NEW YORK, July 30, 2026, 17:54 EDT
- JetBlue shares closed at $6.07, rising 6.2% on Thursday and gaining 15.2% since July 24.
- JetBlue reported a 14.5% increase in second-quarter revenue, while fuel costs surged 80.7%. The company posted a wider net loss of $247 million.
- The valuation represents approximately 6.1 times the management’s minimum projected earnings for 2028. Basic net debt stands at nearly 2.8 times the company’s market capitalization.
JetBlue Airways Corporation stock finished regular U.S. trading at $6.07. Shares rose 6.2%, building on gains following its earnings release.
The development is significant as JetBlue increased ticket prices at a pace that exceeded its growth in capacity. The average fare climbed 8.6%, with revenue per available seat mile up 10.9%. Capacity expanded by only 3.2%.
The stock appears attractively valued. Priced at $6.07, shares trade at roughly 6.1 times the company’s projected minimum 2028 earnings. However, this outlook depends on jet fuel averaging $3 per gallon, while second-quarter fuel costs were $4.23.
| Investor calculation | Value |
|---|---|
| Current share price | $6.07 |
| 2028 EPS goal from management | At least $1.00 |
| Example price-to-target-EPS multiple | No more than 6.1 times |
| Total reported debt | $8.478 billion |
| Holdings in cash and investments | $2.168 billion |
| Basic net debt | $6.310 billion |
| Ratio: net debt to current market value | About 2.8 times |
| Fuel cost in Q2 | $4.23 per gallon |
| Fuel cost assumption for 2028 target | $3.00 per gallon |
The balance sheet offers another perspective. JetBlue disclosed liquidity of around $2.2 billion, in addition to an unused credit facility of $600 million. According to management, this should be adequate for no less than the next 12 months.
Fares climbed sharply. JetBlue saw a 5.1% rise in passenger traffic, and the mean ticket price hit $237.38. Overall revenue climbed $341 million.
| Q2 operating measure | 2026 | 2025 | Change |
|---|---|---|---|
| Revenue | $2.697 billion | $2.356 billion | +14.5% |
| Average fare | $237.38 | $218.52 | +8.6% |
| Revenue per available seat mile | 15.71 cents | 14.17 cents | +10.9% |
| Fuel expense | $911 million | $504 million | +80.7% |
| Unit cost excluding fuel | 11.12 cents | 10.86 cents | +2.4% |
| Operating profit/(loss) | $(141) million | $6 million | $(147) million |
| Net profit/(loss) | $(247) million | $(74) million | Loss widened $173 million |
Chief Financial Officer Ursula Hurley stated that “pricing will provide an offset if recent fuel price increases stick.” JetBlue reported an adjusted loss per share of 66 cents, which was less than the consensus estimate of a 71-cent loss. Reuters
The offset was not fully achieved. Revenue climbed by $341 million, but fuel costs grew by $407 million. Additional operating expenses contributed a further $81 million.
| Reported Q2 bridge | Year-over-year effect |
|---|---|
| Revenue gain | +$341 million |
| Increased fuel costs | −$407 million |
| Rise in non-fuel operating costs | −$81 million |
| Change in operating profit | −$147 million |
| Revenue gain compared to rise in fuel costs | 84% |
| Company’s reported fuel-recapture metric | Nearly 50% |
The 84% number comes from a basic accounting comparison. JetBlue’s separate measure, nearly 50%, factors in only pricing moves and relies on another methodology. It is calculated differently and should not be considered equivalent.
Higher-tier offerings contributed extra backing. Premium revenue per seat mile advanced by 13%. Revenue per seat mile in the main cabin was up 11%, and loyalty revenue also grew 13%. The number of new premium card sign-ups jumped almost 40%.
Raymond James Financial NYSE:RJF analyst Savanthi Syth described the 2028 goal as “ambitious.” She calculated that pretax earnings would need to rise by over $1.3 billion from 2026 levels. Reduced fuel costs account for roughly $400 million of that gap. Reuters
Management continues to expect strong pricing in the short term. The numbers shown are based on company projections, not analyst estimates.
| Company outlook | Q3 2026 estimate | Full-year 2026 estimate |
|---|---|---|
| Capacity increase | +3% to +6% | +1.5% to +3.5% |
| Revenue per available seat mile | +12.5% to +16.5% | +10% to +12.5% |
| Unit cost, excluding fuel | +2.5% to +4.5% | +2% to +4% |
| Predicted fuel price | $3.49 per gallon | $3.49 per gallon |
| Adjusted operating margin | Not disclosed | −2% to −5% |
| Capital spending | Roughly $300 million | Roughly $850 million |
Third-quarter unit revenue growth outpaces ex-fuel cost growth by eight percentage points at the minimum. Hurley projects a roughly 3.5-point increase in second-half operating margin compared to a year ago.
JetBlue surpassed bigger U.S. airlines on Thursday, with its 6.2% rise outperforming increases recorded by its most comparable listed rivals.
| Airline | Latest price | Thursday move | Market value |
|---|---|---|---|
| JetBlue Airways Corporation NASDAQ:JBLU | $6.07 | up 6.2% | $2.29 billion |
| American Airlines Group Inc. NASDAQ:AAL | $15.43 | gained 3.9% | $10.22 billion |
| United Airlines Holdings Inc. NASDAQ:UAL | $123.56 | rose 3.4% | $40.11 billion |
| Delta Air Lines Inc. NYSE:DAL | $88.59 | added 2.7% | $58.26 billion |
The weekly performance has improved. JetBlue shares are up 15.2% since July 24, currently trading around 6.6% under their 52-week peak of $6.50.
The upcoming public fuel checkpoint is set for August 5, when the U.S. Energy Information Administration will release its weekly update. Gulf Coast jet-fuel spot prices declined to $3.582 per gallon on July 27, down from $3.708 on July 24. That wholesale index does not represent JetBlue’s comprehensive fuel cost.
Risks: Fuel costs could rebound sharply, and subdued demand may restrict the ability to raise fares further. JetBlue still has $5.47 billion in commitments for aircraft purchases. There is an additional $250 million in available aircraft-secured financing, while issuing new debt or equity might dilute existing shareholders.
The rally reflects anticipated advances rather than finalized outcomes. JetBlue is required to achieve its forecast for third-quarter revenue gains and keep non-fuel expenses under control. The $1 earnings objective remains a target for 2028, not an ongoing rate.
