JetBlue’s share price gapped down over 6% to open at $4.73 after reporting a fourth-quarter loss of $0.49 per share, missing the consensus estimate of a $0.45 loss. Quarterly revenue of $2.24 billion narrowly exceeded forecasts but declined 1.4% year-over-year. Trading volume reached 8.7 million shares, reflecting heightened investor concern over a negative return on equity of 19.9% and a net margin of –5.16%.

Operating expense per available seat mile (CASM) rose 5.4% year-over-year, while CASM excluding fuel climbed 6.7%, driven by higher labour and maintenance costs. Fuel expense averaged $2.51 per gallon in the quarter. Capacity was reduced by 1.6%, and load factors slipped to 81.5%, below the prior-year level. The company ended the quarter with liquidity of $2.5 billion and capital expenditures of $345 million, preserving a current ratio of 0.82 but maintaining a debt-to-equity ratio of 3.42.

JetBlue’s JetForward program delivered $305 million of incremental EBIT in 2025, surpassing the $290 million target, and is guiding $310 million of additional EBIT in 2026. Capacity growth is forecast between 0.5% and 3.5% in Q1 and 2.5% to 4.5% for the full year, with unit revenue (RASM) expected to increase up to 4.0% in Q1 and up to 5.0% by year-end. Management anticipates breakeven or better adjusted operating margins through disciplined cost control, targeting CASM ex-fuel growth of 3.5%–5.5% in Q1 and 1.0%–3.0% for 2026.