# EDGAR Filing Document

**Accession Number:** 0001158463
**File Stem:** 0001158463-26-000030
**Filing Date:** 2026-3
**Character Count:** 28908
**Document Hash:** f4992e7a2f3f5d600a89c31d8582149c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001158463-26-000030.hdr.sgml**: 20260317

**ACCESSION NUMBER**: 0001158463-26-000030

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20260317

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260317

**DATE AS OF CHANGE**: 20260317

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-49728
- **FILM NUMBER:** 26759047

**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-20260317

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE** 

**SECURITIES EXCHANGE ACT OF 1934** 

Date of Report (Date of earliest event reported): **March 17, 2026**![jetblue-logob76.jpg](jblu-20260317_g1.jpg)

**JETBLUE AIRWAYS CORPORATION**

(Exact name of registrant as specified in its charter)

---

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

---

**(718) 286-7900** 

(Registrant's telephone number, including area code)

**N/A**

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

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

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

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

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

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

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

---

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

---

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

Emerging growth company ☐

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

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**Item 7.01 Regulation FD Disclosure.**

JetBlue Airways Corporation ("JetBlue" or the "Company") announced today an operational and financial update of its expected first quarter 2026 results.

Demand for travel in the first quarter strengthened versus prior expectations, helping to partially offset additional expenses realized from operational disruptions and rising fuel costs. JetBlue is seeing demand strength for travel across both peak and non-peak periods broadly across the Company's network. Incrementally, both premium and core cabin segments exhibited improvement within the quarter.

JetBlue experienced two major winter weather events in January and February, which reduced year-over-year capacity in the first quarter by approximately 3.5pts versus initial expectations and increased year-over-year CASM ex-fuel <sup>(1)</sup> by a similar amount. These events resulted in an approximately two point benefit to first quarter unit revenue. Without the impact of these events, the midpoint of first quarter unit revenue guidance would have improved by two points and the midpoint of first quarter CASM ex-fuel guidance would have improved by one point versus previous guidance.

The table below provides JetBlue's updated investor guidance for the first quarter ending March 31, 2026.

---

| | | |
|:---|:---|:---|
| **First Quarter 2026 Outlook** | **Current Guidance** | **Previous Guidance** <sup>(2)</sup> |
| **Capacity and Revenue** | | |
| Available Seat Miles ("ASMs") Year-Over-Year | (2.0%) – (1.0%) | 0.5% - 3.5% |
| Operating Revenue per ASM ("RASM") Year-Over-Year | 5.0% - 7.0% | 0.0% - 4.0% |
| **Expense** |  |  |
| CASM Ex-Fuel <sup>(1)</sup> Year-Over-Year | 6.5% - 7.5% | 3.5% - 5.5% |
| Fuel Price per Gallon <sup>(3), (4)</sup> | $3.01 - $3.06 | $2.27 - $2.42 |
| **Capital Expenditures** | ~$175 million | ~$200 million |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Operating expense per available seat mile, excluding fuel, other non-airline operating expenses and special items. Non-GAAP financial measure; refer to Note A for further details on non-GAAP forward looking information.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Previous guidance as of January 27, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Includes fuel taxes and other fuel fees.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Fuel price is as of March 9, 2026 and is calculated considering various market inputs, including bank estimates and forward Brent crude curve estimates.

On March 10, 2026, JetBlue Airways Corporation ("JetBlue" or the "Company") announced that executives of the Company will present at J.P. Morgan's Industrials Conference on Tuesday, March 17, 2026 at approximately 8:50 a.m. ET. Materials to be presented at this event are furnished herewith as Exhibit 99.1 to this Form 8-K.

The information included under this Item 7.01 (including Exhibit 99.1) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 (the "Securities Act") or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

**Forward Looking Information** 

This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this Current Report on Form 8-K 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 Current Report on Form 8-K include, without limitation, statements regarding our outlook and future results of operations and financial position. 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 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 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 budget constraints or federally imposed furloughs; impact of global climate change and legal, regulatory or market response to such change; 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 Current Report on Form 8-K, could cause our results to differ materially from those expressed in the forward-looking statements. Further information concerning these and other factors is contained in JetBlue's filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to in our Annual Report on Form 10-K for the year ended December 31, 2025, as may be updated by our other SEC filings. In light of these risks and uncertainties, the forward-looking events discussed in this Current Report on Form 8-K might not occur. Our forward-looking statements speak only as of the date of this Current Report on Form 8-K. 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.

**Note A - Non-GAAP Financial Measures**

We report our financial results in accordance with GAAP; however, we present certain non-GAAP financial measures in this Current Report on Form 8-K. 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.

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

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

**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits**

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | <u>[J.P. Morgan Industrials Conference 2026](jpmorganindustrialsprese.htm)</u> |
| 104 | The cover page from this Current Report on Form 8-K formatted in Inline XBRL |

---

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**SIGNATURE**

**SIGNATURES**

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 hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | **JETBLUE AIRWAYS CORPORATION** |
| | | | (Registrant) |
| Date: | March 17, 2026 | By: | /s/ Dawn Southerton |
|  |  |  | Dawn Southerton |
|  |  |  | Vice President, Controller |
|  |  |  | (Principal Accounting Officer) |

---

## Exhibit 99.1

![](jpmorganindustrialsprese001.jpg)

J.P. Morgan Industrials Conference March 17, 2026

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![](jpmorganindustrialsprese002.jpg)

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

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![](jpmorganindustrialsprese003.jpg)

