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Basis of Presentation

JetBlue Airways Corporation ("JetBlue") provides air transportation services across the United States, Latin America, the Caribbean, Canada and Europe. Our condensed consolidated financial statements include the accounts of JetBlue and our subsidiaries which are collectively referred to as "we" or the "Company." All majority-owned subsidiaries are consolidated on a line-by-line basis, with all intercompany transactions and balances being eliminated. These condensed consolidated financial statements and related notes should be read in conjunction with our 2025 audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K").

These condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). In our opinion, they reflect all adjustments, including normal recurring items, that are necessary to present fairly the results for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed or omitted as permitted by such rules and regulations; however, we believe that the disclosures included herein are adequate to make the information presented not misleading.

Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.

The Company categorizes revenue recognized from contracts with its customers by revenue source as we believe it best depicts the nature, amount, timing, and uncertainty of our revenue and cash flow. The following table provides revenue recognized by revenue source for the three and six months ended June 30, 2026 and 2025 (in millions):

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Passenger revenue
Passenger travel			$	2,286					$	1,998					$	4,158					$	3,792
Loyalty revenue - air transportation			201						181						377						357
Other revenue
Loyalty and related revenue			151						128						288						249
Other revenue			59						49						114						98
Total operating revenue			$	2,697					$	2,356					$	4,937					$	4,496

TrueBlue® is our customer loyalty program designed to reward and recognize our customers. TrueBlue® points earned from ticket purchases are recorded as a reduction to Passenger travel within passenger revenue. Amounts presented in Loyalty revenue - air transportation represent revenue recognized when TrueBlue® points have been redeemed and travel has occurred. Loyalty and related revenue within other revenue primarily consists of the non-air transportation elements from the sale of TrueBlue® points as well as lounge access.

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Contract Liabilities

Our contract liabilities primarily consist of ticket sales for which transportation has not yet been provided, unused credits available to customers, and outstanding loyalty points available for redemption (in millions):

			June 30, 2026						December 31, 2025
Air traffic liability - passenger travel (1)			$	1,425					$	1,123
Air traffic liability - loyalty program (air transportation)			1,283						1,227
Deferred revenue - passenger travel and loyalty program travel (2)			306						334
Deferred revenue - other (3)			31						25
Total			$	3,045					$	2,709

    

(1) The balances as of June 30, 2026 and December 31, 2025 include a $2 million liability related to long term travel credits recognized within other liabilities on our consolidated balance sheets.

(2) Included within other accrued liabilities and other liabilities on our consolidated balance sheets.

(3) Included within air traffic liability on our consolidated balance sheets.

During the six months ended June 30, 2026 and 2025, we recognized passenger revenue of $1.1 billion and $1.0 billion, respectively, which was included in passenger travel liability at the beginning of the respective periods.

The Company elected the practical expedient that allows entities to not disclose the amount of the remaining transaction price and its expected timing of recognition for passenger tickets if the contract has an original expected duration of one year or less or if certain other conditions are met. We elected to apply this practical expedient to our contract liabilities relating to passenger travel and ancillary services as our tickets or any related passenger credits expire generally one year from the date of booking.

TrueBlue® points are combined into one homogeneous pool and are not separately identifiable. As such, the revenue is comprised of points that were part of the air traffic liability balance at the beginning of the period as well as points that were issued during the period.

The table below presents the activity of the current and non-current air traffic liability for our loyalty program, and includes points earned and sold to participating companies for the six months ended June 30, 2026 and 2025 (in millions):

Balance at December 31, 2025			$	1,227
TrueBlue® points redeemed passenger			(380)
TrueBlue® points redeemed other			(27)
TrueBlue® points earned and sold			463
Balance at June 30, 2026			$	1,283
Balance at December 31, 2024			$	1,125
TrueBlue® points redeemed passenger			(357)
TrueBlue® points redeemed other			(18)
TrueBlue® points earned and sold			381
Balance at June 30, 2025			$	1,131

The timing of our TrueBlue® point redemptions can vary; however, the majority of points are redeemed within approximately two years of the date of issuance.

