UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the fiscal year ended
Commission File Number:
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
|---|---|---|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of December 31, 2025, the registrant had
Auditor name:
Form type: 10-K
Period end: 2025-12-31
JetBlue Airways Corporation is a public reporting company classified under Air Transportation, Scheduled. Our principal business is the provision of scheduled air transportation services, and the principal products, services, markets, and strategy of the company are described in our prior SEC filings. [COMPLETE: description of route network, fleet, hubs and focus cities, and principal products and services, including any ancillary offerings]. Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services, following the five-step model of ASC 606, Revenue from Contracts with Customers. For the year ended December 31, 2025, we generated revenue of $9,062 million, compared to $9,279 million in the prior year, a decrease of 2.3%, and we recorded a net loss of $602 million.
Our operations are dependent on the availability of aircraft, fuel, airport facilities, and a skilled workforce, and our cost structure reflects these requirements. Salaries, wages and benefits represented our largest operating cost at $3,453 million in 2025, an increase of 5.8% from $3,263 million in the prior year, while aircraft fuel expense declined 12.2% to $2,057 million from $2,343 million. Maintenance, materials and repairs expense increased 26.0% to $791 million, landing fees and other rents were $658 million, and aircraft rent declined 19.6% to $74 million. Our fleet and facilities are supported by property, plant and equipment of $11,191 million and operating lease right-of-use assets of $868 million as of year end, and we also carried finance lease liabilities of $79 million on a current basis and $370 million on a noncurrent basis. Advertising and marketing costs are expensed as incurred and are included in operating expenses in the statements of operations, and selling and marketing expense was $305 million in 2025 compared to $328 million in the prior year.
[COMPLETE: description of competitive environment, industry conditions, and business strategy]. [COMPLETE: description of government regulation applicable to the company, including aviation safety, security, environmental, and consumer protection requirements]. [COMPLETE: description of human capital resources, including number of employees, collective bargaining arrangements, and workforce initiatives]. We are involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements. [COMPLETE: description of available information, including the company website and access to SEC filings].
Our business, financial condition and results of operations are subject to a number of risks, many of which are outside of our control, and the occurrence of any of these risks could cause our actual results to differ materially from historical results or from our expectations. For the year ended December 31, 2025, we generated revenue of $9,062 million, compared with $9,279 million in the prior year, a decrease of 2.3%, and we reported a net loss of $602 million. Retained earnings declined from $1,319 million to $717 million, and we may continue to incur losses if demand for air travel weakens, competitive pricing pressure intensifies, or we are unable to align our capacity and cost structure with revenue. We provide scheduled air transportation services to [COMPLETE: description of passenger and other customers served], operating [COMPLETE: description of route network, focus cities, and destinations served] with a fleet of [COMPLETE: fleet composition and number of aircraft], and our concentration in particular markets exposes us to regional economic conditions, weather, air traffic control constraints and other disruptions that could adversely affect our operations and financial results.
Our operating costs are substantial and largely fixed in the short term, and increases in these costs that we cannot pass through to customers would adversely affect our margins. Our largest operating costs were salaries, wages and benefits of $3,453 million, aircraft fuel of $2,057 million, other operating expenses of $1,374 million, maintenance, materials and repairs of $791 million, depreciation and amortization of $688 million, and landing fees and other rents of $658 million. Salaries, wages and benefits increased 5.8% from $3,263 million in the prior year, and maintenance, materials and repairs increased 26.0% from $628 million, reflecting labor cost pressures and the demands of maintaining our fleet, and we expect these pressures could persist. Aircraft fuel expense decreased 12.2% from $2,343 million to $2,057 million; however, fuel prices are volatile and are affected by geopolitical events, refining capacity and other factors beyond our control, and a reversal of recent trends could significantly increase our costs. Any inability to recruit, retain and reach agreements with our workforce, or any disruption in the availability of parts, maintenance services or new aircraft, could harm our operations and results.
We have significant indebtedness and lease obligations, and our ability to service these obligations depends on generating sufficient cash flow. Debt, including current maturities, totaled $7,342 million at year end, and current maturities of long-term debt and finance leases increased to $769 million from $392 million, which will require substantial cash for repayment or refinancing in the coming year. Noncurrent operating lease liabilities increased to $839 million from $510 million, and we recognized finance lease liabilities of $79 million current and $370 million noncurrent, adding to our fixed commitments. Total liabilities were $14,450 million compared with total equity of $2,120 million, and this leverage may limit our flexibility to respond to adverse conditions or pursue strategic opportunities. Cash and cash equivalents were $1,946 million and short-term investments declined to $213 million from $1,689 million, and our liquidity could be further reduced by continued operating losses, debt service or capital expenditures. Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and changes in interest rates could affect our investment income and the cost of any future borrowings.
