Operating margins have deteriorated to -10.0% in 2026Q1, reflecting a failure to scale revenue growth of 4.7% against rising fixed costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 9.16B | 9.06B | 9.28B | 9.62B | 9.16B | 6.04B | 2.96B | 8.09B | 7.66B | 7.01B | 6.63B | 6.42B | 5.82B | 5.44B | 4.98B | 4.5B | 3.78B | 3.29B | 3.39B | 2.84B | 2.36B | 1.7B | 1.27B | 998.35M | 635.19M | 104.62M | 0 |
| Revenue Growth % | -0.52% | -2.34% | -3.49% | 4.99% | 51.7% | 104.16% | -63.47% | 5.69% | 9.21% | 5.73% | 3.37% | 10.3% | 6.91% | 9.21% | 10.61% | 19.18% | 15% | -3.01% | 19.21% | 20.27% | 38.92% | 34.36% | 26.81% | 57.17% | 507.15% | - | - |
| Cost of Goods Sold | 5.52B | 5.99B | 6.99B | 7.3B | 7.19B | 5.15B | 3.55B | 5.36B | 5.13B | 4.41B | 3.8B | 3.84B | 4.07B | 3.9B | 3.6B | 2.27B | 933M | 755M | 1.15B | 2.03B | 1.69B | 1.22B | 837.57M | 586.85M | 381.47M | 0 | 0 |
| COGS % of Revenue | - | 66.13% | 75.28% | 75.91% | 78.47% | 85.26% | 119.95% | 66.21% | 67.04% | 62.92% | 57.33% | 59.88% | 69.95% | 71.66% | 72.16% | 50.42% | 24.69% | 22.98% | 33.97% | 71.5% | 71.48% | 71.43% | 66.16% | 58.78% | 60.06% | - | - |
| Gross Profit | 3.64B | 3.07B | 2.29B | 2.32B | 1.97B | 890M | -590M | 2.73B | 2.52B | 2.6B | 2.78B | 2.57B | 1.75B | 1.54B | 1.39B | 2.23B | 2.85B | 2.53B | 2.24B | 810M | 674M | 486M | 428.4M | 411.5M | 253.72M | 104.62M | 0 |
| Gross Margin % | 39.71% | 33.87% | 24.72% | 24.09% | 21.53% | 14.74% | -19.95% | 33.79% | 32.96% | 37.08% | 41.95% | 40.12% | 30.05% | 28.34% | 27.84% | 49.58% | 75.31% | 77.02% | 66.03% | 28.5% | 28.52% | 28.57% | 33.84% | 41.22% | 39.94% | 100% | - |
| Gross Profit Growth % | - | 33.78% | -0.95% | 17.44% | 121.57% | 250.85% | -121.57% | 8.36% | -2.92% | -6.54% | 8.08% | 47.25% | 13.36% | 11.18% | -37.89% | -21.54% | 12.45% | 13.14% | 176.17% | 20.18% | 38.68% | 13.44% | 4.11% | 62.19% | 142.52% | - | - |
| Operating Expenses | 4.06B | 3.44B | 2.98B | 2.55B | 2.27B | 970M | 1.12B | 1.94B | 2.26B | 1.63B | 1.52B | 1.36B | 1.23B | 1.11B | 1.01B | 1.91B | 1.8B | 1.57B | 2.95B | 2.98B | 2.5B | 1.84B | 1.31B | 958.17M | 614.93M | 125.81M | 14.22M |
| OpEx % of Revenue | - | 37.93% | 32.09% | 26.48% | 24.79% | 16.07% | 38.01% | 23.91% | 29.49% | 23.2% | 22.95% | 21.17% | 21.2% | 20.47% | 20.37% | 42.43% | 47.76% | 47.9% | 87.07% | 104.75% | 105.67% | 108.11% | 103.83% | 95.98% | 96.81% | 120.25% | - |
| Selling, General & Admin | 306M | 304M | 328M | 316M | 289M | 183M | 110M | 290M | 294M | 271M | 259M | 264M | 231M | 223M | 204M | 1.15B | 1.07B | 927M | -178M | 605M | 523M | 379M | 315.78M | 250.93M | 128.61M | 28.09M | 1.33M |
| SG&A % of Revenue | - | 3.35% | 3.53% | 3.29% | 3.16% | 3.03% | 3.72% | 3.58% | 3.84% | 3.86% | 3.91% | 4.11% | 3.97% | 4.1% | 4.09% | 25.44% | 28.31% | 28.21% | -5.25% | 21.29% | 22.13% | 22.28% | 24.94% | 25.13% | 20.25% | 26.85% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 3.13B | 2.65B | 2.23B | 1.98B | 787M | 1.01B | 1.65B | 1.96B | 1.36B | 1.26B | 1.09B | 1B | 891M | 0 | 992M | 735M | 647M | 627M | 2.37B | 1.97B | 1.46B | 998.65M | 707.24M | 486.32M | 97.72M | 12.88M |
