Jetblue Airways Corp
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.33%.
Did JBLU Beat Earnings? Q1 2025 Results
JetBlue Airways edged past Wall Street expectations in the first quarter of 2025, though the results underscored a carrier still navigating significant turbulence. The airline posted a net loss of $0.59 per share, beating the consensus estimate of $0.63 by 6.48%, while revenue of $2.14 billion came in fractionally ahead of forecasts despite falling 3.1% year-over-year. The headline beat was tempered by a sobering detail: on an adjusted basis, the net loss actually widened to $209 million from $145 million a year ago, as booking momentum that looked promising in January steadily eroded through February and into March, hitting off-peak and close-in travel hardest. CEO Joanna Geraghty responded by cutting system capacity 4.3% year-over-year and signaled further reductions may follow. Early wins from the JetForward transformation plan, including a 28% transatlantic RASM surge and 9% loyalty revenue growth, offered some encouragement, but JetBlue declined to reaffirm full-year guidance, citing macroeconomic uncertainty, and guided Q2 RASM down as much as 7.5% year-over-year.
- Premium RASM outperformed core RASM by high single digits
- Transatlantic RASM grew 28% YoY on 25% fewer ASMs
- Loyalty revenue up 9% YoY with co-brand spend up 7%
- Reliability improvements drove ~0.75pts of CASM ex-fuel savings in Q1
- Lower fuel costs at $2.57/gallon vs $2.97/gallon YoY (down 13.5%)
- Strong 98.6% completion factor
- Double-digit YoY improvement in Net Promoter Score
- Four-point YoY improvement in A14 on-time performance
“During the first quarter, we delivered a strong operation and efficiently executed on costs. JetForward is ramping well, and we are focused on successfully managing what we can control.”
JetBlue Airways CEO, on the earnings call
Forward Guidance & Outlook
JetBlue is not reaffirming prior full-year guidance due to macroeconomic uncertainty. For Q2 2025, the company guides ASMs down 3.5% to 0.5% YoY, RASM down 7.5% to 3.5% YoY, CASM ex-fuel up 6.5% to 8.5% YoY, and fuel price per gallon of $2.25-$2.40. Q2 capital expenditures are expected at approximately $400 million. Full-year 2025 guidance includes interest expense of approximately $600 million and capital expenditures of approximately $1.3 billion, but ASMs, RASM, CASM ex-fuel, and fuel price are not being reaffirmed. Booking strength that was observed in January deteriorated through February and worsened into March, with off-peak travel demand expected to remain soft into Q2. The company is evaluating additional capacity reductions, targeted cost savings, and fleet retirement schedule changes to preserve cash. Guidance does not include potential impacts from tariffs.
JBLU YoY Financials
JBLU Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.