# EDGAR Filing Document

**Accession Number:** 0001158463
**File Stem:** 0001158463-26-000061
**Filing Date:** 2026-4
**Character Count:** 142443
**Document Hash:** 3f5a654160b3cdcbc332db32f811deff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001158463-26-000061.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001158463-26-000061

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JETBLUE AIRWAYS CORP
- **CENTRAL INDEX KEY:** 0001158463
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 870617894
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-49728
- **FILM NUMBER:** 26903095

**BUSINESS ADDRESS:**
- **STREET 1:** 27-01 QUEENS PLAZA NORTH
- **CITY:** LONG ISLAND CITY
- **STATE:** NY
- **ZIP:** 11101
- **BUSINESS PHONE:** 7182867900

**MAIL ADDRESS:**
- **STREET 1:** 27-01 QUEENS PLAZA NORTH
- **CITY:** LONG ISLAND CITY
- **STATE:** NY
- **ZIP:** 11101

?xml version='1.0' encoding='ASCII'? jblu-20260331

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q** 

☑ &nbsp;&nbsp;&nbsp;&nbsp;**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**or**

☐ &nbsp;&nbsp;&nbsp;&nbsp;**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from <u>__________</u> to<u>__________</u>**

**Commission File Number: 000-49728**![jetbluelogoa15.jpg](jblu-20260331_g1.jpg)

**JETBLUE AIRWAYS CORPORATION**

(Exact name of registrant as specified in its charter)

---

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

---

**(718) 286-7900** 

(Registrant's telephone number, including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☑ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ &nbsp;&nbsp;&nbsp;&nbsp;No ☑

As of March 31, 2026, there were 372,018,894 shares outstanding of the registrant's common stock, par value $0.01.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**JETBLUE AIRWAYS CORPORATION**

**FORM 10-Q**

**INDEX**

---

| | |
|:---|:---|
| | Page |
| &nbsp;&nbsp;<u>[Forward-Looking Information](#i5514cace4ac7425a9884c13f80af9c5e_10)</u> | <u>[3](#i5514cace4ac7425a9884c13f80af9c5e_10)</u> |
| **<u>[PART I. FINANCIAL INFORMATION](#i5514cace4ac7425a9884c13f80af9c5e_13)</u>** |  |
| &nbsp;&nbsp;<u>[Item 1. Financial Statements](#i5514cace4ac7425a9884c13f80af9c5e_16)</u> | <u>[5](#i5514cace4ac7425a9884c13f80af9c5e_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets - March 31, 2026 and December 31, 2025](#i5514cace4ac7425a9884c13f80af9c5e_19)</u> | <u>[5](#i5514cace4ac7425a9884c13f80af9c5e_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations - Three Months Ended March 31, 2026 and 2025](#i5514cace4ac7425a9884c13f80af9c5e_25)</u> | <u>[7](#i5514cace4ac7425a9884c13f80af9c5e_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive Loss - Three Months Ended March 31, 2026 and 2025](#i5514cace4ac7425a9884c13f80af9c5e_28)</u> | <u>[8](#i5514cace4ac7425a9884c13f80af9c5e_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2026 and 2025](#i5514cace4ac7425a9884c13f80af9c5e_31)</u> | <u>[9](#i5514cace4ac7425a9884c13f80af9c5e_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Stockholders' Equity - Three Months Ended March 31, 2026 and 2025](#i5514cace4ac7425a9884c13f80af9c5e_34)</u> | <u>[10](#i5514cace4ac7425a9884c13f80af9c5e_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Condensed Consolidated Financial Statements](#i5514cace4ac7425a9884c13f80af9c5e_37)</u> | <u>[11](#i5514cace4ac7425a9884c13f80af9c5e_37)</u> |
| &nbsp;&nbsp;<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i5514cace4ac7425a9884c13f80af9c5e_82)</u> | <u>[25](#i5514cace4ac7425a9884c13f80af9c5e_82)</u> |
| &nbsp;&nbsp;<u>[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i5514cace4ac7425a9884c13f80af9c5e_109)</u> | <u>[40](#i5514cace4ac7425a9884c13f80af9c5e_109)</u> |
| &nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#i5514cace4ac7425a9884c13f80af9c5e_112)</u> | <u>[40](#i5514cace4ac7425a9884c13f80af9c5e_112)</u> |
| **<u>[PART II. OTHER INFORMATION](#i5514cace4ac7425a9884c13f80af9c5e_115)</u>** |  |
| &nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#i5514cace4ac7425a9884c13f80af9c5e_118)</u> | <u>[41](#i5514cace4ac7425a9884c13f80af9c5e_118)</u> |
| &nbsp;&nbsp;<u>[Item 1A. Risk Factors](#i5514cace4ac7425a9884c13f80af9c5e_121)</u> | <u>[41](#i5514cace4ac7425a9884c13f80af9c5e_121)</u> |
| &nbsp;&nbsp;<u>[Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](#i5514cace4ac7425a9884c13f80af9c5e_124)</u>  | <u>[41](#i5514cace4ac7425a9884c13f80af9c5e_124)</u> |
| &nbsp;&nbsp;<u>[Item 5. Other Information](#i5514cace4ac7425a9884c13f80af9c5e_127)</u> | <u>[41](#i5514cace4ac7425a9884c13f80af9c5e_127)</u> |
| &nbsp;&nbsp;<u>[Item 6. Exhibits](#i5514cace4ac7425a9884c13f80af9c5e_133)</u> | <u>[42](#i5514cace4ac7425a9884c13f80af9c5e_133)</u> |
| **<u>[SIGNATURE](#i5514cace4ac7425a9884c13f80af9c5e_139)</u>** | <u>[43](#i5514cace4ac7425a9884c13f80af9c5e_139)</u> |

---

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**Forward-Looking Information** 

This Quarterly Report on Form 10-Q (the "Report") 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 Report 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 Report include, without limitation, statements regarding our outlook and future results of operations and financial position, our business strategy and plans for future operations, such as our JetForward initiatives, including our Blue Sky collaboration, our financing arrangements and potential implications thereof on our business, our sustainability initiatives, the impact of industry conditions, including fuel price and volatility, geopolitical and other macroeconomic factors and trends affecting our business, our ability to adjust pricing in response to changes in fuel costs or demand, and the related impacts on our business, financial condition and results of operations. 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<sup>®</sup> 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 Report, 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 (the "2025 Form 10-K"). In light of these risks and uncertainties, the forward-looking events discussed in this Report might not occur. Our forward-looking statements speak only as of the date of this Report. 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.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**Where You Can Find Other Information**

Our website is *www.jetblue.com*. Information contained on our website is not part of this Report. Information we furnish or file with the SEC, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to or exhibits included in these reports are available for download, free of charge, on our website soon after such reports are filed with or furnished to the SEC. Our SEC filings, including exhibits filed therewith, are also available at the SEC's website at *www.sec.gov.*

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

**(in millions, except per share data)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | (unaudited) | |
| **ASSETS** |  |  |
| **CURRENT ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1857 | $1946 |
| &nbsp;&nbsp;&nbsp;Investment securities | 312 | 213 |
| &nbsp;&nbsp;Receivables, less allowance (2026 - $5; 2025 - $6) | 399 | 372 |
| &nbsp;&nbsp;Spare parts, aircraft fuel and supplies, less allowance (2026 - $40; 2025 - $37) | 282 | 193 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 101 | 100 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other | 417 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3368 | 3238 |
| **PROPERTY AND EQUIPMENT** |  |  |
| &nbsp;&nbsp;&nbsp;Flight equipment | 15109 | 14957 |
| &nbsp;&nbsp;&nbsp;Pre-delivery deposits for flight equipment | 183 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total flight equipment and pre-delivery deposits, gross | 15292 | 15134 |
| &nbsp;&nbsp;&nbsp;Less accumulated depreciation | 4556 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total flight equipment and pre-delivery deposits, net | 10736 | 10698 |
| &nbsp;&nbsp;&nbsp;Other property and equipment, gross | 1392 | 1377 |
| &nbsp;&nbsp;&nbsp;Less accumulated depreciation | 899 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other property and equipment, net | 493 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment, net | 11229 | 11191 |
| **OPERATING LEASE ASSETS** | 846 | 868 |
| **OTHER ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 210 | 318 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 248 | 249 |
| &nbsp;&nbsp;Intangible assets, net of accumulated amortization (2026 - $638; 2025 - $622) | 333 | 415 |
| &nbsp;&nbsp;&nbsp;Other | 377 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 1168 | 1273 |
| **TOTAL ASSETS** | $**16611** | $**16570** |

---

See accompanying notes to condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

**(in millions, except per share data)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | (unaudited) | |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **CURRENT LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $728 | $655 |
| &nbsp;&nbsp;&nbsp;Air traffic liability | 1996 | 1669 |
| &nbsp;&nbsp;&nbsp;Accrued salaries, wages and benefits | 656 | 680 |
| &nbsp;&nbsp;&nbsp;Other accrued liabilities | 625 | 550 |
| &nbsp;&nbsp;&nbsp;Current operating lease liabilities | 76 | 79 |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt and finance lease obligations | 734 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 4815 | 4402 |
| **LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS** | 7701 | 7729 |
| **LONG-TERM OPERATING LEASE LIABILITIES** | 823 | 839 |
| **DEFERRED TAXES AND OTHER LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 427 | 447 |
| &nbsp;&nbsp;&nbsp;Air traffic liability - non-current | 719 | 704 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 316 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred taxes and other liabilities | 1462 | 1480 |
| **COMMITMENTS AND CONTINGENCIES (Note 7)** |  |  |
| **STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;Preferred stock, $0.01 par value; 25 shares authorized, none issued |  |  |
| &nbsp;&nbsp;Common stock, $0.01 par value; 900 shares authorized, 535 and 532 shares issued and 372 and 370 shares outstanding at March 31, 2026 and December 31, 2025, respectively | 5 | 5 |
| &nbsp;&nbsp;Treasury stock, at cost; 163 and 162 shares at March 31, 2026 and December 31, 2025, respectively  | (2018) | (2013) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 3425 | 3412 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 398 | 717 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1810 | 2120 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $**16611** | $**16570** |

