# JetBlue Airways Corporation (JBLU)

> Source: Nexqual · https://nexqual.com/JBLU · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, JetBlue Airways Corporation (JBLU), nexqual.com/JBLU" · informational, not investment advice.

**Price:** USD 2.65 (-9.56% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 2.93 · day 2.4–3.03 · 52w 2.4–6.62 · market cap $1000M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.50B, net income -$886M (-9.3% margin), free cash flow -$1.08B (SEC filings).
- 1 of 80 tracked superinvestors hold JBLU (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $918K; 3 not under a Rule 10b5-1 plan ($431K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.47 on a 1–5 scale) (17 analysts), mean target USD 4.55 (range 3–8).
- Total return with dividends: 1Y -42.0% vs S&P 500 +14.9%; 5Y -81.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD -0.55, revenue estimate $2.83B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.04B | $9.16B | $9.62B | $9.28B | $9.06B | $9.50B |
| Operating income | -$80.0M | -$298M | -$230M | -$684M | -$368M | -$565M |
| Net income | -$182M | -$362M | -$310M | -$795M | -$602M | -$886M |
| EPS (diluted) | -$0.57 | -$1.12 | -$0.93 | -$2.30 | -$1.66 | — |
| Free cash flow | $735M | -$388M | -$728M | -$1.33B | -$1.17B | -$1.08B |
| Operating margin | -1.3% | -3.3% | -2.4% | -7.4% | -4.1% | -5.9% |
| Net margin | -3.0% | -4.0% | -3.2% | -8.6% | -6.6% | -9.3% |
| Revenue growth | +104.2% | +51.7% | +5.0% | -3.5% | -2.3% | — |
| Cash + short-term investments | $2.84B | $1.39B | $1.57B | $3.61B | $2.16B | — |
| Total debt | $4.00B | $3.65B | $4.72B | $8.54B | $8.50B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.1x · EV/EBITDA 51.1x · EV/Sales 0.8x · P/B 0.6x · FCF yield -108.11% · Earnings yield -88.61% · Net debt $6.46B · EV $7.46B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold JBLU. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Carl Icahn | Icahn Capital Management | 1.43% | $118M | Reduced -38.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | Clements Carol Ann | Chief Digital & Tech Officer | 2,000 | $9K | 1.1% | Yes (adopted April 30, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-31 | Clements Carol Ann | Chief Digital & Tech Officer | 2,000 | $9K | 1.1% | Yes (adopted April 30, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-30 | Hurley Ursula L | Chief Financial Officer | 77,253 | $445K | 26.8% | Yes (adopted April 30, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-30 | Clements Carol Ann | Chief Digital & Tech Officer | 2,000 | $12K | 1.1% | Yes (adopted April 30, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-28 | Sharma Vivek | Director | 32,000 | $173K | 47.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-04 | Southerton Dawn | Principal Accounting Officer | 18,193 | $91K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Winkelmann Thomas | Director | 35,473 | $167K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Christie Warren | Chief Operating Officer | 2,680 | $12K | 1.1% | Yes (adopted August 13, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.47 on a 1–5 scale), 17 analysts; mean target USD 4.55 (low 3, high 8).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | UBS | Upgrade | Sell → Neutral | $4 → $3.5 |
| 2026-10-07 | Susquehanna | Target lowered | Neutral | $6 → $4 |
| 2026-10-06 | Citigroup | Upgrade | Sell → Neutral | $5.3 → $4.5 |
| 2026-09-28 | BMO Capital | Target lowered | Market Perform | $6.75 → $5.25 |
| 2026-09-28 | Evercore ISI Group | Target lowered | In-Line | $6 → $5 |
| 2026-09-11 | Barclays | Target lowered | Equal-Weight | $7 → $5 |
| 2026-09-10 | TD Cowen | Target lowered | Hold | $5 → $4 |
| 2026-09-10 | UBS | Target lowered | Sell | $5 → $4 |
| 2026-08-24 | TD Cowen | Target lowered | Hold | $6 → $5 |
| 2026-08-17 | Seaport Global | Downgrade | Buy → Neutral |  |
| 2026-08-07 | Citigroup | Downgrade | Neutral → Sell | $6.6 → $5.3 |
| 2026-08-03 | TD Cowen | Target raised | Hold | $5 → $6 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -42.0% | -81.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -42.1% | -28.9% |
| Volatility (annualized) | 64.5% | 58.7% |
| Max drawdown | -59.0% (Feb 2026→Oct 2026) | -83.6% (Nov 2021→Oct 2026) |

## Peers (Airlines)
AZUL (Azul S.A.) USD 6 -4.15% · ULCC (Frontier Group Holdings, Inc.) USD 5.3 +5.16% · RJET (Republic Airways Holdings Inc.) USD 17.19 +3.68% · VLRS (Controladora Vuela Compania de ) USD 5.69 +0.53% · ALGT (Allegiant Travel Company) USD 70.36 +0.44% · AERO (Grupo Aeromexico, S.A.B. de C.V) USD 15.21 -0.33%

## More
Full page: https://nexqual.com/JBLU · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in JBLU's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1158463/000115846326000007/jblu-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Thales Avionics | "If Thales were to stop supplying us with its antennas for any reason, we would have to incur significant costs to procure an alternate supplier." |
| Customer | Airbus | "This could include, but is not limited to design defects, mechanical problems, contractual performance, such as delivery delays by the manufacturers, or adverse perception by the public which may result in customer avoid…" |
| Customer | JetBlue and American Airlines Group | "Customers on select coast-to-coast, Caribbean and Latin American routes and all transatlantic flights have the option to purchase Mint®, our lie-flat premium service." |
| Partner | Paisly | "We believe the collaboration with United Airlines, under United's brand, will contribute to Paisly's high-margin, high-growth business for the distribution of hotels, rental cars, cruises, travel insurance, and vacation …" |
| Partner | Mastercard (MA) | "Our co-branded credit cards in the United States are issued in partnership with Barclaycard® on the Mastercard® network." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Passenger | $2.49B | 92.2% | +14.1% |
| Other | $210.0M | 7.8% | +18.6% |
| Total revenue | $2.70B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Domestic & Canada | $1.66B | 61.5% | +15.0% |
| Caribbean & Latin America | $865.0M | 32.1% | +12.0% |
| Atlantic | $173.0M | 6.4% | +22.7% |
| Total revenue | $2.70B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.55 | $-0.33 | +65.1% | $2.83B | 16 |
| Next quarter (ends 2026-12-31) | $-0.71 | $-0.33 | +117.1% | $2.70B | 15 |
| Current fiscal year (ends 2026-12-31) | $-2.76 | $-2.20 | +25.5% | $10.47B | 17 |
| Next fiscal year (ends 2027-12-31) | $-1.13 | $-0.53 | +111.9% | $11.34B | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-27): ±22.7%; last 8 reports averaged ±9.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 192.8% | ±22.7% |
| 2026-11-06 | 14 | 178.4% | ±28.2% |
| 2026-11-13 | 21 | 205.3% | ±39.0% |
| 2026-11-20 | 28 | 200.5% | ±43.4% |
| 2026-11-27 | 35 | 171.2% | ±41.3% |
| 2026-12-04 | 42 | 489.4% | ±118.6% |
| 2026-12-18 | 56 | 144.3% | ±48.9% |
| 2027-01-15 | 84 | 145.9% | ±63.6% |