# Jetblue Airways Corp: Form 10-Q for the period ended Sep 30, 2026

- Company: [Jetblue Airways Corp](/companies/jblu.md) (CIK 1158463)
- Form: 10-Q
- Filed: 2026-10-26
- Accepted by EDGAR: Oct 26, 2026, 16:23 ET
- Period: 2026-09-30
- Accession: 0001158463-26-000097
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1158463/000115846326000097/jblu-20260930.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1158463/000115846326000097/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2026-09-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2026-07-01 to 2026-09-30 | $2.81bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months, 2026-01-01 to 2026-09-30 | $7.75bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Operating income | 3 months, 2026-07-01 to 2026-09-30 | −$144.0m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months, 2026-01-01 to 2026-09-30 | −$509.0m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2026-07-01 to 2026-09-30 | $149.0m | us-gaap:InterestExpenseNonoperating |
| Interest expense | 9 months, 2026-01-01 to 2026-09-30 | $440.0m | us-gaap:InterestExpenseNonoperating |
| Income tax | 3 months, 2026-07-01 to 2026-09-30 | −$13.0m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months, 2026-01-01 to 2026-09-30 | −$54.0m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2026-07-01 to 2026-09-30 | −$257.0m | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2026-01-01 to 2026-09-30 | −$823.0m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2026-07-01 to 2026-09-30 | −$0.68 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months, 2026-01-01 to 2026-09-30 | −$2.20 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2026-07-01 to 2026-09-30 | −$0.68 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2026-01-01 to 2026-09-30 | −$2.20 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2026-07-01 to 2026-09-30 | 377,300,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months, 2026-01-01 to 2026-09-30 | 374,700,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months, 2026-01-01 to 2026-09-30 | −$273.0m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months, 2026-01-01 to 2026-09-30 | $575.0m | us-gaap:PaymentsToAcquireProductiveAssets |
| Cash and equivalents | at 2026-09-30 | $1.26bn | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2026-09-30 | $2.79bn | us-gaap:AssetsCurrent |
| Total assets | at 2026-09-30 | $15.97bn | us-gaap:Assets |
| Current liabilities | at 2026-09-30 | $4.42bn | us-gaap:LiabilitiesCurrent |
| Long-term debt | at 2026-09-30 | $8.39bn | us-gaap:LongTermDebt |
| Shareholders' equity | at 2026-09-30 | $1.34bn | us-gaap:StockholdersEquity |
| Shares outstanding | at 2026-09-30 | 377,351,854 shares | dei:EntityCommonStockSharesOutstanding |

## Management's discussion and analysis

As filed, 2,967 characters.

*NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE AND OPERATING EXPENSE PER ASM (CASM), EXCLUDING FUEL*

*(in millions; per ASM data in cents; percent changes based on unrounded numbers)*

|  | Nine Months Ended September 30, $Cents per ASM 2026 | 2025 | Percent Change | 2026 | 2025 | Percent Change |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| **Total operating expenses** | **$8,258** | **$7,086** | **16.5** | **16.59** | **14.42** | **15.0** |
| Less: |  |  |  |  |  |  |
| Aircraft fuel | 2,352 | 1,554 | 51.4 | 4.73 | 3.16 | 49.4 |
| Other non-airline expenses | 56 | 50 | 12.1 | 0.10 | 0.10 | 10.6 |
| Special items | 33 | 29 | 17.2 | 0.07 | 0.06 | 15.7 |
| **Operating expenses, excluding fuel** | **$5,817** | **$5,453** | **6.7** | **11.69** | **11.10** | **5.3** |

***Operating Expense, Operating Loss, Operating Margin, Pre-tax Loss, Pre-tax Margin, Net Loss and Loss per Share, excluding Special Items and Gain on Investments***

For each of the three and nine months ended September 30, 2026, special items included an adjustment to litigation reserves.

