Could be worse: JetBlue loses $208 million in Q1 2025, but signs of improvement emerge
The New York-based airline reports a loss in the first quarter, although its revenue per available seat increased and cost per seat decreased. Still, due to uncertainty, it chose not to confirm its 2025 projections.
JetBlue Airways Corporation announced its financial results for the first quarter of 2025, reporting a net loss of $208 million, or -$0.59 per diluted share. This result comes amid operating revenues of $2.14 billion, representing a 3.1% decline compared to the same period last year.
Despite the loss, the New York-based airline experienced a 1.3% increase in revenue per available seat mile (RASM), reaching $0.1371. It also achieved a 17.4% reduction in cost per available seat mile (CASM), down to $0.1483. However, non-fuel operating costs (CASM-ex) rose by 8.3%, totaling $0.1145.
By the end of the first quarter, JetBlue held a robust liquidity position of $3.8 billion. Additionally, the company reported having over $5 billion in unencumbered assets, providing a significant financial cushion.
Joanna Geraghty, JetBlue’s CEO, addressed the results by emphasizing operational efficiency and cost management throughout the quarter. “During the first quarter, we executed a strong operation and managed costs efficiently. JetForward is progressing well, and we are focused on effectively managing the elements within our control. We also acted quickly to address short-term revenue uncertainty.”
“We were the first airline to implement capacity adjustments, aligning supply with demand in a timely manner. As we continue to closely monitor macroeconomic developments, we are evaluating every available tool to boost profitability and preserve cash—including potential additional capacity reductions, targeted cost savings, and a deeper review of our fleet retirement program. Given the macroeconomic uncertainty, we are not reaffirming our previous full-year guidance,” she added.
The CEO also highlighted the positive impact of reliability investments tied to the JetForward strategy. “The operational improvements achieved this quarter are especially significant. Our investments in reliability—central to our JetForward strategy—have led to year-over-year improvements in schedule performance over the last three quarters, resulting in higher customer satisfaction and cost savings.”
“From our strong operations this quarter to the early success of new products and perks like EvenMore and our premium co-branded credit card, we’re seeing encouraging signs that JetForward is the right path forward. I’m grateful to our crew members for their dedication to maintaining a safe, reliable operation and for their commitment to the JetForward strategy. Their focus on providing JetBlue’s signature customer service is a key reason why new and returning customers continue to choose us,” Geraghty concluded.
Despite the reported net loss, key performance indicators such as the increase in RASM and the drop in CASM suggest improvements in operational efficiency.
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