During the six months ended June 30, 2026, we made principal payments of $570 million on our outstanding debt and finance lease obligations.

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At June 30, 2026, we had pledged aircraft, engines, other equipment, and facilities assets with a net book value of $8.1 billion as security under various financing arrangements. In addition, certain TrueBlue® program assets have been pledged as part of the financing of the TrueBlue® program.

At June 30, 2026, scheduled maturities of our long-term debt and finance lease obligations, net of debt issuance costs, for the next five years were as follows (in millions):

Year			Total
Remainder of 2026			$	236
2027			478
2028			582
2029			1,835
2030			656
Thereafter			4,691
Total			$	8,478

Long-term debt and finance lease obligations at June 30, 2026 and December 31, 2025 consisted of the following (in millions):

						June 30, 2026						December 31, 2025
Secured Debt
Fixed rate special facility bonds, due through 2036						$	43					$	43
Fixed rate enhanced equipment notes:
2019-1 Series AA, due through 2032						409						424
2019-1 Series A, due through 2028						128						132
2019-1 Series B, due through 2027						38						45
2020-1 Series A, due through 2032						407						428
2020-1 Series B, due through 2028						73						82
Fixed rate equipment notes, due through 2036						600						127
Floating rate equipment notes, due through 2036 (1)						638						673
Aircraft failed sale-leaseback transactions, due through 2036 (1)						2,042						2,103
TrueBlue® senior secured notes, due through 2031						1,991						1,990
TrueBlue® senior secured term loan facility, due through 2029 (1)						742						744
Finance leases						431						449
Unsecured Debt
Unsecured CARES Act Payroll Support Program loan, due through 2030						259						259
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031						144						144
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031						132						132
0.50% convertible senior notes, due through 2026						—						325
2.50% convertible senior notes, due through 2029						460						460
Total debt and finance lease obligations						$	8,537					$	8,560
Less: Debt issuance costs						(59)						(62)
Less: Current maturities						(477)						(769)
Long-term debt and finance lease obligations						$	8,001					$	7,729

(1) Certain debt bears interest at a floating rate equal to Secured Overnight Financing Rate ("SOFR"), plus a margin.

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The carrying amounts and estimated fair values of our long-term debt and finance lease obligations, net of debt issuance costs, at June 30, 2026 and December 31, 2025 were as follows (in millions):

			June 30, 2026												December 31, 2025
			Carrying Value						Estimated Fair Value (1)						Carrying Value						Estimated Fair Value (1)
Total Debt			$	8,478					$	8,320					$	8,498					$	7,829

(1) The estimated fair values of our publicly held long-term debt are classified as Level 2 in the fair value hierarchy. The fair values of our non-public debt are estimated using a discounted cash flow analysis based on our borrowing rates for instruments with similar terms and therefore classified as Level 3 in the fair value hierarchy. The fair values of our other financial instruments approximate their carrying values. Refer to Note 8 for an explanation of the fair value hierarchy structure.

We have financed certain aircraft with Enhanced Equipment Trust Certificates ("EETCs"). One of the benefits of this structure is being able to finance several aircraft at one time, rather than individually. The structure of EETC financing is that we create pass-through trusts in order to issue pass-through certificates. The proceeds from the issuance of these certificates are then used to purchase equipment notes which are issued by us and are secured by our aircraft. These trusts meet the definition of a variable interest entity ("VIE"), as defined in Topic 810, Consolidation of the Financial Accounting Standards Board ("FASB") Codification, and must be considered for consolidation in our financial statements. Our assessment of our EETCs considers both quantitative and qualitative factors including the purpose for which these trusts were established and the nature of the risks in each. The main purpose of the trust structure is to enhance the creditworthiness of our debt obligation through certain bankruptcy protection provisions and liquidity facilities, and also to lower our total borrowing cost. We concluded that we are not the primary beneficiary in these trusts because our involvement in them is limited to principal and interest payments on the related notes, the trusts were not set up to pass along variability created by credit risk to us, and the likelihood of our defaulting on the notes. Therefore, we have not consolidated these trusts in our financial statements.