For each of the three and nine months ended September 30, 2025, special items included severance expenses and other special items.

Certain gains on our investments, net were also excluded from our September 30, 2026 and 2025 non-GAAP results.

We believe the impact of these items distort our overall trends and that our metrics are more comparable with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impact of these items for the periods presented.

*NON-GAAP FINANCIAL MEASURE*

*RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, OPERATING MARGIN, PRE-TAX LOSS, PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN ON INVESTMENTS*

*(in millions except percentages)*

|  | Three Months Ended September 30, 2026 | 2025 | Nine Months Ended September 30, 2026 | 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total operating revenues | $2,812 | $2,322 | $7,749 | $6,818 |
| **RECONCILIATION OF OPERATING EXPENSE** |  |  |  |  |
| Total operating expenses | $2,956 | $2,422 | $8,258 | $7,086 |
| Less: Special items | 33 | 5 | 33 | 29 |
| Total operating expenses excluding special items | $2,923 | $2,417 | $8,225 | $7,057 |
| Percent change | 20.9% |  | 16.5% |  |
| **RECONCILIATION OF OPERATING LOSS** |  |  |  |  |
| Operating loss | $(144) | $(100) | $(509) | $(268) |
| Add back: Special items | 33 | 5 | 33 | 29 |
| Operating loss excluding special items | $(111) | $(95) | $(476) | $(239) |
| **RECONCILIATION OF OPERATING MARGIN** |  |  |  |  |
| Operating margin | (5.1)% | (4.3)% | (6.6)% | (3.9)% |
| Operating loss excluding special items | $(111) | $(95) | $(476) | $(239) |
| Total operating revenues | 2,812 | 2,322 | 7,749 | 6,818 |
| Adjusted operating margin | (3.9)% | (4.1)% | (6.1)% | (3.5)% |

39

## Market risk

As filed, 1,697 characters.

Except as described below, there have been no material changes in market risks from the information provided in Item 7A. Quantitative and Qualitative Disclosures About Market Risk included in our 2025 Form 10-K.

### Aircraft Fuel

Our results of operations are affected by changes in the price and availability of aircraft fuel. Market risk is estimated as a hypothetical 10% increase in the cost per gallon of fuel as of September 30, 2026. Based on projected fuel consumption for the next 12 months, such an increase would result in an increase to aircraft fuel expense of approximately $376 million. As of September 30, 2026, we did not have any outstanding fuel hedging contracts.

### Interest

Our earnings are affected by changes in interest rates due to the impact those changes have on interest expense from variable-rate debt instruments and on interest income generated from our cash and investment balances. The interest rate is fixed for $6.3 billion of our debt and finance lease obligations, with the remaining $2.1 billion having floating interest rates. As of September 30, 2026, if interest rates were on average 100 basis points higher year-over-year, our annual interest expense would increase by approximately $21 million. This amount is determined by considering the impact of the hypothetical change in interest rates on our variable rate debt.

If interest rates were to average 100 basis points lower in 2026 than they were during 2025, our interest income from cash and investment balances would decrease by approximately $13 million. This amount is determined by considering the impact of the hypothetical change in interest rates on the balances of our money market funds.

## Controls and procedures

As filed, 1,401 characters.

### Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer ("CEO"), and our Chief Financial Officer ("CFO"), as appropriate, to allow timely decisions regarding required disclosure. Management, with the participation of our CEO and CFO, performed an evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2026. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of September 30, 2026.

### Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

## Risk factors

As filed, 262 characters.

Part I, Item 1A "Risk Factors" of our 2025 Form 10-K includes a discussion of our risk factors which are incorporated herein. There have been no other material changes from the risk factors associated with our business previously disclosed in our 2025 Form 10-K.

Filed Oct 26, 2026.
Source: SEC EDGAR, the filing index for accession 0001158463-26-000097. Last ingested by Listed: Nov 4, 2026, 18:39 ET. No prices; not investment advice.