At a glance
JetBlue Airways Corp is worth $1.08B. Revenue fell 2.3% to $9.06B in fiscal 2025, at a loss; over 5 years it has grown 25.1% a year. It pays no dividend. The stock returned −31.5% over the past year with dividends reinvested and −27.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 67.1% in the 2020 crash (S&P 500: 33.7%) and 60.6% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
JetBlue Airways is a New York-based airline. As of December 31, 2025, it served 112 destinations in the US, the Caribbean and Latin America, Canada and Europe, with about 23,000 employees. It mostly flies point to point, which means direct trips between cities rather than connections through one giant hub. About 95% of its routes touch at least one of six focus cities: the New York area, Boston, Fort Lauderdale-Hollywood, Orlando, Los Angeles and San Juan.
Ticket sales drive the business. In fiscal 2025, passenger revenue was $8.34 billion, or 92% of the $9.06 billion total, and other revenue made up the remaining 8%. Customers pick from three experiences. The standard core cabin is sold at four fare levels, from Blue Basic to Blue Extra. EvenMore adds extra legroom and perks. Mint is a lie-flat premium seat on select longer routes. JetBlue also runs the TrueBlue loyalty program and sells vacation packages through its Paisly subsidiary.
By region, domestic and Canadian flights brought in 60.2% of fiscal 2025 revenue, the Caribbean and Latin America 34.6%, and transatlantic routes 5.2%. In May 2025, JetBlue announced Blue Sky, a partnership with United Airlines that lets customers earn and use points in both airlines' loyalty programs.
Price history
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JBLU -31.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Passenger | $8.34B | 92% |
| Other | $726.0M | 8% |
By geography
| Domestic & Canada | $5.45B | 60.2% |
| Caribbean & Latin America | $3.14B | 34.6% |
| Atlantic | $471.0M | 5.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.81B, up 21.1% from a year earlier, and net income was $-257.0M.
- For fiscal 2025, revenue was $9.06B (-2.3% year over year; +25.1% a year from FY2020 to FY2025) with a -6.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.1% good |
|---|---|
| Operating margin | -4.1% weak |
| Free cash flow margin | -12.9% weak |
| Return on equity (FY2025) | -28.4% weak |
| Return on assets (FY2025) | -3.6% weak |
| Net cash (cash minus debt) | $-6.77B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.96B | $-1.35B | $-1.40B |
| FY2021 | $6.04B | $-182.0M | $735.0M |
| FY2022 | $9.16B | $-362.0M | $-388.0M |
| FY2023 | $9.62B | $-310.0M | $-728.0M |
| FY2024 | $9.28B | $-795.0M | $-1.33B |
| FY2025 | $9.06B | $-602.0M | $-1.17B |
Valuation snapshot
| Market value | $1.08B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
JetBlue Airways’s market value went from $7.26B at the end of 2016 to $1.08B on Oct 28, 2026, down 85%; since the end of 2025 it is down 35%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.08B | -35.0% |
| 2025 | $1.65B | -39.3% |
| 2024 | $2.73B | +47.4% |
| 2023 | $1.85B | -11.9% |
| 2022 | $2.10B | -53.7% |
| 2021 | $4.53B | +14.3% |
| 2020 | $3.96B | -26.7% |
| 2019 | $5.40B | +10.4% |
| 2018 | $4.89B | -31.7% |
| 2017 | $7.16B | -1.3% |
| 2016 | $7.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| JBLU price data to Oct 28, 2026 | -37.4% | -31.5% | -11.6% | -27.4% | -16.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -37.4% |
| 2025 | -42.1% |
| 2024 | +41.6% |
| 2023 | -14.3% |
| 2022 | -54.5% |
| 2021 | -2.1% |
| 2020 | -22.3% |
| 2019 | +16.6% |
| 2018 | -28.1% |
| 2017 | -0.4% |
| 2016 | -1.0% |
| 2015 | +42.8% |
| 2014 | +85.7% |
| 2013 | +49.3% |
| 2012 | +10.0% |
| 2011 | -21.3% |
| 2010 | +21.3% |
| 2009 | -23.2% |
| 2008 | +20.3% |
| 2007 | -58.5% |
| 2006 | -7.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 67% over that stretch · deepest drop along the way 70%, back to its old high 62.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 67% over that stretch · deepest drop along the way 67.1%, back to its old high 11.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 56% over that stretch · deepest drop along the way 60.6%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 1 open-market purchases ($300K) and 12 sales ($918K), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 30, 2026 | Ursula L Hurley Chief Financial Officer | sell (plan) | $427K |
| Oct 29, 2026 | Peter Boneparth Director | buy | $300K |
| May 28, 2026 | Vivek Sharma Director | sell | $143K |
| May 1, 2026 | Thomas Winkelmann Director | sell | $104K |
| May 4, 2026 | Dawn Southerton Principal Accounting Officer | sell | $91K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.8% | Sep 30, 2025 |
| Galkin Vladimir | 10% | May 3, 2026 |
| FMR LLC | 0.4% | Jun 30, 2025 |
ETFs with the most weight in JBLU
| JETS U.S. Global Jets ETF | 2.34% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.6% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.58% |
| NIXT Research Affiliates Deletions ETF | 0.53% |
| WCEO Hypatia Women CEO ETF | 0.43% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.42% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.3% |
| OASC OneAscent Small Cap Core ETF | 0.26% |
What could go wrong
- Heavy reliance on New York and JFK. JetBlue's business is highly dependent on the New York area. More competition, airport congestion or weaker travel demand there, or government cuts to its flights at JFK, could hurt the whole airline.
