OPERATING LOSS
Operating loss			$	(224)					$	(174)
Add back: Special items			—						—
Operating loss excluding special items			$	(224)					$	(174)
RECONCILIATION OF OPERATING MARGIN
Operating margin			(10.0)		%				(8.2)		%
Operating loss excluding special items			$	(224)					$	(174)
Total operating revenues			2,240						2,140
Adjusted operating margin			(10.0)		%				(8.2)		%
RECONCILIATION OF PRE-TAX LOSS
Loss before income taxes			$	(336)					$	(271)
Add back: Special items			—						—
Less: Gain on investments, net			3						1
Loss before income taxes excluding special items and gain on investments			$	(339)					$	(272)
RECONCILIATION OF PRE-TAX MARGIN
Pre-tax margin			(15.0)		%				(12.7)		%
Loss before income taxes excluding special items and gain on investments			$	(339)					$	(272)
Total operating revenues			2,240						2,140
Adjusted pre-tax margin			(15.1)		%				(12.7)		%

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NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS
			Three Months Ended March 31,
(in millions except percentages)			2026						2025
RECONCILIATION OF NET LOSS
Net loss			$	(319)					$	(208)
Add back: Special items			—						—
Less: Income tax benefit related to special items			—						—
Less: Gain on investments, net			3						1
Less: Income tax expense related to gain on investments, net			—						—
Net loss excluding special items and gain on investments			$	(322)					$	(209)
CALCULATION OF LOSS PER SHARE
Loss per common share
Basic			$	(0.86)					$	(0.59)
Add back: Special items			—						—
Less: Income tax benefit related to special items			—						—
Less: Gain on investments, net			0.01						—
Less: Income tax expense related to gain on investments, net			—						—
Basic excluding special items and gain on investments			$	(0.87)					$	(0.59)
Diluted			$	(0.86)					$	(0.59)
Add back: Special items			—						—
Less: Income tax benefit related to special items			—						—
Less: Gain on investments, net			0.01						—
Less: Income tax expense related to gain on investments, net			—						—
Diluted excluding special items and gain on investments			$	(0.87)					$	(0.59)

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CONTACTS

JetBlue Investor Relations

Tel: +1 718 709 2202

ir@jetblue.com

JetBlue Corporate Communications

Tel: +1 718 709 3089

corpcomm@jetblue.com

- 12 -

Ex 99.2 - Investor Update

Investor Update: April 28, 2026

This update provides JetBlue's investor guidance for the second quarter ending June 30, 2026 and full year 2026.

Second Quarter 2026 Outlook			Estimated 2Q 2026
Capacity and Revenue
Available Seat Miles ("ASMs") Year-Over-Year			1.5% - 4.5%
RASM (1) Year-Over-Year			7.0% - 11.0%
Expense
CASM Ex-Fuel (2) Year-Over-Year			3.0% - 5.0%
Fuel Price per Gallon (3)			$4.13 - $4.28
Capital Expenditures			~$275 million
Full Year 2026 Outlook			Estimated FY 2026
Capital Expenditures (4)			~$800 million

Our estimated effective tax rate is ~6% for the second quarter 2026, primarily reflecting a non-cash impact from a valuation allowance included in our forecasted annual effective tax rate.

(1) RASM outlook implies 30 to 40% fuel recapture.

(2) Non-GAAP financial measure; refer to Note A for further details on non-GAAP forward looking information.

(3) JetBlue utilizes the forward Brent crude curve and the forward Brent crude to jet crack spread to calculate fuel price for the current quarter. Fuel price is based on the forward curve as of April 10, 2026. Includes fuel taxes and other fuel fees.

(4) Capital expenditures exclude one Airbus A321neo XLR, which JetBlue expects to sell following delivery of the aircraft.

1

JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com

Investor Update

Order Book

As of March 31, 2026, JetBlue's operating fleet was comprised of 129 Airbus A320 aircraft, 101 Airbus A321, and 61 Airbus A220, for a total of 291 aircraft. This total includes aircraft that have been temporarily removed from service, including four aircraft impacted by the Pratt & Whitney engine groundings. All aircraft temporarily removed from service are expected to return to operation in the future.

