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JBLU posted higher costs, with CASM up 5.4%, while traffic, capacity and load factor all declined y/y.
JetBlue Airways Corporation (JBLU - Free Report) reported a fourth-quarter 2025 loss of 49 cents per share, wider than the Zacks Consensus Estimate of a loss of 45 cents. In the year-ago quarter, JBLU reported a loss of 21 cents per share.
Despite the wider loss, the stock has surged 6.6% since its earnings release on Jan.27.
Image Source: Zacks Investment Research
Operating revenues of $2.24 billion beat the Zacks Consensus Estimate by 1.2% and decreased 1.5% year over year. Passenger revenues, accounting for the bulk of the top line (91.5%), declined 2.2% year over year to $2.05 billion despite strong demand for premium travel. The figure was just ahead of our estimate of $2.02 billion. Other revenues rose 7.9% year over year to $191 million, above our estimate of $187.1 million.
JetBlue Airways Corporation Price, Consensus and EPS Surprise
Revenues per available seat mile (RASM: a key measure of unit revenues) increased 0.2% year over year to 14.13 cents. Passenger revenues per available seat mile declined 0.6% year over year to 12.93 cents. The average fare at JetBlue remained flat on a year-over-year basis at $211.23. The yield per passenger mile decreased 0.3% year over year.
Consolidated traffic (measured in revenue passenger miles) declined 2.5% year over year. Capacity (measured in available seat miles) fell by 1.6% year over year. Consolidated load factor (percentage of seats filled by passengers) declined 0.7 percentage points to 81.5%, as the traffic drop was more than the capacity reduction. Our estimate for load factor was 81.8%.
Total operating costs (on a reported basis) inched up 3.7% year over year to $2.34 billion. Expenses on salaries, wages and benefits increased 5.5% year over year. Maintenance, materials and repairs expenses gained 4.1% year over year.
The average fuel price per gallon (including related taxes) was $2.51, up 1.6% year over year. JBLU’s operating expenses per available seat mile (“CASM”) increased 5.4% year over year. Excluding fuel, CASM rose 6.7% to 11.49 cents.
For first-quarter 2026, capacity is anticipated to increase in the band of 0.5-3.5% from first-quarter 2025 actuals. CASM, excluding fuel and special items, is predicted to climb in the range of 3.5-5.5%. Capital expenditures are expected to be approximately $200 million. RASM is forecasted to be either flat or gain up to 4% from the first-quarter 2025 actuals. The average fuel cost per gallon is estimated to be between $2.27 and $2.42.
For 2026, capital expenditures are expected to be approximately 900 million. Interest expenses are anticipated to be around $580 million. CASM, excluding fuel and special items, is predicted to climb in the band of 1-3%. Capacity is forecasted to rise between 2.5% and 4.5% from 2025 actuals. RASM is projected to increase in the 2-5% band from 2025 actuals.
Q4 Performances of Some Other Airline Companies
Delta Air Lines (DAL - Free Report) reported fourth-quarter 2025 earnings (excluding 31 cents from non-recurring items) of $1.55 per share, which beat the Zacks Consensus Estimate of $1.53. Earnings decreased 16.22% on a year-over-year basis due to high labor costs.
Revenues in the December-end quarter were $16 billion, beating the Zacks Consensus Estimate of $15.63 billion and increasing 2.9% on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) increased 1.2% year over year to $14.6 billion. Revenue growth was impacted by about two points due to the government shutdown, mainly in the domestic segment, consistent with the company's disclosure last month.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported fourth-quarter 2025 earnings of $1.90 per share, which surpassed the Zacks Consensus Estimate of $1.81 and improved 24.2% year over year.
Total operating revenues of $3.09 billion lagged the Zacks Consensus Estimate of $3.12 billion and were down 1.6% year over year. JBHT’s fourth-quarter revenue performance was hurt by a 2% and 4% decline in revenues per load excluding fuel surcharge revenues in Intermodal (JBI) and Truckload (JBT), respectively, a 1% decrease in average trucks in Dedicated Contract Services (DCS), and a 7% and 2% decline in load volume in Integrated Capacity Solutions (ICS) and JBI, respectively. The decrease in revenues, excluding fuel surcharge revenues, was partially offset by a 15% increase in volume in JBT, a 1% uptick in productivity, excluding fuel surcharge revenues, in DCS, and an increase in revenue per load in ICS. Total operating revenues, excluding fuel surcharge revenues, decreased 2% year over year.
United Airlines Holdings, Inc. (UAL - Free Report) reported solid fourth-quarter 2025 results, wherein the company’s earnings and revenues beat the Zacks Consensus Estimate.
UAL's fourth-quarter 2025 adjusted earnings per share (excluding 9 cents from non-recurring items) of $3.10 surpassed the Zacks Consensus Estimate of $2.98 but declined 4.9% on a year-over-year basis. The reported figure lies within the guided range of $3.00-$3.50.
Operating revenues of $15.4 billion outpaced the Zacks Consensus Estimate marginally by 0.1% and increased 4.8% year over year. Passenger revenues (which accounted for 90.4% of the top line) increased 4.9% year over year to $13.9 billion. UAL flights transported 45,679 passengers in the fourth quarter, up 3% year over year.
Cargo revenues fell 6% year over year to $490 million. Revenues from other sources rose 9.1% year over year to $981 million.