2026 JetForward initiatives on-track: Blue Sky interline is live and domestic first expected in 2H26 JetForward has transformed our airline and continues to progress within expectations Demand strength exiting 2025 has continued throughout 1Q26 Path exists to balance sheet improvement in 2026 and expect to achieve positive free cash flow in 2027 Demand Remains Strong Despite Volatility in Oil Prices 3 Near-term focus on implementing levers to offset impact of fuel volatility ✓ ------

![](jpmorganindustrialsprese004.jpg)

JetForward has Driven Transformational Change Across JetBlue, On-Track to Deliver $850 - $950M Incremental EBIT in 2027 Product Reliability Financial Future Four Priority Moves ~$175M ~$450M ~$100M 2027 Incremental EBIT (1) Targets Network ~$175M ~$850-950M ✓ Initiated multi-year investment to improve on-time performance: ✓ Net Promoter Score back to top of industry ✓ Re-deployed 20%+ of our network since the beginning of 2024 ✓ Regained top spot in Fort Lauderdale ✓ Reinvested in Northeast, Florida, and Puerto Rico franchises ✓ Exited unprofitable non-core flying (i.e intra-west) ✓ Announced Blue Sky collaboration with United and launched reciprocal accrual/redemption and interline flight sales ✓ Introduced preferred seating ✓ Rolled out changes to EvenMore® product and merchandising ✓ Enhanced Blue Basic with free carry-on bag and loyalty redemptions ✓ Brought on new loyalty partners ✓ Launched premium co-branded credit card ✓ Opened first lounge at JFK's Terminal 5, called BlueHouse ✓ Commenced cost transformation program: ✓ Tools to better manage crew disruptions & fuel consumption ✓ $75M of cost savings in 2025, including $15M from reliability ✓ Deferred ~$3B capex to accelerate balance sheet improvement ✓ Executed $3B+ financing In process of implementing 60+ total operational reliability initiatives in the works at varying levels of implementation Lounge in BOS Domestic first class ~100 cost savings initiatives including improving planning efficiencies through AI and data science, contract optimization and fuel consumption initiatives Additional opportunities in FLL Implemented JetForward Initiatives Delivered $305M incremental EBIT in 2025 ✓ (1) Management reviews the estimated amount of earnings before interest and taxes attributable to JetForward initiatives within a given period to evaluate progress against our financial and operational targets. Incremental EBIT reflects the estimated impact of strategic initiatives on profitability, such as partnerships, fleet optimization, network changes, and cost reduction programs. Blue Sky (reciprocal benefits) Continued ramp and optimization Blue Sky (Paisly) 4

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![](jpmorganindustrialsprese005.jpg)

5 Fort Lauderdale is Delivering Positive RASM on Double Digit YoY Capacity Growth in 1Q Offering 26 daily flights in 1Q touching Fort Lauderdale with our award-winning Mint® service, offering more transcontinental lie- flat seats from South Florida than any other carrier Increasing Premium Offerings More Destinations & Connectivity from FLL Launched over 20 new routes and increased frequency on 12 high-demand markets from Fort Lauderdale Bolstering FLL as a Point of Origin New Increase Mint® Spring Break No Change Gaining additional access to international arrival customs infrastructure represents a generational opportunity in FLL Growing International Connectivity

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![](jpmorganindustrialsprese006.jpg)

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

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![](jpmorganindustrialsprese007.jpg)

7 Domestic First Class Expected to Begin Flying in 2H26 Illustrative Non-Mint Aircraft Onboard Product Evolution Even More Core / Blue Basic Domestic First Optimizing Cabin Space to Deliver the Experiences Our Customers Want Introducing domestic first class, adding 2x2 seating on 3-4 rows on all non- Mint aircraft Overall seat count will remain similar across our fleet with premium seat mix increasing to ~27% Differentiated EvenMore as a standalone cabin and fare class, with a dedicated overhead bin and premium snack Introduced Preferred Seating in our Core cabin towards front of aircraft ✓ ✓ Even More Core / Blue Basic Future State Current State Enhanced our Blue Basic offering with addition of a free carry-on bag ✓ 7 ✓Implemented Targeting ~20% of fleet complete by YE26 and vast majority complete by YE27

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![](jpmorganindustrialsprese008.jpg)

8 JetForward Priority Moves Work Together to Improve Customer Loyalty and RASM Improving customer satisfaction from investments in reliability, service and product offerings Network changes focused on East Coast leisure while Blue Sky adds broad network utility Product and perk enhancements bolster overall offering • EvenMore • Domestic first class • Premium card • Lounges • Blue Sky Loyalty engagement deepens from more opportunities and willingness to spend, earn and redeem Drives improved customer retention & acquisition Paisly enhances leisure travel ecosystem with comprehensive non-air ancillary offerings

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![](jpmorganindustrialsprese009.jpg)

9 JetForward Progress Driving Path to Positive Free Cash Flow and Restoring Balance Sheet Health Deliver Positive Operating Margin Generate Free Cash Flow Restore Balance Sheet Health 1 3 Long-Term Financial Priorities 2 • EBITDA growth expected to result in improved leverage profile (as measured by net debt / EBITDA) over time • Unencumbered asset base of ~$6.5B provides healthy backstop • Moderating fuel prices, improving demand and JetForward initiatives may still support path to breakeven operating profitability or better in 2026 • Foundational to other financial priorities • Strategically reduced 2026-2029 capex by ~$3B since 2023 • Upcoming capex profile <$1B annually • Incremental EBIT from JetForward driving path to positive free cash flow by the end of 2027 2026 and Beyond End of 2027 2028 and Beyond

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![](jpmorganindustrialsprese010.jpg)

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![](jpmorganindustrialsprese011.jpg)

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

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