JetBlue reported Q4 2025 operating revenue of $2.2 billion, a 1.5% decrease year-over-year, with a net loss of $177 million. For the full year 2025, revenue was $9.1 billion with a net loss of $602 million. Revenue per available seat mile (RASM) rose 0.2% in the quarter, exceeding guidance, while costs per available seat mile excluding fuel (CASM ex-Fuel) increased 6.7%.

Key Highlights

  • Revenue per available seat mile (RASM) increased 0.2% year-over-year in Q4, outperforming the company's guidance for a decrease of 4.0% to flat, driven by strong underlying demand and ancillary revenue.
  • Management guided for full-year 2026 adjusted operating margin to be breakeven or better, supported by projected RASM growth of 2.0% to 5.0% and CASM ex-Fuel growth of just 1.0% to 3.0%.
  • The company's 'JetForward' cost and revenue initiative delivered $305 million of incremental EBIT in 2025, exceeding its target, and is expected to contribute an additional $310 million in 2026.