Jetblue Airways
Airlines
Financial Summary
| 2022 | 2023 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | 2Q25 | LTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| OPERATING METRICS | ||||||||||
| PRASM | 13.32 | 13.15 | 12.60 | 13.41 | 13.13 | 13.01 | 13.04 | 12.62 | 13.10 | NA |
| Load Factor | 81.5% | 82.6% | 79.7% | 84.0% | 86.6% | 82.2% | 83.2% | 80.7% | 81.9% | NA |
| Available Seat Miles | 64,475 | 68,497 | 16,313 | 16,887 | 16,740 | 16,142 | 66,082 | 15,608 | 16,634 | NA |
| INCOME STATEMENT | ||||||||||
| Revenue | $9,158 | $9,615 | $2,209 | $2,428 | $2,365 | $2,277 | $9,279 | $2,140 | $2,356 | $9,138 |
| COGS | 6,987 | 7,086 | 1,745 | 1,737 | 1,747 | 1,663 | 6,893 | 1,724 | 1,725 | 6,859 |
| Gross Profit | 2,171 | 2,529 | 464 | 691 | 618 | 614 | 2,386 | 416 | 631 | 2,279 |
| SG&A | 289 | 316 | 77 | 87 | 81 | 83 | 328 | 70 | 76 | 310 |
| Other Opex | 2,180 | 2,443 | 1,106 | 547 | 575 | 514 | 2,742 | 520 | 549 | 2,158 |
| Operating Income | (298) | (230) | (719) | 57 | (38) | 17 | (684) | (174) | 6 | (189) |
| D&A | 585 | 621 | 158 | 164 | 165 | 168 | 655 | 168 | 171 | 672 |
| EBITDA | $287 | $391 | ($561) | $221 | $127 | $185 | ($29) | ($6) | $177 | $483 |
| Adjustments | - | - | - | - | - | - | - | - | - | - |
| Adj. EBITDA | $287 | $391 | ($561) | $221 | $127 | $185 | ($29) | ($6) | $177 | $483 |
| Interest | 166 | 210 | 53 | 63 | 100 | 150 | 365 | 148 | 147 | 545 |
| FREE CASH FLOW | ||||||||||
| Change in NWC | 146 | 60 | 331 | (197) | (85) | (81) | (32) | 215 | (168) | (119) |
| All Other CFO | 233 | 340 | (127) | 183 | 56 | 64 | 176 | (101) | 53 | 72 |
| CF From Ops | 379 | 400 | 204 | (14) | (29) | (17) | 144 | 114 | (115) | (47) |
| Capex | (923) | (1,206) | (466) | (451) | (285) | (425) | (1,619) | (187) | (306) | (1,203) |
| Free Cash Flow | (544) | (806) | (262) | (465) | (314) | (442) | (1,475) | (73) | (421) | (1,250) |
| Dividends & Share Repurchases | (6) | (4) | (3) | (3) | - | (1) | (6) | (5) | (3) | (9) |
| Cash Flow | (550) | (810) | (265) | (468) | (314) | (443) | (1,481) | (78) | (424) | (1,259) |
| GROWTH | ||||||||||
| Sales Growth | 51.7% | 5.0% | (5.1%) | (7.0%) | 0.5% | (2.1%) | 307.5% | (3.1%) | (3.0%) | (1.9%) |
| Adj. EBITDA Growth | (37.6%) | 36.2% | 516.5% | (43.3%) | NA | 101.1% | (115.7%) | (98.9%) | (19.9%) | (294.8%) |
| MARGINS | ||||||||||
| Gross Margin % | 23.7% | 26.3% | 21.0% | 28.5% | 26.1% | 27.0% | 25.7% | 19.4% | 26.8% | 24.9% |
| Adj. EBITDA Margin % | 3.1% | 4.1% | (25.4%) | 9.1% | 5.4% | 8.1% | (0.3%) | (0.3%) | 7.5% | 5.3% |
| COVERAGE | ||||||||||
| LTM EBITDA / LTM Interest | 1.7x | 1.9x | (0.4x) | (1.1x) | (0.4x) | (0.1x) | (0.1x) | 1.1x | 0.9x | 0.9x |
| BALANCE SHEET | ||||||||||
| Cash | 1,392 | 1,567 | 1,237 | 1,312 | 2,594 | 1,921 | 3,610 | 2,297 | 2,135 | 2,135 |
| Total Debt | $4,383 | $5,380 | $5,012 | $5,370 | $8,231 | $8,539 | $9,142 | $8,474 | $8,451 | $8,451 |
| LEVERAGE | ||||||||||
| Total Leverage | 15.3x | 13.8x | (63.4x) | (21.7x) | (68.0x) | (305.0x) | (315.2x) | 16.1x | 17.5x | 17.5x |
| Net Leverage | 10.4x | 9.8x | (47.8x) | (16.4x) | (46.6x) | (236.4x) | (190.8x) | 11.7x | 13.1x | 13.1x |
Cap Table
As of: 06/30/2025
| Instrument | Balance | Total Leverage |
|---|---|---|
| Special Facility Bonds | $43 | — |
| Enhanced Equipment Notes | $2,023 | — |
| Aircraft Failed SLB Transactions | $2,163 | — |
| TrueBlue Secured Notes | $1,989 | — |
| TrueBlue Secured Term Loan | $747 | — |
| Finance Leases | $236 | — |
| Total Secured Debt | $7,201 | 14.9x |
| CARES Act Payroll Support Program Loan | $259 | — |
| Payroll Support Program Extension Loan | $144 | — |
| ARPA of 2021 Payroll Support Loan | $132 | — |
| Convertible Notes due 2026 | $325 | — |
| Convertible Notes due 2029 | $460 | — |
| Total Debt | $8,061 | 16.7x |
| Total Traded Bonds | 4,797 | — |
| Total Traded Loans | 747 | — |
| Total Traded Debt | 5,544 | — |
Vital Signs
- Leverage: 17.5x
- Free Cash Flow: NA
Company Info
Website: https://www.ir.jetblue.com/
Industry
- Airlines
Key Drivers
- TBD
- TBD
- TBD
Customers
- TBD
- TBD
- TBD
Notes
TBD;TBD;TBD