‍DALLAS — JetBlue Airways Corporation (B6) today reported its financial results for Q1 2025. 

During the quarter, the airline took a GAAP net loss of US$208 million or US$0.59 per share. System capacity decreased by 4.3% year-over-year, with operating revenue of US$2.1 billion (a 3.1% year-over-year decrease), while operating expenses decreased to US$2.3 billion, a 21.0% year-over-year decrease.

However, B6 beat the midpoint of unit cost guidance and posted unit revenue within the initial range, ending the quarter with US$3.8 billion in liquidity, which allows it to continue executing the airline’s multi-year JetForward plan.

CEO Comments

"During the first quarter, we delivered a strong operation and efficiently executed on costs. JetForward is ramping well, and we are focused on successfully managing what we can control," said Joanna Geraghty, JetBlue's chief executive officer. 

"We also acted urgently to manage near-term revenue uncertainty. We were the first carrier to make meaningful capacity adjustments, swiftly moving to better match supply with demand.”

Geraghty says the airline will continue to monitor the evolving macroeconomic backdrop and evaluate all available levers to boost profitability and preserve cash. This includes additional capacity reductions, targeted cost savings, and further evaluation of the fleet retirement schedule.

Notably, given the macroeconomic uncertainty, Geraghty says JetBlue “is not reaffirming our prior full-year guidance."

According to Geraghty, operational improvements made over the quarter are noticeable, and investments in reliability, again tied to the JetForward strategy, have driven year-over-year improvements in on-time performance over the last three quarters. This has resulted in significant increases in customer satisfaction and cost savings.

"Thank you to our crewmembers for your commitment to running a safe and reliable operation and to your commitment to the JetForward strategy,” the CEO said. “Your dedication to offering the caring service JetBlue is known for makes a significant impact on the customer experience and is a core reason new and loyal customers keep coming back to fly JetBlue."

Prudent Balance Sheet Decisions Provide Solid Runway for JetForward

JetBlue says it remains well-positioned to manage through a range of economic outcomes. Over the past 16 months, the company raised capital (US$3.2 billion in strategic financing in 2024) and managed upcoming capital expenditures (approximately US$3 billion in aircraft deferrals in 2024), providing JetBlue with the funding to execute JetForward.

In addition to its current liquidity levels, the company has over $5 billion in unencumbered assets, primarily consisting of aircraft, engines, slots, gates, and routes.

"We've already taken several steps to build a more resilient financial foundation, and we continue to evaluate all avenues to improve our financial results," said Ursula Hurley, JetBlue's chief financial officer. "We remain confident JetForward will drive enduring structural changes on our path to sustained profitability, and we saw encouraging progress in the first quarter."

Outlook

"In the first quarter, we saw booking strength from January deteriorate into February and worsen into March," said Marty St. George, JetBlue's president. "We expect softened demand for off-peak travel to continue into the second quarter, where the booking curve is more exposed to macro uncertainty and deteriorating consumer confidence. That said, we are committed to our JetForward plan and are encouraged by the resiliency of premium, international, and loyalty revenues - core components of our long-term strategy."

A complete look at the report is available on the JetBlue website.

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