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JetBlue Shares Rise 6.6% Since Fourth-Quarter Earnings Release
Key Takeaways
JetBlue Airways Corporation (JBLU - Free Report) reported a fourth-quarter 2025 loss of 49 cents per share, wider than the Zacks Consensus Estimate of a loss of 45 cents. In the year-ago quarter, JBLU reported a loss of 21 cents per share.
Despite the wider loss, the stock has surged 6.6% since its earnings release on Jan.27.
Image Source: Zacks Investment Research
Operating revenues of $2.24 billion beat the Zacks Consensus Estimate by 1.2% and decreased 1.5% year over year. Passenger revenues, accounting for the bulk of the top line (91.5%), declined 2.2% year over year to $2.05 billion despite strong demand for premium travel. The figure was just ahead of our estimate of $2.02 billion. Other revenues rose 7.9% year over year to $191 million, above our estimate of $187.1 million.
JetBlue Airways Corporation Price, Consensus and EPS Surprise
JetBlue Airways Corporation price-consensus-eps-surprise-chart | JetBlue Airways Corporation Quote
Other Details of JBLU’s Q4 Earnings
Revenues per available seat mile (RASM: a key measure of unit revenues) increased 0.2% year over year to 14.13 cents. Passenger revenues per available seat mile declined 0.6% year over year to 12.93 cents. The average fare at JetBlue remained flat on a year-over-year basis at $211.23. The yield per passenger mile decreased 0.3% year over year.
Consolidated traffic (measured in revenue passenger miles) declined 2.5% year over year. Capacity (measured in available seat miles) fell by 1.6% year over year. Consolidated load factor (percentage of seats filled by passengers) declined 0.7 percentage points to 81.5%, as the traffic drop was more than the capacity reduction. Our estimate for load factor was 81.8%.
Total operating costs (on a reported basis) inched up 3.7% year over year to $2.34 billion. Expenses on salaries, wages and benefits increased 5.5% year over year. Maintenance, materials and repairs expenses gained 4.1% year over year.
The average fuel price per gallon (including related taxes) was $2.51, up 1.6% year over year. JBLU’s operating expenses per available seat mile (“CASM”) increased 5.4% year over year. Excluding fuel, CASM rose 6.7% to 11.49 cents.
JBLU currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
JBLU’s Outlook
For first-quarter 2026, capacity is anticipated to increase in the band of 0.5-3.5% from first-quarter 2025 actuals. CASM, excluding fuel and special items, is predicted to climb in the range of 3.5-5.5%. Capital expenditures are expected to be approximately $200 million. RASM is forecasted to be either flat or gain up to 4% from the first-quarter 2025 actuals. The average fuel cost per gallon is estimated to be between $2.27 and $2.42.
For 2026, capital expenditures are expected to be approximately 900 million. Interest expenses are anticipated to be around $580 million. CASM, excluding fuel and special items, is predicted to climb in the band of 1-3%. Capacity is forecasted to rise between 2.5% and 4.5% from 2025 actuals. RASM is projected to increase in the 2-5% band from 2025 actuals.
Q4 Performances of Some Other Airline Companies
Delta Air Lines (DAL - Free Report) reported fourth-quarter 2025 earnings (excluding 31 cents from non-recurring items) of $1.55 per share, which beat the Zacks Consensus Estimate of $1.53. Earnings decreased 16.22% on a year-over-year basis due to high labor costs.
Revenues in the December-end quarter were $16 billion, beating the Zacks Consensus Estimate of $15.63 billion and increasing 2.9% on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) increased 1.2% year over year to $14.6 billion. Revenue growth was impacted by about two points due to the government shutdown, mainly in the domestic segment, consistent with the company's disclosure last month.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported fourth-quarter 2025 earnings of $1.90 per share, which surpassed the Zacks Consensus Estimate of $1.81 and improved 24.2% year over year.
Total operating revenues of $3.09 billion lagged the Zacks Consensus Estimate of $3.12 billion and were down 1.6% year over year. JBHT’s fourth-quarter revenue performance was hurt by a 2% and 4% decline in revenues per load excluding fuel surcharge revenues in Intermodal (JBI) and Truckload (JBT), respectively, a 1% decrease in average trucks in Dedicated Contract Services (DCS), and a 7% and 2% decline in load volume in Integrated Capacity Solutions (ICS) and JBI, respectively. The decrease in revenues, excluding fuel surcharge revenues, was partially offset by a 15% increase in volume in JBT, a 1% uptick in productivity, excluding fuel surcharge revenues, in DCS, and an increase in revenue per load in ICS. Total operating revenues, excluding fuel surcharge revenues, decreased 2% year over year.
United Airlines Holdings, Inc. (UAL - Free Report) reported solid fourth-quarter 2025 results, wherein the company’s earnings and revenues beat the Zacks Consensus Estimate.
UAL's fourth-quarter 2025 adjusted earnings per share (excluding 9 cents from non-recurring items) of $3.10 surpassed the Zacks Consensus Estimate of $2.98 but declined 4.9% on a year-over-year basis. The reported figure lies within the guided range of $3.00-$3.50.
Operating revenues of $15.4 billion outpaced the Zacks Consensus Estimate marginally by 0.1% and increased 4.8% year over year. Passenger revenues (which accounted for 90.4% of the top line) increased 4.9% year over year to $13.9 billion. UAL flights transported 45,679 passengers in the fourth quarter, up 3% year over year.
Cargo revenues fell 6% year over year to $490 million. Revenues from other sources rose 9.1% year over year to $981 million.