---

See accompanying notes to condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(unaudited, in millions, except per share data)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **OPERATING REVENUES** |  |  |
| &nbsp;&nbsp;&nbsp;Passenger | $2048 | $1969 |
| &nbsp;&nbsp;&nbsp;Other | 192 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 2240 | 2140 |
| **OPERATING EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Aircraft fuel | 573 | 511 |
| &nbsp;&nbsp;&nbsp;Salaries, wages and benefits | 896 | 863 |
| &nbsp;&nbsp;&nbsp;Landing fees and other rents | 169 | 159 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 179 | 168 |
| &nbsp;&nbsp;&nbsp;Aircraft rent | 15 | 19 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 72 | 70 |
| &nbsp;&nbsp;&nbsp;Maintenance, materials and repairs | 194 | 191 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 366 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2464 | 2314 |
| **OPERATING LOSS** | **(224)** | **(174)** |
| **OTHER INCOME (EXPENSE)** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (144) | (148) |
| &nbsp;&nbsp;&nbsp;Interest income | 23 | 38 |
| &nbsp;&nbsp;&nbsp;Capitalized interest | 1 | 3 |
| &nbsp;&nbsp;Gain on investments, net | 3 | 1 |
| &nbsp;&nbsp;&nbsp;Other | 5 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (112) | (97) |
| **LOSS BEFORE INCOME TAXES** | **(336)** | **(271)** |
| &nbsp;&nbsp;&nbsp;Income tax benefit | 17 | 63 |
| **NET LOSS** | $**(319)** | $**(208)** |
| **LOSS PER COMMON SHARE** |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.86) | $(0.59) |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.86) | $(0.59) |

---

See accompanying notes to condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(unaudited, in millions)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **NET LOSS** | $**(319)** | $**(208)** |
| &nbsp;&nbsp;Changes in fair value of available-for-sale securities and derivative instruments, net of reclassifications into earnings, net of taxes of $0 in 2026 and 2025.  | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income | 1 | 5 |
| **COMPREHENSIVE LOSS** | $**(318)** | $**(203)** |

---

See accompanying notes to condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(unaudited, in millions)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(319) | $(208) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (20) | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 179 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on flight equipment transactions, net | (20) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in certain operating assets and liabilities | 290 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (3) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 120 | 114 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (126) | (176) |
| &nbsp;&nbsp;&nbsp;Pre-delivery deposits for flight equipment | (15) | (11) |
| &nbsp;&nbsp;&nbsp;Purchase of held-to-maturity investments | (13) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from the maturities of held-to-maturity investments | 23 | 22 |
| &nbsp;&nbsp;&nbsp;Purchase of available-for-sale securities | (23) | (50) |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale of available-for-sale securities | 22 | 528 |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale of assets and sale-leaseback transactions | 40 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (92) | 357 |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt and finance lease obligations | (112) | (81) |
| &nbsp;&nbsp;&nbsp;Acquisition of treasury stock | (5) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (117) | (86) |
| **(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS** | (89) | 385 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 2295 | 2148 |
| &nbsp;&nbsp;Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period <sup>(1)</sup> | $2206 | $2533 |
| **SUPPLEMENTAL CASH FLOW INFORMATION** |  |  |
| &nbsp;&nbsp;Cash payments for interest, net | $(115) | $(97) |
| &nbsp;&nbsp;Cash proceeds for income taxes, net | 6 | 2 |
| **NON-CASH TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease assets acquired under operating leases | $2 | $366 |
| &nbsp;&nbsp;&nbsp;Flight equipment acquired under finance leases | 44 | 10 |
| <sup>(1)</sup> Refer to the table below for a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents. | <sup>(1)</sup> Refer to the table below for a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents. | <sup>(1)</sup> Refer to the table below for a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents. |
| Cash and cash equivalents | $1857 | $2297 |
| Restricted cash and cash equivalents <sup>(2)</sup> | 349 | 236 |
| &nbsp;&nbsp;&nbsp;Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $2206 | $2533 |

---

<sup>(2)</sup> Restricted cash and restricted cash equivalents primarily consists of principal and interest payments held as a reserve associated with the financing of the TrueBlue<sup>®</sup> program, funds held in escrow for principal repayment of 0.50% convertible senior notes pursuant to the Citibank Line of Credit agreement, funds held for workers compensation obligations and various letters of credit.

See accompanying notes to condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(unaudited, in millions)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock Issued <br>Shares Amount** | **Common Stock Issued <br>Shares Amount** | **Treasury Stock<br>Shares Amount** | **Treasury Stock<br>Shares Amount** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Total** |
| **Balance at December 31, 2025** | **532** | $**5** | **162** | $**(2013)** | $**3412** | $**717** | $**(1)** | $**2120** |
| Net loss |  |  |  |  |  | (319) |  | (319) |
| Other comprehensive income |  |  |  |  |  |  | 1 | 1 |
| Vesting of restricted stock units | 3 |  | 1 | (5) |  |  |  | (5) |
| Stock compensation expense |  |  |  |  | 13 |  |  | 13 |
| **Balance at March 31, 2026** | **535** | $**5** | **163** | $**(2018)** | $**3425** | $**398** | $**—** | $**1810** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock Issued <br>Shares Amount** | **Common Stock Issued <br>Shares Amount** | **Treasury Stock<br>Shares Amount** | **Treasury Stock<br>Shares Amount** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Accumulated Other Comprehensive Income** | **Total** |
| **Balance at December 31, 2024** | **513** | $**5** | **160** | $**(2005)** | $**3320** | $**1319** | $**2** | $**2641** |
| Net loss |  |  |  |  |  | (208) |  | (208) |
| Other comprehensive income |  |  |  |  |  |  | 5 | 5 |
| Vesting of restricted stock units | 2 |  | 1 | (5) |  |  |  | (5) |
| Stock compensation expense |  |  |  |  | 12 |  |  | 12 |
| **Balance at March 31, 2025** | **515** | $**5** | **161** | $**(2010)** | $**3332** | $**1111** | $**7** | $**2445** |

---

See accompanying notes to condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**Note 1 - Summary of Significant Accounting Policies**

**Basis of Presentation**

JetBlue Airways Corporation ("JetBlue") provides air transportation services across the United States, Latin America, the Caribbean, Canada and Europe. Our condensed consolidated financial statements include the accounts of JetBlue and our subsidiaries which are collectively referred to as "we" or the "Company." All majority-owned subsidiaries are consolidated on a line-by-line basis, with all intercompany transactions and balances being eliminated. These condensed consolidated financial statements and related notes should be read in conjunction with our 2025 audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K").

These condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). In our opinion, they reflect all adjustments, including normal recurring items, that are necessary to present fairly the results for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed or omitted as permitted by such rules and regulations; however, we believe that the disclosures included herein are adequate to make the information presented not misleading.

Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.

**Note 2 - Revenue Recognition** 

The Company categorizes revenue recognized from contracts with its customers by revenue source as we believe it best depicts the nature, amount, timing, and uncertainty of our revenue and cash flow. The following table provides revenue recognized by revenue source for the three months ended March 31, 2026 and 2025 (in millions):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Passenger revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Passenger travel | $1870 | $1792 |
| &nbsp;&nbsp;&nbsp;Loyalty revenue - air transportation | 178 | 177 |
| **Other revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Loyalty revenue | 136 | 122 |
| &nbsp;&nbsp;&nbsp;Other revenue | 56 | 49 |
| **Total operating revenue** | $**2240** | $**2140** |

---

TrueBlue<sup>®</sup> is our customer loyalty program designed to reward and recognize our customers. TrueBlue<sup>®</sup> points earned from ticket purchases are recorded as a reduction to *Passenger travel* within passenger revenue. Amounts presented in *Loyalty revenue - air transportation* represent revenue recognized when TrueBlue<sup>®</sup> points have been redeemed and travel has occurred. *Loyalty revenue* within other revenue primarily consists of the non-air transportation elements from the sale of TrueBlue<sup>®</sup> points.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**Contract Liabilities**

Our contract liabilities primarily consist of ticket sales for which transportation has not yet been provided, unused credits available to customers, and outstanding loyalty points available for redemption (in millions):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Air traffic liability - passenger travel <sup>(1)</sup> | $1435 | $1123 |
| &nbsp;&nbsp;&nbsp;Air traffic liability - loyalty program (air transportation) | 1252 | 1227 |
| &nbsp;&nbsp;Deferred revenue - passenger travel and loyalty program travel <sup>(2)</sup> | 320 | 334 |
| &nbsp;&nbsp;Deferred revenue - other <sup>(3)</sup> | 30 | 25 |
| &nbsp;&nbsp;&nbsp;**Total** | $**3037** | $**2709** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The balances as of March 31, 2026 and December 31, 2025 include a $2 million liability related to long term travel credits recognized within other liabilities on our consolidated balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Included within other accrued liabilities and other liabilities on our consolidated balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Included within air traffic liability on our consolidated balance sheets.

During the three months ended March 31, 2026 and 2025, we recognized passenger revenue of $862 million and $820 million, respectively, which was included in passenger travel liability at the beginning of the respective periods.

The Company elected the practical expedient that allows entities to not disclose the amount of the remaining transaction price and its expected timing of recognition for passenger tickets if the contract has an original expected duration of one year or less or if certain other conditions are met. We elected to apply this practical expedient to our contract liabilities relating to passenger travel and ancillary services as our tickets or any related passenger credits expire generally one year from the date of booking.

TrueBlue<sup>®</sup> points are combined into one homogeneous pool and are not separately identifiable. As such, the revenue is comprised of points that were part of the air traffic liability balance at the beginning of the period as well as points that were issued during the period.

The table below presents the activity of the current and non-current air traffic liability for our loyalty program, and includes points earned and sold to participating companies for the three months ended March 31, 2026 and 2025 (in millions):

---

| | |
|:---|:---|
| **Balance at December 31, 2025** | $**1227** |
| &nbsp;&nbsp;TrueBlue<sup>®</sup> points redeemed passenger | (178) |
| &nbsp;&nbsp;TrueBlue<sup>®</sup> points redeemed other | (13) |
| &nbsp;&nbsp;TrueBlue<sup>®</sup> points earned and sold | 216 |
| **Balance at March 31, 2026** | $**1252** |
| **Balance at December 31, 2024** | $**1125** |
| &nbsp;&nbsp;TrueBlue<sup>®</sup> points redeemed passenger | (177) |
| &nbsp;&nbsp;TrueBlue<sup>®</sup> points redeemed other | (8) |
| &nbsp;&nbsp;TrueBlue<sup>®</sup> points earned and sold | 186 |
| **Balance at March 31, 2025** | $**1126** |

---

The timing of our TrueBlue<sup>®</sup> point redemptions can vary; however, the majority of points are redeemed within approximately two years of the date of issuance.

**Note 3 - Long-term Debt, Short-term Borrowings, and Finance Lease Obligations**

During the three months ended March 31, 2026, we made principal payments of $112 million on our outstanding debt and finance lease obligations.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

At March 31, 2026, we had pledged aircraft, engines, other equipment, and facilities assets with a net book value of $7.4 billion as security under various financing arrangements. In addition, certain TrueBlue<sup>®</sup> program assets have been pledged as part of the financing of the TrueBlue<sup>®</sup> program.

