JetBlue: 2024 revenue initiatives achieved $395 million

“2024 was a year of rapid change for JetBlue as we introduced our refocused strategy, JetForward, setting us on a path to get back to profitability,” said Joanna Geraghty, Chief Executive Officer, JetBlue. “We finished the year strong, exceeding both revenue and cost expectations with operational reliability delivering for our customers throughout the holiday season. I am proud of our crewmembers for navigating an immense amount of change and continuing to deliver exceptional service for our customers and our shareholders.”

“Looking ahead to 2025, we are laser-focused on executing JetForward and building on the momentum from 2024. While this year will not come without its challenges, our strategy is in place to tackle those obstacles head-on. With a healthy revenue backdrop, continued cost control and incremental earnings from JetForward, we believe we are well-positioned to deliver on our goal of achieving a positive operating margin for the full year.”

JetForward contributed $90m. to EBIT¹ in 2024, on-track to hit $800 – $900m. target through 2027

• 2024 revenue initiatives achieved $395 million of top-line benefit, exceeding our $300 million target by $95 million. This contributed $90 million of EBIT¹ to the JetForward program in 2024, which was originally forecasted to be realized in 2025.
• Reliable & Caring Service
  • On-time performance improved by six points and customer satisfaction scores improved nearly ten points in 2024 versus 2023.
  • Ranked 6th overall in Wall Street Journal’s 2024 Airline Rankings, a three spot improvement from last place in 2023.
• Best East Coast Leisure Network
  • Optimized ~20% of our network in 2024, with a significant portion of exits and redeploys occurring from October 2024 through January 2025.
  • Closed 15 BlueCities and launched and announced service to several new BlueCities.
• Products & Perks Customers Value
  • Delivered $90 million of incremental EBIT¹ driven by preferred seating and adding a complementary carry-on bag to our Blue Basic offering.
  • Announced plans to introduce domestic first class cabin on all non-Mint aircraft beginning in 2026.
• A Secure Financial Future
  • Successful conclusion of our structural cost program at $190 million of total program savings set the foundation for continued cost control through JetForward.
  • Deferred ~$3 billion of capital expenditures and raised over $3 billion of strategic financing in 2024.

Fourth Quarter 2024 Financial Results

• Net loss for the fourth quarter of 2024 under Generally Accepted Accounting Principles (“GAAP”) of $44 million or $(0.13) per share. Net loss, excluding special items¹, for the fourth quarter of 2024 of $72 million or $(0.21) per share.
• Fourth quarter of 2024 capacity decreased by 5.1% year-over-year.
• Operating revenue of $2.3 billion for the fourth quarter of 2024, down 2.1% year-over-year.
• Operating expense per available seat mile (“CASM”) for the fourth quarter of 2024 decreased 0.4% year-over-year.
• Operating expense per available seat mile, excluding fuel, other non-airline operating expenses, and special items (“CASM ex-Fuel”)¹ for the fourth quarter of 2024 increased 11.0% year-over-year.
• Average fuel price in the fourth quarter of 2024 of $2.47 per gallon, including hedges.

Fourth Quarter 2024 Key Highlights

• Maintained ~99% completion factor, and on-time performance improved five points year-over-year.
• Investments in fleet health supported ~45% fewer controllable cancels year-over-year.
• Awarded best economy class of U.S. airlines by The Points Guy for the fifth time, aided by improvements to the Blue Basic offering, enhanced personalization efforts and expanded service to international destinations.
• Boosted Boston transatlantic flying with the announcement of nonstop seasonal flying to Adolfo Suárez Madrid-Barajas Airport in Spain and Edinburgh Airport in Scotland, with service beginning in May 2025.
• JetBlue opened a crew base in San Juan, Puerto Rico focus city, bringing more than 400 jobs to Puerto Rico.
• Improved operating margin to 0.7% and adjusted operating margin¹ by 2.4 points year-over-year to 0.8%.
  • Fourth quarter year-over-year operating revenue per ASM increased by 3.2%, mostly driven by strong close-in demand during the November and December holiday peaks.
  • Fourth quarter year-over-year CASM ex-Fuel¹ finished 2.5 points better than our revised guidance midpoint.
• Ended the quarter with $3.9 billion in unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities (excluding our $600 million undrawn revolving credit facility).

Outlook

“We have the right initiatives in place and solid momentum headed into 2025,” said Marty St. George, President of JetBlue. “Our reliability initiatives are driving greater customer satisfaction and our network changes are in the early stages of ramp. Our efforts to expand and enhance our products and perks, including the loyalty initiatives we plan to launch in 2025, are resonating and deepening engagement with our core customers. We believe the culmination of these efforts will boost our revenue performance in 2025 to ultimately drive positive operating margin for the year.”

“We expect to reach positive operating margin in 2025 by building on the progress we made in 2024, delivering on our revenue and reliability initiatives as part of JetForward, and continuing our cost control efforts,” said Ursula Hurley, JetBlue’s chief financial officer. “I am confident we have the right team and plan in place to deliver on our goals in 2025.”

1 Non-GAAP financial measure; Note A provides a reconciliation of each non-GAAP financial measure used in this release to the most directly comparable GAAP financial measure and explains the reasons management believes that presentation of these non-GAAP financial measures provides useful information to investors regarding JetBlue’s financial condition and results of operations. In addition, refer to Note A for further details on non-GAAP forward-looking information.
2 Includes fuel taxes and other fuel fees.
3 JetBlue utilizes the forward Brent crude curve and the forward Brent crude to jet crack spread to calculate fuel price for the current quarter. Fuel price is based on forward curve as of January 10, 2025.