8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 2, 2008

JETBLUE AIRWAYS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	000-49728	87-0617894
(State of Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

118-29 Queens Boulevard, Forest Hills, New York 11375
(Address of principal executive offices) (Zip Code)

(718) 286-7900
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

     On December 2, 2008, we provided an update for investors presenting information relating to our financial outlook for the fourth quarter and year ending December 31, 2008, and other information regarding our business. The update is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

     (d) Exhibits

Exhibit
Number	Description
99.1	Investor Update dated December 2, 2008 of JetBlue Airways Corporation

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	JETBLUE AIRWAYS CORPORATION (Registrant)
Date: December 2, 2008	By:	/s/ Edward Barnes
		Executive Vice President and
		Chief Financial Officer (Principal Financial and Accounting Officer)

EXHIBIT INDEX

Exhibit
Number	Exhibit
99.1	Investor Update dated December 2, 2008 of JetBlue Airways Corporation

EX-99.1

Exhibit 99.1

JetBlue Airways Investor Relations
(718) 709-2202
ir@jetblue.com

Investor Update
December 2, 2008

This investor update provides selected investor guidance for the fourth quarter ending December 31, 2008 and full year 2008.

Passenger Revenue per Available Seat Mile (PRASM)
(Estimated year over year percentage improvement)

	Fourth Quarter 2008			Full Year 2008
Estimated PRASM		12-14	%		13-15	%

Revenue per Available Seat Mile (RASM)
(Estimated year over year percentage improvement)

	Fourth Quarter 2008			Full Year 2008
Estimated RASM		16-18	%		16-18	%

Cost per Available Seat Mile (CASM) at Assumed Fuel Cost
(Estimated year over year percentage increases)

	Fourth Quarter 2008			Full Year 2008
Estimated CASM		18-20	%		20-22	%

Cost per Available Seat Mile (CASM) Excluding Fuel
(Estimated year over year percentage increases)

	Fourth Quarter 2008			Full Year 2008
Estimated Ex-fuel CASM		15-17	%		8-10	%

Operating Margin
(Estimated operating margin range)

	Fourth Quarter 2008			Full Year 2008
Estimated Operating Margin Range		2-4	%		1-3	%

Income (Loss) Before Income Taxes
(Estimated pre-tax margin range)

	Fourth Quarter 2008			Full Year 2008
Estimated Pre-tax Margin Range		(4)-(2	)%		(3)-(1	)%

Fuel

	Fourth Quarter 2008		Full Year 2008
Estimated Fuel Gallons Consumed	108 million		456 million
Estimated Average Fuel Price per Gallon, Net of Hedges	$	2.77	$	3.01

In October 2008, we began selling swap contracts to our fuel hedge counterparties covering 60% of our fourth quarter 2008 swap contracts and all of our 2009 swap contracts, effectively capping losses related to further oil price declines.

As of November 28, 2008, our advanced fuel derivative contracts are as follows:

	Gallons
	(Est. % of consumption)	Price
Q4 ‘08	25 million (23%)	5% in heat collars with the average cap at $3.12/gal and the average put at $2.69/gal 18% in heat swaps at an average of $2.76/gal
Q1 ‘09	10 million (9%)	9% in heat collars with the average cap at $2.95/gal and the average put at $2.50/gal
Q2 ‘09	10 million (8%)	8% in heat collars with the average cap at $2.96/gal and the average put at $2.49/gal
Q3 ‘09	10 million (8%)	8% in heat collars with the average cap at $3.00/gal and the average put at $2.54/gal

Assuming a crude oil price of $50 per barrel, we would expect to have approximately $106 million in cash collateral posted related to our 2009 fuel derivative contracts as of December 31, 2008.

This investor update contains statements of a forward-looking nature which represent our management’s beliefs and assumptions concerning future events. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; increases in fuel prices, maintenance costs and interest rates; our ability to implement our growth strategy, including the ability to operate reliably the EMBRAER 190 aircraft and our new terminal at JFK; our significant fixed obligations; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on high daily aircraft utilization; our dependence on the New York metropolitan market and the effect of increased congestion in this market; our reliance on automated systems and technology; our being subject to potential unionization; our reliance on a limited number of suppliers; changes in or additional government regulation; changes in our industry due to other airlines’ financial condition; and external geopolitical events and conditions. Further information concerning these and other factors is contained in the Company’s Securities and Exchange Commission filings, including but not limited to, the Company’s 2007 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.