JetBlue's aircraft deliveries (1) for full year, as of March 31, 2026:

Year			A220			A321NEO (2)			TOTAL (3)
2026 (4)			12			—			12
2027			7			—			7
2028			11			—			11
2029			10			—			10
2030			1			3			4
Thereafter			—			41			41

(1) Our committed future aircraft deliveries are subject to change based on modifications to the contractual agreements or changes to the delivery schedules.

(2) Excludes one Airbus A321neo XLR, which JetBlue expects to sell following delivery of the aircraft.

(3) In addition, we have options to purchase 20 A220-300 aircraft in 2027 and 2028.

(4) Includes two aircraft delivered in 1Q 2026.

2

JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com

Investor Update

Forward-Looking Information

This Investor Update contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Investor Update are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "goals," "targets" or the negative of these terms or other similar expressions. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. Forward-looking statements contained in this Investor Update include, without limitation, statements regarding our outlook and future results of operations and financial position, our order book and related assumptions, and our aircraft return schedule. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many important factors, including, without limitation, our extremely competitive industry; the risk associated with the execution of our strategic operating plans in the near-term and long-term; risks related to the long-term nature of our fleet order book; volatility in fuel prices and availability of fuel; increased maintenance costs associated with fleet age; costs associated with salaries, wages and benefits; risks associated with a potential material reduction in the rate of interchange reimbursement fees; risks associated with doing business internationally; our reliance on high daily aircraft utilization; our dependence on the New York metropolitan market; risks associated with extended interruptions or disruptions in service at our focus cities; risks associated with airport expenses; risks associated with seasonality and weather; our reliance on a limited number of suppliers for our aircraft, engines, and our Fly-Fi® product; risks related to new or increased tariffs, including those that impact commercial aircraft and related parts imported from outside the United States; the outcome of current or future legal proceedings or regulatory actions; risks associated with stockholder activism; risks associated with cybersecurity and privacy, including potential disruptions to our information technology systems or information security breaches; heightened regulatory requirements concerning data security compliance; risks associated with reliance on, and potential failure of, automated systems to operate our business; our inability to attract and retain qualified crewmembers; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; reputational and business risk from an accident or incident involving our aircraft; risks associated with damage to our reputation and the JetBlue brand name; our significant amount of fixed obligations and the ability to service such obligations; possible failure to comply with financial and other debt covenants included in the agreements governing our debt; financial risks associated with credit card processors; risks associated with seeking short-term additional financing liquidity; failure to realize the full value of intangible or long-lived assets, causing us to record impairments; limits on our ability to use certain tax attributes; risks associated with our development and use of AI-powered solutions; risks associated with disease outbreaks or environmental disasters affecting travel behavior; compliance with environmental laws and regulations, which may cause us to incur substantial costs; the impacts of federal government shutdowns, federal budget constraints or federally imposed furloughs; increasing scrutiny of, and evolving expectations regarding, environmental matters; changes in government regulations in our industry; acts of war or terrorism; and changes in global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs, and assumptions upon which we base our expectations may change prior to the end of each quarter or year.

Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this Investor Update, could cause our results to differ materially from those expressed in the forward-looking statements. Further information concerning these and other factors is contained in JetBlue's filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to in our Annual Report on Form 10-K for the year ended December 31, 2025, as may be updated by our other SEC filings. In light of these risks and uncertainties, the forward-looking events discussed in this Investor Update might not occur. Our forward-looking statements speak only as of the date of this Investor Update. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

3

JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com

Investor Update

Note A - Non-GAAP Financial Measures

We report our financial results in accordance with GAAP; however, we present certain non-GAAP financial measures in this Investor Update. Non-GAAP financial measures are financial measures that are derived from the condensed consolidated financial statements, but that are not presented in accordance with GAAP. We present these non-GAAP financial measures because we believe they provide useful supplemental information that enables a meaningful comparison of our results to others in the airline industry and our prior results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies.