We are involved in legal proceedings arising in the ordinary course of business from time to time, and although management does not currently believe any pending matter is material to the financial statements, the outcome of litigation is inherently uncertain and an adverse result could have a material effect on our results of operations. Management evaluated our disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level; nevertheless, any future failure to maintain effective internal control over financial reporting could impair our ability to report accurately and timely, damage investor confidence and subject us to regulatory sanctions. We are also subject to extensive government regulation, security requirements, environmental rules and the risk of cybersecurity incidents, accidents or other events that could damage our brand and reputation, and any of these factors could materially and adversely affect our business, financial condition and results of operations.
JetBlue Airways Corp is a public reporting company classified under Air Transportation, Scheduled, and the following discussion compares our results of operations for the year ended December 31, 2025 with the comparable prior-year period. Revenue for the year was $9,062 million compared with $9,279 million in the prior year, a decrease of 2.3%, reflecting [COMPLETE: description of the capacity, yield and demand factors that drove the decline in revenue]. Deferred revenue increased to $1,669 million from $1,572 million, and noncurrent deferred revenue increased to $704 million from $653 million. We reported a net loss of $602 million for the year, and basic and diluted loss per share was $1.66 compared with $2.30 in the prior year, on weighted average basic shares outstanding of 362,100,000 compared with 346,000,000. Antidilutive securities excluded from diluted earnings per share totaled 7,400,000 compared with 4,400,000 in the prior year.
Aircraft fuel expense decreased 12.2% to $2,057 million from $2,343 million, primarily due to [COMPLETE: fuel price and consumption drivers]. Salaries, wages and benefits increased 5.8% to $3,453 million from $3,263 million, driven by [COMPLETE: headcount, contractual wage rate and benefit cost drivers]. Maintenance, materials and repairs increased 26.0% to $791 million from $628 million, reflecting [COMPLETE: fleet age, engine and heavy maintenance event drivers], and expenditures for maintenance and repairs are expensed as incurred. Depreciation and amortization increased 5.0% to $688 million from $655 million, consistent with growth in property, plant and equipment to $11,191 million from $10,656 million. Landing fees and other rents were essentially flat at $658 million compared with $659 million, aircraft rent decreased 19.6% to $74 million from $92 million, selling and marketing decreased 7.0% to $305 million from $328 million, and other operating expenses decreased 2.1% to $1,374 million from $1,404 million. Other operating costs decreased 94.9% to $30 million from $591 million, primarily due to [COMPLETE: description of the prior-year items included in other operating costs that did not recur]. Other expense, net increased 90.6% to $406 million from $213 million, reflecting [COMPLETE: interest expense, investment income and other non-operating drivers]. We recorded an income tax benefit of $172 million compared with a benefit of $102 million in the prior year, and deferred tax liabilities decreased 29.4% to $447 million from $633 million.
Cash and cash equivalents were $1,946 million at December 31, 2025 compared with $1,921 million at the end of the prior year, an increase of 1.3%, and restricted cash and equivalents increased 53.7% to $349 million from $227 million. Short-term investments decreased 87.4% to $213 million from $1,689 million, while long-term investments increased 21.3% to $211 million from $174 million. Debt, including current maturities, decreased 9.5% to $7,342 million from $8,110 million, while current maturities of long-term debt and finance leases increased 96.2% to $769 million from $392 million. Finance lease liabilities of $79 million current and $370 million noncurrent were recorded at year end, with no comparable balances in the prior year, and noncurrent operating lease liabilities increased 64.5% to $839 million from $510 million alongside an increase in operating lease right-of-use assets to $868 million from $550 million. Total undiscounted operating lease payments were $1,488 million, including $139 million due within one year, and after imputed interest of $570 million the present value of operating lease liabilities was $918 million, with a weighted average remaining lease term of 14 years and a weighted average discount rate of 7.0%. Total lease cost was $755 million compared with $738 million in the prior year, and cash paid for amounts included in the measurement of operating lease liabilities was $155 million compared with $162 million. Prepaid expenses and other current assets increased to $414 million from $142 million, inventory increased 22.2% to $193 million from $158 million, and accounts receivable increased 6.9% to $372 million from $348 million. Total stockholders' equity was $2,120 million compared with $2,641 million in the prior year, and retained earnings decreased 45.6% to $717 million from $1,319 million. Total liabilities were $14,450 million at year end. [COMPLETE: statement of whether management believes cash, cash equivalents, investments and available financing are sufficient to meet obligations for at least the next twelve months, and description of expected capital expenditures and debt repayment commitments.]
Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and we do not have material foreign currency or commodity price exposure. We are involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable, and assets held for sale of $33 million in the prior year were reduced to zero at December 31, 2025. Forward-looking statements in this discussion are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied.
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Revenue | ||
| Total Revenue | ||
| Total COGS | ||
| Gross Profit | ||
| Aircraft fuel | ||
| Aircraft rent | ||
| Depreciation and amortization | ||
| Landing fees and other rents | ||
| Maintenance, materials and repairs | ||
| Other operating costs | 30,000,000.00 | 591,000,000.00 |
| Other operating expenses | ||
| Salaries, wages and benefits | ||
| Selling and marketing | ||
| Total operating expenses | ||
| Operating income | - | - |
| Other income (expense) | ||
| Other income (expense), net | ||
| Income before income taxes | - | - |
| Income tax expense (benefit) | - | - |
| Net Income | - | - |
| Basic earnings per share | - | |
| Diluted earnings per share | - | |
| Weighted average shares outstanding, basic | ||
| Weighted average shares outstanding, diluted | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Net income | -602,000,000.00 | -795,000,000.00 |
| Other comprehensive income (loss), net of tax | - | |
| Comprehensive income | - | - |
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Accounts receivable | ||
| Less: allowance for credit losses | ||
| Cash and cash equivalents | ||
| Inventory | ||
| Prepaid expenses and other current assets | ||
| Short-term investments | ||
| Other current assets (derived) | ||
| Total current assets | ||
| Noncurrent assets | ||
| Intangible assets, net | ||
| Finite-lived intangible assets, accumulated amortization | ||
| Long-term investments | ||
| Operating lease right-of-use assets | ||
| Other noncurrent assets | ||
| Property, plant and equipment | 10,656,000,000.00 | |
| Assets held for sale | 0.00 | 33,000,000.00 |
| Other assets (derived) | ||
| Restricted cash and equivalents | 349,000,000.00 | 227,000,000.00 |
| Total noncurrent assets | ||
| Total Assets | ||
| Liabilities | ||
| Current liabilities | ||
| Accounts payable | ||
| Accrued compensation | ||
| Current maturities of long-term debt and finance leases | ||
| Deferred revenue | ||
| Finance lease liabilities, current | 0.00 | |
| Other accrued liabilities | ||
| Other current liabilities (derived) | ||
| Total current liabilities | ||
| Noncurrent liabilities | ||
| Asset retirement obligations | ||
| Deferred revenue, noncurrent | ||
| Deferred tax liabilities | ||
| Finance lease liabilities, noncurrent | 0.00 | |
| Operating lease liabilities, noncurrent | ||
| Other noncurrent liabilities | ||
| Debt, including current maturities | 7,342,000,000.00 | 8,110,000,000.00 |
| Other liabilities (derived) | ||
| Total noncurrent liabilities | ||
| Total Liabilities | ||
| Equity | ||
| Preferred stock | ||
| Preferred stock, par value per share | ||
| Preferred stock, shares authorized | ||
| Preferred stock, shares issued | ||
| Accumulated other comprehensive income (loss) | - | |
| Additional paid-in capital | ||
| Common stock | ||
| Common stock, par value per share | ||
| Common stock, shares authorized | ||
| Common stock, shares issued | ||
| Common stock, shares outstanding | ||
| Retained earnings (accumulated deficit) | ||
| Treasury stock, at cost | - | - |
| Treasury stock, common shares held | ||
| Total Equity | ||
| Total liabilities and equity | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | - | - |
| Depreciation and amortization | ||
| Stock-based compensation | ||
| Deferred income taxes | - | - |
| Change in prepaid expenses and other assets | - | |
| Change in contract liabilities | - | |
| Changes in operating assets and liabilities, net | - | |
| Net cash from operating activities | - | |
| Investing activities | ||
| Payments for (proceeds from) other investing activities | - | - |
| Purchases of available-for-sale securities | - | - |
| Proceeds from sales of available-for-sale securities | ||
| Other investing activities (derived) | - | - |
| Net cash from investing activities | - | |
| Financing activities | ||
| Proceeds from issuance of common stock | ||
| Proceeds from (payments for) other financing activities | ||
| Other financing activities (derived) | - | |
| Net cash from financing activities | - | |
| Net change in cash | ||