0.50% Convertible Senior Notes, Due Through 2026

On April 1, 2026, the Company paid in full its 0.50% convertible senior notes due 2026, including $325 million of principal and $1 million of interest. A portion of this payment was funded using amounts previously held in escrow pursuant to the Company's revolving credit facility agreement with Citibank. Following this repayment, the Company has no remaining obligations under these notes.

Fixed Rate Equipment Notes

On April 14, 2026, the Company entered into an agreement providing for up to $500 million in debt financing, secured by certain owned A321, A320, and A220 aircraft. As of June 30, 2026, the Company borrowed an aggregate of $500 million under the agreement. The borrowings have maturities ranging from 2033 through 2036 and interest rates based on U.S. Treasury rates plus an applicable margin. In addition, the agreement provides for the potential to obtain up to an additional $250 million in incremental aircraft-secured financing beyond the initial $500 million commitment, subject to agreed upon terms.

Short-term Borrowings

Citibank Line of Credit

We have a revolving credit facility with Citibank for $600 million. This facility bears interest at a rate equal to the Alternate Base Rate ("ABR") plus a margin, or SOFR plus a margin. The facility has a maturity of October 21, 2029.

On October 27, 2025, we entered into an agreement with Citibank, N.A. to hold funds required to meet the specified minimum outstanding principal amount in escrow in order to maintain the facility expiration date of October 21, 2029. The escrow account was funded with the required amount of $100 million prior to December 31, 2025, satisfying the requirements under the amended facility.

On April 1, 2026, the amounts held in escrow were used to pay a portion of the 0.50% convertible senior notes due 2026.

As of and for the periods ended June 30, 2026 and December 31, 2025, we did not have a balance outstanding or any borrowings under the facility.

Morgan Stanley Line of Credit

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Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding. Diluted income per share is calculated similarly but includes potential dilution from restricted stock units, the crewmember stock purchase plan, convertible notes, warrants issued under various federal payroll support programs, and any other potentially dilutive instruments using the treasury stock and if-converted method.

Anti-dilutive common stock equivalents excluded from the computation of diluted loss per share amounts were 6.7 million and 79.5 million for the three months ended June 30, 2026 and June 30, 2025, respectively. Anti-dilutive common stock equivalents excluded from the computation of diluted loss per share amounts were 7.3 million and 80.4 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

The following table shows how we computed basic and diluted loss per common share for the three and six months ended June 30, 2026 and 2025 (dollars and share data in millions):

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Net loss			$	(247)					$	(74)					$	(566)					$	(282)
Weighted average basic shares			375.9						361.3						373.6						357.9
Effect of dilutive securities			—						—						—						—
Weighted average diluted shares			375.9						361.3						373.6						357.9
Loss per common share
Basic			$	(0.66)					$	(0.21)					$	(1.51)					$	(0.79)
Diluted			$	(0.66)					$	(0.21)					$	(1.51)					$	(0.79)

We account for income taxes utilizing the liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the tax and financial statement reporting bases of assets and liabilities. A valuation allowance for deferred tax assets is provided unless realization of the asset is judged by us to be more likely than not. Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

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We sponsor a retirement savings 401(k) defined contribution plan, covering our U.S. and Puerto Rico crewmembers, where we match 100% of our eligible crewmember's contributions up to 5% of their eligible wages. Employer contributions vest after three years of service and are measured from a crewmember's hire date. Crewmembers are vested immediately in their voluntary contributions.

Certain Federal Aviation Administration ("FAA") licensed crewmembers receive a discretionary contribution of 8% of eligible compensation, which we refer to as Retirement Non-elective Licensed Crewmember Contribution. System controllers also receive a Company discretionary contribution of 5% of eligible compensation, referred to as Retirement Non-elective Crewmember Contribution. The Company's non-elective contributions vest after three years of service.