With respect to JetBlue's CASM Ex-Fuel (1) guidance, we are not able to provide a reconciliation of forward-looking measures where the quantification of certain excluded items reflected in the measures cannot be calculated or predicted at this time without unreasonable efforts. In these cases, the reconciling information that is unavailable includes a forward-looking range of financial measures beyond our control, such as fuel costs, which are subject to many economic and political factors beyond our control. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and potentially significant impact on our future GAAP financial results.

(1) CASM Ex-Fuel is a non-GAAP measure that excludes fuel, other non-airline operating expenses, and special items.

4

JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com

1Q26 Earnings Presentation April 28, 2026

The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Safe Harbor This Presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this Presentation are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “expects,” “plans,” “intends,” “anticipates,” “indicates,” “remains,” “believes,” “estimates,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “goals,” “targets” or the negative of these terms or other similar expressions. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. Forward-looking statements contained in this Presentation include, without limitation, statements regarding our outlook, goals, and future results of operations and financial position, including our expected return to profitability, positive free cash flow, any expected headwinds or tailwinds, macroeconomic and geopolitical factors, fuel prices and volatility, demand, our use of artificial intelligence, our aircraft fleet, our product offerings and loyalty initiatives, and our business strategy and plans and objectives for future operations, such as our JetForward initiatives, including our Blue Sky collaboration. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many important factors, including, without limitation, our extremely competitive industry; the risk associated with the execution of our strategic operating plans in the near- term and long-term; risks related to the long-term nature of our fleet order book; volatility in fuel prices and availability of fuel; increased maintenance costs associated with fleet age; costs associated with salaries, wages and benefits; risks associated with a potential material reduction in the rate of interchange reimbursement fees; risks associated with doing business internationally; our reliance on high daily aircraft utilization; our dependence on the New York metropolitan market; risks associated with extended interruptions or disruptions in service at our focus cities; risks associated with airport expenses; risks associated with seasonality and weather; our reliance on a limited number of suppliers for our aircraft, engines, and our Fly-Fi® product; risks related to new or increased tariffs, including those that impact commercial aircraft and related parts imported from outside the United States; the outcome of current or future legal proceedings or regulatory actions; risks associated with stockholder activism; risks associated with cybersecurity and privacy, including potential disruptions to our information technology systems or information security breaches; heightened regulatory requirements concerning data security compliance; risks associated with reliance on, and potential failure of, automated systems to operate our business; our inability to attract and retain qualified crewmembers; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; reputational and business risk from an accident or incident involving our aircraft; risks associated with damage to our reputation and the JetBlue brand name; our significant amount of fixed obligations and the ability to service such obligations; possible failure to comply with financial and other debt covenants included in the agreements governing our debt; financial risks associated with credit card processors; risks associated with seeking short-term additional financing liquidity; failure to realize the full value of intangible or long- lived assets, causing us to record impairments; limits on our ability to use certain tax attributes; risks associated with our development and use of AI-powered solutions; risks associated with disease outbreaks or environmental disasters affecting travel behavior; compliance with environmental laws and regulations, which may cause us to incur substantial costs; the impacts of federal government shutdowns, federal budget constraints or federally imposed furloughs; increasing scrutiny of, and evolving expectations regarding, environmental matters; changes in government regulations in our industry; acts of war or terrorism; and changes in global economic or geopolitical conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs, and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this Presentation, could cause our results to differ materially from those expressed in the forward- looking statements. Further information concerning these and other factors is contained in JetBlue's filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to in our Annual Report on Form 10-K for the year ended December 31, 2025, as may be updated by our other SEC filings. In light of these risks and uncertainties, the forward-looking events discussed in this Presentation might not occur. Our forward-looking statements speak only as of the date of this Presentation. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. 2

The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 1Q26 Recap Joanna Geraghty Chief Executive Officer 3