At March 31, 2026, scheduled maturities of our long-term debt and finance lease obligations, net of debt issuance costs, for the next five years were as follows (in millions):

---

| | |
|:---|:---|
| **Year** | **Total** |
| Remainder of 2026 | $650 |
| 2027 | 414 |
| 2028 | 519 |
| 2029 | 1771 |
| 2030 | 592 |
| Thereafter | 4489 |
| **Total** | $**8435** |

---

Long-term debt and finance lease obligations at March 31, 2026 and December 31, 2025 consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | **December 31, 2025** |
| **Secured Debt** | | |
| Fixed rate special facility bonds, due through 2036 | $43 | $43 |
| Fixed rate enhanced equipment notes: |  |  |
| &nbsp;&nbsp;&nbsp;2019-1 Series AA, due through 2032 | 424 | 424 |
| &nbsp;&nbsp;&nbsp;2019-1 Series A, due through 2028 | 132 | 132 |
| &nbsp;&nbsp;2019-1 Series B, due through 2027 | 45 | 45 |
| &nbsp;&nbsp;&nbsp;2020-1 Series A, due through 2032 | 428 | 428 |
| &nbsp;&nbsp;&nbsp;2020-1 Series B, due through 2028 | 82 | 82 |
| Fixed rate equipment notes, due through 2028 | 117 | 127 |
| Floating rate equipment notes, due through 2036 <sup>(1)</sup>  | 656 | 673 |
| Aircraft failed sale-leaseback transactions, due through 2036 <sup>(1)</sup>  | 2073 | 2103 |
| TrueBlue<sup>®</sup> senior secured notes, due through 2031 | 1990 | 1990 |
| TrueBlue<sup>®</sup> senior secured term loan facility, due through 2029 <sup>(1)</sup>  | 743 | 744 |
| Finance leases | 441 | 449 |
| **Unsecured Debt** |  |  |
| Unsecured CARES Act Payroll Support Program loan, due through 2030 | 259 | 259 |
| Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031 | 144 | 144 |
| Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031 | 132 | 132 |
| 0.50% convertible senior notes, due through 2026 | 325 | 325 |
| 2.50% convertible senior notes, due through 2029 | 460 | 460 |
| **Total debt and finance lease obligations** | $**8494** | $**8560** |
| &nbsp;&nbsp;&nbsp;Less: Debt issuance costs | (59) | (62) |
| &nbsp;&nbsp;&nbsp;Less: Current maturities | (734) | (769) |
| **Long-term debt and finance lease obligations** | $**7701** | $**7729** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Certain debt bears interest at a floating rate equal to Secured Overnight Financing Rate ("SOFR"), plus a margin.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

The carrying amounts and estimated fair values of our long-term debt and finance lease obligations, net of debt issuance costs, at March 31, 2026 and December 31, 2025 were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying Value** | **Estimated Fair Value** <sup>(1)</sup> | **Carrying Value** | **Estimated Fair Value** <sup>(1)</sup> |
| **Total Debt** | $8435 | $7359 | $8498 | $7829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The estimated fair values of our publicly held long-term debt are classified as Level 2 in the fair value hierarchy. The fair values of our non-public debt are estimated using a discounted cash flow analysis based on our borrowing rates for instruments with similar terms and therefore classified as Level 3 in the fair value hierarchy. The fair values of our other financial instruments approximate their carrying values. Refer to Note 8 for an explanation of the fair value hierarchy structure.

***0.50% Convertible Senior Notes, Due Through 2026***

Subsequent to March 31, 2026, on April 1, 2026, the Company paid in full its 0.50% convertible senior notes due 2026, including $325 million of principal and $1 million of interest. A portion of this payment was funded using amounts previously held in escrow pursuant to the Company's revolving credit facility agreement with Citibank. Following this repayment, the Company has no remaining obligations under these notes.

***Fixed Rate Equipment Notes***

Subsequent to March 31, 2026, on April 14, 2026, the Company entered into an agreement providing for up to $500 million in debt financing, secured by certain owned A320 and A220 family aircraft. The financing is expected to be funded in two or more tranches, with maturities ranging from 2033 through 2037 and interest rates based on U.S. Treasury rates plus an applicable margin. The agreement requires an initial funding to occur no later than April 30, 2026, with a minimum aggregate borrowing amount of $300 million, subject to the satisfaction of customary closing conditions. In addition, the agreement also provides for the potential to obtain up to an additional $250 million in incremental aircraft-secured financing beyond the initial $500 million commitment, subject to agreed upon terms.

**Short-term Borrowings**

***Citibank Line of Credit***

We have a revolving credit facility with Citibank for $600 million. This facility bears interest at a rate equal to the Alternate Base Rate ("ABR") plus a margin, or SOFR plus a margin. The facility has a maturity of October 21, 2029; provided that if the Company's 0.50% convertible senior notes due 2026 are not extended, refinanced, or paid off, subject to a specified minimum outstanding principal amount thereof, then the facility expiration will be automatically shortened to December 31, 2025.

On October 27, 2025, we entered into an agreement with Citibank, N.A. to hold funds required to meet the specified minimum outstanding principal amount in escrow in order to maintain the facility expiration date of October 21, 2029. The escrow account was funded with the required amount of $100 million prior to December 31, 2025, satisfying the requirements under the amended facility.

Subsequent to March, 31, 2026, on April 1, 2026, the amounts held in escrow were used to pay a portion of the 0.50% convertible senior notes due 2026.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

As of and for the periods ended March 31, 2026 and December 31, 2025, we did not have a balance outstanding or any borrowings under the facility.

***Morgan Stanley Line of Credit***

We have a revolving line of credit with Morgan Stanley for up to approximately $200 million. This line of credit is secured by a portion of our investment securities held by Morgan Stanley and the amount available to us under this line of credit may vary accordingly. This line of credit bears interest at a floating rate based upon LIBOR (or such replacement index as the bank shall determine from time to time in accordance with the terms of the agreement), plus a margin. As of and for the periods ended March 31, 2026 and December 31, 2025, we did not have a balance outstanding or any borrowings under this line of credit.

**Note 4 - Loss Per Share**

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding. Diluted income per share is calculated similarly but includes potential dilution from restricted stock units, the crewmember stock purchase plan, convertible notes, warrants issued under various federal payroll support programs, and any other potentially dilutive instruments using the treasury stock and if-converted method.

Anti-dilutive common stock equivalents excluded from the computation of diluted loss per share amounts were 7.7 million and 81.6 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

The following table shows how we computed basic and diluted loss per common share for the three months ended March 31, 2026 and 2025 (dollars and share data in millions):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Net loss** | $**(319)** | $**(208)** |
| **Weighted average basic shares** | **370.8** | **353.7** |
| &nbsp;&nbsp;&nbsp;Effect of dilutive securities |  |  |
| **Weighted average diluted shares** | **370.8** | **353.7** |
| **Loss per common share** |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.86) | $(0.59) |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.86) | $(0.59) |

---

**Note 5 - Income Taxes**

We account for income taxes utilizing the liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the tax and financial statement reporting bases of assets and liabilities. A valuation allowance for deferred tax assets is provided unless realization of the asset is judged by us to be more likely than not. Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

For the three months ended March 31, 2026, we recorded an income tax benefit of $17 million resulting in an effective tax rate of 5.1%. The forecasted annual effective tax rate differs from the U.S. federal statutory rate primarily due to state income taxes, foreign income taxes, permanent book-tax differences, and the impact of a valuation allowance recorded against certain deferred tax assets. Our deferred tax assets primarily relate to net operating loss ("NOL") carryforwards. Our ability to use our NOL and other carryforwards depends on the amount of taxable income generated in future periods. In evaluating the realizability of the deferred tax assets, we assess whether it is more likely than not that some portion, or all, of the deferred tax assets will be realized. We consider, among other things, the generation of future taxable income from the reversals of deferred tax liabilities, during the periods in which the related temporary differences will become deductible.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**Note 6 - Crewmember Retirement Plan**

We sponsor a retirement savings 401(k) defined contribution plan, covering our U.S. and Puerto Rico crewmembers, where we match 100% of our eligible crewmember's contributions up to 5% of their eligible wages. Employer contributions vest after three years of service and are measured from a crewmember's hire date. Crewmembers are vested immediately in their voluntary contributions.

Certain Federal Aviation Administration ("FAA") licensed crewmembers receive a discretionary contribution of 8% of eligible compensation, which we refer to as *Retirement Non-elective Licensed Crewmember* contributions. System controllers also receive a Company discretionary contribution of 5% of eligible compensation, referred to as *Retirement Non-elective Crewmember* contributions. The Company's non-elective contributions vest after three years of service.

Our Pilots receive a non-elective Company contribution of 17% of eligible compensation, referred to as *Pilot Non-elective* contributions, per the terms of the finalized collective bargaining agreement between JetBlue and the Air Line Pilots Association ("ALPA"), in lieu of the above 401(k) Company matching contribution and non-elective contributions. The Company's *Pilot Non-elective* contributions vest after three years of service.

Total 401(k) company match and non-elective crewmember contribution expense for the three months ended March 31, 2026 and 2025 was $78 million and $75 million, respectively.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**Note 7 - Commitments and Contingencies**

**Flight Equipment Commitments**

As of March 31, 2026, our committed expenditures for aircraft and related flight equipment, including estimated amounts for contractual price escalations and pre-delivery deposits, are set forth in the table below (in millions):

---

| | |
|:---|:---|
| **Flight Equipment Commitments**<br>**Year** |<br>**Total** |
| Remainder of 2026 <sup>(1)</sup> | $500 |
| 2027 | 386 |
| 2028 | 524 |
| 2029 | 442 |
| 2030 | 398 |
| Thereafter | 3375 |
| **Total** | $**5625** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Includes obligations for one Airbus A321neo XLR variant aircraft which is expected to sell following delivery of the aircraft. The aircraft is anticipated to deliver in the third quarter of 2026.

Our committed aircraft deliveries as of March 31, 2026 include the following aircraft:

---

| | | | |
|:---|:---|:---|:---|
| **Flight Equipment Deliveries** <sup>(1)</sup><br>**Year** |<br>**Airbus A220** |<br>**Airbus A321neo** <sup>(2)</sup> |<br>**Total** |
| Remainder of 2026 | 10 | 1 | 11 |
| 2027 | 7 |  | 7 |
| 2028 | 11 |  | 11 |
| 2029 | 10 |  | 10 |
| 2030 | 1 | 3 | 4 |
| Thereafter |  | 41 | 41 |
| **Total** <sup>(3)</sup> | **39** | **45** | **84** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Our committed future aircraft deliveries are subject to change based on modifications to the contractual agreements or changes in the delivery schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Includes one Airbus A321neo XLR variant aircraft which is expected to sell following delivery of the aircraft. Refer to the footnote in the Flight Equipment Commitments table above for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> In addition, we have options to purchase 20 A220-300 aircraft in 2027 and 2028.