- Large debt load and loan conditions. As of September 30, 2026, JetBlue had $8.4 billion of debt and $1.6 billion of cash and investments. Breaking loan conditions, called covenants, could trigger a default, and it may need more financing.
- JetForward plan may fall short. JetForward, the strategic plan announced in July 2024, rests on assumptions about demand, fuel, aircraft deliveries and labor. The Blue Sky partnership with United adds systems and regulatory risks and may underdeliver.
- Rising labor and union costs. Pilots, flight instructors and inflight crew are unionized, which has raised labor costs. More unionization, strikes or slowdowns are possible, and wage and benefit costs rise as the workforce ages.
- Tight schedules magnify delays. JetBlue flies its planes many hours a day to keep costs low. That leaves little slack, so weather, air traffic control shortages or trouble at a focus city can snowball into cancellations.
- Volatile fuel prices. JetBlue depends on a steady supply of jet fuel, and the price of that fuel swings widely. The 10-K says airline returns are sensitive to even slight changes in fuel prices.
Recent events
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
JetBlue pays no dividend and paid none from fiscal 2021 through fiscal 2025, so it provides no income. For an income investor, any return has to come from a rising share price. It bought back $160 million of stock in fiscal 2020 and none in the five years after. Meanwhile its share count rose 17.9% between January 2022 and September 2026, which shrinks each owner's slice of the company. Free cash flow is the cash left after operating costs and capital spending. It was negative $1.17 billion in fiscal 2025.
Past downturns hit the stock hard. It dropped 70% in the 2008 financial crisis and took about 63 months to recover. It lost 67% in the 2020 COVID crash and recovered in about 12 months. In the 2022 bear market it fell 61% and had not regained its February 2022 high as of October 28, 2026. Single stocks carry more risk than diversified funds, especially airlines, whose results swing with the economy.
Questions investors ask
How does JetBlue make money?
Mostly by selling airline tickets. In fiscal 2025, passenger revenue was $8.34 billion, or 92% of JetBlue's $9.06 billion total, and other revenue made up the remaining 8%. Domestic and Canadian flights produced 60.2% of revenue, the Caribbean and Latin America 34.6%, and transatlantic routes 5.2%. Beyond the standard cabin, customers can pay more for EvenMore seats with extra legroom or for Mint, a lie-flat premium seat. JetBlue also sells vacation packages through its Paisly subsidiary.
Does JetBlue pay a dividend?
No. JetBlue paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 28, 2026. It also bought back no shares in those years. The company had a net loss every year from fiscal 2020 through fiscal 2025, and its free cash flow was negative $1.17 billion in fiscal 2025, so it has had no spare cash to hand back. The stock may not suit investors who need regular income.
Is JetBlue profitable?
No. JetBlue has reported a net loss every year from fiscal 2020 through fiscal 2025. In fiscal 2025 it lost $602 million, or $1.66 per share, on $9.06 billion of revenue. That followed a $795 million loss in fiscal 2024. In the quarter ended September 30, 2026, revenue rose 21.1% from a year earlier to $2.81 billion, but the company still lost $257 million.
How much debt does JetBlue have?
JetBlue had $8.39 billion of total debt as of September 30, 2026, and $1.63 billion of cash and investments, which leaves about $6.77 billion of net debt. Shareholders' equity was $1.34 billion. That is the accounting value left after subtracting liabilities from assets. By comparison, all its shares together were worth about $1.08 billion on October 28, 2026. The 10-K warns that its debt comes with covenants (loan conditions) and that it may seek more financing.
How has JetBlue stock performed over time?
It has lost value over most long periods. As of October 28, 2026, the share price was down 31.5% over one year, a cumulative 80% over five years and 83% over ten years. It fell 37.4% from the start of 2026 through that date, after a 42.1% drop in 2025 and a 41.6% gain in 2024. Its one-year beta of 2.17 means it has moved about twice as much as the overall market.