| Cash at beginning of period | 1,317,000,000.00 | |
| Cash at end of period | 2,148,000,000.00 | |
| Supplemental cash flow information | ||
| Cash paid for interest | ||
| Cash paid for income taxes | - | |
| Cash paid for income taxes, federal | - | 0.00 |
| Common stock | Additional paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive income (loss) | Treasury stock, at cost | Total | |
|---|---|---|---|---|---|---|
| Balance at beginning of prior year | 5,000,000.00 | 3,221,000,000.00 | 2,114,000,000.00 | -4,000,000.00 | -1,999,000,000.00 | 3,337,000,000.00 |
| Net income | - | - | ||||
| Other equity movements | 0.00 | 99,000,000.00 | 0.00 | 6,000,000.00 | -6,000,000.00 | 99,000,000.00 |
| Balance at December 31, 2024 | - | |||||
| Net income | - | - | ||||
| Other equity movements | 0.00 | 92,000,000.00 | 0.00 | -3,000,000.00 | -8,000,000.00 | 81,000,000.00 |
| Balance at December 31, 2025 | - | - |
JetBlue Airways Corporation is a public reporting company classified under Air Transportation, Scheduled, and its principal products, services, markets, and strategy are described in its prior SEC filings. The accompanying interim condensed financial statements are unaudited, have been prepared from the Company's connected books, and the results for the period are not necessarily indicative of the results to be expected for a full year. Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services, following the five-step model of ASC 606, Revenue from Contracts with Customers. For the period ended December 31, 2025, revenue was $9,062 million compared with $9,279 million in the prior period, a decrease of 2.3%. Revenue recognized from contract liabilities during the period was $1,100 million. Current deferred revenue increased to $1,669 million from $1,572 million, and noncurrent deferred revenue increased to $704 million from $653 million. Income taxes are accounted for under the asset and liability method, with deferred tax assets and liabilities recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized when it is more likely than not that some portion of the deferred tax assets will not be realized. The Company recorded an income tax benefit of $172 million for the period compared with a benefit of $102 million in the prior period, and the effective tax rate was 22.3%, with a valuation allowance of $133 million recorded against gross deferred tax assets of $2,189 million.
Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. The Company reported a net loss of $602 million for the period ended December 31, 2025, and weighted-average basic shares outstanding were 362,100,000, resulting in a basic loss per share of $1.66. Diluted loss per share was also $1.66, as there was no dilutive share adjustment and 7,400,000 antidilutive shares were excluded from the computation.
Debt, including current maturities, totaled $7,342 million at December 31, 2025, compared with $8,110 million in the prior period, a decrease of 9.5%, while current maturities of long-term debt and finance leases increased to $769 million from $392 million. Total long-term debt principal of $8,498 million matures as follows: $755 million within one year, $411 million in year two, $516 million in year three, $1,768 million in year four, $589 million in year five, and $4,459 million thereafter. Nonoperating interest expense for the period was $588 million. Finance lease liabilities of $79 million current and $370 million noncurrent were recognized at period end, with no comparable balances in the prior period. Operating lease right-of-use assets increased to $868 million from $550 million, and noncurrent operating lease liabilities increased to $839 million from $510 million. Undiscounted operating lease payments total $1,488 million, consisting of $139 million within one year, $128 million in year two, $110 million in year three, $89 million in year four, $84 million in year five, and $938 million thereafter, less imputed interest of $570 million, for a present value of operating lease liabilities of $918 million. The weighted average remaining lease term was 14 years and the weighted average discount rate was 7.0%. Total lease cost for the period was $755 million, comprising operating lease cost of $133 million and variable lease cost of $594 million; cash paid for amounts included in the measurement of operating lease liabilities was $155 million, and right-of-use assets obtained in exchange for operating lease liabilities were $417 million. Total liabilities at December 31, 2025 were $14,450 million.
