JetBlue Airways (JBLU)
NASDAQ:JBLU
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JetBlue Airways
(NASDAQ:JBLU)
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Rating:46Neutral
Price Target:
$4.50
▼(-5.06% Downside)
Action:ReiteratedDate:03/26/26
The score is held down primarily by weak financial performance (persistent losses, rising leverage, and negative recent free cash flow). The earnings call provides some support via breakeven-focused 2026 guidance and Jet Forward progress, but technical signals remain mixed and valuation is constrained by negative earnings and no stated dividend yield.
Positive Factors
Jet Forward EBIT Ramp
The Jet Forward program has delivered material incremental EBIT ($305M in 2025) and management forecasts a multi-hundred-million dollar ramp into 2026–27. This structural earnings leverage can sustainably improve margins and free-cash-flow potential if execution persists, lowering reliance on cyclical fares.
Negative Factors
Elevated Leverage
Leverage near 4.4x materially constrains flexibility: higher interest expense and refinancing needs increase vulnerability to shocks and limit capacity to invest. Sustained negative returns on equity and thin earnings mean deleveraging depends on consistent EBIT recovery, making the balance sheet a structural risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Jet Forward EBIT Ramp
The Jet Forward program has delivered material incremental EBIT ($305M in 2025) and management forecasts a multi-hundred-million dollar ramp into 2026–27. This structural earnings leverage can sustainably improve margins and free-cash-flow potential if execution persists, lowering reliance on cyclical fares.
Read all positive factors
JetBlue Airways (JBLU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.82B
Dividend YieldN/A
Average Volume (3M)27.93M
Price to Earnings (P/E)―
Beta (1Y)1.16
Revenue Growth-2.49%
EPS Growth47.88%
CountryUS
Employees23,000
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-0.49
Shares Outstanding370,119,660
10 Day Avg. Volume25,595,801
30 Day Avg. Volume27,925,397
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)0.79
Price to Sales (P/S)0.19
P/FCF Ratio-1.83
Enterprise Value/Market Cap5.46
Enterprise Value/Revenue1.10
Enterprise Value/Gross Profit3.25
Enterprise Value/Ebitda20.17
Forecast
1Y Price Target
$4.94Price Target Upside4.22% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering10
EPS Forecast (FY)-1.71
Revenue Forecast (FY)$9.98B
JetBlue Airways Business Overview & Revenue Model
Company Description
JetBlue Airways Corporation provides air passenger transportation services. As of December 31, 2021, the company operated a fleet of 63 Airbus A321 aircraft, 8 Airbus A220 aircraft, 21 Airbus A321neo aircraft, 130 Airbus A320 aircraft, and 60 Embr...
How the Company Makes Money
JetBlue primarily makes money by selling air travel to customers, generating passenger revenue from base fares across its route network. Beyond the ticket price, it earns substantial ancillary revenue from optional products and services tied to tr...
JetBlue Airways Earnings Call Summary
Earnings Call Date:Jan 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call balanced clear operational and commercial progress with significant near-term headwinds. Highlights include strong execution of the Jet Forward program (driving $305M incremental EBIT in 2025), measurable improvements in operational reliability and customer satisfaction (NPS +8 pts in 2025, loyalty revenue +8%), premium and loyalty revenue momentum, disciplined capital spending cuts, and constructive 2026 guidance targeting breakeven operating margin. Lowlights are material: a 2025 adjusted operating margin of -3.7%, elevated CASM ex-fuel (Q4 +6.7%), weather and airspace disruptions (1,100+ canceled flights), fuel price volatility, GTF-related AOG impacts, and ongoing balance-sheet and financing needs. Management frames a credible path to breakeven in 2026 and positive free cash flow by 2027, but execution and macro/fuel/operational risks remain. Overall, the positives from Jet Forward progress and constructive guidance outweigh the challenges, assuming management executes as planned.Positive Updates
Jet Forward Delivered Meaningful EBIT Contribution
$305 million incremental EBIT in 2025 from Jet Forward; company expects an additional $310 million incremental EBIT in 2026 for a total of $615 million in 2026 and targets $850–$950 million incremental EBIT for full-year 2027.
Negative Updates
2025 Operating Loss and Macro Headwinds
Adjusted operating margin for 2025 was negative 3.7%, below the initial full-year guidance of 1%–2%; management estimates macro uncertainty represented more than four points of headwind to operating margin in 2025.
Read all updates
Q4-2025 Updates
Positive
Negative
Jet Forward Delivered Meaningful EBIT Contribution
$305 million incremental EBIT in 2025 from Jet Forward; company expects an additional $310 million incremental EBIT in 2026 for a total of $615 million in 2026 and targets $850–$950 million incremental EBIT for full-year 2027.