Our Pilots receive a non-elective Company contribution of 17% of eligible compensation, referred to as Pilot Non-elective Contribution, per the terms of the finalized collective bargaining agreement between JetBlue and the Air Line Pilots Association ("ALPA"), in lieu of the above 401(k) Company matching contribution and non-elective contributions. The Company's Pilot Non-elective contributions vest after three years of service.

Total 401(k) company match and non-elective crewmember contribution expense for each of the three months ended June 30, 2026 and 2025 was $74 million, and for the six months ended June 30, 2026 and 2025 was $152 million and $149 million, respectively.

Flight Equipment Commitments

As of June 30, 2026, our committed expenditures for aircraft and related flight equipment, including estimated amounts for contractual price escalations and pre-delivery deposits, are set forth in the table below (in millions):

Flight Equipment Commitments
Year			Total
Remainder of 2026 (1)			$	337
2027			383
2028			525
2029			444
2030			338
Thereafter			3,444
Total			$	5,471

(1) Includes obligations for one Airbus A321neo XLR variant aircraft which is expected to be sold following delivery of the aircraft. The aircraft is anticipated to deliver in the third quarter of 2026.

Our committed aircraft deliveries as of June 30, 2026 include the following aircraft:

Flight Equipment Deliveries (1)
Year			Airbus A220						Airbus A321neo (2)						Total
Remainder of 2026			6						1						7
2027			7						—						7
2028			11						—						11
2029			10						—						10
2030			1						2						3
Thereafter			—						42						42
Total (3)			35						45						80

(1) The timing of aircraft deliveries and related committed expenditures presented in the table above is based on contractual delivery schedules, adjusted for delivery delays based on management's current expectations as of the date of this filing. These expectations reflect recent communications from Airbus regarding delivery delays resulting from global supply chain

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disruptions. Actual delivery timing may differ from the periods presented and remains subject to change due to manufacturer production schedules, supply chain constraints, contractual modifications, regulatory matters and other factors.

(2) Includes one Airbus A321neo XLR variant aircraft which is expected to be sold following delivery of the aircraft. Refer to the footnote in the Flight Equipment Commitments table above for additional information.

(3) In addition, we have options to purchase 20 A220-300 aircraft in 2028 through 2030.

Embraer E190 Fleet Transition

In 2025, as part of the Company's fleet transition plan, we retired our remaining Embraer E190 aircraft and entered into definitive agreements to sell the remaining E190 fleet. During the six months ended June 30, 2026, we sold our remaining owned Embraer E190 airframes, as well as certain Embraer E190 engines and related spare parts, and recorded a net gain of $30 million, which is included in other operating expenses on our consolidated statements of operations. We also returned our remaining leased E190 aircraft. As of June 30, 2026, one Embraer E190 engine and certain related spare parts remained available for sale.

Held for Sale

As of June 30, 2026 and December 31, 2025, we had $97 million and $138 million, respectively, classified as held for sale within prepaid expenses and other in current assets on the consolidated balance sheets. The amounts included in held for sale are primarily related to one Embraer E190 engine and related spare parts, two IAE V2500 engines, as well as one Airbus A321 neo XLR variant aircraft expected to be sold within one year.

Other Commitments and Contingencies

We utilize several credit card processors to process our ticket sales. Our agreements with these processors do not contain covenants, but do generally allow the processor to withhold cash reserves to protect the processor from potential liability for tickets purchased, but not yet used for travel. While we currently do not have any collateral requirements related to our credit card processors, we may be required to issue collateral to our credit card processors, or other key business partners, in the future.

As of June 30, 2026, we had $263 million in restricted cash and cash equivalents. We held $73 million of restricted cash equivalents as a reserve for principal and interest payments associated with the financing of the TrueBlue® program. We also had $58 million for letters of credit relating to a certain number of our leases, which will expire at the end of the related lease terms as well as a $65 million letter of credit relating to our 5% ownership in JFK Millennium Partners ("JMP"), a private entity that is financing, developing, and operating JFK Terminal 6. The letters of credit are included in restricted cash and cash equivalents on the consolidated balance sheets. Additionally, we had $67 million cash pledged primarily related to funds held for workers compensation obligations and other business partner agreements, which will expire according to the terms of the related agreements.

