JetBlue's QQ2 2025 results show a modest top-line expansion on a quarterly basis but a negative bottom-line, driven by high other expenses and a still-elevated interest burden. Revenue of $2.356 billion rose 10.1% QoQ but declined 2.97% YoY; gross profit reached $1.115 billion with a robust gross margin of approximately 47.3%, yet the company reported a net loss of $74 million and an EPS of −$0.20. Operating income was a slim $6 million, leaving EBITDA at $221 million and an EBITDAR margin of about 9.4%. The quarter benefited from stronger unit economics on a QoQ basis, but the negative net income underscores the ongoing earnings quality challenge, including a sizable drag from other expenses and fixed financing costs.
On the balance sheet, JetBlue carries a high leverage profile, with total debt of roughly $9.415 billion and cash & cash equivalents around $2.135 billion, and total current assets of about $3.807 billion against current liabilities of roughly $4.319 billion, implying a current ratio of 0.88. Free cash flow was negative at about −$234 million, and cumulative cash burn from operating activities stood at −$115 million for the period, despite capex of ~$119 million and a positive investing activity outcome on some investments. Net debt remains elevated, limiting near-term liquidity flexibility, even as cash and short-term investments provide a cushion.
Management commentary (where disclosed) emphasized ongoing network expansion and fleet utilization initiatives, alongside a continued push to improve efficiency and leverage the American Airlines partnership to enhance connectivity and schedule reliability. Investors should monitor progress toward deleveraging, stabilization of operating costs, and any incremental improvements in load factors and yield that could unlock a path to earnings expansion over the balance of 2025.