JetBlue Q3 2026: Fuel Costs Surge 61%, Swamping Record Revenue
As seen on the 24/7 Wall St. homepage on October 26, 2026.
Fuel costs jumped 61%, swamping the best revenue quarter JetBlue has posted in years and pushing both lines past expectations to the downside. Buyers showed up anyway: management still expects operating margin to expand despite fuel running higher, and the 2028 target of at least $1 in EPS is the whole bull case now.
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Record revenue was not enough: a 61% surge in fuel costs widened JetBlue's GAAP net loss to $257 million, and sales still came in missing the consensus estimate.
The adjusted loss per share came in at $0.60, missing the consensus estimate, extending a pattern of EPS misses that stretches back through Q1 2026 and Q4 2025.
Inside the quarter, revenue per available seat mile grew 18.4% year over year, ahead of the company's own initial guidance midpoint, with corporate revenue, loyalty revenue, fuel cost recapture and Fort Lauderdale all running ahead of plan.
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Guidance carries the bull case: management expects adjusted operating margin to expand in Q4 even with fuel forecast higher than a year ago, while the JetForward restructuring program targets approximately $1.2 billion of incremental EBIT by 2028.
The long-range target of at least $1.00 in EPS and positive free cash flow by 2028 is the centerpiece of the thesis now, and with total debt on the balance sheet and restructuring advisers reportedly engaged, investors have plenty to weigh before the earnings call on October 27.
Mentioned: JBLU