JetBlue Airways (JBLU) Q2 2025 Earnings
How Did JBLU Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +2.15%.
Did JBLU Beat Earnings? Q2 2025 Results
Yes. JetBlue Airways reported Q2 2025 earnings of $-0.16 a share on Jul 29, 2025, beating the $-0.33 consensus estimate by 51.2%. Revenue was $2.4B against a $2.3B estimate.
JetBlue Airways delivered a stronger-than-expected second quarter, posting an adjusted loss of $0.16 per share against a consensus estimate of $0.33, a 51.20% beat, while revenue of $2.36 billion edged ahead of the $2.29 billion Wall Street expected by 3.10%, even as total sales slipped 3.0% year-over-year. The headline driver was meaningful progress on the carrier's JetForward transformation plan, which has now generated $180 million in cumulative incremental EBIT since inception, including $90 million in the first half of 2025 alone. A newly announced interline and loyalty partnership with United Airlines, called Blue Sky, lifted the program's cumulative EBIT target to $850 million to $950 million by end of 2027. Cost discipline also helped, with fuel expense falling 19.4% to $504 million and CASM ex-fuel growth beating guidance for the seventh consecutive quarter. Looking ahead, JetBlue guided Q3 RASM down 6.0% to 2.0% year-over-year, while an improving Pratt and Whitney aircraft-on-ground situation, now expected to average fewer than 10 planes this year, supports a gradual return to capacity growth.
- Strong close-in demand with revenue generated within 14 days of travel up 7% YoY
- Premium unit revenues up mid-single digits YoY
- Loyalty revenues up mid-single digits with TrueBlue enrollments up 5% YoY
- On-time performance up 3 points YoY and completion factor up 0.5 points in first half 2025
- Net Promoter Score rose by double digits
- Fuel costs declined 19.4% YoY to $2.40 per gallon
- JetForward delivered $90 million incremental EBIT in first half 2025, $180 million cumulatively
“We ended the first half of 2025 with meaningful progress on JetForward. Operational investments drove significant reliability improvements, with on-time performance up three points year-over-year. Customer satisfaction also increased considerably over the first half of this year, and JetBlue's Net Promoter Score rose by double digits.”
JetBlue Airways CEO, on the earnings call
What Was JetBlue Airways's Outlook in Q2 2025?
For Q3 2025, JetBlue guides ASMs YoY change of (1.0%) to 2.0%, RASM YoY change of (6.0%) to (2.0%), CASM ex-fuel YoY growth of 4.0% to 6.0%, and fuel price per gallon of $2.50–$2.65. Q3 capital expenditures are expected at ~$375 million. For full year 2025, ASMs are guided at (2.5%) to (0.5%) YoY, CASM ex-fuel growth of 5.0% to 7.0% (reinstating initial guidance despite ~1.5 points less capacity than originally planned), interest expense of ~$600 million, and capital expenditures of ~$1.2 billion. The Pratt & Whitney AOG forecast has improved to fewer than 10 aircraft on average for 2025 (down from mid-to-high teens), expected to decrease to mid-single digits in 2026 and fully resolve by year-end 2027, enabling a return to sustainable capacity growth through the end of the decade. Management is optimistic that the demand environment is turning a corner, with close-in demand strength continuing into July. The JetForward EBIT target has been raised to $850–$950 million by end of 2027, up from $800–$900 million, driven by the Blue Sky collaboration with United Airlines. Guidance does not include potential impacts from tariffs.
JBLU YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $2.4B | $2.4B | −3.0% |
| Operating Income | $6.0M | $57.0M | −89.5% |
JBLU Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.