Executed throughout 1Q despite challenging operating environment • RASM and CASM-ex (1) both finished at or near better end of revised guidance ranges (2) • RASM grew 6.5% year-over-year (YoY), 4.5pts better than initial guidance midpoint (3) • ~2.5pts due to demand strength and ~2pts due to storm-related capacity reductions • CASM ex-fuel (3) was up 6.6% YoY, only ~2pts above initial guidance midpoint of 4.5% • Disruptions reduced 1Q capacity by ~4pts, impacting YoY CASM ex-fuel by ~4pts • Fuel price of $2.96, up 62 cents and 26% vs. initial guidance midpoint Mitigating external factors and preserving liquidity position • Expect 30 to 40% fuel recapture in 2Q through yield optimization, and 100% by early 2027 • Reduced 2Q capacity by nearly 1pt versus close-in expectations and reducing 2H capacity by at least 2-3pts versus prior expectations for 2026 • FLL comprises all of 2Q scheduled capacity growth • Actioning incremental cost levers: implemented additional cost savings, slowing hiring to align with capacity in 2H and continuing our focus on fuel efficiency, targeting 5% improvement in 2026 over last three years (1) Operating expense per available seat mile, excluding fuel, other non-airline operating expenses and special items (“CASM ex-Fuel”); See Appendix A for further details on Non-GAAP measures. (2) Revised guidance as of March 17, 2026. (3) Initial guidance as of January 27, 2026. Adjusting to Elevated Fuel Environment while Continuing to Execute on JetForward 1Q26 4

The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Commercial Update and Outlook Marty St. George President 5

6 1Q Demand was Strong, Translating into YoY RASM Benefits • Quarter was already ~90% booked ahead of the rise in oil prices in early March, resulting in limited in-quarter opportunity to offset increased fuel • Peaks and troughs both better YoY, reflecting improvements in overall demand vs. 2025 trends • Premium continued to outperform core, and loyalty continued to exceed expectations • YoY premium RASM ~9pts higher versus core; YoY core RASM strongly positive • Strength in co-brand with double digit spend, remuneration and acquisition growth • Domestic YoY RASM better than international • Fort Lauderdale YoY RASM +5%, despite capacity +23% RASM Strengthening in 2Q • Strong booking behavior continuing into 2Q and peak summer travel periods • JetForward revenue initiatives continue to ramp • EvenMore® progressing well, with RASM up double digits YoY in 1Q • Premium card sign-ups benefitting from BlueHouse at JFK and next location in BOS, alongside recently announced enhancements to premium card offering • Continued ramp of Fort Lauderdale and other network redeployments Strong Demand Continuing into Second Quarter (1) Revised guidance as of March 17, 2026. 1Q26 vs. 1Q25 2Q26 vs. 2Q25 ASMs Guidance RASM Guidance 9.0% implied midpoint 7.0% to 11.0% 3.0% implied midpoint 1.5% to 4.5% Actual Guidance RASM ASMs 5.0% to 7.0% 6.5% (1.7%) (2.0%) to (1.0%) (1)

7 1Q26 Actual YoY RASM Easter Shift + Disruptions Benefit 1Q26 Adjusted YoY RASM 2Q26 YoY RASM Guidance (Midpoint) Easter Shift 2Q26 Adjusted YoY RASM (1) Guidance represents 1.5% to 4.5% YoY for ASMs and 7% to 11% YoY for RASM. ~1.5% 10.5% 9.0% 2Q RASM Midpoint Reflects Strong Sequential Improvement of ~7.5pts 3.0% 6.5% ~(3.5%) 1Q YoY RASM 2Q YoY RASM (1)

The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Financial Update and Outlook Ursula Hurley Chief Financial Officer 8

