JetBlue Airways Corporation (JBLU) Earnings
JetBlue Airways Corporation is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.72. JBLU has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +6.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $-0.72 | $-0.87 | -20.8% | $2.2B | +0.0% |
| Jan 27, 2026 | $-0.45 | $-0.49 | -8.9% | $2.2B | +1.6% |
| Oct 28, 2025 | $-0.43 | $-0.40 | +8.0% | $2.3B | +0.1% |
| Jul 29, 2025 | $-0.31 | $-0.16 | +48.4% | $2.4B | +1.3% |
| Jan 28, 2025 | $-0.42 | $-0.21 | +50.0% | $2.3B | +1.8% |
| Jan 30, 2024 | $-0.28 | $-0.19 | +32.1% | $2.3B | +1.8% |
| Oct 31, 2023 | $-0.27 | $-0.39 | -44.4% | $2.4B | -1.2% |
| Aug 1, 2023 | $0.44 | $0.45 | +2.3% | $2.6B | +0.1% |
| Jan 26, 2023 | $0.19 | $0.22 | +15.8% | $2.4B | +0.4% |
| Aug 2, 2022 | $-0.11 | $-0.47 | -327.3% | $2.4B | -0.2% |
| Jan 27, 2022 | $-0.40 | $-0.36 | +10.0% | $1.8B | +0.5% |
| Jul 27, 2021 | $-0.73 | $-0.64 | +12.3% | $1.5B | -23.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Acknowledged crew members' dedication and TSA agents' commitment during challenges like winter storms and TSA disruptions. - Noted the conflict in the Middle East and fuel price increase as significant headwinds, suspended full-year guidance, and are taking actions like adjusting fares, moderating capacity, and pursuing cost savings. - JetForward strategy is working, with evidence of progress in reliable service, leisure networks, products, and perks. Expect to drive 310 million of incremental jet forward EBIT in 2026 and 850 to 950 million in 2027, with transformational initiatives launching this year. - Strong RAS performance in first quarter, with demand trends strengthening, premium outperforming Core, and Domestic RASM outperforming international. Loyalty program seeing growth in cash remuneration, card acquisitions, and active members. Fort Lauderdale showing strong RASM growth with capacity increases. Blue Sky collaboration progressing with interline flight sales and upcoming loyalty benefits and rental car sales through Paisley.
Guidance
Suspended full-year guidance due to external factors like fuel price increase. Expect 30 to 40% fuel recapture in the second quarter and plan to achieve 100% recapture by early 2027. For the second quarter, expect RASM to grow 7 to 11% year-over-year on 1.5 to 4.5% more capacity, with investments in Fort Lauderdale comprising all second quarter capacity growth. Expect Chasm X fuel to increase in the range of 3% to 5% year over year in the second quarter, and moderate down in the second half with over two points less unit cost growth than the first half.
Segment performance
RAS performance was positive 6.5% in the first quarter, in line with revised guidance and exceeding the midpoint of initial RAS range by four and a half points. Premium RASM outperformed Core by nine points in the first quarter. Domestic RASM outperformed international. Loyalty cash remuneration grew 19% year-over-year, with double-digit growth in spend on the JetBlue card, record levels of spend, a 45% increase in card acquisitions, and all-time highs for True Blue active members and attached rates. Fort Lauderdale saw first quarter RASM growth of 5% with capacity growth of 23%. Blue Sky reached a new milestone with launch of interline flight sales with United, and reciprocal loyalty benefits across Mosaic and MileagePlus tiers are expected to turn on, along with sales of rental cars through Paisley platform.
Risks & headwinds
Conflict in the Middle East impacting fuel prices, which is a significant headwind. Volatility in fuel prices and macro environment creating uncertainties. Uncertainty around future fuel price evolution and its impact on financial performance. Potential challenges in achieving full fuel recapture as expected. Risks associated with capacity adjustments and their impact on revenue and costs.
Analyst Q&A
Q: Two questions regarding domestic first class: Have you started selling it yet and what's the initial uptake?
A: No, not begun selling yet, still on track for second half of 2026, currently in certification process.
Q: Thoughts on subset of industry requesting suspension of ticket tax and if half the industry could subsidize the use of the system?
A: If it were to apply to one carrier, presumably need to apply to everybody, numbers not significant for JetBlue.
Q: Comment about being 90% booked in one queue and its impact on sequentials and recapture rate?
A: 90% booked for second quarter, couldn't recapture with fare increases for one queue as bookings were made at lower prices earlier, but going forward different stories.
Q: About $6 billion of unencumbered assets and accordion feature, what scenarios to tap?
A: Target 17% to 20% liquidity, ended quarter at 26%, executed $500 million deal utilizing aircraft, will draw on portion later, likely draw down accordion to maintain liquidity target.
Q: Additional cash from extracting equity from deliveries or aircraft financing and scenarios to raise more capital?
A: Target 17 to 20% liquidity, can lever up new deliveries if at risk of falling below, have healthy unencumbered asset base, will assess all markets and collateral.
Q: What's driving demand acceleration at end of quarter and its sustainability?
A: Revenue performance accelerating through end of 2025, air travel still good value, JetForward initiatives contributing, co-brand acquisitions up.
Q: Probability of third quarter revenue being higher than second quarter?
A: Not giving guide, but optimistic about demand environment and capacity cuts contributing.
Q: Scenario where Spirit gets support but nobody else does and influence on consolidations?
A: Focused on executing plan, including Fort Lauderdale strategy, customers picking JetBlue for better product and service.
Q: Focus when dialing down schedule in second half, what flights under microscope?
A: Flights not accretive at current fuel price, off-peak periods flights, but savings lower for closer in cuts.
Q: Fort Lauderdale post-summer re-banking and where in innings of building up?
A: Success should breed success, will continue to build Fort Lauderdale depending on gate availability, excited about arrival of domestic first class.
Q: Card spend and acquisitions by region, influence on Boston and Fort Lauderdale opening?
A: Card business majority in New York, New Jersey, New England, working on increasing base in South Florida, looking for Blue House facility in Fort Lauderdale.
Q: Response from mileage plus customers under Blue Sky network?
A: Seeing expected results from Blue Sky collaboration, like good results at DCA, looking forward to expanding mixed metal connections.
Q: Lessons learned on pulling controllable spend last minute and levers in second half?
A: Team managed controllable costs well, pulling capacity last year found $40 million, ramping up JetForward cost initiatives, expecting cost control improvement in second half.
Q: Structurally address lack of scale relative to competitors and capital needs?
A: JetForward working, seeing progress, recognizing importance of scale, focusing on Blue Sky and Paisley, priority is maintaining liquidity and executing JetForward.
Q: Second quarter recapture rate lower than legacy peers and color on why?
A: Recapture rate different at different fare levels, likely premium and corporate mix, JetForward addressing through first-class product.
Q: Capital raise plan, fuel recapture and demand scenarios for 750 million?
A: Original budget assumed Brent at $63, locked in $500 million, accordion for incremental $250 million, will assess as progress forward on fuel volatility.
Q: Potential resiliency around yields in face of price-sensitive travelers against initiatives?
A: Demand strong across booking curve, VFR customers resilient, premium share initiatives helping, Fort Lauderdale growing in premium area.
Q: Credit card acquisitions, JetBlue Premier card growth and spend difference?
A: Only lapped premier card in first quarter, significantly exceeded forecast, premier card contributor, Blue Sky utility changing TrueBlue value.
Q: CASM-X cadence over 3Q and 4Q with low single-digit capacity growth?
A: Historical relationship between capacity and CASMX, COSMIC's fuel growth expected to moderate down in second half, team confident in controllable cost execution.