Labor Unions and Non-Unionized Crewmembers

As of June 30, 2026, 50% of our active full-time equivalent crewmembers were represented by labor unions. The pilot group, which represents 21% of our active full-time equivalent crewmembers, is covered by a collective bargaining agreement ("CBA").

Our pilots are represented by ALPA. Our inflight crewmembers, flight instructors, and dispatchers, which include air traffic controllers and system controllers, are represented by the Transport Workers Union of America ("TWU"); our other frontline crewmembers do not have third party representation.

TWU

On July 14, 2022, TWU filed a representation application with the National Mediation Board ("NMB") seeking an election among the 35 pilot instructors ("Flight Instructors"). JetBlue disputed TWU's application alleging that Flight Instructors do not constitute a craft or class. On October 26, 2023, the NMB notified the participants that it rejected JetBlue's argument and ordered an election. The Flight Instructors voted for TWU representation. Contract negotiations for an initial CBA began in April 2024 and are ongoing.

JetBlue's inflight crewmembers are represented by TWU, with a contract amendable date of December 13, 2026. The option for TWU to initiate negotiations began on January 1, 2025 and is ongoing until the contract amendable date.

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In November 2025, TWU filed a petition with the NMB seeking to represent the Company's dispatchers, air traffic controllers, and system controllers. The NMB authorized an election which ran from January 15, 2026 through February 26, 2026. The dispatchers, air traffic controllers, and system controllers voted for TWU representation. Contract negotiations for an initial contract have not yet begun.

IAM

In November 2025, the International Association of Machinists & Aerospace Workers ("IAM") filed a petition with the NMB seeking to represent the Company's ground operations class of employees. The NMB reviewed IAM's submission and determined IAM failed to show it had the required amount of authorization cards to hold an election.

ALPA

In January 2023, JetBlue pilots ratified a two-year contract extension effective March 1, 2023. In February 2025, the contract became amendable. Contract negotiations formally began in May 2024 and are ongoing.

Non-Unionized Crewmembers

We enter into individual employment agreements with each of our non-unionized FAA-licensed crewmembers, which include technicians, and inspectors. Each employment agreement is for a term of five years and automatically renews for an additional five years unless either the crewmember or we elect not to renew it by giving at least 90 days' notice before the end of the relevant term. Pursuant to these agreements, these crewmembers can only be terminated for cause. In the event of a downturn in our business that would require a reduction in work hours, we are obligated to pay these crewmembers a guaranteed level of income and to continue their benefits if they do not obtain other aviation employment.

Legal Matters

Occasionally, we are involved in various claims, lawsuits, regulatory examinations, investigations, and other legal matters involving suppliers, crewmembers, customers, and governmental agencies, arising, for the most part, in the ordinary course of business. The outcome of litigation and other legal matters is always uncertain. The Company believes it has valid defenses to the legal matters currently pending against it, is defending itself vigorously, and has recorded accruals determined in accordance with GAAP, where appropriate. In making a determination regarding accruals, using available information, we evaluate the likelihood of an unfavorable outcome in legal or regulatory proceedings to which we are a party and record a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. These subjective determinations are based on the status of such legal or regulatory proceedings, the merits of our defenses, and consultation with legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from our current estimates. It is possible that resolution of one or more of the legal matters currently pending or threatened could result in losses material to our condensed consolidated results of operations, liquidity, or financial condition.

To date, none of these types of litigation matters, most of which are typically covered by insurance, has had a material impact on our operations or financial condition. We have insured and continue to insure against most of these types of claims. A judgment on any claim not covered by, or in excess of, our insurance coverage could materially adversely affect our condensed consolidated results of operations, liquidity, or financial condition.

In July 2020, JetBlue and American Airlines Group, Inc. ("American") entered into the Northeast Alliance ("NEA"), which was permanently enjoined effective August 18, 2023 following an antitrust action. The wind down of the NEA is substantially complete. The matters described below arise out of, or relate to, the NEA. Both of the matters below remain subject to uncertainties inherent in litigation.

