Executive Summary
JetBlue Airways reported QQ3 2025 revenue of $2.322 billion with a gross profit of $1.047 billion and a gross margin of approximately 45.1%. However, the company generated an operating loss of $100 million and a net loss of $143 million, translating to an EPS of -$0.39 for the quarter. EBITDA was negative at $-169 million, and EBITDAR rose to a negative stance of -$0.073 on a margin basis. A substantial portion of the quarterly profitability deterioration is attributable to other expenses totaling $1.069 billion, which dwarfed the core operating performance and offset the solid gross profit generated by the business.
Year-over-year revenue declined 1.82% while the quarter-on-quarter change was a 1.44% decrease, signaling only a modest revenue trajectory as capacity and demand mix continue to normalize post-pandemic. The dramatic swing in gross profit YoY (reported as +345.5% in the data) appears driven by timing and non-operating items rather than a clean delta in core operational profitability, given that operating income remained negative and other expenses were material in the quarter. The combination of negative operating leverage, significant non-operating charges, and elevated financing costs suggests that JetBlue’s path to sustained profitability hinges on cost discipline, yield/JV synergies with partners (notably American Airlines), and a gradual reduction in non-cash or one-off charges.
From an investor lens, the quarter reinforces a cautious stance: near-term profitability remains under pressure despite a solid gross margin, and cash generation will be a critical area to watch as JetBlue progresses its network strategy and integration efforts with strategic partners. The longer-term thesis rests on execution of cost reductions, unit revenue improvements, and successful leverage of partnerships to drive unit profitability while containing or reducing the once-off burden observed in QQ3 2025.
Key Performance Indicators
QoQ: -6.10% | YoY:345.53%
QoQ: -1 766.67% | YoY:-163.16%
QoQ: -93.24% | YoY:-138.33%
QoQ: -95.00% | YoY:-129.41%
Key Insights
Revenue: $2.322 billion (YoY -1.82%; QoQ -1.44%)
Gross Profit: $1.047 billion; Gross Margin: 45.1% (GPM)
Operating Income: $(0.10) billion; Operating Margin: (−4.31%)
EBITDA: $(0.169) billion; EBITDAR Margin: (−7.28%)
Total Other Income/Expenses: $(0.096) billion
Income Before Tax: $(0.196) billion; Pre-tax Margin: (−8.44%)
Net Income: $(0.143) billion; Net Margin: (−6.16%)
EPS (diluted): $(0.39)
...
Financial Highlights
Revenue: $2.322 billion (YoY -1.82%; QoQ -1.44%)
Gross Profit: $1.047 billion; Gross Margin: 45.1% (GPM)
Operating Income: $(0.10) billion; Operating Margin: (−4.31%)
EBITDA: $(0.169) billion; EBITDAR Margin: (−7.28%)
Total Other Income/Expenses: $(0.096) billion
Income Before Tax: $(0.196) billion; Pre-tax Margin: (−8.44%)
Net Income: $(0.143) billion; Net Margin: (−6.16%)
EPS (diluted): $(0.39)
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
2.32B |
-1.82% |
-1.44% |
| Gross Profit |
1.05B |
345.53% |
-6.10% |
| Operating Income |
-100.00M |
-163.16% |
-1 766.67% |
| Net Income |
-143.00M |
-138.33% |
-93.24% |
| EPS |
-0.39 |
-129.41% |
-95.00% |
Management Commentary
No earnings call transcript data were provided in the input dataset. Consequently, there are no management quotes or theme-based highlights available to accompany the numerical results. Analysis below relies on disclosed results and context from the sector.
Forward Guidance
No explicit forward guidance was provided in the supplied data. Given QQ3 2025 results, investors should look for management commentary on: (1) precision of cost reduction programs and their cadence (per-CASM, ex-fuel efficiency, headcount and non-personnel cost controls), (2) expected benefits from the American Airlines partnership and network optimization, (3) fuel hedging strategies and fuel cost exposure, and (4) liquidity runway and debt refinancing plans. Industry trends point to ongoing capacity normalization and potential yield improvements as demand recovers, but the near-term profitability hinges on achieving floor-level EBITDA and reducing non-operating charges. Monitor fleet utilization, synergies realization, and any changes to guidance in the forthcoming annual/quarterly updates.