Executive Summary
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.
Key Performance Indicators
QoQ: 22.80% | YoY:653.38%
QoQ: 103.45% | YoY:-90.16%
QoQ: 64.42% | YoY:-396.00%
QoQ: 66.10% | YoY:-376.24%
Key Insights
Revenue: 2.356B; YoY change: -2.97%; QoQ change: +10.09%
Gross Profit: 1.115B; Gross margin: 47.33%; YoY gross profit change: +653.38% (facility/mix effects implied in data); QoQ change: +22.80%
Operating Income: 6.0M; Operating margin: 0.26%; YoY change: -90.16%; QoQ change: +103.45%
Net Income: -74.0M; Net margin: -3.14%; YoY change: -396.00%; QoQ change: +64.42%
EPS (Diluted): -0.20; YoY: -376.24%; QoQ: +66.10%
EBITDA: 221.0M; EBITDARatio: 9.38%
Free Cash Flow: -$234.0M; Operating Cash Flow: ...
Financial Highlights
Revenue: 2.356B; YoY change: -2.97%; QoQ change: +10.09%
Gross Profit: 1.115B; Gross margin: 47.33%; YoY gross profit change: +653.38% (facility/mix effects implied in data); QoQ change: +22.80%
Operating Income: 6.0M; Operating margin: 0.26%; YoY change: -90.16%; QoQ change: +103.45%
Net Income: -74.0M; Net margin: -3.14%; YoY change: -396.00%; QoQ change: +64.42%
EPS (Diluted): -0.20; YoY: -376.24%; QoQ: +66.10%
EBITDA: 221.0M; EBITDARatio: 9.38%
Free Cash Flow: -$234.0M; Operating Cash Flow: -$115.0M
Cash and cash equivalents: ~$2.135B; Short-term investments: ~$0.929B; Total cash & equivalents incl. ST investments: ~$3.064B
Total debt: ~$9.415B; Net debt: ~$9.415B; Total assets: ~$16.903B; Total liabilities: ~$14.495B; Total stockholders’ equity: ~$2.408B
Current ratio: 0.881; Quick ratio: 0.881; Cash ratio: 0.494
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
2.36B |
-2.97% |
10.09% |
| Gross Profit |
1.12B |
653.38% |
22.80% |
| Operating Income |
6.00M |
-90.16% |
103.45% |
| Net Income |
-74.00M |
-396.00% |
64.42% |
| EPS |
-0.20 |
-376.24% |
66.10% |
Key Financial Ratios
operatingProfitMargin
0.26%
operatingCashFlowPerShare
$-0.32
freeCashFlowPerShare
$-0.65
Management Commentary
Transcript data not provided. No earnings-call quotes are available in the provided dataset to extract management commentary verbatim. When transcript data are available, highlights would typically cover themes such as cost discipline, capacity deployment, yield management, partnership execution with American Airlines, fleet optimization, and progress toward deleveraging. As a next step, incorporating verbatim quotes and management nuance (guidance, contingency plans, and Q&A takeaways) will improve the thematic map.
Forward Guidance
Given the absence of explicit quarterly or full-year guidance in the provided data, the forward view relies on the quantitative trajectory and sector context. Key potential catalysts include: (1) leveraging the American Airlines partnership to improve network connectivity, load factors, and ancillary revenue; (2) stabilization or improvement in unit costs through fleet utilization and efficiency initiatives; (3) capacity growth aligned with demand recovery in domestic and Caribbean markets; (4) debt refinancing or deleveraging opportunities to reduce interest expense and improve liquidity. Baseline assumption: modest improvement in revenue per available seat mile (RASM) and unit cost containment could push operating margins back toward the low single digits; sustained negative net income would require either cost reductions or revenue outperformance to reach breakeven in the near term. Investors should monitor: (i) quarterly operating cash flow inflection, (ii) any progress on debt maturities or refinancing, (iii) changes in working capital dynamics, and (iv) load factors and yield trends as travel demand normalizes.