Total stockholders' equity was $2,120 million at December 31, 2025. Common stock remained at $5 million, additional paid-in capital increased to $3,412 million from $3,320 million, and retained earnings decreased to $717 million from $1,319 million. Accumulated other comprehensive loss was $1 million compared with accumulated other comprehensive income of $2 million in the prior period, and treasury stock, at cost, was $2,013 million compared with $2,005 million. Share-based compensation expense was $40 million for the period compared with $39 million in the prior period. The Company is involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements.
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the applicable rules and regulations of the Securities and Exchange Commission. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented.
The financial statements include the accounts of the Company and its consolidated subsidiaries, if any. All intercompany balances and transactions have been eliminated in consolidation.
The allowance for credit losses reflects expected credit losses over the contractual life of the in-scope financial assets, measured considering historical loss experience, current conditions, and reasonable and supportable forecasts, and is presented as a deduction from the amortized cost basis of the related assets.
Inventories are stated at the lower of cost and net realizable value.
Receivables are recorded at the amounts contractually due from customers and other counterparties, net of any allowance for amounts not expected to be collected.
Property and equipment are stated at cost less accumulated depreciation. Depreciation is recognized over the estimated useful lives of the related assets, generally on a straight-line basis. Expenditures for maintenance and repairs are expensed as incurred.
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. When the carrying amount of an asset or asset group is not recoverable, an impairment loss is recognized for the amount by which the carrying amount exceeds fair value.
The Company determines whether an arrangement is or contains a lease at inception. For leases with terms greater than twelve months, a right-of-use asset and a corresponding lease liability are recognized at the lease commencement date, measured at the present value of the remaining lease payments over the lease term.
Debt is carried at amortized cost. Debt issuance costs and discounts or premiums are presented as an adjustment to the carrying amount of the related debt and amortized to interest expense over the contractual term of the debt.
Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services, following the five-step model of ASC 606, Revenue from Contracts with Customers.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized when it is more likely than not that some portion of the deferred tax assets will not be realized.
Share-based compensation is measured at the grant-date fair value of the award and recognized as expense over the requisite service period of the award.
Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock, except when the effect would be antidilutive.
Advertising and marketing costs are expensed as incurred and are included in operating expenses in the statements of operations.
Equity instruments issued by the Company are classified in stockholders' equity based on their terms. The components of stockholders' equity and the changes in those components for the periods presented are set forth in the equity note.
The Company evaluates the applicability and impact of Accounting Standards Updates issued by the Financial Accounting Standards Board as they are issued. Adopted updates and updates not yet effective are not expected to have a material effect on the financial statements, except as otherwise described in these notes.
| Current | Prior | |
|---|---|---|
| Current maturities of long-term debt and finance leases | ||
| Debt, including current maturities | 7,342,000,000.00 | 8,110,000,000.00 |
| Finance lease liabilities, current | 0.00 | |
| Finance lease liabilities, noncurrent | 0.00 | |
| Operating lease liabilities, noncurrent | ||
| Total debt | 9,399,000,000.00 | 9,012,000,000.00 |
| Amount | |
|---|---|
| Within one year | |
| Year two | |
| Year three | |
| Year four | |
| Year five | |
| Thereafter | |
| Total long-term debt principal |
| Current | Prior | |
|---|---|---|
| Property, plant and equipment | ||
| Total property and equipment | 11,191,000,000.00 | 10,656,000,000.00 |
| Current | Prior | |
|---|---|---|
| Net carrying amount | 415,000,000.00 | 399,000,000.00 |
| Current | Prior | |
|---|---|---|
| Accumulated other comprehensive income (loss) | - | |
| Additional paid-in capital | ||
| Common stock | ||
| Retained earnings (accumulated deficit) | ||
| Treasury stock, at cost | - | - |
| Total stockholders' equity | 2,120,000,000.00 | 2,641,000,000.00 |
| Current | Prior | |
|---|---|---|
| Weighted average shares outstanding, basic | ||
| Dilutive effect of potential common shares | ||
| Weighted average shares outstanding, diluted | ||
| Basic earnings per share | -1.66 | -2.30 |
| Diluted earnings per share | - | - |
| Antidilutive securities excluded from diluted EPS |
| Amount | |
|---|---|
| Within one year | |
| Year two | |
| Year three | |
| Year four | |
| Year five | |
| Thereafter | |
| Total undiscounted lease payments | |
| Less imputed interest | |
| Present value of operating lease liabilities | |
| Weighted average remaining lease term (years) | |
| Weighted average discount rate |
| Current | Prior | |
|---|---|---|
| Operating lease cost | ||
| Variable lease cost | ||
| Total lease cost | ||