9 1Q26 Revised Guidance 1Q26 Actuals 2Q26 Guidance CASM ex-Fuel YoY Growth 1Q CASM ex-Fuel Higher Due to Disruptions • ~4pts of growth due to close-in capacity reductions from operational disruptions • Underlying controllable costs better by ~2pts vs. initial guidance driven by ~1pt of cost savings and ~1pt of spend shifting into remainder of the year 1Q Fuel Price ~15% Higher YoY; 2Q Expected ~75% Higher • Expect 30 to 40% fuel recapture in 2Q through yield optimization, and 100% by early 2027 • 10 cents/gal of fuel price = ~$85M in fuel expense for full year • Actioning incremental cost savings initiatives to recover fuel increases • Reducing controllable spend and revising 2026 capital expenditures lower • Slowing hiring to better align with capacity expectations FY26 Non-Fuel Unit Cost Growth Expected to Maintain Historical Relationship to Capacity (~Flat on M-HSD Capacity) • Strong history of reducing unit costs even alongside capacity reductions Strong Liquidity of $2.4B (1) and Over $6B Unencumbered Assets (1) Excludes $600M revolving credit facility. Actioning Incremental Savings to Offset Fuel Increases 3.0% to 5.0% 6.5% to 7.5% 6.6% 1Q26 Initial Guidance 1Q26 Revised Guidance 1Q26 Actuals 2Q26 Guidance Fuel Price $4.13 to $4.28 $3.01 - $3.06 $2.96 $2.27- $2.42

10 (1) RASM outlook implies 30 to 40% fuel recapture. (2) Non-GAAP financial measure; refer to Appendix A for further details on non-GAAP forward looking information. (3) Fuel price estimate utilizes the forward Brent crude curve and the forward Brent crude to jet crack spread as of April 10, 2026 to calculate fuel price. Includes fuel taxes and other fuel fees (4) Excludes one Airbus A321neo XLR, which JetBlue expects to sell following delivery of the aircraft. Guidance Estimated 2Q 2026 ASMs Year-over-Year 1.5% - 4.5% RASM (1) Year-over-Year 7.0% - 11.0% CASM ex-Fuel (2) Year-over-Year 3.0% - 5.0% Fuel Price per Gallon (3) $4.13 - $4.28 Capital Expenditures ~$275 million Guidance Estimated FY 2026 Capital Expenditures (4) ~$800 million (prior ~$900 million) 2Q Outlook - High Fuel, but Strong RASM and CASM ex-Fuel

2026 JetForward initiatives remain on-track to deliver $310M in incremental EBIT: Blue Sky interline is live and domestic first class expected in 2H26 JetForward has transformed our airline and continues to progress within expectations Demand strength exiting 2025 continued throughout 1Q26 and expected in 2Q26 Goal remains to target positive free cash flow by end of 2027. Highly dependent on moderation of fuel prices Focused on Offsetting Fuel Costs and Executing on JetForward Near-term focus on implementing levers to offset impact of fuel volatility, including yield optimization, capacity reductions and incremental cost savings ✓ Maintain robust $6B+ unencumbered asset base providing runway to JetForward 11

The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power Appendix 12

The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power JetForward and Long-Term Vision 13

14 JetForward has Driven Transformational Change Across JetBlue, On-Track to Deliver $850 - $950M Incremental EBIT in 2027 Product Reliability Financial Future Four Priority Moves ~$175M ~$450M ~$100M 2027 Incremental EBIT (1) Targets Network ~$175M ~$850-950M ✓ Initiated multi-year investment to improve on-time performance: ✓ Net Promoter Score back to top of industry ✓ Re-deployed 20%+ of our network since the beginning of 2024 ✓ Regained top spot in Fort Lauderdale ✓ Reinvested in Northeast, Florida, and Puerto Rico franchises ✓ Exited unprofitable non-core flying (i.e intra-west) ✓ Announced Blue Sky collaboration with United and launched reciprocal accrual/redemption and interline flight sales ✓ Introduced preferred seating ✓ Rolled out changes to EvenMore® product and merchandising ✓ Enhanced Blue Basic with free carry-on bag and loyalty redemptions ✓ Brought on new loyalty partners ✓ Launched premium co-branded credit card ✓ Opened first lounge at JFK’s Terminal 5, called BlueHouse ✓ Commenced cost transformation program: ✓ Tools to better manage crew disruptions & fuel consumption ✓ $75M of cost savings in 2025, including $15M from reliability ✓ Deferred ~$3B capex to accelerate balance sheet improvement ✓ Executed $3B+ financing In process of implementing 60+ total operational reliability initiatives in the works at varying levels of implementation Lounge in BOS Domestic first class ~100 cost savings initiatives including improving planning efficiencies through AI and data science, contract optimization and fuel consumption initiatives Additional opportunities in FLL Implemented JetForward Initiatives Delivered $305M incremental EBIT in 2025 ✓ (1) Management reviews the estimated amount of earnings before interest and taxes attributable to JetForward initiatives within a given period to evaluate progress against our financial and operational targets. Incremental EBIT reflects the estimated impact of strategic initiatives on profitability, such as partnerships, fleet optimization, network changes, and cost reduction programs. Blue Sky (reciprocal benefits) Continued ramp and optimization Blue Sky (Paisly)

