JetBlue Airways (0JOT.L) Q1 2025 Earnings Report

- QQ1 2025 Revenue and Margin: JetBlue reported revenue of $2.14 billion for the quarter, with gross profit of $908 million and a gross margin of 42.4%. The quarter delivered an EBITDA of $42 million but posted an operating loss of $174 million and a net loss of $208 million, or $-0.59 per share on a diluted basis. Revenue was down year over year by 3.12% and down sequentially by 6.02%. These results illustrate a revenue base that is stabilizing in a recovering industry but profitability remains constrained by elevated fixed costs and non-operating charges.
- Cash flow and liquidity: Operating cash flow was $114 million in QQ1 2025, with capital expenditures of $177 million and free cash flow of approximately $-63 million. The company ends the period with cash and cash equivalents totaling about $2.53 billion and total debt of roughly $9.41 billion, yielding a net debt position around $7.12 billion. The balance sheet shows a current ratio near 1.01, indicating limited cushion for near-term liquidity amid ongoing deleveraging needs.
- Leverage and profitability challenges: Key profitability metrics remained negative in the quarter (net income negative; operating margin around -8.1%) while leverage remains high (debt ratio ~0.55; debt-to-equity ~3.85). Interest expense and other non-cash or one-off items contributed to the earnings mix, underscoring the need for sustained capacity discipline, cost controls, and/or structural revenue gains to achieve meaningful earnings power.
- Management commentary and transcript access: The provided dataset includes an earnings transcript field but contains no transcript content. As a result, direct management quotes or themes from the QQ1 2025 call could not be incorporated. The analysis relies on reported figures and inferred implications for investors given the current macro and industry backdrop.