| Cash paid for amounts included in the measurement of operating lease liabilities | ||
| Right-of-use assets obtained in exchange for operating lease liabilities |
| Current | Prior | |
|---|---|---|
| Current federal | ||
| Current state and local | ||
| Current foreign | ||
| Total current | ||
| Deferred federal | ( | ( |
| Deferred state and local | ( | ( |
| Deferred foreign | ||
| Total deferred | ( | ( |
| Total income tax expense (benefit) | (172,000,000.00) | (102,000,000.00) |
| Current | Prior | |
|---|---|---|
| Tax at federal statutory rate | ( | ( |
| Federal statutory rate | ||
| State and local taxes | ( | |
| Valuation allowance change | ||
| Nondeductible expense | ||
| Nondeductible expense rate | ( | ( |
| Effective tax rate |
| Current | Prior | |
|---|---|---|
| Deferred tax assets, gross | ||
| Operating loss carryforwards | ||
| Other deferred tax assets | ||
| Valuation allowance | ||
| Deferred tax assets, net | ||
| Capital loss carryforwards | ||
| Deferred income | ||
| Foreign tax credit carryforwards | ||
| Employee benefits | ||
| In-process research and development | ||
| Other tax credit carryforwards | ||
| Interest carryforward | ||
| Deferred rent | ||
| Operating loss carryforwards, pre-tax | ||
| Deferred tax liabilities | ||
| Deferred income tax liabilities | ||
| Property and equipment | ||
| Other deferred tax liabilities | ||
| Leasing arrangements |
| Current | Prior | |
|---|---|---|
| Balance at beginning of period | 25,000,000.00 | |
| Increases for current period tax positions | ||
| Increases for prior period tax positions | ||
| Decreases for prior period tax positions | ||
| Decreases from settlements with taxing authorities | ||
| Balance at end of period | 31,000,000.00 |
| Amount | |
|---|---|
| Portion that would impact the effective tax rate |
| Current | Prior | |
|---|---|---|
| Total share-based compensation expense |
| Current | Prior | |
|---|---|---|
| Revenue recognized that was included in contract liabilities at the beginning of the period |
| Current | Prior | |
|---|---|---|
| Total costs and expenses | 9,430,000,000.00 | 9,963,000,000.00 |
| Depreciation and amortization | 688,000,000.00 | 655,000,000.00 |
| Interest expense, nonoperating | ||
| Other nonoperating income (expense), net |
Management is responsible for establishing and maintaining adequate internal control over financial reporting and for assessing its effectiveness as of the end of the fiscal year. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level. [COMPLETE: management to review and formally adopt the foregoing conclusion language, including the specific identification of the Principal Financial Officer and confirmation that the evaluation was performed as of December 31, 2025, prior to filing.] [COMPLETE: identification of the Principal Executive Officer and Principal Financial Officer who participated in and supervised the evaluation.]
No changes materially affected internal control over financial reporting during the quarter. [COMPLETE: management's report on internal control over financial reporting as of December 31, 2025, including the framework used to assess effectiveness and the conclusion reached.] [COMPLETE: statement regarding the attestation report of the independent registered public accounting firm on internal control over financial reporting, if applicable.]
Any system of controls, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that its objectives will be met, and no evaluation of controls can provide absolute assurance that all control issues have been detected. Accordingly, our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives, and management applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
We operate a scheduled air transportation business that depends on the continuous availability, integrity, and security of information technology systems and the data they process, and we treat cybersecurity as a core component of our overall risk management. JETBLUE AIRWAYS CORP is a public reporting company classified under Air Transportation, Scheduled. Our cybersecurity risk management program is designed to identify, assess, and manage material risks from cybersecurity threats to our operations, customer and crewmember data, and business partners. [COMPLETE: description of the cybersecurity risk management program, including the frameworks or standards referenced, risk assessment and monitoring processes, use of third-party assessors or consultants, incident response and recovery planning, and how cybersecurity risk is integrated into the company's broader enterprise risk management processes.] Our reliance on third-party systems and partners has continued to expand as we broaden our commercial relationships. EvenMore is now selling via global distribution systems, providing customers more opportunities to book our premium economy offering on a single ticket through travel agents and online travel agencies. We announced our collaboration with United Airlines, which is structured to give customers of both airlines even more options to find flights that fit their plans as well as new opportunities to earn and use MileagePlus miles and TrueBlue points across both airlines. In October 2025, customers became eligible to earn and redeem points across both JetBlue Airways and United Airlines loyalty programs, and we are also now able to reaccommodate customers across either airline in the event of a real-time cancellation or schedule change. [COMPLETE: description of processes used to oversee and identify cybersecurity risks associated with third-party service providers, distribution partners, and airline partners, including diligence, contractual requirements, and ongoing monitoring.]
