Despite stronger Q1 2026 revenue, JetBlue remains deep in the red

New data shows that JetBlue Airways remained deeply unprofitable during the first quarter of 2026, even as the airline reported stronger revenue, higher fares and continued growth at its hub in Fort Lauderdale, Florida.

The New York-based carrier reported a $319 million net loss for the quarter, compared with a $208 million loss in the same period last year. JetBlue posted an operating loss of $224 million as higher fuel prices, operational disruptions and rising expenses outweighed improved demand.

Revenue rose 4.7% to $2.24 billion, even though JetBlue flew 1.7% less capacity than it did a year earlier. According to the airline, revenue per available seat mile rose 6.5%, near the high end of its revised guidance.

Despite remaining deep in the red, JetBlue CEO Joanna Geraghty declared that the airline exceeded its revenue expectations during the quarter as demand improved.

“We delivered a strong first quarter, with revenue performance exceeding our expectations, driven by resilient consumer demand and an appreciation for JetBlue’s industry-leading customer offering,” Geraghty said.

Demand strengthened as the quarter progressed, she noted, helping JetBlue raise fares despite what the airline described as a difficult operating environment.

JetBlue carried 9.3 million passengers during the quarter, up 0.7% from last year. Its load factor rose to 82.2%, while the average fare increased 3.2% to $219.49.

However, fuel costs climbed sharply, weighing on JetBlue’s profitablity. The airline paid an average of $2.96 per gallon for fuel in the first quarter, up 15.2% from a year earlier. Aircraft fuel expense rose to $573 million, compared with $511 million in the first quarter of 2025.

JetBlue expects these costs to become an even bigger problem in the second quarter. The airline forecast fuel prices of $4.13 to $4.28 per gallon and said that it is cutting capacity in off-peak periods to help offset the increase.

Geraghty said that JetBlue is adjusting capacity, looking for more revenue opportunities and controlling costs while it continues its JetForward turnaround plan.

Fort Lauderdale remains one of the brighter spots in the airline’s network. JetBlue noted that its Fort Lauderdale operation exceeded expectations in the first quarter, with revenue per available seat mile up 5% on 23% capacity growth.

JetBlue President Marty St. George suggested that all of the airline’s second-quarter capacity growth should come from Fort Lauderdale.

“We are particularly pleased with the revenue trends and customer response we are seeing in Fort Lauderdale,” St. George said.

JetBlue is also continuing its Blue Sky collaboration with United Airlines. The airline’s customers can now book flights on either carrier using cash, points or miles.

The airline said that it ended the quarter with $2.4 billion in liquidity, excluding an undrawn $600 million revolving credit facility. It also completed $500 million in aircraft-backed financing and repaid the remaining $325 million of its 2021 convertible notes during the second quarter.

JetBlue expects second-quarter capacity to rise 1.5% to 4.5% and revenue per available seat mile to increase 7% to 11%.The post Despite stronger Q1 2026 revenue, JetBlue remains deep in the red appeared first on AeroTime.

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