In December 2022 and February 2023, four putative class actions lawsuits were filed in the United States District Court for the Eastern District of New York ("EDNY") and the United States District Court for the District of Massachusetts, alleging that JetBlue and American violated U.S. antitrust law in connection with the NEA. These cases were consolidated in the EDNY. Among other things, plaintiffs seek injunctive relief and monetary damages on behalf of a claimed putative class of direct purchasers of airline tickets from JetBlue and American and, in certain cases, other airlines on flights to or from NEA airports from July 16, 2020 through the period the NEA was in effect and also to the alleged anticompetitive effects of the defendants' conduct ceases. Fact discovery is complete, and in early July 2026, the plaintiffs, as expected and instructed by the court, filed a petition with the EDNY to certify the putative class they allege was damaged. The Company intends to oppose that class certification, defend the matter vigorously, and continues to believe these lawsuits are without merit. As of June 30, 2026, the potential outcomes of these claims cannot be determined and an estimate of the reasonably possible loss or range of loss, if any, cannot be made.

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On April 28, 2025, American filed a lawsuit in the Business Court of Tarrant County, Texas, alleging breach of contract under a revenue-sharing agreement related to the NEA and seeking monetary damages that American claims are owed for operations between April 1, 2022 to July 18, 2023. The Company disputes the allegations, believes it has strong defenses to the claims alleged and intends to defend the matter vigorously. As of June 30, 2026, the potential outcomes of these claims cannot be determined and an estimate of the reasonably possible loss or range of loss, if any, cannot be made.

Under Topic 820, Fair Value Measurement of the FASB Codification, disclosures are required about how fair value is determined for assets and liabilities and a hierarchy for which these assets and liabilities must be grouped is established, based on significant levels of inputs as follows:

Level 1 - observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 - quoted prices in active markets for similar assets and liabilities, and other inputs that are observable directly or indirectly for the asset or liability; or

Level 3 - unobservable inputs for the asset or liability, such as discounted cash flow models or valuations.

The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following is a listing of our assets required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of June 30, 2026 and December 31, 2025 (in millions):

			June 30, 2026
			Level 1						Level 2						Level 3						Total
Assets
Cash equivalents			$	1,280					$	17					$	—					$	1,297
Restricted cash equivalents			73						—						—						73
Available-for-sale investment securities			—						66						6						72

			December 31, 2025
			Level 1						Level 2						Level 3						Total
Assets
Cash equivalents			$	1,628					$	18					$	—					$	1,646
Restricted cash equivalents			72						—						—						72
Available-for-sale investment securities			—						60						7						67

Refer to Note 3 for fair value information related to our outstanding debt obligations as of June 30, 2026 and December 31, 2025.

Cash Equivalents and Restricted Cash Equivalents

Our cash equivalents include money market securities, commercial paper, and time deposits which are readily convertible into cash, have maturities of three months or less when purchased, and are considered to be highly liquid and easily tradable. The money market securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy. The fair value of time deposits and commercial paper is based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. Restricted cash equivalents are composed of money market securities held as a reserve for principal and interest payments associated with the financing of the TrueBlue® program.

Available-for-Sale Investment Securities

Our available-for-sale investment securities include investments such as time deposits, commercial paper, and convertible debt securities. The fair value of time deposits and commercial paper is based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. The fair value of convertible debt securities is based on unobservable inputs and is classified as Level 3 in the hierarchy.

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Held-to-Maturity Investment Securities

Our held-to-maturity investment securities consist of corporate bonds, which are stated at amortized cost. If the corporate bonds were measured at fair value, they would be classified as Level 2 in the fair value hierarchy, based on quoted prices in active markets for similar securities.

We do not intend to sell these investment securities prior to maturity.

