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JetBlue(JBLU) - 2025 Q1 - Quarterly Results
JBLUJetBlue(JBLU)2025-04-29 11:00

Financial Performance - JetBlue reported a net loss of 208millionor208 million or (0.59) per share for Q1 2025, with a non-GAAP adjusted net loss of 209millionor209 million or (0.59) per share[9]. - Operating revenue for Q1 2025 was 2.1billion,adecreaseof3.12.1 billion, a decrease of 3.1% year-over-year, while operating expenses decreased by 21.0% to 2.3 billion[9]. - Total operating revenues decreased by 3.1% to 2,140millioninQ12025from2,140 million in Q1 2025 from 2,209 million in Q1 2024[15]. - Passenger revenue declined by 4.2% to 1,969million,whileotherrevenueincreasedby10.91,969 million, while other revenue increased by 10.9% to 171 million[15]. - Total operating expenses fell by 21.0% to 2,314million,primarilyduetoan18.32,314 million, primarily due to an 18.3% reduction in aircraft fuel costs[15]. - Operating loss improved by 75.7% to (174) million compared to (719)millionintheprioryear[15].−Netlossdecreasedby70.9(719) million in the prior year[15]. - Net loss decreased by 70.9% to (208) million from (716)millionyear−over−year[15].−TheoperatingmarginforQ12025was(8.2)(716) million year-over-year[15]. - The operating margin for Q1 2025 was (8.2)%, an improvement from (32.6)% in Q1 2024[36]. - Loss per share for Q1 2025 was (0.59), a significant improvement from (2.11)inQ12024[39].−Theadjustedpre−taxmarginforQ12025was(12.7)(2.11) in Q1 2024[39]. - The adjusted pre-tax margin for Q1 2025 was (12.7)%, compared to (34.7)% in Q1 2024[36]. - The company reported a loss before income taxes of 271 million for Q1 2025, improved from a loss of 767millioninQ12024[36].−TheadjustedoperatingmarginforQ12025was(8.2)767 million in Q1 2024[36]. - The adjusted operating margin for Q1 2025 was (8.2)%, compared to (7.1)% in Q1 2024[36]. - The loss before income taxes excluding special items and gains/losses on investments was 272 million for Q1 2025, compared to 183millioninQ12024[36].OperationalMetrics−Year−over−yearunitrevenueincreasedby1.3183 million in Q1 2024[36]. Operational Metrics - Year-over-year unit revenue increased by 1.3%, and premium, international, and loyalty segments showed resilience, with loyalty revenue up 9% year-over-year[9]. - Operating expense per available seat mile (CASM) decreased by 17.4% year-over-year, while CASM ex-fuel increased by 8.3% year-over-year[9]. - JetBlue's system capacity decreased by 4.3% year-over-year, reflecting proactive capacity management in response to demand fluctuations[9]. - Revenue passengers decreased by 3.3% to 9,264 thousand, while revenue passenger miles (RPMs) fell by 3.1% to 12,601 million[17]. - Operating expense per available seat mile (ASM) improved by 17.4% to 14.83 cents, while operating expense per ASM excluding fuel increased by 8.3% to 11.45 cents[31]. Liquidity and Assets - The company ended Q1 2025 with 3.8 billion in liquidity, representing 41% of trailing twelve-month revenue[9]. - JetBlue has over 5billioninunencumberedassets,primarilyconsistingofaircraft,engines,andslots,gates,androutes[5].−Cashandcashequivalentsincreasedto5 billion in unencumbered assets, primarily consisting of aircraft, engines, and slots, gates, and routes[5]. - Cash and cash equivalents increased to 2,297 million from 1,921millionattheendof2024[19].−Totaldebtslightlydecreasedto1,921 million at the end of 2024[19]. - Total debt slightly decreased to 8,474 million from $8,539 million[19]. Strategic Initiatives - The company launched enhancements to its EvenMore product, adding amenities such as dedicated overhead bin space and free alcohol[6]. - JetBlue's JetForward strategy has led to a four-point year-over-year improvement in on-time performance and a double-digit increase in Net Promoter Score[6]. - The company anticipates a continued softened demand for off-peak travel into Q2 2025, with estimated RASM year-over-year decline of 7.5% to 3.5%[10].