15 Fort Lauderdale Delivered Positive RASM on Double Digit YoY Capacity Growth in 1Q Announced or launched over 20 new routes and increased frequency on over 20 high-demand markets Bolstering FLL as a Point of Origin Gaining additional access to international arrival customs infrastructure represents a generational opportunity Growing International Connectivity Offered 26 daily flights in 1Q touching Fort Lauderdale with our award-winning Mint® service, offering more transcontinental lie-flat seats from South Florida than any other carrier Increasing Premium Offerings

16 The JetBlue Way Forward | Our Strategic Evolution – Loyalty & Travel Brand | Returning to Historical Earnings Power 1 6 Note: Not a comprehensive list of benefits. Traditional Interline Agreement – Expanding our distribution reach and customer choice by cross-merchandising flights on one another’s website and app Loyalty – Enhancing the utility of points through reciprocal accrual and redemption for TrueBlue® and MileagePlus® customers Paisly – Turbocharging high-margin growth as United transitions to distributing non-flight ancillaries through Paisly Blue Sky Accelerating and Expected to Deliver Significant 2026 Value Implemented 1Q 2026 Implemented 4Q 2025 Rental cars – 2Q26 Cruises, Packages, Insurance, Hotels – 2H26 Reciprocal Benefits – Such as priority boarding, preferred and extra legroom seating, and flight changes Implementation beginning in 2Q26

17 JetForward Progress Driving Path to Positive Free Cash Flow and Restoring Balance Sheet Health Deliver Positive Operating Margin Generate Free Cash Flow Restore Balance Sheet Health 1 3 Long-Term Financial Priorities 2 • EBITDA growth expected to result in improved leverage profile (as measured by net debt / EBITDA) over time • Unencumbered asset base of over $6.0B provides healthy backstop • Moderating fuel prices, strong demand and JetForward initiatives are expected to support path to breakeven operating profitability or better • Foundational to other financial priorities • Need positive operating margin first, supported by constructive fuel prices, followed by continued execution of JetForward initiatives • Upcoming capex profile <$1B annually Target end of 2027 2028 and Beyond

Non-GAAP Financial Measures We report our financial results in accordance with GAAP; however, we present certain non-GAAP financial measures in this Presentation. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with GAAP. We present these non-GAAP financial measures because we believe they provide useful supplemental information that enables a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. This Presentation includes an explanation of each non-GAAP financial measure presented in this Presentation and a reconciliation of certain non-GAAP financial measures used in this Presentation to the most directly comparable GAAP financial measures. With respect to JetBlue’s CASM Ex-Fuel (1) guidance, we are not able to provide a reconciliation of forward- looking measures where the quantification of certain excluded items reflected in the measures cannot be calculated or predicted at this time without unreasonable efforts. In these cases, the reconciling information that is unavailable includes a forward-looking range of financial performance measures beyond our control, such as fuel costs, which are subject to many economic and political factors beyond our control. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and potentially significant impact on our future GAAP financial results. (1) CASM Ex-Fuel is a non-GAAP measure that excludes fuel, other non-airline operating expenses, and special items. Appendix A 18