The carrying value and estimated fair value of our held-to-maturity investment securities were as follows (in millions):

			June 30, 2026									December 31, 2025
			Carrying Value			Fair Value						Carrying Value			Fair Value
Held-to-maturity investment securities			$	440		$	438					$	464		$	464

Investments in Debt Securities

Investments in debt securities consist of available-for-sale and held-to-maturity investment securities. The carrying amount is recorded within investment securities in the current assets section of our consolidated balance sheets if the remaining maturity is less than 12 months. Maturities greater than 12 months are recorded within investment securities in the other assets section of our consolidated balance sheets.

The aggregate carrying values of our short-term and long-term debt investment securities consisted of the following at June 30, 2026 and December 31, 2025 (in millions):

			June 30, 2026						December 31, 2025
Available-for-sale investment securities
Commercial paper			$	66					$	60
Debt securities			6						7
Total available-for-sale investment securities			72						67
Held-to-maturity investment securities
Corporate bonds			440						464
Total held-to-maturity investment securities			440						464
Total investment in debt securities			$	512					$	531

We use the specific identification method to determine the cost of our available-for-sale securities. Refer to Note 8 for an explanation of the fair value hierarchy structure.

We recorded a gain of $1 million on our available-for-sale securities in gain on investments, net on our consolidated statements of operations during the three and six months ended June 30, 2026. During the three and six months ended June 30, 2025, we recorded a gain of $5 million on our available-for-sale securities in gain on investments, net on our consolidated statements of operations. We did not record any material gains or losses on our held-to-maturity investment securities during the three and six months ended June 30, 2026 and 2025.

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Equity Investments

The aggregate carrying values of our equity investments are recorded in other assets on the consolidated balance sheets and consist of the following at June 30, 2026 and December 31, 2025 (in millions):

			June 30, 2026						December 31, 2025
Equity method investments (1)			$	114					$	109
JetBlue Ventures equity investments (2)			88						89
TWA Flight Center (3)			13						13
Total equity investments			$	215					$	211

(1) We have the ability to exercise significant influence over these investments and therefore they are accounted for using the equity method in accordance with Topic 323, Investments - Equity Method and Joint Ventures of the FASB Codification. Our share of our equity method investees' financial results is included in other income on our consolidated statements of operations.

(2) Our wholly owned subsidiary JetBlue Technology Ventures, LLC ("JBV") has equity investments in emerging companies which do not have readily determinable fair values. In accordance with Topic 321, Investments - Equity Securities of the FASB Codification, we account for these investments using a measurement alternative which allows entities to measure these investments at cost, less any impairment, adjusted for changes from observable price changes in orderly transactions for identifiable or similar investments of the same issuer. Refer to the table below for investment gain (loss) activity during the three and six months ended June 30, 2026 and 2025.

(3) We have an approximately 9% ownership interest in the TWA Flight Center Hotel at JFK, which is accounted for under the measurement alternative described above. We did not record any material gains or losses on our TWA Flight Center Hotel during the three and six months ended June 30, 2026 and 2025.

The realized and unrealized gain (loss) on equity investments for the three and six months ended June 30, 2026 and 2025 are as follows (in millions):

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
JBV Equity Investments
Realized gain (loss) recognized in gain on investments, net			$	1					$	(3)					$	1					$	(3)
Unrealized gain (loss) recognized in gain on investments, net			(1)						1						3						2

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Comprehensive income (loss) includes changes in fair value of our unrealized gain (loss) on available-for-sale securities. A rollforward of the amounts included in accumulated other comprehensive income (loss), net of taxes for the three months ended June 30, 2026 and 2025 is as follows (in millions):

									Available-for-sale securities
Balance of accumulated income, at March 31, 2026									$	—
Reclassifications into earnings, net of taxes of $0									—
Change in fair value, net of taxes of $0									1
Balance of accumulated income, at June 30, 2026									$	1
Balance of accumulated income, at March 31, 2025									$	7
Reclassifications into earnings, net of taxes of $0									(5)
Change in fair value, net of taxes of $0									5
Balance of accumulated income, at June 30, 2025									$	7

A rollforward of the amounts included in accumulated other comprehensive income (loss), net of taxes for the six months ended June 30, 2026 and 2025 is as follows (in millions):

									Available-for-sale securities
Balance of accumulated loss, at December 31, 2025									$	(1)
Reclassifications into earnings, net of taxes of $0									1
Change in fair value, net of taxes of $0									1
Balance of accumulated income, at June 30, 2026									$	1
Balance of accumulated income, at December 31, 2024									$	2
Reclassifications into earnings, net of taxes of $0									(5)
Change in fair value, net of taxes of $0									10
Balance of accumulated income, at June 30, 2025									$	7

There were no special items for the three and six months ended June 30, 2026.

