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JetBlue Airways

JetBlue Airways (JBLU) Q1 2026 Earnings

Reported Apr 28, 2026 at 7:02 AM ET · SEC Source

Q1 26 EPS

$-0.87

MISS 19.51%

Est. $-0.73

Q1 26 Revenue

$2.24B

MISS 0.06%

Est. $2.24B

vs S&P Since Q1 26

+14.3%

BEATING MARKET

JBLU +19.1% vs S&P +4.8%

Market Reaction

Did JBLU Beat Earnings? Q1 2026 Results

JetBlue Airways posted a deeper-than-expected loss in Q1 2026, missing Wall Street estimates on both the top and bottom lines as soaring fuel costs overwhelmed a solid revenue recovery. The carrier reported an adjusted loss of $0.87 per diluted share… Read more JetBlue Airways posted a deeper-than-expected loss in Q1 2026, missing Wall Street estimates on both the top and bottom lines as soaring fuel costs overwhelmed a solid revenue recovery. The carrier reported an adjusted loss of $0.87 per diluted share, falling short of the consensus estimate of $0.73 by 19.51%, while revenue of $2.24 billion edged just 0.06% below expectations despite growing 4.7% year-over-year. The primary culprit was a 15.2% spike in average fuel cost per gallon to $2.96, which, combined with severe weather disruptions that clipped roughly four points of capacity, pushed total operating expenses up 6.5% to $2.46 billion. The results land against a backdrop of broader investor anxiety, with bankruptcy speculation circulating in recent weeks before the CEO publicly reaffirmed the airline's liquidity position. Looking ahead, JetBlue faces a steeper fuel headwind in Q2, guiding for fuel costs of $4.13 to $4.28 per gallon, though management expects RASM growth of 7% to 11% to capture roughly 30% to 40% of that pressure, with full recapture targeted by early 2027.

Key Takeaways

  • • RASM grew 6.5% YoY driven by resilient consumer demand and improved yields
  • • Fort Lauderdale RASM up 5% on 23% capacity growth
  • • Premium cabin RASM outperformed core by approximately 9 points YoY
  • • Loyalty cash remuneration grew 19% YoY with double-digit co-brand spend growth and 45% increase in card acquisitions
  • • Load factor improved 1.5 points to 82.2%
  • • Average fare increased 3.2% YoY to $219.49

JBLU Forward Guidance & Outlook

For Q2 2026, JetBlue guides ASMs growth of 1.5% to 4.5% YoY, RASM growth of 7.0% to 11.0% YoY (implying 30-40% fuel recapture), CASM ex-fuel growth of 3.0% to 5.0% YoY, fuel price per gallon of $4.13-$4.28, and capex of ~$275 million. Full-year 2026 capex is guided at ~$800 million (reduced from prior ~$900 million). The company expects 100% fuel recapture by early 2027. Q2 capacity growth is entirely driven by Fort Lauderdale. Second-half 2026 capacity is being reduced by at least 2-3 points versus prior expectations, focused on off-peak periods. JetForward initiatives are on track to deliver $310 million in incremental EBIT in 2026 and $850-$950 million in 2027. JetBlue targets positive free cash flow by end of 2027, highly dependent on fuel price moderation. The estimated Q2 2026 effective tax rate is ~6%, reflecting a non-cash valuation allowance impact.

24/7 Wall St

JBLU YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

JBLU Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“We delivered a strong first quarter, with revenue performance exceeding our expectations, driven by resilient consumer demand and an appreciation for JetBlue's industry-leading customer offering. Demand trends strengthened as the quarter progressed, supporting improved yields, even in the face of a challenging operational environment.”

— Joanna Geraghty, Q1 2026 Earnings Press Release

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