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JetBlue Airways Corporation JBLU reported a first-quarter 2025 loss of 59 cents per share, narrower than the Zacks Consensus Estimate of a loss of 61 cents. Lower fuel costs aided the bottom line. In the year-ago quarter, JBLU reported a loss of 43 cents per share.
Operating revenues of $2.14 billion fell short of the Zacks Consensus Estimate of $2.15 billion and decreased 3.1% year over year. Passenger revenues, accounting for the bulk of the top line (92%), declined 3.1% year over year to $1.97 billion. The figure was just shy of our estimate of $2 billion. Other revenues rose 10.9% year over year to $171 million, well above our estimate of $149 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 Q1 Earnings
Revenue per available seat mile (RASM: a key measure of unit revenues) increased 1.3% year over year to 13.71 cents. Passenger revenue per available seat mile inched up 0.2% year over year to 12.62 cents. The average fare at JetBlue inched down 0.8% year over year to $212.58. The yield per passenger mile decreased 1.1% year over year.
Consolidated traffic (measured in revenue passenger miles) declined 3.1% year over year. Capacity (measured in available seat miles) dropped 4.3% year over year. Consolidated load factor (percentage of seats filled by passengers) improved 1 percentage point to 80.7% as the traffic decline was less than the capacity reduction. Our estimate for load factor was 85.4%.
Total operating costs (on a reported basis) declined 21% year over year to $2.3 billion. Expenses on salaries, wages and benefits increased 4.9% year over year. Expenses on aircraft fuel declined 18.3% year over year.
The average fuel price per gallon (including related taxes) was $2.57, down 13.5% year over year. JBLU’s operating expenses per available seat mile (“CASM”) decreased 0.4% year over year. Excluding fuel, CASM rose 8.3% to 11.45 cents.
JBLU’s Outlook
For second-quarter 2025, capacity is anticipated to decline in the 0.5-3.5% band. CASM, excluding fuel and special items, is predicted to climb 6.5-8.5%. Capital expenditures are expected to be roughly $400 million. RASM is forecasted to decline in the 3.5-7.5% band from second-quarter 2024 actuals. The average fuel cost per gallon is estimated to be between $2.25 and $2.4.
For 2025, capital expenditures are expected to be roughly $1.3 billion. Interest expenses are projected to be around $600 million. Projections for other key metrics for 2025 have not been provided. CEO Joanna Geraghty stated, "Given the macroeconomic uncertainty, we are not reaffirming our prior full-year guidance."