JBLU Q1 2026 Earnings

Call Details

• Call Title: JetBlue Airways Q1 2026 Earnings Call
• Date: April 28, 2026 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

• First quarter RASM was positive 6.5% year-over-year and exceeded the midpoint of the company's initial RASM range by 4.5 points.
• Company reported a roughly five-point spread between RASM and CASM-X expected at the midpoint of second quarter guidance.
• CASM-X fuel growth finished up 6.6% in the first quarter, with an adjusted view of 2.5% if disruption-related close-in capacity reductions are excluded.
• Average fuel price for the first quarter was $2.96 per gallon, which was 26% higher than the midpoint of the company's initial guidance.
• Loyalty cash remuneration grew 19% year-over-year in the quarter, and TrueBlue card acquisitions increased 45% year-over-year.
• First quarter capital expenditures totaled $141M, which was $59M lower than initial guidance due to delivery timing shifts.
• Q1 operating margin adjusted for fuel was presented as materially better, with an indicated five-point improvement versus the reported figure when excluding fuel.

Guidance

• Company suspended its prior full-year guidance due to elevated and volatile fuel prices and related macro uncertainty.
• Second quarter RASM is expected to grow 7% to 11% year-over-year on 1.5% to 4.5% more capacity.
• Company expects to recapture 30% to 40% of fuel cost increases in the second quarter and to achieve 100% fuel recapture by early 2027.
• Second quarter fuel price is expected in the range of $4.13 to $4.28 per gallon with the midpoint 75% higher year-over-year.
• For the second quarter, the company expects CASM-X fuel to increase in the range of 3% to 5% year-over-year.
• Company expects Chasm X fuel growth to moderate in the second half of the year with over two points less unit cost growth than the first half, subject to fuel price evolution.