| Operating Income | -418M | -368M | -684M | -230M | -298M | -80M | -1.71B | 800M | 266M | 973M | 1.26B | 1.22B | 515M | 428M | 358M | 322M | 333M | 279M | 109M | 169M | 127M | 48M | 112.94M | 168.83M | 104.99M | -21.19M | -14.22M |
| Operating Margin % | -4.56% | -4.06% | -7.37% | -2.39% | -3.25% | -1.33% | -57.96% | 9.88% | 3.47% | 13.88% | 19% | 18.95% | 8.85% | 7.87% | 7.19% | 7.15% | 8.81% | 8.49% | 3.22% | 5.95% | 5.37% | 2.82% | 8.92% | 16.91% | 16.53% | -20.25% | - |
| Operating Income Growth % | - | 46.2% | -197.39% | 22.82% | -272.5% | 95.33% | -314.25% | 200.75% | -72.66% | -22.78% | 3.62% | 136.12% | 20.33% | 19.55% | 11.18% | -3.3% | 19.35% | 155.96% | -35.5% | 33.07% | 164.58% | -57.5% | -33.1% | 60.81% | 595.5% | -49.04% | - |
| EBITDA | 281M | 320M | -101M | 329M | 236M | 415M | -1.22B | 1.27B | 689M | 1.36B | 1.62B | 1.53B | 801M | 716M | 614M | 555M | 553M | 507M | 314M | 349M | 281M | 165M | 190.36M | 219.7M | 131.91M | -17.19M | -14.11M |
| EBITDA Margin % | 3.07% | 3.53% | -1.09% | 3.42% | 2.58% | 6.87% | -41.36% | 15.73% | 9% | 19.34% | 24.44% | 23.8% | 13.77% | 13.16% | 12.32% | 12.32% | 14.63% | 15.43% | 9.27% | 12.28% | 11.89% | 9.7% | 15.04% | 22.01% | 20.77% | -16.43% | - |
| EBITDA Growth % | -38.11% | 416.83% | -130.7% | 39.41% | -43.13% | 133.93% | -196.07% | 84.76% | -49.19% | -16.35% | 6.16% | 90.64% | 11.87% | 16.61% | 10.63% | 0.36% | 9.07% | 61.47% | -10.03% | 24.2% | 70.3% | -13.32% | -13.35% | 66.55% | 867.23% | -21.89% | - |
| D&A (Non-Cash Add-back) | 699M | 688M | 583M | 559M | 534M | 495M | 491M | 473M | 423M | 383M | 361M | 311M | 286M | 288M | 256M | 233M | 220M | 228M | 205M | 180M | 154M | 117M | 77.42M | 50.87M | 26.92M | 4M | 111K |
| EBIT | -261M | -194M | -93M | -33M | -185M | -913M | -2B | 814M | 701M | 973M | 1.26B | 1.2B | 508M | 419M | 358M | 322M | 337M | 289M | 104M | 266M | 127M | 48M | -887M | -549M | 105M | -21.19M | -14.22M |
| Net Interest Income | -466M | -453M | -239M | -121M | -127M | -175M | -156M | -47M | -47M | -55M | -96M | -119M | -133M | -149M | -167M | -177M | -172M | -180M | -189M | -171M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 112M | 127M | 111M | 89M | 39M | 17M | 23M | 18M | 13M | 6M | 7M | 1M | 1M | 0 | 1M | 0 | 4M | 10M | 1M | 54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 578M | 580M | 350M | 210M | 166M | 192M | 179M | 65M | 82M | 61M | 103M | 120M | 134M | 149M | 168M | 174M | 176M | 197M | 232M | 225M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -421M | -406M | -213M | -104M | -139M | -183M | -179M | -32M | -47M | -75M | -44M | -119M | 108M | -149M | -167M | -177M | -172M | -180M | -185M | -128M | -118M | -72M | -36.12M | 5.17M | -9.96M | -381K | 685K |
| Pretax Income | -839M | -774M | -897M | -334M | -437M | -263M | -1.89B | 768M | 219M | 914M | 1.22B | 1.1B | 623M | 279M | 209M | 145M | 161M | 99M | -76M | 41M | 9M | -24M | 76.82M | 175.44M | 95.02M | -21.57M | -13.53M |
| Pretax Margin % | -9.16% | -8.54% | -9.67% | -3.47% | -4.77% | -4.36% | -64.02% | 9.49% | 2.86% | 13.03% | 18.34% | 17.1% | 10.71% | 5.13% | 4.2% | 3.22% | 4.26% | 3.01% | -2.24% | 1.44% | 0.38% | -1.41% | 6.07% | 17.57% | 14.96% | -20.62% | - |
