JBLU Q1 2025 Earnings

Call Details

• Call Title: JetBlue Airways Corporation Q1 2025 Earnings Call
• Date: April 29, 2025 at 2:00 PM UTC
• Management Team:
  • Koosh Patel (Director of Investor Relations)
  • Joanna Geraghty (Chief Executive Officer)
  • Marty St. George (President)
  • Ursula Hurley (Chief Financial Officer)

Call Summary

Financial Performance

• RASM for the quarter met the company’s initial guidance and RASM increased 1.3% year-over-year versus prior guidance of down 0.5% to up 3.5%.
• System ASMs were down 4.3% year-over-year in the first quarter, which was within the revised capacity guidance range of down 5% to down 4%.
• Transatlantic RASM was up 28% year-over-year on 25% fewer ASMs, reflecting seasonal optimization and strong US point-of-sale demand.
• Latin unit revenues were up mid single digits year-over-year while domestic unit revenues lagged the system.
• Premium RASM (including Mint and Even More) outperformed core RASM by high single digits in the quarter.
• Loyalty revenues grew 9% year-over-year and co-brand spend increased 7% year-over-year, with TrueBlue now accounting for a large majority of revenue.
• Net promoter score improved double digits year-over-year and A14 improved nearly four points year-over-year despite network weather events.
• The company beat the midpoint of its PASMAX fuel guidance for the quarter and reported continued controllable cost execution.

Guidance

• The company is not reaffirming full-year guidance due to macro uncertainty and will provide a more meaningful update later in the year.
• Second quarter unit revenues are expected to be down between 7.5% and 3.5% year-over-year, with capacity down 3.5% to down 0.5%.
• At the midpoint, second quarter capacity is flying nearly five points fewer ASMs than originally scheduled at the start of the year.
• The company expects CHASM ex-fuel growth of 6.5% to 8.5% in the second quarter on capacity down 2% at the midpoint and expects Q1 to be the peak of year-over-year CHASM ex-fuel growth.
• Second quarter fuel is forecast at $2.25 to $2.40 per gallon and the company currently does not have any fuel hedges in place.
• The company finished the quarter at the low end of its initial capacity range and said RASM performance for Q1 met its prior guidance.
• Management intends to continue adjusting capacity to match demand and will not assume recovery in near-term planning.