JBLU earnings analysis
What we found in JBLU's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
JetBlue delivered $2.697 billion of second-quarter revenue, up 14.5% year over year, but profitability weakened materially: net loss increased to $247 million and diluted EPS was negative $0.66, versus a $74 million loss and negative $0.21 EPS a year earlier. The reported pre-tax margin fell 6.0 percentage points to negative 10.0%. The filing did not provide segment, balance-sheet, operating-cash-flow, capex, or explicit numerical guidance detail in the supplied excerpt; it did disclose substantial unhedged fuel sensitivity and floating-rate debt exposure.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue grew 14.5% year over year
- Second-quarter operating revenue rose $341 million, or 14.5%, year over year to $2.697 billion from $2.356 billion.
- Pratt & Whitney support credits secured
- JetBlue entered agreements providing up to $105 million of credits for qualifying future Pratt & Whitney-related purchases through December 31, 2027.
- LaGuardia slot auction win
- JetBlue was the successful bidder for 22 LaGuardia operating authorizations, with a $58.5 million bid; the transfer remains conditional on approvals.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Losses and pre-tax margin deteriorated
- Despite revenue growth, net loss widened to $247 million from $74 million and diluted loss per share widened to $0.66 from $0.21 year over year. Pre-tax margin declined to negative 10.0% from negative 4.0%.
- Unhedged fuel-price exposure
- A hypothetical 10% increase in fuel cost per gallon would raise projected aircraft-fuel expense by approximately $309 million over the next 12 months; JetBlue had no outstanding fuel hedging contracts at June 30, 2026.
- Floating-rate debt exposure
- JetBlue had $2.2 billion of floating-rate debt and finance lease obligations at June 30, 2026. A 100-basis-point year-over-year increase in rates would raise annual interest expense by about $22 million.
- Slot acquisition remains conditional
- The filing states there were no material changes to risk factors from the 2025 Form 10-K, but the $58.5 million LaGuardia slot acquisition remains subject to regulatory approval and conditions required by October 31, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.66
What they said about what is next.
The 10-Q excerpt provides no explicit quantitative revenue or EPS outlook. Management disclosed that the $58.5 million LaGuardia slot transfer remains subject to regulatory approval and other conditions due by October 31, 2026, and that up to $105 million of Pratt & Whitney credits may be used through December 31, 2027.
The filing reads worse than the one before it.
What came before.
- 10-Q · April 28, 2026
- JetBlue reported a wider net loss of $(319) million in Q1 2026 vs $(208) million in Q1 2025, with diluted loss per share of $(0.86) vs $(0.59) a year ago. Management discloses material market risk sensitivities: a…
- 10-Q · October 28, 2025
- JetBlue reported Q3 operating revenue of $2,322 million (vs. $2,365 million a year ago) and an operating loss of $100 million (worsened from a $38 million loss in Q3 2024). EPS was a loss of $0.39 per share (vs. a $0.17…
- 10-Q · July 29, 2025
- JetBlue reported Q2 2025 operating revenue of $2,356.0 million and generated a small operating profit of $6 million, but recorded a net loss of $74 million (diluted EPS $(0.21)) primarily driven by higher interest…
- 10-Q · April 29, 2025
- JetBlue reported total operating revenues of $2,140 million and a net loss of $208 million (diluted loss per share $0.59) for the quarter ended March 31, 2025. Results show a meaningful improvement vs. the year-ago…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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