JetBlue reported a fourth-quarter loss per share of $0.49, missing the consensus estimate of a $0.45 loss. Revenue for the period was $2.24 billion, slightly above the $2.22 billion forecast but down 1.4% year-over-year. Following the release, shares opened sharply lower—gapping down from $5.08 to $4.73—and traded 8.7 million shares during the session, reflecting investor concern over the larger-than-expected loss and declining top-line.

Capacity decreased by 1.6% compared with the prior year, yet revenue per available seat mile (RASM) rose 0.2%, outperforming guidance for a flat to 4.0% decline. However, operating expense per available seat mile (CASM) increased 5.4%, driven by higher maintenance, labor and airport fees. Excluding fuel and special items, CASM ex-fuel jumped 6.7%. Average fuel cost was $2.51 per gallon, up modestly from the prior quarter, placing further pressure on unit costs.

Brokerage firms have revised their views following the earnings miss. TD Cowen and Susquehanna each raised targets to $5.00 with a hold or neutral outlook, while Goldman Sachs and Morgan Stanley remain cautious at $4.00 and $7.00 respectively. Weiss Ratings reiterated a sell rating. In total, five analysts maintain a hold view, six assign a sell rating, and the average price target stands at $4.93—suggesting limited upside from current levels.

JetBlue’s JetForward transformation delivered $305 million of incremental EBIT in 2025, surpassing the $290 million goal. The program aims for an additional $310 million in 2026 to support a path to break-even operating margin. The carrier ended the quarter with $2.5 billion of liquidity, equivalent to 27% of trailing revenue, and has reduced 2026–2029 capital expenditures by approximately $3 billion since 2023. First-quarter guidance calls for ASM growth of 0.5%–3.5% and RASM flat to up 4.0%, underlining management’s focus on balancing growth with cost control.