JetBlue reported a fourth-quarter loss of $0.49 per share, exceeding Wall Street’s consensus estimate of a $0.45 loss and deepening from a $0.21 loss per share in the year-ago period. Operating revenue totaled $2.2 billion, down 1.5% year-over-year, driven by a 1.6% reduction in capacity. The airline attributed the wider loss to higher unit costs and softer demand in key leisure markets, which pressured margins despite modest revenue resilience.

Revenue per available seat mile (RASM) increased by 0.2% year-over-year, outperforming the guidance range of a 4.0% decline to flat, thanks to strength in loyalty, ancillary and other revenue streams. Total cost per available seat mile (CASM) rose 5.4%, while CASM excluding fuel and special items climbed 6.7%, reflecting inflationary pressures on labor and maintenance. Fuel costs averaged $2.51 per gallon during the quarter. Capital expenditures reached $345 million, and the company ended December with $2.5 billion of liquidity, representing approximately 27% of trailing twelve-month revenue.

JetBlue’s JetForward transformation delivered $305 million of incremental EBIT contribution in 2025, surpassing the $290 million target for its first full year. Key initiatives improved on-time departures by nearly two percentage points and lifted the Net Promoter Score by eight points year-over-year. Management forecasts an additional $310 million of incremental EBIT in 2026, positioning the airline to achieve a cumulative $850–$950 million target for 2027. First-quarter capacity is expected to rise between 0.5% and 3.5%, with RASM growth of 0.0% to 4.0%, and CASM ex-fuel projected to increase 3.5% to 5.5%. Fuel prices are estimated between $2.27 and $2.42 per gallon for the quarter.