**Embraer E190 Fleet Transition**

In 2025, as part of the Company's fleet transition plan, we retired our remaining Embraer E190 aircraft and entered into definitive agreements to sell the remaining E190 fleet. In 2026, we continue to sell our owned E190 aircraft pursuant to these agreements. During the first quarter of 2026, we sold Embraer E190 airframes, engines and related spare parts, and recorded a net gain of $22 million, which is included in other operating expenses on our consolidated statements of operations. We also returned our remaining leased E190 aircraft during the quarter. As of March 31, 2026, we had one permanently parked owned Embraer E190 aircraft. We expect to complete the sale of the remaining E190 aircraft in the second quarter of 2026.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**Held for Sale**

As of March 31, 2026 and December 31, 2025, we had $113 million and $138 million, respectively, classified as held for sale within prepaid expenses and other in current assets on the consolidated balance sheets. The amounts included in held for sale are primarily related to one permanently parked Embraer E190 airframe, engines, and related spare parts as well as one Airbus A321 neo XLR variant aircraft expected to sell within one year.

**Other Commitments and Contingencies**

We utilize several credit card processors to process our ticket sales. Our agreements with these processors do not contain covenants, but do generally allow the processor to withhold cash reserves to protect the processor from potential liability for tickets purchased, but not yet used for travel. While we currently do not have any collateral requirements related to our credit card processors, we may be required to issue collateral to our credit card processors, or other key business partners, in the future.

As of March 31, 2026, we had $349 million in restricted cash and cash equivalents. We held $73 million of restricted cash equivalents as a reserve for principal and interest payments associated with the financing of the TrueBlue<sup>®</sup> program. We had $101 million in restricted cash and cash equivalents held in escrow related to the Citibank revolving credit facility. We also had $59 million for letters of credit relating to a certain number of our leases, which will expire at the end of the related lease terms as well as a $65 million letter of credit relating to our 5% ownership in JFK Millennium Partners ("JMP"), a private entity that is financing, developing, and operating JFK Terminal 6. The letters of credit are included in restricted cash and cash equivalents on the consolidated balance sheets. Additionally, we had $51 million cash pledged primarily related to funds held for workers compensation obligations and other business partner agreements, which will expire according to the terms of the related agreements.

***Labor Unions and Non-Unionized Crewmembers***

As of March 31, 2026, 49% of our active full-time equivalent crewmembers were represented by labor unions. The pilot group, which represents 22% of our active full-time equivalent crewmembers, is covered by a collective bargaining agreement ("CBA"). Negotiations for an amended pilot CBA began in May 2024 and are ongoing.

Our pilots are represented by ALPA. Our inflight crewmembers, flight instructors, and dispatchers, which include air traffic controllers and system controllers, are represented by the Transport Workers Union of America ("TWU"); our other frontline crewmembers do not have third party representation.

*TWU*

On July 14, 2022, TWU filed a representation application with the National Mediation Board ("NMB") seeking an election among the 35 pilot instructors ("Flight Instructors"). JetBlue disputed TWU's application alleging that Flight Instructors do not constitute a craft or class. On October 26, 2023, the NMB notified the participants that it rejected JetBlue's argument and ordered an election. The Flight Instructors voted for TWU representation. Contract negotiations for an initial CBA began in April 2024 and are ongoing.

JetBlue's inflight crewmembers are represented by TWU, with a contract amendable date of December 13, 2026. The option for TWU to initiate negotiations began on January 1, 2025 and is ongoing until the contract amendable date.

In November 2025, TWU filed a petition with the NMB seeking to represent the Company's dispatchers, air traffic controllers, and system controllers. The NMB has authorized an election which ran from January 15, 2026 through February 26, 2026. The dispatchers, air traffic controllers, and system controllers voted for TWU representation. Contract negotiations for an initial contract have not yet begun.

*IAM*

In November 2025, the International Association of Machinists & Aerospace Workers ("IAM") filed a petition with the NMB seeking to represent the Company's ground operations class of employees. The NMB reviewed IAM's submission and determined IAM failed to show it had the required amount of authorization cards to hold an election.

*ALPA*

In January 2023, JetBlue pilots ratified a two-year contract extension effective March 1, 2023. In February 2025, the contract became amendable. Contract negotiations formally began early in May 2024 and are ongoing.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

*Non-Unionized Crewmembers*

We enter into individual employment agreements with each of our non-unionized FAA-licensed crewmembers, which include dispatchers, technicians, inspectors, and air traffic controllers. Each employment agreement is for a term of five years and automatically renews for an additional five years unless either the crewmember or we elect not to renew it by giving at least 90 days' notice before the end of the relevant term. Pursuant to these agreements, these crewmembers can only be terminated for cause. In the event of a downturn in our business that would require a reduction in work hours, we are obligated to pay these crewmembers a guaranteed level of income and to continue their benefits if they do not obtain other aviation employment.

**Legal Matters**

Occasionally, we are involved in various claims, lawsuits, regulatory examinations, investigations, and other legal matters involving suppliers, crewmembers, customers, and governmental agencies, arising, for the most part, in the ordinary course of business. The outcome of litigation and other legal matters is always uncertain. The Company believes it has valid defenses to the legal matters currently pending against it, is defending itself vigorously, and has recorded accruals determined in accordance with GAAP, where appropriate. In making a determination regarding accruals, using available information, we evaluate the likelihood of an unfavorable outcome in legal or regulatory proceedings to which we are a party and record a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. These subjective determinations are based on the status of such legal or regulatory proceedings, the merits of our defenses, and consultation with legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from our current estimates. It is possible that resolution of one or more of the legal matters currently pending or threatened could result in losses material to our condensed consolidated results of operations, liquidity, or financial condition.

To date, none of these types of litigation matters, most of which are typically covered by insurance, has had a material impact on our operations or financial condition. We have insured and continue to insure against most of these types of claims. A judgment on any claim not covered by, or in excess of, our insurance coverage could materially adversely affect our condensed consolidated results of operations, liquidity, or financial condition.

In July 2020, JetBlue and American Airlines Group, Inc. ("American") entered into the Northeast Alliance ("NEA"), which was permanently enjoined effective August 18, 2023 following an antitrust action. The wind down of the NEA is substantially complete. The matters described below arise out of, or relate to, the NEA. Both of the matters below remain subject to uncertainties inherent in litigation.

In December 2022 and February 2023, four putative class actions lawsuits were filed in the United States District Court for the Eastern District of New York ("EDNY") and the United States District Court for the District of Massachusetts, alleging that JetBlue and American violated U.S. antitrust law in connection with the NEA. These cases were consolidated in the EDNY. Among other things, plaintiffs seek injunctive relief and monetary damages on behalf of a claimed putative class of direct purchasers of airline tickets from JetBlue and American and, in certain cases, other airlines on flights to or from NEA airports from July 16, 2020 through the period the NEA was in effect and also to the alleged anticompetitive effects of the defendants' conduct ceases. Fact discovery has commenced and is nearing completion, and plaintiffs must petition the EDNY to certify the putative class they allege was damaged. The Company intends to oppose that class certification, defend the matter vigorously, and continues to believe these lawsuits are without merit. As of March 31, 2026, the potential outcomes of these claims cannot be determined and an estimate of the reasonably possible loss or range of loss, if any, cannot be made.

On April 28, 2025, American filed a lawsuit in the Business Court of Tarrant County, Texas, alleging breach of contract under a revenue-sharing agreement related to the NEA and seeking monetary damages that American claims are owed for operations between April 1, 2022 to July 18, 2023. The Company disputes the allegations, believes it has strong defenses to the claims alleged and intends to defend the matter vigorously. As of March 31, 2026, the potential outcomes of these claims cannot be determined and an estimate of the reasonably possible loss or range of loss, if any, cannot be made.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**Note 8 - Fair Value**

Under Topic 820, *Fair Value Measurement* of the FASB Codification, disclosures are required about how fair value is determined for assets and liabilities and a hierarchy for which these assets and liabilities must be grouped is established, based on significant levels of inputs as follows:

**Level 1** - observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities;

**Level 2** - quoted prices in active markets for similar assets and liabilities, and other inputs that are observable directly or indirectly for the asset or liability; or

**Level 3** - unobservable inputs for the asset or liability, such as discounted cash flow models or valuations.

The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following is a listing of our assets required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of March 31, 2026 and December 31, 2025 (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| &nbsp;&nbsp;&nbsp;Cash equivalents | $1249 | $16 | $— | $1265 |
| &nbsp;&nbsp;&nbsp;Restricted cash equivalents | 73 |  |  | 73 |
| &nbsp;&nbsp;&nbsp;Available-for-sale investment securities |  | 62 | 6 | 68 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| &nbsp;&nbsp;&nbsp;Cash equivalents | $1628 | $18 | $— | $1646 |
| &nbsp;&nbsp;&nbsp;Restricted cash equivalents | 72 |  |  | 72 |
| &nbsp;&nbsp;&nbsp;Available-for-sale investment securities |  | 60 | 7 | 67 |

---

Refer to Note 3 for fair value information related to our outstanding debt obligations as of March 31, 2026 and December 31, 2025.

**Cash Equivalents and Restricted Cash Equivalents**

Our cash equivalents include money market securities, commercial paper, and time deposits which are readily convertible into cash, have maturities of three months or less when purchased, and are considered to be highly liquid and easily tradable. The money market securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy. The fair value of time deposits and commercial paper is based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. Restricted cash equivalents are composed of money market securities held as a reserve for principal and interest payments associated with the financing of the TrueBlue<sup>®</sup> program.

**Available-for-Sale Investment Securities**

Our available-for-sale investment securities include investments such as time deposits, commercial paper, and convertible debt securities. The fair value of time deposits and commercial paper is based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. The fair value of convertible debt securities is based on unobservable inputs and is classified as Level 3 in the hierarchy.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**Held-to-Maturity Investment Securities**

Our held-to-maturity investment securities consist of corporate bonds, which are stated at amortized cost. If the corporate bonds were measured at fair value, they would be classified as Level 2 in the fair value hierarchy, based on quoted prices in active markets for similar securities.

We do not intend to sell these investment securities prior to maturity.

The carrying value and estimated fair value of our held-to-maturity investment securities were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Held-to-maturity investment securities | $454 | $453 | $464 | $464 |

---

**Note 9 - Investments**

**Investments in Debt Securities**

Investments in debt securities consist of available-for-sale and held-to-maturity investment securities. The carrying amount is recorded within investment securities in the current assets section of our consolidated balance sheets if the remaining maturity is less than twelve months. Maturities greater than twelve months are recorded within investment securities in the other assets section of our consolidated balance sheets.