Read all positive updates
Company Guidance
JetBlue guided 2026 to breakeven or better operating margin, underpinning that outlook with a full‑year plan of ~3.5 points of capacity growth and ~3.5 points of unit‑revenue improvement (company RASM guidance 2%–5% on capacity growth of 2.5%–4.5%; Q1 capacity +0.5%–3.5% and Q1 unit revenue flat to +4%, with a <1‑point RASM headwind from Caribbean airspace closures), while targeting CASM ex‑fuel growth of 1%–3% for the year (Q1 CASM ex‑fuel +3.5%–5.5%), fuel midpoints of $2.34 for Q1 and $2.27 for the year, and ~1.5% ASM/gal fuel efficiency in 2026 (≈5% vs. three years) that they estimate delivers roughly $100M of fuel savings; Jet Forward is expected to supply $310M of incremental EBIT in 2026 (after $305M in 2025) for a $615M total incremental contribution this year and a $850M–$950M target for 2027, supported by RASM drivers of ~1 point from loyalty, 0.75 point from product enhancements, 0.75 from Blue Sky/Paisley and 0.5 from network/satisfaction, CapEx of ≈$900M (14 deliveries, down from $1.1B/20 deliveries in 2025) with planned annual CapEx <$1B through the decade, liquidity of $2.5B (ex. $600M revolver), ~$800M of planned debt repayments (including $325M convertible), an intended ~$500M financing raise backed by ~$6.5B of unencumbered assets, estimated gross interest of ~$580M, and a path to positive free cash flow by 2027.JetBlue Airways Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
28
Negative
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.06B | 9.28B | 9.62B | 9.16B | 6.04B |
| Gross Profit | 3.07B | 2.29B | 2.32B | 1.97B | 890.00M |
| EBITDA | 494.00M | 490.00M | 526.00M | 349.00M | -418.00M |
| Net Income | -602.00M | -795.00M | -310.00M | -362.00M | -182.00M |
Balance Sheet | |||||
| Total Assets | 18.63B | 16.84B | 15.33B | 14.45B | 14.85B |
| Cash, Cash Equivalents and Short-Term Investments | 2.26B | 3.61B | 1.57B | 1.39B | 2.84B |
| Total Debt | 10.26B | 9.14B | 5.93B | 4.38B | 4.80B |
| Total Liabilities | 16.51B | 14.20B | 11.99B | 10.88B | 11.00B |
| Stockholders Equity | 2.12B | 2.64B | 3.34B | 3.56B | 3.85B |
Cash Flow | |||||
| Free Cash Flow | -915.00M | -1.35B | -806.00M | -544.00M | 647.00M |
| Operating Cash Flow | -94.00M | 144.00M | 400.00M | 379.00M | 1.64B |
| Investing Cash Flow | 658.00M | -3.08B | -1.38B | -908.00M | -704.00M |
| Financing Cash Flow | -417.00M | 3.77B | 1.11B | -360.00M | -830.00M |
JetBlue Airways Technical Analysis
Neutral
4.74
Price Trends
5.03
Negative
4.90
Negative
4.79
Negative
Market Momentum
-0.02
Negative
52.07
Neutral
72.30
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JBLU, the sentiment is Neutral. The current price of 4.74 is above the 20-day moving average (MA) of 4.41, below the 50-day MA of 5.03, and below the 200-day MA of 4.79, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 52.07 is Neutral, neither overbought nor oversold. The STOCH value of 72.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JBLU.
JetBlue Airways Risk Analysis
JetBlue Airways disclosed 39 risk factors in its most recent earnings report. JetBlue Airways reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
JetBlue Airways Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $19.43B | 50.61 | 5.33% | 1.73% | 0.65% | ― | |
53 Neutral | $938.60M | 14.47 | 8.62% | ― | 4.27% | 28.47% | |
50 Neutral | $4.53B | 69.18 | 2.47% | ― | 31.50% | -49.15% | |
46 Neutral | $1.82B | -2.79 | -26.05% | ― | -2.49% | 47.88% | |
46 Neutral | $7.47B | 25.57 | -2.76% | ― | 1.27% | 118.64% | |
45 Neutral | $877.11M | -7.87 | -27.39% | ― | 1.77% | -1964.48% |
* Industrials Sector Average
JBLU
JetBlue Airways
4.74
1.04
28.11%
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57.91%
AAL
American Airlines
11.32
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18.16%
SNCY
Sun Country Airlines Holdings
17.32
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78.93%
ULCC
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3.82
0.66
20.89%
JetBlue Airways Corporate Events
Business Operations and StrategyFinancial Disclosures
JetBlue Updates Q1 Outlook, Highlights JetForward Strategy Plans
Neutral
Mar 17, 2026
JetBlue reported that first-quarter 2026 travel demand was stronger than previously expected across both premium and core cabins, partially offsetting higher fuel costs and expenses from operational disruptions. Two major winter storms in January ...
Business Operations and StrategyFinancial Disclosures
JetBlue outlines 2026 outlook amid JetForward progress
Positive
Jan 27, 2026
On January 27, 2026, JetBlue Airways reported fourth-quarter and full-year 2025 results that showed modest declines in capacity and revenue but continued progress under its JetForward transformation program, which delivered $305 million of increme...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.