| Income Tax | -126M | -172M | -102M | -24M | -75M | -81M | -539M | 199M | 30M | -222M | 437M | 420M | 222M | 111M | 81M | 59M | 64M | 41M | -5M | 23M | 10M | -4M | 29M | -71M | 40M | 0 | 233K |
| Effective Tax Rate % | 15.02% | 22.22% | 11.37% | 7.19% | 17.16% | 30.8% | 28.47% | 25.91% | 13.7% | -24.29% | 35.94% | 38.29% | 35.63% | 39.78% | 38.76% | 40.69% | 39.75% | 41.41% | 6.58% | 56.1% | 111.11% | 16.67% | 37.75% | -40.47% | 42.09% | 0% | -1.72% |
| Net Income | -713M | -602M | -795M | -310M | -362M | -182M | -1.35B | 569M | 189M | 1.14B | 727M | 677M | 401M | 168M | 128M | 86M | 97M | 58M | -76M | 18M | -1M | -20M | 47.47M | 103.9M | 54.91M | -21.33M | -13.76M |
| Net Margin % | -7.78% | -6.64% | -8.57% | -3.22% | -3.95% | -3.01% | -45.79% | 7.03% | 2.47% | 16.26% | 10.96% | 10.55% | 6.89% | 3.09% | 2.57% | 1.91% | 2.57% | 1.77% | -2.24% | 0.63% | -0.04% | -1.18% | 3.75% | 10.41% | 8.64% | -20.39% | - |
| Net Income Growth % | -148.43% | 24.28% | -156.45% | 14.36% | -98.9% | 86.56% | -337.96% | 201.06% | -83.42% | 56.81% | 7.39% | 68.83% | 138.69% | 31.25% | 48.84% | -11.34% | 67.24% | 176.32% | -522.22% | 1900% | 95% | -142.13% | -54.31% | 89.22% | 357.42% | -54.97% | - |
| Net Income (Continuing) | -713M | -602M | -795M | -310M | -362M | -182M | -1.35B | 569M | 189M | 1.14B | 759M | 677M | 401M | 168M | 128M | 86M | 97M | 58M | -76M | 18M | -1M | -20M | 47.47M | 103M | 55M | -21.33M | -13.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.93 | -1.66 | -2.29 | -0.93 | -1.12 | -0.57 | -4.91 | 1.91 | 0.60 | 3.41 | 2.22 | 1.98 | 1.19 | 0.52 | 0.40 | 0.28 | 0.31 | 0.20 | -0.33 | 0.10 | -0.01 | -0.13 | 0.28 | 0.64 | 0.37 | -0.19 | -0.12 |
| EPS Growth % | -137.05% | 27.51% | -146.24% | 16.96% | -96.49% | 88.39% | -357.07% | 218.33% | -82.4% | 53.6% | 12.12% | 66.39% | 128.85% | 30% | 42.86% | -9.68% | 55% | 160.61% | -430% | - | 95.31% | -146.43% | -56.25% | 72.97% | 294.74% | -58.33% | - |
| EPS (Basic) | - | -1.66 | -2.30 | -0.93 | -1.12 | -0.57 | -4.91 | 1.92 | 0.60 | 3.42 | 2.32 | 2.15 | 1.36 | 0.59 | 0.45 | 0.31 | 0.36 | 0.22 | -0.33 | 0.10 | -0.01 | -0.13 | 0.30 | 0.71 | 0.49 | -0.15 | -0.10 |
| Diluted Shares Outstanding | 368.5M | 368.5M | 346.9M | 332.9M | 323.6M | 318M | 277.5M | 298.4M | 314.5M | 329.62M | 342.2M | 344.82M | 343.29M | 343.43M | 344.13M | 346.47M | 346.58M | 332.06M | 228.39M | 184.26M | 163.64M | 153.85M | 164.29M | 160.94M | 148.65M | 114.71M | 114.71M |
| Basic Shares Outstanding | 368.5M | 368.5M | 346M | 332.9M | 323.6M | 318M | 277.5M | 296.6M | 312.9M | 328.65M | 326.5M | 315.1M | 294.73M | 282.75M | 282.32M | 278.69M | 275.36M | 260.49M | 228.39M | 179.77M | 163.64M | 153.85M | 153.33M | 145.07M | 112.24M | 138.19M | 138.19M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Negative Operating Margins
According to recent financial disclosures, JetBlue's revenue growth has remained largely stagnant, with the most recent quarter showing a 4.7% increase that masks underlying volatility, as the company struggles to expand its top line while navigating the termination of key strategic alliances and ongoing fleet maintenance issues.
