JetBlue Announces First Quarter 2026 Results, Adjusts Capacity, Revenue, Costs

‍DALLAS – JetBlue Airways (B6) has reported its financial results for the first quarter of 2026. Customer demand and high fuel prices had a strong impact on the results.

"We delivered a strong first quarter, with revenue performance exceeding our expectations, driven by resilient consumer demand and an appreciation for JetBlue's industry-leading customer offering," said Joanna Geraghty, JetBlue’s chief executive officer. "Demand trends strengthened as the quarter progressed, supporting improved yields, even in the face of a challenging operational environment."

"While the macro environment, particularly fuel, has become more volatile, we are taking decisive actions to manage what is within our control, including adjusting capacity, optimizing revenue, and maintaining disciplined cost control."

JetBlue says it expects to recapture between 30% and 40% of fuel costs in the second quarter. That expectation should rise to 100% in 2027. The company would do this through higher fares, fees, or surcharges, or by improving pricing/yield.

A key to B6’s performance was Fort Lauderdale (FLL). The destination delivered strong performance with RASM up 5% year-over-year on 23% capacity growth.

The airline will also reduce second-quarter capacity by nearly 1 point versus close-in expectations and reduce the second half by at least 2 to 3 points versus 2026 prior expectations, with reductions focused on off-peak travel periods. 

JetBlue will also implement additional, unspecified cost savings beyond capacity reductions and will continue to “evaluate opportunities to offset increased input costs, including continued focus on fuel optimization efforts.”

First quarter 2026 financial highlights

• First quarter 2026 system capacity decreased by 1.7% year-over-year, within the company’s revised guidance range of down 2.0% to down 1.0%.
• Operating revenue of $2.2 billion for the first quarter of 2026, an increase of 4.7% year-over-year.

• Executed $500 million of committed aircraft-backed financing, with the ability to upsize by an additional $250 million.
• Repaid the remaining $325 million of 2021 convertible notes during the second quarter.
• Ended the first quarter with $2.4 billion in liquidity (26% of trailing twelve-month revenue versus the target of 17 to 20%), excluding an undrawn $600 million revolving credit facility, and continues to maintain over $6.0 billion in unencumbered assets.

Outlook

"As we look ahead, we are seeing continued strength across the booking curve, with momentum carrying into the second quarter supporting our unit revenue outlook," said Marty St. George, JetBlue's president. "We are particularly pleased with the revenue trends and customer response we are seeing in Fort Lauderdale. All of our second-quarter capacity growth is driven by Fort Lauderdale, and we plan to continue building upon our leadership position in this key focus city."

A full view of the Q1 results is available at the airline’s website.