The following is a listing of special items presented on our consolidated statements of operations for the three and six months ended June 30, 2025 (in millions):

															Three Months Ended June 30,												Six Months Ended June 30,
															2025												2025
Special items
Voluntary opt-out costs (1)															$	24											$	24
Total special items															$	24											$	24

(1) Voluntary opt-out costs relate to severance and benefit costs associated with the Company's pilot early retirement program.

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Operating Segments

JetBlue has one reportable operating segment, air transportation services. Air transportation services accounted for substantially all of the Company's operations in 2026 and 2025. We provide air transportation services across the United States, the Caribbean, Latin America, Canada, and Europe, and manage the business activities on a consolidated basis.

JetBlue's chief operating decision maker ("CODM") is our executive leadership team, which includes our Chief Executive Officer, President, Chief Financial Officer, and Chief Operating Officer. The CODM assesses performance for the air transportation segment which includes our loyalty program, and decides how to allocate resources based on net income (loss), which is reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets.

Our tangible assets primarily consist of our fleet of aircraft. The CODM reviews flight profitability data, which incorporates aircraft type and route economics in making resource allocation decisions. Our fleet is deployed systemwide and substantially all of our aircraft may be deployed across any of our geographic regions, without giving weight on geographic results and therefore, our assets do not require an allocation by geographic region.

Geographic Region Information

Operating revenues are allocated to geographic regions, as defined by the Department of Transportation ("DOT"), based upon the origination and destination of each flight segment. As of June 30, 2026, we served 31 locations in the Caribbean and Latin American region, or Latin America as defined by the DOT. We also served nine destinations in Europe, or Atlantic as defined by the DOT. We include the three destinations in Puerto Rico and two destinations in the U.S. Virgin Islands in our Caribbean and Latin America allocation of revenues. We have reflected these locations within the Caribbean and Latin America region in the table below. Operating revenues by geographic regions for the three and six months ended June 30, 2026 and 2025 are summarized below (in millions):

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Domestic & Canada						$	1,659					$	1,443					$	3,059					$	2,734
Caribbean & Latin America						865						772						1,643						1,557
Atlantic						173						141						235						205
Total operating revenue						$	2,697					$	2,356					$	4,937					$	4,496

Subsequent to June 30, 2026, we were selected as the successful bidder to acquire certain operating authorizations (slots) previously operated by Spirit Airlines at New York's LaGuardia Airport for an aggregate purchase price of $58.5 million. If completed, the acquisition would support up to an additional 12 daily roundtrips at LaGuardia. The transaction closing remains subject to regulatory approvals and other conditions.

Subsequent to June 30, 2026, on July 27, 2026, we entered into supplemental support and other agreements with International Aero Engines, LLC ("IAE"), an affiliate of RTX Corporation, Pratt & Whitney Division, related to certain PW1100G and PW1500G engine operational disruptions, technical issues occurring through December 31, 2025 and other matters. Under the agreements, we received consideration including credits up to $105 million that may be applied toward future purchases of qualifying goods and services from IAE, IAE International Aero Engines AG and Pratt & Whitney through December 31, 2027, including in exchange for waiving certain claims.

These credits are accounted for as vendor consideration under ASC 705-20 and will be allocated to qualifying purchases through December 31, 2027 based on our estimated eligible spend for applicable goods and services during that period. Credits associated with operating expenditures will be recognized as reductions of the related operating expenses, while credits associated with capital expenditures will be recognized as reductions of the cost basis of the related assets.

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