JetBlue Airways Corp. (NASDAQ:JBLU) reported fourth-quarter 2025 results Tuesday, highlighting progress from its JetForward strategy as shares traded lower following the release.
The airline said the initiative delivered $305 million of incremental EBIT contribution in 2025, exceeding its expectation for $290 million in the first full calendar year of the program.
Operational Updates
JetBlue said operational reliability improved for a second consecutive year. On-time departures increased nearly two points year over year, while Net Promoter Score rose eight points from a year earlier and climbed 17 points over the past two years.
For the quarter, JetBlue reported a net loss of $177 million, or 48 cents per share, compared with a net loss of $44 million, or 13 cents per share, a year earlier.
Adjusted EPS was a loss of 49 cents, missing the 45-cent loss estimate, while sales of $2.240 billion topped the $2.225 billion consensus estimate.
Financial Metrics
Operating revenue totaled $2.244 billion, down 1.5% year over year, as capacity declined 1.6%. Operating revenue per available seat mile increased 0.2%, beating the company’s prior guidance range of a decline of 4.0% to flat, driven by underlying demand strength and stronger-than-expected loyalty and ancillary revenue.
Load factor for the quarter was 81.5%, down 0.7 percentage points from a year earlier.
Operating income was a loss of $100 million, compared with operating income of $17 million in the prior-year period, and operating margin was negative 4.5% versus 0.7% a year ago.
CASM increased 5.4% year over year, while CASM ex-fuel rose 6.7%. The average fuel price was $2.51 per gallon.
Full-Year Results And Outlook
For the full-year 2025, JetBlue reported operating revenue of $9.062 billion, down 2.3% year over year, and a net loss of $602 million, or GAAP loss per share of $1.66. Full-year load factor was 82.4%, down 0.8 percentage points year over year.
JetBlue ended the year with $1.946 billion in cash and cash equivalents and total debt of $8.498 billion, and said it finished the quarter with $2.5 billion of liquidity, excluding its $600 million revolving credit facility.
“In the first full year of JetForward, we made measurable progress improving reliability, strengthening customer satisfaction, and advancing our strategic priorities, even amid a challenging operating environment,” CEO Joanna Geraghty said. “While macroeconomic uncertainty impeded our return to profitability in 2025, we have proof points JetForward is working and positioning us for improved financial performance in 2026.”
“In 2025, our team stayed focused on what we could control, adjusting capacity, managing costs, and continuing to execute JetForward despite a challenging backdrop,” said Ursula Hurley, JetBlue’s chief financial officer. “As we look ahead, we are focused on translating this progress into improved profitability. We are returning to growth, our JetForward initiatives are ramping with more to come this year, and our cost growth is low – all supporting a path to breakeven or better operating profitability,” Hurley added.
The airline said it is targeting $310 million of additional incremental EBIT in 2026, keeping it on track to reach its $850 million to $950 million incremental EBIT goal for 2027.
JBLU Price Action: JetBlue Airways shares were down 5.91% at $4.78 during premarket trading on Tuesday, according to Benzinga Pro data.
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