The aggregate carrying values of our short-term and long-term debt investment securities consisted of the following at March 31, 2026 and December 31, 2025 (in millions):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Available-for-sale investment securities** | | |
| &nbsp;&nbsp;Commercial paper | $62 | $60 |
| &nbsp;&nbsp;&nbsp;Debt securities | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total available-for-sale investment securities | 68 | 67 |
| **Held-to-maturity investment securities** |  |  |
| &nbsp;&nbsp;Corporate bonds | 454 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total held-to-maturity investment securities | 454 | 464 |
| **Total investment in debt securities** | $**522** | $**531** |

---

We use the specific identification method to determine the cost of our available-for-sale securities. Refer to Note 8 for an explanation of the fair value hierarchy structure.

We did not record any material gains or losses on our available-for-sale and held-to-maturity investment securities during the three months ended March 31, 2026 and 2025.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**Equity Investments**

The aggregate carrying values of our equity investments are recorded in other assets on the consolidated balance sheets and consist of the following at March 31, 2026 and December 31, 2025 (in millions):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Equity method investments <sup>(1)</sup> | $114 | $109 |
| &nbsp;&nbsp;JetBlue Ventures equity investments <sup>(2)</sup> | 93 | 89 |
| &nbsp;&nbsp;TWA Flight Center <sup>(3)</sup> | 13 | 13 |
| **Total equity investments** | $**220** | $**211** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> We have the ability to exercise significant influence over these investments and therefore they are accounted for using the equity method in accordance with Topic 323, *Investments - Equity Method and Joint Ventures* of the FASB Codification. Our share of our equity method investees' financial results is included in other income on our consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Our wholly owned subsidiary JetBlue Technology Ventures, LLC ("JBV") has equity investments in emerging companies which do not have readily determinable fair values. In accordance with Topic 321, *Investments - Equity Securities* of the FASB Codification, we account for these investments using a measurement alternative which allows entities to measure these investments at cost, less any impairment, adjusted for changes from observable price changes in orderly transactions for identifiable or similar investments of the same issuer. Refer to the table below for investment gain (loss) activity during the three months ended March 31, 2026 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> We have an approximately 9% ownership interest in the TWA Flight Center Hotel at JFK, which is accounted for under the measurement alternative described above. We did not record any material gains or losses on our TWA Flight Center Hotel during the three months ended March 31, 2026 and 2025.

The realized and unrealized gains on equity investments for the three months ended March 31, 2026 and 2025 are as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **JBV Equity Investments** |  |  |
| &nbsp;&nbsp;Realized gain recognized in gain (loss) on investments, net | $— | $1 |
| &nbsp;&nbsp;Unrealized gain recognized in gain (loss) on investments, net | 4 |  |

---

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**Note 10 - Accumulated Other Comprehensive Income (Loss)**

Comprehensive income (loss) includes changes in fair value of our unrealized gain (loss) on available-for-sale securities. A rollforward of the amounts included in accumulated other comprehensive income (loss), net of taxes for the three months ended March 31, 2026 and 2025 is as follows (in millions):

---

| | |
|:---|:---|
| | **Available-for-sale securities** |
| **Balance of accumulated loss, at December 31, 2025** | $**(1)** |
| &nbsp;&nbsp;Reclassifications into earnings, net of taxes of $0  | 1 |
| &nbsp;&nbsp;Change in fair value, net of taxes of $0 |  |
| **Balance of accumulated income, at March 31, 2026** | $**—** |
| **Balance of accumulated income, at December 31, 2024** | $**2** |
| &nbsp;&nbsp;Reclassifications into earnings, net of taxes of $0  |  |
| &nbsp;&nbsp;Change in fair value, net of taxes of $0 | 5 |
| **Balance of accumulated income, at March 31, 2025** | $**7** |

---

**Note 11 - Operating Segments and Geographic Information**

**Operating Segments**

JetBlue has one reportable operating segment, air transportation services. Air transportation services accounted for substantially all of the Company's operations in 2026 and 2025. We provide air transportation services across the United States, the Caribbean, Latin America, Canada, and Europe, and manage the business activities on a consolidated basis.

JetBlue's chief operating decision maker ("CODM") is our executive leadership team, which includes our Chief Executive Officer, President, Chief Financial Officer, and Chief Operating Officer. The CODM assesses performance for the air transportation segment which includes our loyalty program, and decides how to allocate resources based on net income (loss), which is reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets.

Our tangible assets primarily consist of our fleet of aircraft. The CODM reviews flight profitability data, which incorporates aircraft type and route economics in making resource allocation decisions. Our fleet is deployed systemwide and substantially all of our aircraft may be deployed across any of our geographic regions, without giving weight on geographic results and therefore, our assets do not require an allocation by geographic region.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JETBLUE AIRWAYS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**Geographic Region Information**

Operating revenues are allocated to geographic regions, as defined by the Department of Transportation ("DOT"), based upon the origination and destination of each flight segment. As of March 31, 2026, we served 31 locations in the Caribbean and Latin American region, or Latin America as defined by the DOT. We also served seven destinations in Europe, or Atlantic as defined by the DOT. We include the three destinations in Puerto Rico and two destinations in the U.S. Virgin Islands in our Caribbean and Latin America allocation of revenues. We have reflected these locations within the Caribbean and Latin America region in the table below. Operating revenues by geographic regions for the three months ended March 31, 2026 and 2025 are summarized below (in millions):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Domestic & Canada | $1400 | $1280 |
| Caribbean & Latin America | 777 | 796 |
| Atlantic | 63 | 64 |
| **Total operating revenue** | $**2240** | $**2140** |

---

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

Part I, Item 2 of this Report should be read together with our condensed consolidated financial statements and related notes included elsewhere in this Report and our audited consolidated financial statements and related notes included in our 2025 Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in Part I, Item 1A "Risk Factors" of our 2025 Form 10-K and in Part II, Item 1A "Risk Factors" and other parts of this Report.

We expect our operating results to fluctuate significantly from quarter-to-quarter in the future due to factors such as economic and geopolitical conditions, weather events, cost of aircraft fuel, and various other factors, many of which are outside of our control. Consequently, we believe quarter-over-quarter comparisons of our operating results may not necessarily be meaningful; you should not rely on our results for any one quarter as an indication of our future performance. Except for uncertainty related to the cost of aircraft fuel, we expect our expenses to continue to increase from wage rate cost pressures, as we acquire additional aircraft, and as our fleet ages.

**OVERVIEW**

**First Quarter 2026 Results**

In the first quarter of 2026, we had an operating loss of $224 million, compared to an operating loss of $174 million in the 2025 period. The increase in operating loss is primarily driven by higher operating costs, including increased fuel expense and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruptions during the quarter including multiple winter storms and airspace constraints. These increases were partially offset by higher revenue driven by stronger demand and increased pricing.

As we progressed through the first quarter of 2026, demand trends strengthened across the booking curve, with continued resilience in both close-in and forward bookings, as well as sustained strength in premium travel and improving demand in core.

Our first quarter 2026 highlights include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First quarter 2026 system available seat miles ("ASMs" or "capacity") decreased by 1.7% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating revenue for the first quarter of 2026 was $2.2 billion, a 4.7% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating expense and operating expense, excluding special items <sup>(1)</sup> for the first quarter of 2026 was $2.5 billion, a 6.5% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating expense per available seat mile ("CASM") for the first quarter of 2026 increased by 8.3% year-over-year to 16.06 cents compared to the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excluding fuel, special items, and operating expenses related to our non-airline businesses, our cost per available seat mile ("CASM ex-fuel") <sup>(1)</sup> increased by 6.6% to 12.21 cents in the first quarter of 2026 compared to the first quarter of 2025.

**Recent Developments** 

**JetForward**

JetForward, our strategic framework, is focused on four priority moves: delivering reliable and caring service, building the best east coast leisure network, offering products and perks customers value, and providing a secure financial future. Our JetForward plan, which is designed to support our long-term profitability goals, reflects various assumptions regarding factors that may impact our operational and financial performance. For further information on potential factors that could affect the success of our strategic initiatives, including JetForward, see Part I, Item 1A "Risk Factors" within our 2025 Form 10-K.

The sections below highlight some additional actions made to support these priority moves during the quarter.

<sup>(1)</sup> Refer to "Regulation G Reconciliation of Non-GAAP Financial Measures" at the end of this section for more information on this non-GAAP measure.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Reliable and Caring Service** 

We remain focused on delivering safe, reliable, and caring service for our customers. Despite a challenging operating environment, including severe weather, airspace constraints, and other external disruptions, we maintained our focus on supporting our customers and delivering reliable operations. On-time performance, as defined by the DOT, is arrival within 14 minutes of scheduled arrival time. In the three months ended March 31, 2026, our system-wide on-time performance was 68.8% compared to 75.1% for the same period in 2025. Our completion factor was 95.0% for the three months ended March 31, 2026 compared to 98.6% for the same period in 2025. JetForward includes multiple initiatives to improve our on-time performance, and we believe it will continue to improve in future periods despite the difficult operating environment during the first quarter of 2026.

**Best East Coast Leisure Network**

We are focused on high-performing leisure, visiting-friends-and-relatives and transcontinental routes in core geographies like New York, New England, Florida, and Puerto Rico.

In the first quarter, we continued to make adjustments to our business to build the best East Coast leisure network. We further expanded our presence in Fort Lauderdale with the launch of new year-round nonstop routes to Dallas and Syracuse, announced new service to Cleveland and Orlando beginning later this year, and increased service on existing routes. These actions strengthen our investment in building depth and connectivity in Florida's largest premium market. Capacity in Fort Lauderdale increased 23% year over year in the first quarter. This growth was supported by strong demand and resulted in operating revenue per ASM growth of 5% for the period. As our presence in Fort Lauderdale grows, we are expanding to a four-bank connecting structure, enabling increased connectivity and improved utility for our customers. We continue to view Fort Lauderdale, along with key leisure destinations across the state of Florida, as essential components of our network strategy.

In addition to our Fort Lauderdale expansion, we launched new service to Destin-Fort Walton Beach from New York's John F. Kennedy International Airport (JFK) and Boston Logan International Airport, marking our eleventh destination in Florida.

**Products and Perks Customers Value**

During the quarter, we continued to make enhancements to our customer experience by increasing the value of our product offerings and customer experience.

