Jetblue Airways
Airlines
Financial Summary
| 2022 | 2023 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | 2Q25 | LTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| OPERATING METRICS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| PRASM | 13.32 | 13.15 | 12.60 | 13.41 | 13.13 | 13.01 | 13.04 | 12.62 | 13.10 | |
| Load Factor | 81.5% | 82.6% | 79.7% | 84.0% | 86.6% | 82.2% | 83.2% | 80.7% | 81.9% | |
| Available Seat Miles | 64,475 | 68,497 | 16,313 | 16,887 | 16,740 | 16,142 | 66,082 | 15,608 | 16,634 | |
| INCOME STATEMENT | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | 0 | -1 | -6 | -5 | -3 | -9 |
| Cash Flow | -550 | -810 | -265 | -468 | -314 | -443 | -1,481 | -78 | -424 | -1,259 |
| GROWTH | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| 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% | 101.1% | -115.7% | -98.9% | -19.9% | -294.8% | |
| MARGINS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| 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 | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| 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 | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| 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 | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| 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: -1,250
Company Info
Website: https://www.ir.jetblue.com/
Industry
- Airlines
Key Drivers
- TBD
- TBD
- TBD
Customers
- TBD
- TBD
- TBD
Notes
TBD;TBD;TBD