Operating Expenses, excluding Fuel, Other Non-Airline Operating Expenses, and Special Items ("Operating Expenses ex-fuel") and Operating Expense ex-fuel per Available Seat Mile ("CASM ex-fuel") Operating Expense per Available Seat Mile ("CASM") is a common metric used in the airline industry. Our CASM for the relevant periods are summarized in the table below. We exclude aircraft fuel, operating expenses related to other non-airline businesses, such as Paisly and JetBlue Technology Ventures (JBV), and special items from total operating expenses to determine Operating Expenses ex-fuel, which is a non-GAAP financial measure, and we exclude the same items from CASM to determine CASM ex- fuel, which is also a non-GAAP financial measure. We believe the impact of these special items distorts our overall trends and that our metrics are more comparable with the presentation of our results excluding such impact. We believe Operating Expenses ex-fuel and CASM ex-fuel are useful for investors because they provide investors the ability to measure our financial performance excluding items that are beyond our control, such as fuel costs, which are subject to many economic and political factors, as well as items that are not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses and special items. We believe these non-GAAP measures are more indicative of our ability to manage airline costs and are more comparable to measures reported by other major airlines. For the three months ended March 31, 2026 and 2025, there were no special items. The table below provides a reconciliation of our total operating expenses (GAAP measure) to Operating Expenses ex-fuel, and our CASM to CASM ex-fuel for the periods presented. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM), EXCLUDING FUEL (unaudited) Three Months Ended March 31, $ Cents per ASM (in millions; per ASM data in cents; percent changes based on unrounded numbers) 2026 2025 Percent Change 2026 2025 Percent Change Total operating expenses $ 2,464 $ 2,314 6.5 16.06 14.83 8.3 Less: Aircraft fuel 573 511 12.1 3.73 3.27 14.1 Other non-airline expenses 18 16 13.5 0.12 0.11 15.5 Special items — — NM (1) — — NM Operating expenses, excluding fuel $ 1,873 $ 1,787 4.8 12.21 11.45 6.6 (1) Not meaningful or greater than 100% change. 19

Operating Expense, Operating Loss, Operating Margin, Pre-tax Loss, Pre-tax Margin, Net Loss and Loss per Share, excluding Special Items and Gain on Investments For the three months ended March 31, 2026 and 2025, there were no special items. Certain gains on our investments, net were excluded from our March 31, 2026 and 2025 non-GAAP results. We believe the impact of these items distort our overall trends and that our metrics are more comparable with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impact of these items for the periods presented. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS (unaudited) Three Months Ended March 31, (in millions except percentages) 2026 2025 Total operating revenues $ 2,240 $ 2,140 RECONCILIATION OF OPERATING EXPENSE Total operating expenses $ 2,464 $ 2,314 Less: Special items — — Total operating expenses excluding special items $ 2,464 $ 2,314 Percent change 6.5 % RECONCILIATION OF OPERATING LOSS Operating loss $ (224) $ (174) Add back: Special items — — Operating loss excluding special items $ (224) $ (174) RECONCILIATION OF OPERATING MARGIN Operating margin (10.0)% (8.2)% Operating loss excluding special items $ (224) $ (174) Total operating revenues 2,240 2,140 Adjusted operating margin (10.0)% (8.2)% RECONCILIATION OF PRE-TAX LOSS Loss before income taxes $ (336) $ (271) Add back: Special items — — Less: Gain on investments, net 3 1 Loss before income taxes excluding special items and gain on investments $ (339) $ (272) RECONCILIATION OF PRE-TAX MARGIN Pre-tax margin (15.0)% (12.7)% Loss before income taxes excluding special items and gain on investments $ (339) $ (272) Total operating revenues 2,240 2,140 Adjusted pre-tax margin (15.1)% (12.7)% RECONCILIATION OF NET LOSS Net loss $ (319) $ (208) Add back: Special items — — Less: Income tax benefit related to special items — — Less: Gain on investments, net 3 1 Less: Income tax expense related to gain on investments, net — — Net loss excluding special items and gain on investments $ (322) $ (209) 20