Blue Sky implementation advanced in the first quarter of 2026 with the launch of interline flight sales with United, enabling customers to book on United's global network using cash or TrueBlue<sup>®</sup> points. In the second quarter of 2026, we expect to introduce reciprocal loyalty benefits across Mosaic and MileagePlus tiers, including priority boarding, preferred and extra legroom seating, and same-day standby and flight changes. We also expect to begin selling United Airlines non-air products through Paisly, starting with car rentals, with plans to expand to hotels, cruises, vacation packages, and travel insurance by the end of 2026

We further expanded the TrueBlue<sup>®</sup> loyalty program with additional utility, including the ability to use points for ancillary purchases and introducing Family Tiles, an industry-first feature that allows parents to earn status more quickly when traveling with children.

We continue to invest in our premium offerings, including our BlueHouse lounge network, with a second location expected to open in Boston, and the planned introduction of domestic first class, both expected to begin in the second half of 2026.

**A Secure Financial Future** 

To secure our financial future, we are focused on preserving liquidity, maintaining cost discipline, and retaining flexibility across our network and fleet amid elevated and volatile fuel prices, which we expect to persist throughout this year, as well as broader macroeconomic uncertainty. We are actively managing key levers within our control: increasing fees and fares to better align with input costs, moderating unproductive capacity, and reducing costs. Our cost actions include reducing controllable spend, slowing hiring in certain workgroups to better align with capacity expectations, revising maintenance visit schedules, and continuing to focus on our fuel efficiency programs. At the same time, we continue to advance our JetForward cost initiatives by implementing new technology and AI to improve planning for our crew and operation, launching a sourcing center of excellence to further optimize contract spend with business partners, and implementing more efficient insourcing and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

outsourcing opportunities across our business. We remain focused on maintaining a strong liquidity position and proactively managing our balance sheet to navigate near-term volatility while supporting long-term, capital-efficient growth.

***Liquidity***

At March 31, 2026, we had $2.4 billion in liquidity, which included unrestricted cash, cash equivalents, and investment securities. In addition, we have a $600 million Citibank undrawn line of credit.

**Pratt & Whitney**

In July 2023, Pratt & Whitney, a division of RTX Corporation, announced the requirement, mandated by the FAA, for removal of certain engines for inspection due to a rare condition involving powdered metal used in the production of certain engine parts on the PW1100G and PW1500G engine types. These engines power our Airbus A321neo and Airbus A220 fleets. The powdered metal affects engines manufactured between October 2015 and September 2021. Those engines are now required to be inspected after they have reached a reduced number of cycles dependent on the fleet type. As a result of these required inspections and other engine durability deficiencies, as of March 31, 2026, we had four aircraft grounded due to lack of engine availability. The Company currently expects each removed engine to take approximately 200 days for the PW1500G engines and approximately 300 days for the PW1100G engines to complete a shop visit and return to a serviceable condition.

We believe we are past the peak number of groundings and expect the number of aircraft on the ground due to lack of engine availability to be in mid-single digits in 2026. We are currently working with Pratt & Whitney on a commercial resolution and any potential remediation steps remain uncertain.

**Embraer E190 Fleet Transition**

In 2025, as part of the Company's fleet transition plan, we retired our remaining Embraer E190 aircraft and entered into definitive agreements to sell the remaining E190 fleet. In 2026, we continue to sell our owned E190 aircraft pursuant to these agreements. During the first quarter of 2026, we sold Embraer E190 airframes, engines and related spare parts, and recorded a net gain of $22 million, which is included in other operating expenses on our consolidated statements of operations. We also returned our remaining leased E190 aircraft during the quarter. As of March 31, 2026, we had one permanently parked owned Embraer E190 aircraft. We expect to complete the sale of the remaining E190 aircraft in the second quarter of 2026.

**RESULTS OF OPERATIONS**

***Three Months Ended March 31, 2026 vs. 2025***

**Overview**

We reported a net loss of $319 million, operating loss of $224 million and an operating margin of (10.0)% for the three months ended March 31, 2026. This compares to a net loss of $208 million, an operating loss of $174 million and an operating margin of (8.2)% for the three months ended March 31, 2025. Our loss per share was $0.86 for the first quarter of 2026 compared to a loss per share of $0.59 for the same period in 2025. Net loss increased $111 million year-over-year primarily due to an increase in fuel expense and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruption events during the quarter, as well as a lower income tax benefit. The increases in expense were partially offset by higher revenue driven by stronger demand and increased pricing.

Our reported results for the three months ended March 31, 2026 and 2025 included the effects of certain gains on investments. Adjusting for these items, our adjusted net loss <sup>(1)</sup> was $322 million, adjusted operating loss <sup>(1)</sup> was $224 million, adjusted operating margin <sup>(1)</sup> was (10.0)%, and adjusted loss per share <sup>(1)</sup> was $0.87 for the three months ended March 31, 2026. This compares to an adjusted net loss <sup>(1)</sup> of $209 million, adjusted operating loss <sup>(1)</sup> of $174 million, adjusted operating margin <sup>(1)</sup> of (8.2)%, and adjusted loss per share <sup>(1)</sup> of $0.59 for the three months ended March 31, 2025.

<sup>(1)</sup> Refer to "Regulation G Reconciliation of Non-GAAP Financial Measures" at the end of this section for more information on this non-GAAP measure.

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Operating Revenues**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(Revenues in millions; percent changes based on unrounded numbers)* | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Year-over-Year Change** |  |
| *(Revenues in millions; percent changes based on unrounded numbers)* | **2026** | **2025** | $**%** | **%** |
| Passenger revenue | $2048 | $1969 | 4.0% |  |
| Other revenue | 192 | 171 | 12.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenues** | $**2240** | $**2140** | **4.7%** |  |
| 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 |  |
| Average stage length (miles) | 1303 | 1297 | 0.5 |  |
| Revenue passengers (thousands) | 9330 | 9264 | 0.7 |  |
| Revenue passenger miles (millions) | 12606 | 12601 |  |  |
| Available seat miles (ASMs) (millions) | 15341 | 15608 | (1.7) |  |
| Load factor | 82.2% | 80.7% | 1.5 | pts. |

---

Passenger revenue is our primary source of revenue, which includes seat revenue and baggage fees, as well as revenue from our ancillary product offerings such as EvenMore<sup>®</sup>. Passenger revenue increased 4.0% for the three months ended March 31, 2026 compared to the same period in 2025. This was mainly driven by a 3.9% higher yield and a 0.7% increase in revenue passengers than the prior period.

Other revenue increased $21 million, or 12.5%, primarily due to higher customer spend related to loyalty revenue from the non-transportation elements of the sale of TrueBlue<sup>®</sup> points. Other revenue also includes revenue from the sale of vacation packages, airport concessions, charters, advertising, and lounge revenue.

We measure capacity in terms of available seat miles, which represents the number of seats available for passengers multiplied by the number of miles the seats are flown. Yield, or the average amount one passenger pays to fly one mile, is calculated by dividing passenger revenue by revenue passenger miles. We attempt to increase passenger revenue by increasing our yield and also increasing our load factor of flights, when possible. Our objective is to optimize our fare mix to increase our overall revenue per available seat mile while continuing to provide our customers with competitive fares.

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Operating Expenses**

In detail, our operating costs per ASM, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions; per ASM data in cents; percent changes based on unrounded numbers)* | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Year-over-Year Change** | **Cents per ASM** | **Cents per ASM** | **Cents per ASM** |
| *(in millions; per ASM data in cents; percent changes based on unrounded numbers)* | **2026** | **2025** | $**%** | **2026** | **2025** | **% Change** |
| &nbsp;&nbsp;&nbsp;Aircraft fuel | $573 | $511 | 12.1% | 3.73 | 3.27 | 14.1% |
| &nbsp;&nbsp;&nbsp;Salaries, wages and benefits | 896 | 863 | 3.9 | 5.84 | 5.53 | 5.7 |
| &nbsp;&nbsp;&nbsp;Landing fees and other rents | 169 | 159 | 5.9 | 1.10 | 1.03 | 7.8 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 179 | 168 | 6.5 | 1.17 | 1.08 | 8.4 |
| &nbsp;&nbsp;&nbsp;Aircraft rent | 15 | 19 | (22.9) | 0.10 | 0.12 | (21.6) |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 72 | 70 | 3.4 | 0.47 | 0.45 | 5.2 |
| &nbsp;&nbsp;&nbsp;Maintenance, materials and repairs | 194 | 191 | 1.4 | 1.26 | 1.22 | 3.1 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 366 | 333 | 9.9 | 2.39 | 2.13 | 11.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | $**2464** | $**2314** | **6.5%** | **16.06** | **14.83** | **8.3%** |

---

**Aircraft Fuel**

Aircraft fuel increased by $62 million, or 12.1%, for the three months ended March 31, 2026 compared to the same period in 2025. The average fuel price increased by 15.2% to $2.96 per gallon and fuel consumption decreased by 2.7%, or 5 million gallons.

**Landing Fees and Other Rents**

Landing fees and other rents increased by $10 million, or 5.9%, for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to rate increases in certain cities and a decrease in airport rent credits received.

**Depreciation and Amortization**

Depreciation and amortization increased by $11 million, or 6.5%, for the three months ended March 31, 2026 compared to the same period in 2025. This increase was primarily driven by the induction of new aircraft and spare engines, partially offset by the retirement of the Embraer E190 fleet as part of the Company's fleet transition plan.

**Aircraft Rent**

Aircraft rent decreased by $4 million, or 22.9%, in the three months ended March 31, 2026 compared to the same period in 2025, as a result of fewer leases for Airbus A320 aircraft and Embraer E190 aircraft. As part of the Company's fleet transition plan, Embraer E190 aircraft leases reached their lease expiration and were returned to the lessor. The decrease was partially offset by an increase in the number of leased engines.

**Other Operating Expenses**

Other operating expenses increased by $33 million, or 9.9%, in the three months ended March 31, 2026 compared to the same period in 2025, primarily due to higher expenses driven by operational disruption events during the quarter, including multiple winter storms and airspace constraints, as well as an increase in tariffs.

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Other Income (Expense)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions; percent changes based on unrounded numbers)* | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Year-over-Year Change** | **Year-over-Year Change** |
| *(in millions; percent changes based on unrounded numbers)* | **2026** | **2025** | $**%** | **%** |
| 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 | <sup>(1)</sup> |
| Other | 5 | 9 | (42.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other expense** | $**(112)** | $**(97)** | **15.4** | **%** |

---

<sup>(1)</sup> Not meaningful or greater than 100% change.

**Interest Income**

Interest income decreased by $15 million, or 40.1%, for the three months ended March 31, 2026 compared to the same period in 2025, driven by lower short-term investment balances.

**Gain on investments, net**

Gain on investments, net resulted in a $3 million gain for the three months ended March 31, 2026, compared to a $1 million gain for the same period in 2025, primarily due to higher current year gains related to our JetBlue Technology Ventures LLC ("JBV") equity investments.

