Revenue grew 14.5% year-over-year to $2.7B in Q2 2026, but operating margin remained negative at -5.2% and net loss was $247M, indicating cost pressures persist despite gross margin expansion to 52.7%.
JetBlue Airways Corporation (JBLU) annual income statement — 26-year revenue, gross profit & net income history
| 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 | 9.5B | 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 % | 3.99% | -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 | 5.06B | 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 | 4.45B | 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 % | 46.8% | 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 | 5.01B | 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 | 318M | 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 | -565M | -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 % | -5.95% | -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 | 146M | 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 % | 1.54% | 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 % | -64.39% | 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) | 711M | 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 | -435M | -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 | -485M | -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 | 96M | 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 | 581M | 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 | -451M | -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 | -1.02B | -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 % | -10.69% | -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 | -130M | -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 % | 12.8% | 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 | -886M | -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 % | -9.32% | -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 % | -129.53% | 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) | -886M | -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) | -2.40 | -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 % | -121.1% | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
GTF engine groundings
Metrics are mathematically derived from official filings.
Revenue Rebound Amid Structural Pressures
JetBlue's revenue grew 14.5% year-over-year in Q2 2026 to $2.7B, the strongest quarter in the dataset, yet this follows a period of contraction, suggesting a cyclical recovery rather than a durable acceleration.
The 14.5% growth in Q2 2026 marks a sharp reversal from the negative growth rates seen throughout 2024 and 2025, which ranged from -1.4% to -7.0%. This uptick appears driven by strong customer demand and fuel cost recovery, as noted in recent earnings commentary. However, the sustainability of this growth is questionable given the ongoing capacity constraints from Pratt & Whitney GTF engine groundings, which may limit the airline's ability to fully capitalize on demand. Investors should monitor whether this growth can be maintained as the company navigates fleet availability issues.
Gross Margin Volatility Signals Pricing Power Limits
Gross margin swung from 25.9% in Q2 2025 to 52.7% in Q2 2026, a dramatic improvement driven by lower fuel costs and higher fares, but this volatility underscores the airline's exposure to commodity prices and competitive pricing.
The gross margin expansion of over 26 percentage points year-over-year is notable, but it follows a period of depressed margins in early 2025 (18.6% in Q1 2025). This suggests that JetBlue's pricing power is highly sensitive to external factors such as fuel prices and industry capacity. The company's hybrid model, with its premium Mint product, may provide some insulation, but the wide swings indicate limited structural margin stability. Compared to peers like Sun Country (66.9% gross margin), JetBlue's 52.7% is respectable, yet the volatility remains a concern for investors seeking predictability.
Operating Leverage Elusive as Costs Outpace Revenue
Despite a 14.5% revenue increase in Q2 2026, operating income remained negative at -$141M, indicating that cost growth is offsetting revenue gains and operating leverage has not yet materialized.
The operating margin improved from -10.0% in Q1 2026 to -5.2% in Q2 2026, but the company still failed to achieve profitability even with strong revenue growth. This suggests that fixed costs, particularly labor and maintenance, are rising in tandem with revenue, preventing the scaling benefits typically seen in the airline industry. The SG&A expense of $88M in Q2 2026 is relatively stable, but the high cost of goods sold (which includes fuel and other direct costs) remains a drag. Until JetBlue can control these costs, operating leverage will remain elusive, and the path to positive operating income appears uncertain.
Persistent Losses Despite Revenue Growth
JetBlue reported a net loss of $247M in Q2 2026, with EPS of -$0.67, continuing a trend of negative earnings despite revenue growth, raising questions about the quality of its earnings and cost structure.
The net margin of -9.2% in Q2 2026, while improved from -14.2% in Q1 2026, remains deeply negative. The company has not reported a profitable quarter since Q2 2024, when net income was $25M. The persistent losses suggest that the revenue growth is not translating into bottom-line profitability, possibly due to high interest expenses from its elevated debt load (debt-to-equity of 4.84) and ongoing operational costs. Stock-based compensation is minimal ($7M in Q2 2026), so the losses are primarily operational. Investors should be cautious about the sustainability of any recovery given the lack of demonstrated earnings power.
Cost Pressures Persist Despite Fuel Tailwind
COGS as a percentage of revenue fell to 47.3% in Q2 2026 from 74.1% a year earlier, but operating income remained negative, indicating that non-fuel costs are still weighing heavily on profitability.
The significant reduction in COGS relative to revenue suggests that fuel costs have moderated, providing some relief. However, the fact that operating income is still negative implies that other cost lines, such as labor and maintenance, are absorbing the benefits. The company's CASM-ex fuel is likely rising due to wage inflation and increased maintenance expenses, particularly related to the GTF engine issues. Management's expense discipline appears insufficient to offset these structural cost pressures, and investors should monitor whether the company can achieve sustainable cost reductions without compromising its service quality.
Q1 2024: A Turning Point for the Worse
The most significant inflection in JetBlue's income statement occurred in Q1 2024, when operating income plunged to -$719M, a dramatic deterioration from prior quarters, marking the onset of a prolonged period of losses.
Q1 2024's operating loss of -$719M was an outlier, likely driven by one-time charges or impairments, but it set the tone for subsequent quarters. Since then, the company has struggled to return to profitability, with operating margins ranging from -10.0% to 0.7%. This inflection appears to reflect the beginning of the GTF engine issues and increased competition in the Northeast. The lasting impact is a weakened balance sheet and a loss of investor confidence, as evidenced by the high debt-to-equity ratio and negative ROE. The company's ability to recover from this inflection point remains uncertain, and the recent revenue growth in Q2 2026 may be a positive sign, but it is too early to declare a turnaround.
Revenue Growth Masks Structural Profitability Issues
Despite the 14.5% revenue growth in Q2 2026, JetBlue's operating margin of -5.2% and net margin of -9.2% suggest that the company's cost structure remains fundamentally misaligned, and the growth may not be sustainable.
Short-sellers would likely argue that JetBlue's revenue growth is being achieved at the expense of profitability, as the company continues to post losses even with strong demand. The high debt-to-equity ratio of 4.84 and negative ROE of -25.3% indicate that the company is destroying shareholder value. Additionally, the ongoing GTF engine groundings could further constrain capacity and increase costs, undermining any recovery. The market may be overly optimistic about JetBlue's ability to cut costs and improve margins, given the structural challenges in its Northeast hubs and the competitive pressures from both low-cost carriers and legacy airlines. Investors should be wary of the narrative that revenue growth alone will solve JetBlue's profitability problems.