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As of December 31, 2025, JetBlue served 112 destinations across the United States, the Caribbean and Latin America, Canada and Europe. JetBlue was incorporated in Delaware in August 1998 and commenced service on February 11, 2000.
The business is unprofitable at the operating level (-4.06% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 2.3% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$1.17B. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$9.16B
▼ -2.3% YoY
Net Income (TTM)
-$713M
▲ +24.3% YoY
Op. Margin
-4.56%
▲ +3.3pp YoY
ROIC
-2.65%
▲ +2.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1.12B
▲ +12.1% YoY
Op. Cash Flow (TTM)
-$88M
▼ -165.3% YoY
Net Debt
$8.34B
Cash & Equiv.
$2.17B
5Y CAGR: +25.1%
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