**Other**

Other income decreased by $4 million, or 42.0%, for the three months ended March 31, 2026 compared to the same period in 2025. This decrease was primarily due to lower income recorded related to our share of equity method investees' financial results compared to the prior year.

**Income Taxes**

For the three months ended March 31, 2026, we recorded an income tax benefit of $17 million, compared to an income tax benefit of $63 million for the same period in 2025, with the decrease primarily due to a valuation allowance reflected in the current year forecasted annual effective tax rate.

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Operational Statistics**

The following table sets forth our operating statistics for the three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Year-over-Year Change** | **Year-over-Year Change** |
| *(percent changes based on unrounded numbers)* | **2026** | **2025** | **%** | **%** |
| **Operational Statistics** |  |  |  |  |
| Revenue passengers (thousands) | 9330 | 9264 | 0.7 |  |
| Revenue passenger miles (RPMs) (millions) | 12606 | 12601 |  |  |
| Available seat miles (ASMs) (millions) | 15341 | 15608 | (1.7) |  |
| Load factor | 82.2% | 80.7% | 1.5 | pts |
| Aircraft utilization (hours per day) <sup>(2)</sup> | 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) <sup>(1)</sup> | 12.21 | 11.45 | 6.6 |  |
| Departures | 72520 | 74753 | (3.0) |  |
| Average stage length (miles) | 1303 | 1297 | 0.5 |  |
| Average number of operating aircraft during period <sup>(2)</sup> | 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 | 19447 | 19143 | 1.6 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Refer to "Regulation G Reconciliation of Non-GAAP Financial Measures" at the end of this section for more information on this non-GAAP measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> This table 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.

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**LIQUIDITY AND CAPITAL RESOURCES**

The airline business is capital intensive. Our ability to successfully execute our growth plans is largely dependent on the continued availability of capital on attractive terms. In addition, our ability to successfully operate our business depends on maintaining sufficient liquidity. We believe we have adequate resources from a combination of cash and cash equivalents, investment securities on hand, and available lines of credit. Additionally, our unencumbered assets could be an additional source of liquidity, if necessary.

As part of our fleet strategy, we have deferred certain aircraft deliveries in prior periods to better align capacity with demand and reduce near-term capital expenditures. In parallel, we are investing in targeted modifications to certain Airbus A320 aircraft, based on operational needs, to extend useful lives and support more efficient utilization of our existing assets. This strategy is intended to optimize utilization of our existing fleet, enhance financial flexibility, and moderate capital spending in the near term while preserving long-term operational capacity. In connection with these initiatives, we revised the estimated useful lives and residual values of certain aircraft, and reflected prospectively in depreciation expense. While these changes affect depreciation expense, they did not have a material impact on our results of operations. We expect these actions to support our broader objective of navigating demand volatility while strengthening our financial position over time.

In the future, we may decide to seek additional financing or to further increase our capital resources by issuing shares of our capital stock, offering debt or other equity securities or refinancing outstanding debt or securities. Issuing additional shares of our capital stock, other equity securities or additional securities convertible into equity may dilute the economic and voting rights of our existing stockholders, reduce the market price of our common stock, or both. Our debt agreements contain various affirmative, negative and financial covenants and complying with certain of these covenants, or entering into agreements with additional covenants, may restrict our ability to pursue our strategy or otherwise constrain our operations. Failure to comply with these covenants could lead to an event of default under the agreements, which may result in, among other things, an acceleration of outstanding obligations under such agreements. Our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, which may adversely affect the availability, amount, timing, or nature of our future offerings. As a result, holders of our common stock bear the risk that our future offerings may reduce the market price of our common stock and dilute their percentage ownership.

At March 31, 2026, we had unrestricted cash, cash equivalents, and investment securities of $2.4 billion. We also have a $600 million Citibank undrawn line of credit. We believe this will be sufficient to satisfy our liquidity needs for at least the next twelve months from the date of this Report, and we expect to meet our long-term liquidity needs with our projected cash from operations, available lines of credit and debt financing.

Subsequent to March 31, 2026, on April 1, 2026, the Company paid in full its 0.50% convertible senior notes due 2026, including $325 million of principal and $1 million of interest. A portion of this payment was funded using amounts previously held in escrow pursuant to the Company's revolving credit facility agreement with Citibank. Following this repayment, the Company has no remaining obligations under these notes.

Subsequent to March 31, 2026, on April 14, 2026, the Company entered into an agreement providing for up to $500 million in debt financing, secured by certain owned A320 and A220 family aircraft. The financing is expected to be funded in two or more tranches, with maturities ranging from 2033 through 2037 and interest rates based on U.S. Treasury rates plus an applicable margin. The agreement requires an initial funding to occur no later than April 30, 2026, with a minimum aggregate borrowing amount of $300 million, subject to the satisfaction of customary closing conditions. In addition, the agreement also provides for the potential to obtain up to an additional $250 million in incremental aircraft-secured financing beyond the initial $500 million commitment, subject to agreed upon terms.

We believe a healthy liquidity position is a crucial element of our ability to weather any part of the economic cycle while continuing to execute on our plans for profitable growth and increased returns. Our goal is to continue to be diligent with our liquidity, maintain financial flexibility, and be prudent with capital spending.

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Analysis of Cash Flows**

***Operating Activities***

We use operating cash flows to provide working capital for current and future operations. Cash flows provided by operating activities were $120 million and $114 million for the three months ended March 31, 2026 and 2025, respectively. The increase in operating cash flows is primarily due to the net change in working capital, particularly higher air traffic liability driven by current quarter sales, partially offset by an increase in operating losses driven by higher fuel costs and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruption events during the quarter.

***Investing Activities***

During the three months ended March 31, 2026, flight equipment capital expenditures included $79 million related to the purchase of aircraft and spare engines as well as aircraft interior modifications. Flight capital expenditures also included $14 million in spare part purchases and $15 million in aircraft pre-delivery deposit payments. Other property and equipment capital expenditures included ground equipment purchases and facilities improvements for $33 million. Investing activities for the current year also included $9 million in net proceeds from investment securities and $40 million of proceeds primarily from the sale of Embraer E190 airframes, Embraer E190 engines, and other flight equipment.

During the three months ended March 31, 2025, flight equipment capital expenditures included $125 million related to the purchase of aircraft and spare engines as well as aircraft interior modifications. Flight capital expenditures also included $20 million in spare part purchases and $11 million in aircraft pre-delivery deposit payments. Other property and equipment capital expenditures included ground equipment purchases and facilities improvements for $31 million. Investing activities also included $500 million in net proceeds from investment securities and $44 million of proceeds from the sale of assets and sale-leaseback transactions.

***Financing Activities***

Financing activities for the three months ended March 31, 2026 primarily consisted of $112 million in payments on our outstanding debt and finance lease obligations.

Financing activities for the three months ended March 31, 2025 primarily consisted of $81 million in payments on our outstanding debt and finance lease obligations.

***Working Capital***

We had a working capital deficit of $1.4 billion at March 31, 2026 and working capital deficit of $1.2 billion at December 31, 2025, respectively. Our working capital decreased by $283 million due to an increase in air traffic liability and accounts payable, as well as a decrease in cash and cash equivalents. The decrease was partially offset by an increase in investment securities and inventory.

We expect to meet our obligations as they become due through available cash, investment securities, and internally generated funds, supplemented, as necessary, by financing activities which may be available to us. However, we cannot predict what the effect on our business might be from future developments related to the extremely competitive environment in which we operate, or from events beyond our control, such as volatile or increasing fuel prices, economic conditions, the effectiveness and timing of our efforts to increase fees and fares to align with volatile input costs, weather-related disruptions, airport infrastructure challenges, the spread of infectious diseases, the impact of other airline bankruptcies, restructurings or consolidations, U.S. or international military actions, acts of terrorism, or other external geopolitical events and conditions. We believe there is sufficient liquidity available to us to meet our cash requirements for at least the next twelve months.

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**CONTRACTUAL OBLIGATIONS**

Our material cash requirements for known contractual and other obligations includes the following (in millions):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Remainder of 2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
| Debt and finance lease obligations <sup>(1)</sup> | $1071 | $952 | $1029 | $2230 | $961 | $5041 | $11284 |
| Operating lease obligations <sup>(2)</sup> | 103 | 129 | 111 | 89 | 84 | 937 | 1453 |
| Flight equipment purchase obligations <sup>(3)</sup> | 500 | 386 | 524 | 442 | 398 | 3375 | 5625 |
| Other obligations <sup>(4)</sup> | 297 | 427 | 457 | 303 | 324 | 7 | 1815 |
| **Total** | $**1971** | $**1894** | $**2121** | $**3064** | $**1767** | $**9360** | $**20177** |

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The amounts stated above do not include additional obligations incurred as a result of financing activities executed after March 31, 2026, except as otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Includes actual interest and estimated interest for floating-rate debt. Estimated floating rate is equal to Secured Overnight Financing Rate ("SOFR") plus a margin based on March 31, 2026 rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Primarily relates to JFK Terminal 5, aircraft and spare engines, and our corporate office in Long Island City.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Includes obligations for one Airbus A321neo XLR variant aircraft which is expected to sell following delivery of the aircraft. The aircraft is anticipated to deliver in the third quarter of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Amounts primarily include non-cancelable commitments for flight equipment maintenance, infrastructure and information technology.

As of March 31, 2026, we were in compliance with the material covenants of our debt and lease agreements.

In August 2024, JetBlue co-issued with JetBlue Loyalty LP, the TrueBlue<sup>®</sup> Notes and TrueBlue<sup>®</sup> Term Loan Facility. The agreements governing the TrueBlue<sup>®</sup> Notes and TrueBlue<sup>®</sup> Term Loan Facility contain affirmative, negative and financial covenants including compliance with certain debt service coverage ratios and minimum liquidity requirements. These agreements also contain events of default, including a cross-default to other material indebtedness.

We have $59 million of restricted cash pledged under standby letters of credit related to certain leases that will expire at the end of the related lease terms. Approximately 61% of our owned property and equipment and intangible assets at net book value were pledged or committed to be pledged as security under various loan agreements.

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Aircraft**

As of March 31, 2026, our operating fleet consisted of <sup>(1), (2)</sup>:

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| | |
|:---|:---|
| **Aircraft Type** | **Aircraft Count** |
| Airbus A220 | 61 |
| Airbus A320 | 9 |
| Airbus A320 Restyled | 120 |
| Airbus A321 | 28 |
| Airbus A321 with Mint<sup>®</sup> | 35 |
| Airbus A321neo | 16 |
| Airbus A321neo with Mint<sup>®</sup> | 11 |
| Airbus A321neoLR with Mint<sup>®</sup> | 11 |
| **Total** | **291** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Excludes the following parked aircraft:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One Embraer E190 owned aircraft and one Airbus A321neo XLR variant owned aircraft included in assets held for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One permanently parked Airbus A320 owned aircraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One Airbus A321neo aircraft with Mint<sup>®</sup> not yet entered into service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Includes aircraft that have been temporarily removed from service but are expected to return to operation in the future.