Operating Expense, Operating Loss, Operating Margin, Pre-tax Loss, Pre-tax Margin, Net Loss and Loss per Share, excluding Special Items and Gain on Investments (continued) For the three months ended March 31, 2026 and 2025, there were no special items. Certain gains on our investments, net were excluded from our March 31, 2026 and 2025 non-GAAP results. We believe the impact of these items distort our overall trends and that our metrics are more comparable with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impact of these items for the periods presented. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS (unaudited) Three Months Ended March 31, CALCULATION OF LOSS PER SHARE 2026 2025 Loss per common share Basic $ (0.86) $ (0.59) Add back: Special items — — Less: Income tax benefit related to special items — — Less: Gain on investments, net 0.01 — Less: Income tax expense related to gain on investments, net — — Basic excluding special items and gain on investments $ (0.87) $ (0.59) Diluted $ (0.86) $ (0.59) Add back: Special items — — Less: Income tax benefit related to special items — — Less: Gain on investments, net 0.01 — Less: Income tax expense related to gain on investments, net — — Diluted excluding special items and gain on investments $ (0.87) $ (0.59) 21

22 Aircraft Deliveries (1) A220 A321neo (2) Total (3) 2026 (4) 12 - 12 2027 7 - 7 2028 11 - 11 2029 10 - 10 2030 1 3 4 Thereafter - 41 41 (1) Our committed future aircraft deliveries are subject to change based on modifications to the contractual agreements or changes to the delivery schedules. (2) Excludes one Airbus A321neo XLR, which JetBlue expects to sell following delivery of the aircraft. (3) In addition, we have options to purchase 20 A220-300 aircraft in 2027 and 2028. (4) Includes two aircraft delivered in 1Q26. JetBlue’s contractual aircraft deliveries for full year as of March 31, 2026: Appendix B: Order Book

The JetBlue Way Forward | Our Strategic Evolution | Returning to Historical Earnings Power 23

FAQ

How did JetBlue (JBLU) perform financially in Q1 2026?

JetBlue reported Q1 2026 operating revenue of $2.24 billion, up 4.7% year-over-year, but posted a wider net loss of $319 million versus $208 million a year earlier. Operating margin was -10.0% and pre-tax margin -15.0%, reflecting higher fuel and unit costs.

What were JetBlue’s key unit revenue and cost metrics for Q1 2026?

Revenue per available seat mile (RASM) increased 6.5% year-over-year, while operating revenue per ASM rose to 14.60 cents. Operating expense per ASM climbed 8.3% to 16.06 cents, and CASM ex-fuel increased 6.6% to 12.21 cents, pressured by disruptions and higher non-fuel costs.

How did fuel prices impact JetBlue in Q1 2026?

Average fuel price rose to $2.96 per gallon in Q1 2026, $0.39 or 15.2% higher year-over-year. This contributed significantly to higher operating expenses and the wider loss. JetBlue plans to recapture 30–40% of fuel costs in Q2 and 100% by early 2027 through pricing and capacity actions.

What guidance did JetBlue give for Q2 2026?

For Q2 2026, JetBlue expects available seat miles up 1.5–4.5% year-over-year, RASM up 7–11%, and CASM ex-fuel up 3–5%. It forecasts fuel price between $4.13 and $4.28 per gallon and capital expenditures of about $275 million for the quarter.

What is JetBlue’s 2026 capital expenditure outlook and liquidity position?

JetBlue projects full-year 2026 capital expenditures of about $800 million, reduced from prior expectations. At March 31, 2026, it held $2.4 billion in liquidity, excluding a $600 million undrawn revolver, and maintained over $6.0 billion in unencumbered assets, supporting financial flexibility.

How is JetBlue’s JetForward strategy affecting its results?

JetForward focuses on network optimization, product upgrades, loyalty growth, and cost savings. Management reports continued progress, citing strong Fort Lauderdale performance, premium cabin outperformance, and cost initiatives, and targets $310 million incremental EBIT in 2026 and $850–950 million by 2027 from JetForward moves.

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