JetBlue reported fourth-quarter operating revenue of $2.2 billion, a 1.5% decrease year-over-year, driven by a 1.6% reduction in capacity. RASM (Revenue per Available Seat Mile) rose 0.2%, outperforming the company’s guidance range of down 4.0% to flat, supported by strength in loyalty, ancillary and other revenue streams. Total CASM (Cost per Available Seat Mile) increased 5.4% year-over-year, while CASM ex-fuel rose 6.7%, reflecting higher maintenance and labor expenses. The airline recorded an average fuel cost of $2.51 per gallon for the quarter and ended the period with $2.5 billion in liquidity, representing approximately 27% of trailing twelve-month revenue.

In its first full year of JetForward, JetBlue generated $305 million of incremental EBIT, surpassing the initial target of $290 million. Reliability metrics improved for the second consecutive year, with on-time departures up nearly two percentage points and Net Promoter Score climbing eight points year-over-year. Strategic capacity deployments in Fort Lauderdale exceeded expectations, restoring JetBlue’s position as the airport’s largest carrier. Premium offerings, including preferred seating and the EvenMore® program, continued to outperform forecasts, while the opening of the BlueHouse lounge at JFK and accelerated credit card sign-ups bolstered ancillary revenue contributions.

JetBlue projects first-quarter ASMs to grow 0.5%–3.5% and full-year ASMs to advance 2.5%–4.5%. RASM is expected to increase 0.0%–4.0% in Q1 and 2.0%–5.0% for the full year. CASM ex-fuel is forecast to rise 3.5%–5.5% in Q1 and 1.0%–3.0% in 2026, with average fuel prices estimated between $2.17 and $2.37 per gallon. The airline anticipates breakeven or better adjusted operating margin for the full year, interest expense near $580 million and capital expenditures of approximately $900 million, excluding one XLR aircraft delivery.

In the fourth quarter, JetBlue invested $345 million in capital expenditures, including pre-delivery deposits, contributing to a full-year total of $1.1 billion. Fleet modernization efforts continued with sales of Embraer E190 assets and two Airbus A321neo XLR commitments, reducing 2026–2029 capital requirements by roughly $3 billion since 2023. The company exited the quarter with a revolving credit facility of $600 million undrawn and maintained robust liquidity to support growth initiatives and navigate industry volatility.