Of our operating fleet, 281 are owned by us and 10 are leased under operating leases. Our owned aircraft include aircraft associated with sale-leaseback transactions that did not qualify as sales for accounting purposes, also referred to as failed sale-leasebacks. As of March 31, 2026, the average age of our operating fleet was 12 years.

**Embraer E190 Fleet Transition**

In 2025, as part of the Company's fleet transition plan, we retired our remaining Embraer E190 aircraft and entered into definitive agreements to sell the remaining E190 fleet. In 2026, we continue to sell our owned E190 aircraft pursuant to these agreements. During the first quarter of 2026, we sold Embraer E190 airframes, engines and related spare parts, and recorded a net gain of $22 million, which is included in other operating expenses on our consolidated statements of operations. We also returned our remaining leased E190 aircraft during the quarter. As of March 31, 2026, we had one permanently parked owned Embraer E190 aircraft. We expect to complete the sale of the remaining E190 aircraft in the second quarter of 2026.

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Flight Equipment Deliveries**

As of March 31, 2026, our committed aircraft deliveries include the following aircraft <sup>(1)</sup>:

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| | | | |
|:---|:---|:---|:---|
| **Year** | **Airbus A220** | **Airbus A321neo** <sup>(2)</sup> | **Total** |
| Remainder of 2026 | 10 | 1 | 11 |
| 2027 | 7 |  | 7 |
| 2028 | 11 |  | 11 |
| 2029 | 10 |  | 10 |
| 2030 | 1 | 3 | 4 |
| Thereafter |  | 41 | 41 |
| **Total** <sup>(3)</sup> | **39** | **45** | **84** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Our committed future aircraft deliveries are subject to change based on modifications to the contractual agreements or changes in the delivery schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Includes one Airbus A321neo XLR variant aircraft which is expected to sell following delivery of the aircraft. The aircraft is anticipated to deliver in the third quarter of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> In addition, we have options to purchase 20 A220-300 aircraft in 2027 and 2028.

Committed expenditures for our firm aircraft and spare engines include estimated amounts for contractual price escalations and pre-delivery deposits. We expect to meet our pre-delivery deposit requirements for our aircraft by paying cash or by using short-term borrowing facilities for deposits generally required six to 24 months prior to delivery. Any pre-delivery deposits paid by the issuance of notes are fully repaid at the time of delivery of the related aircraft.

Depending on market conditions, we may use a mix of cash and debt financing for aircraft scheduled for delivery in the remainder of 2026. Although we believe debt and/or lease financing should continue to be available to us, we cannot give any assurance that we will be able to secure financing on attractive terms, if at all. To the extent we cannot secure financing on terms we deem attractive, we may be required to pay in cash, further modify our aircraft acquisition plans, or incur higher than anticipated financing costs.

**Off-Balance Sheet Arrangements**

There have been no material changes to off-balance sheet arrangements from the information provided in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Off Balance Sheet Arrangements included in our 2025 Form 10-K.

**Critical Accounting Policies and Estimates**

There have been no material changes to our critical accounting policies and estimates from the information provided in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Critical Accounting Policies and Estimates included in our 2025 Form 10-K.

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<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**REGULATION G RECONCILIATION OF NON-GAAP FINANCIAL MEASURES**

We report our financial results in accordance with GAAP; however, we present certain non-GAAP financial measures in this Report. 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 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. The information below provides an explanation of each non-GAAP financial measure used in this Report and shows a reconciliation of certain non-GAAP financial measures to its most directly comparable GAAP financial measure.

***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.

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **NON-GAAP FINANCIAL MEASURE<br>RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM), <br>EXCLUDING FUEL** | **NON-GAAP FINANCIAL MEASURE<br>RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM), <br>EXCLUDING FUEL** | **NON-GAAP FINANCIAL MEASURE<br>RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM), <br>EXCLUDING FUEL** | **NON-GAAP FINANCIAL MEASURE<br>RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM), <br>EXCLUDING FUEL** | **NON-GAAP FINANCIAL MEASURE<br>RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM), <br>EXCLUDING FUEL** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **$** | $**Cents per ASM** | **Cents per ASM** |  |
| *(in millions; per ASM data in cents; percent changes based on unrounded numbers)* | **2026** | **2026** | **2025** | **Percent Change** |
| **Total operating expenses** | $**2464** | **16.06** | **14.83** | **8.3** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aircraft fuel | 573 | 3.73 | 3.27 | 14.1 |
| &nbsp;&nbsp;&nbsp;Other non-airline expenses | 18 | 0.12 | 0.11 | 15.5 |
| &nbsp;&nbsp;&nbsp;Special items |  |  |  | NM |
| **Operating expenses, excluding fuel** | $**1873** | **12.21** | **11.45** | **6.6** |

---

<sup>(1)</sup> Not meaningful or greater than 100% change.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

***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** | **NON-GAAP FINANCIAL MEASURE** | **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** | **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** | **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,** | **Three Months Ended March 31,** |
| *(in millions except percentages)* | **2026** | **2025** |
| Total operating revenues | $2240 | $2140 |
| **RECONCILIATION OF OPERATING EXPENSE** | **RECONCILIATION OF OPERATING EXPENSE** |  |
| Total operating expenses | $2464 | $2314 |
| Less: Special items |  |  |
| Total operating expenses excluding special items | $2464 | $2314 |
| Percent change | 6.5% |  |
| **RECONCILIATION OF OPERATING LOSS** | **RECONCILIATION OF OPERATING LOSS** |  |
| Operating loss | $(224) | $(174) |
| Add back: Special items |  |  |
| Operating loss excluding special items | $(224) | $(174) |
| **RECONCILIATION OF OPERATING MARGIN** | **RECONCILIATION OF OPERATING MARGIN** |  |
| Operating margin | (10.0)% | (8.2)% |
| Operating loss excluding special items | $(224) | $(174) |
| Total operating revenues | 2240 | 2140 |
| Adjusted operating margin | (10.0)% | (8.2)% |
| **RECONCILIATION OF PRE-TAX LOSS** | **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** | **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 | 2240 | 2140 |
| Adjusted pre-tax margin | (15.1)% | (12.7)% |

---

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
| **NON-GAAP FINANCIAL MEASURE** | **NON-GAAP FINANCIAL MEASURE** | **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** | **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** | **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,** | **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) |

---

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Except as described below, there have been no material changes in market risks from the information provided in Item 7A. Quantitative and Qualitative Disclosures About Market Risk included in our 2025 Form 10-K.

**Aircraft Fuel**

Our results of operations are affected by changes in the price and availability of aircraft fuel. Market risk is estimated as a hypothetical 10% increase in the cost per gallon of fuel as of March 31, 2026. Based on projected fuel consumption for the next 12 months, such an increase would result in an increase to aircraft fuel expense of approximately $315 million. As of March 31, 2026, we did not have any outstanding fuel hedging contracts.

**Interest**

Our earnings are affected by changes in interest rates due to the impact those changes have on interest expense from variable-rate debt instruments and on interest income generated from our cash and investment balances. The interest rate is fixed for $6.4 billion of our debt and finance lease obligations, with the remaining $2.0 billion having floating interest rates. As of March 31, 2026, if interest rates were on average 100 basis points higher year-over-year, our annual interest expense would increase by approximately $19 million. This amount is determined by considering the impact of the hypothetical change in interest rates on our variable rate debt.

If interest rates were to average 100 basis points lower in 2026 than they were during 2025, our interest income from cash and investment balances would decrease by approximately $16 million. This amount is determined by considering the impact of the hypothetical change in interest rates on the balances of our money market funds.

**ITEM 4. CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer ("CEO"), and our Chief Financial Officer ("CFO"), as appropriate, to allow timely decisions regarding required disclosure. Management, with the participation of our CEO and CFO, performed an evaluation of the effectiveness of our disclosure controls and procedures as of March 31, 2026. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of March 31, 2026.

**Changes in Internal Control Over Financial Reporting**

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

In the ordinary course of our business, we are party to various legal proceedings and claims which we believe are incidental to the operation of our business. Refer to Note 7 to our condensed consolidated financial statements included in Part I, Item 1 of this Report for additional information.

**ITEM 1A. RISK FACTORS**

Part I, Item 1A "Risk Factors" of our 2025 Form 10-K includes a discussion of our risk factors which are incorporated herein. There have been no other material changes from the risk factors associated with our business previously disclosed in our 2025 Form 10-K.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None.

**ITEM 5. OTHER INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure in lieu of reporting on a Current Report on Form 8-K.

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Material changes to the procedures by which security holders may recommend nominees to the board of directors.

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insider trading arrangements.

During the three months ended March 31, 2026, no director or "officer" (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit** |
| 31.1+ | <u>[Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer](q12026exhibit311.htm)</u> |
| 31.2+ | <u>[Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer](q12026exhibit312.htm)</u> |
| 32++ | <u>[Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](q12026exhibit32.htm)</u> |
| 101.INS | Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) |
| + | Filed herewith. |
| ++ | Furnished herewith. |

---

------

<u>[**Table of Contents**](#i5514cace4ac7425a9884c13f80af9c5e_7)</u>

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

---

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION**

I, Joanna Geraghty, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of JetBlue Airways Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | April 28, 2026 | By: | /s/ Joanna Geraghty |
|  |  |  | Joanna Geraghty |
|  |  |  | Chief Executive Officer |
|  |  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2** 

**&nbsp;&nbsp;&nbsp;&nbsp;CERTIFICATION**

I, Ursula Hurley, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of JetBlue Airways Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | April 28, 2026 | By: | /s/ Ursula Hurley |
|  |  |  | Ursula Hurley |
|  |  |  | Chief Financial Officer |
|  |  |  | (Principal Financial Officer) |

---

## Ex-32

**Exhibit 32** 

**JetBlue Airways Corporation** 

**CERTIFICATIONS PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of JetBlue Airways Corporation on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on April 28, 2026 (the "Report"), the undersigned, in the capacities and on the dates indicated below, each hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of JetBlue Airways Corporation.

---

| | | | |
|:---|:---|:---|:---|
| Date: | April 28, 2026 | By: | /s/ Joanna Geraghty |
|  |  |  | Joanna Geraghty |
|  |  |  | Chief Executive Officer |
|  |  |  | (Principal Executive Officer) |
| Date: | April 28, 2026 | By: | /s/ Ursula Hurley |
|  |  |  | Ursula Hurley |
|  |  |  | Chief Financial Officer |
|  |  |  | (Principal Financial Officer) |

---

<br>