Oversight of cybersecurity risk is a shared responsibility of our Board of Directors and management. [COMPLETE: identification of the Board committee, if any, responsible for oversight of cybersecurity risk, the frequency and content of reporting to the Board or committee, and the process by which the Board or committee is informed of and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents.] [COMPLETE: identification of the management positions or committees responsible for assessing and managing cybersecurity risk, including the relevant experience and expertise of such persons, the processes by which they are informed about and monitor cybersecurity incidents, and how such information is escalated to the Board.] [COMPLETE: statement regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect the company, its business strategy, results of operations, or financial condition.] Notwithstanding our efforts, we cannot guarantee that our security measures will prevent all cybersecurity incidents, and we will continue to evaluate and enhance our program as threats evolve. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected internal control over financial reporting during the quarter.
The Item 408(a) Rule 10b5-1 trading arrangement disclosure renders here from the guided trading arrangement intake on this page. Complete the intake to state whether any director or officer adopted or terminated a trading arrangement during the fourth fiscal quarter. Author any other Item 9B disclosure in this section as well.
JetBlue Airways Corporation is a public reporting company classified under Air Transportation, Scheduled, and the information required by Item 10 regarding our directors and executive officers is set forth below. Our board of directors includes Joanna Geraghty, who also serves as our Chief Executive Officer, together with Vivek Sharma, Thomas Winkelmann and Jesse Lynn. Our executive officers are Joanna Geraghty, Chief Executive Officer; Martin J. St George, President; Ursula L. Hurley, Chief Financial Officer; Warren Christie, Chief Operating Officer; Carol Ann Clements, Chief Digital & Technology Officer; Dawn Southerton, Principal Accounting Officer; and Eileen P. McCarthy, General Counsel and Corporate Secretary. [COMPLETE: ages, business experience for the past five years, other public company directorships, board committee membership and audit committee financial expert designation, code of ethics disclosure and website location, and any material changes to the procedures by which security holders may recommend nominees to the board of directors.] Based solely on a review of the reports filed under Section 16(a) of the Exchange Act and written representations, the Company believes that all Section 16(a) reports required of its directors, executive officers and greater than ten percent beneficial owners for fiscal year 2025 were timely filed. Our review of computed Item 405 data for fiscal year 2025 identified no late or unfiled Section 16(a) reports, and [COMPLETE: counsel confirmation of Form 3 timeliness for insiders whose became-insider dates are not reflected in the compliance records].
The information required by Item 11 regarding executive compensation is as follows: [COMPLETE: compensation discussion and analysis, summary compensation table, grants of plan-based awards, outstanding equity awards at fiscal year-end, option exercises and stock vested, pension benefits, nonqualified deferred compensation, potential payments upon termination or change in control, pay ratio, pay versus performance, director compensation, compensation committee interlocks and insider participation, and the compensation committee report]. The information required by Item 12 regarding security ownership of certain beneficial owners and management is as follows: [COMPLETE: beneficial ownership table for each director, named executive officer and all directors and executive officers as a group, and each holder of more than five percent of our common stock, as of the record date, together with the equity compensation plan information table showing securities to be issued upon exercise of outstanding awards, weighted-average exercise price, and securities remaining available for future issuance under plans approved and not approved by security holders].
The information required by Item 13 regarding certain relationships and related transactions and director independence is as follows: [COMPLETE: description of any transaction since the beginning of fiscal year 2025 exceeding $120,000 in which a related person had a direct or indirect material interest, the Company's policies and procedures for review, approval or ratification of related person transactions, and the board's determination of director independence under applicable listing standards, including identification of independent directors and committee members.] The information required by Item 14 regarding principal accountant fees and services is as follows: [COMPLETE: name and location of the independent registered public accounting firm; audit fees, audit-related fees, tax fees and all other fees billed for fiscal years 2025 and 2024; and the audit committee's pre-approval policies and procedures, including the percentage of services approved under those policies].