The revenue trajectory appears to be hampered by the loss of the Northeast Alliance, which limits the company's ability to capture high-yield corporate traffic in its core markets. Investors should monitor whether the current growth rate is sustainable or if it reflects a temporary rebound from previous capacity-constrained periods.
As reported in quarterly filings, JetBlue's gross margin has fluctuated significantly, reaching a recent peak of 45.2% in 2025Q4 before contracting to 43.1% in 2026Q1, suggesting that the company faces persistent challenges in maintaining pricing power against rising operational costs and competitive capacity in the Northeast corridor.
The volatility in gross margins indicates that the company's hybrid service model is highly sensitive to input cost inflation and competitive fare pressure. This suggests that JetBlue may lack the necessary pricing power to fully offset the elevated maintenance and labor expenses currently impacting its cost structure.
Based on the company's income statement history, JetBlue has failed to demonstrate positive operating leverage, with operating margins deteriorating to -10.0% in 2026Q1, indicating that fixed costs are currently scaling faster than the company's ability to generate incremental revenue from its existing route network and premium product offerings.
The inability to achieve consistent operating profitability suggests that the company's current cost base is misaligned with its revenue-generating capacity. This trend warrants further investigation into whether management can successfully rationalize its SG&A and operational overhead without compromising the brand's competitive positioning in key high-barrier airports.
Data from recent income statements reveal a concerning trend of recurring net losses, with a net margin of -14.2% in 2026Q1, which highlights the significant risk that the company's current business model may be structurally incapable of generating consistent shareholder value in the current high-cost environment.
Short-sellers may focus on the company's inability to return to sustained profitability despite various strategic pivots and fleet investments. The persistent reliance on external financing to cover operational shortfalls suggests that the company's long-term solvency may be at risk if it cannot achieve a rapid and durable operational turnaround.
Quick answers to the most common questions about buying JBLU stock.
For fiscal year 2025, JetBlue Airways Corporation (JBLU) reported total revenue of $9.06B.
JetBlue Airways Corporation (JBLU) reported a net loss of $602.0M for the fiscal year ending 2025.
JetBlue Airways Corporation (JBLU) reported an operating income of $-368.0M, resulting in an operating profit margin of -4.1%. This margin reflects the operational efficiency of the business before interest and taxes.
JetBlue Airways Corporation (JBLU) generated $3.07B in gross profit for the year, representing a gross profit margin of 33.9%. This demonstrates the company's core pricing power and production efficiency.