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): July 22, 2010

JETBLUE AIRWAYS CORPORATION

(Exact name of registrant as specified in its charter)

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

118-29 Queens Boulevard, Forest Hills, New York
(Address of principal executive offices) 11375
(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 July 22, 2010, we provided an update for investors presenting information relating to our financial outlook for the third quarter ending September 30, 2010 and full year 2010, 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 July 22, 2010 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: July 22, 2010	By:	/s/ Donald Daniels
		Vice President, Controller and
		Chief Accounting Officer (Principal Accounting Officer)

EXHIBIT INDEX

Exhibit
Number	Exhibit
99.1	Investor Update dated July 22, 2010 of JetBlue Airways Corporation

EX-99.1

Exhibit 99.1

Investor Update

Investor Update: July 22, 2010

This investor update provides JetBlue’s investor guidance for the third quarter ending September 30, 2010 and full year 2010.

Recent Announcements

JetBlue has recently announced service between the following new city pairs:

City Pair	Frequency	Start Date
Boston, MA — Phoenix, AZ	1x Daily	September 2, 2010
Boston, MA — Sarasota, FL	1x Daily	November 1, 2010

Specific details regarding frequency and start dates can be found on JetBlue’s web site, www.jetblue.com.

Capacity

Third quarter 2010 available seat miles (ASMs) are estimated to increase 6% to 8% year-over-year. Full year 2010 ASMs are estimated to increase 6% to 8% year-over-year.

JetBlue estimates the following distribution as a percentage of total ASMs by aircraft type:

Third Quarter 2010		Full Year 2010
A320	E190	A320	E190
86%	14%	86%	14%

Average stage length is projected to be approximately 1,101 miles during the third quarter of 2010 versus 1,081 miles during the same prior year period and approximately 1,100 miles for the full year 2010 versus 1,076 miles for the full year 2009.

Operational Outlook

	Year-Over-Year Percentage Change
	Third Quarter			Full Year
(Per ASM)	2010			2010
Revenue
Passenger Unit Revenue (PRASM)		12% - 15	%		9% - 12	%
Operating Unit Revenue (RASM)		11% - 14	%		8% - 11	%
Operating Expense
Unit Operating Expense (CASM)		3% - 5	%		6% - 8	%
Unit Operating Expense Excluding Fuel (Ex-Fuel CASM)		2% - 4	%		4% - 6	%

JetBlue estimates total Other Income (Expense) to be between ($40) and ($45) million in the third quarter and between ($170) and ($180) million for the full year. JetBlue expects an annual effective tax rate of approximately 40%. However, the actual tax rate in both third quarter and full year 2010 could differ due to the non-deductibility of certain items for tax purposes.

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

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Investor Update

Operational Outlook, cont.

	Third Quarter		Full Year
	2010		2010
Fuel Expense
Estimated Consumption (gallons)	130 million		495 million
Estimated Fuel Price per Gallon, Net of Hedges *	$	2.27	$	2.28

* Includes fuel taxes

Fuel Hedges

As of July 16, 2010 JetBlue’s advanced fuel derivative contracts for the next 12 months are as follows:

		Estimated Percentage
	Gallons	of Consumption			Price
3Q10	61 million		47	%	• 18% in heat collars with average cap at $2.35/gal and average put at $1.95/gal • 13% in crude call options with average cap at $90/bbl • 16% in USGC jet fuel swaps at an average of $2.22/gal
4Q10	58 million		46	%	• 19% in heat collars with average cap at $2.43/gal and average put at $2.03/gal • 13% in crude call options with average cap at $91/bbl • 14% in USGC jet fuel swaps at an average of $2.26/gal
1Q11	25 million		20	%	• 5% in heat collars with average cap at $2.61/gal and average put at $2.21/gal • 15% in crude call options with average cap at $93/bbl
2Q11	25 million		19	%	• 19% in crude call options with average cap at $94/bbl

Aircraft Delivery Schedule

As of June 30, 2010 JetBlue’s fleet was comprised of 110 Airbus A320 aircraft and 43 EMBRAER 190 aircraft. 113 aircraft were on order from Airbus and Embraer, scheduled for delivery through 2018, with options to acquire 82 additional aircraft.

	Airbus A320						EMBRAER 190
	Aircraft		Mortgage		Lease		Aircraft		Mortgage		Lease
3Q10		3		—		3		1		1		—
4Q10		3		—		3		1		1		—
Total at Year End **		116		86		30		45		14		31

** JetBlue leased two of its owned EMBRAER 190 aircraft to a third party in 2008, which are not included in the table above.

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

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Investor Update

Capital Expenditures
(In millions)

Third Quarter 2010		Full Year 2010
Aircraft	Non-aircraft	Aircraft	Non-aircraft
$55	$45	$215	$145

Share Count

Share count estimates for calculating basic and diluted earnings per share are as follows:

	Third Quarter 2010
	Basic Share Count		Diluted Share Count		Interest Add-back
Net Income Range	(in millions)		(in millions)		(in millions) *
Zero — $11 million		275.7		278.3		—
$11 million — $15 million		275.7		305.8	$	1
$15 million or greater		275.7		347.0	$	3

	Full Year 2010
	Basic Share Count		Diluted Share Count		Interest Add-back
Net Income Range	(in millions)		(in millions)		(in millions)**
Zero — $42 million		275.3		278.0		—
$42 million — $57 million		275.3		305.5	$	4
$57 million or greater		275.3		346.6	$	12

* Net of taxes

These share count estimates assume 20% annual stock price appreciation and are based on several other assumptions. The number of shares used in JetBlue’s actual earnings per share will likely be different than those stated above.

This investor update contains statements of a forward-looking nature which represent our management’s beliefs and assumptions concerning future events. When used in this document and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. 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; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; 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; a continuance of the economic recessionary conditions in the U.S. or a further economic downturn leading to a continuing or accelerated decrease in demand for domestic and business air travel; 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 2009 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.

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

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