New York, NY (April 22, 2008) — JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the first quarter 2008:

“We are pleased with our strong unit revenue performance and cost discipline during the quarter,” said Dave Barger, JetBlue’s CEO. “We continue to see healthy demand throughout our network, and we are encouraged with the industry’s more disciplined approach to capacity. However, JetBlue is not immune to the unprecedented rise in fuel prices, and we are taking steps to respond to this environment.

“We have further reduced our 2008 capacity growth to three to five percent by aggressively managing our flight schedule after the peak summer travel period, and we intend to make further adjustments to our network as necessary. We will also continue our focus on cost discipline and revenue enhancements,” said Barger.

JetBlue announced today that it has changed its checked bag policy to allow customers to check one bag at no charge and a second bag for a $20 service fee. This new policy becomes effective for customers traveling on or after June 1, 2008. “We have found that a majority of our customers check only one bag, and with this new policy, customers who check extra bags may continue to do so for a nominal fee designed to offset the extra fuel required to transport the extra bags, which will help us maintain our competitive fares for all our customers,” said Barger.

For the first quarter, revenue passenger miles increased 10.4% year-over-year to 6.5 billion on a capacity increase of 13.9%, resulting in a first quarter load factor of 78.2%, a decrease of 2.4 points year over year. Yield per passenger mile in the first quarter was 11.40 cents, up 20.2% compared to the first quarter of 2007. Passenger revenue per available seat mile (PRASM) for the first quarter 2008 increased 16.5% year-over-year to 8.92 cents.

JetBlue’s operating expense per available seat mile (CASM) for the first quarter increased 12.8% year-over-year to 9.51 cents. Excluding fuel, CASM decreased 0.2% to 5.84 cents. During the quarter, JetBlue’s realized fuel price was $2.65 per gallon, a 40.5% increase over first quarter 2007 realized fuel price of $1.88.

Russ Chew, JetBlue’s President and COO, commented, “Our solid operational performance — against the backdrop of record high fuel prices and a weakening economic environment — reflects the outstanding efforts of our 12,000 crewmembers. While this is a difficult environment for the industry, we believe JetBlue is well-positioned with a terrific brand, outstanding crewmembers, a strong cash position, and a flexible fleet order book. We are optimistic about the opportunities that lie ahead.”

Looking ahead, for the second quarter of 2008, JetBlue expects to report an operating margin between one and three percent based on an assumed aircraft fuel cost per gallon of $3.09, net of hedges. Pre-tax margin for the quarter is expected to be between negative three and negative one percent. PRASM is expected to increase between eight and ten percent year over year. CASM is expected to increase between 22 and 24 percent over the year-ago period. Excluding fuel, CASM in the second quarter is expected to increase between six and eight percent year over year. Capacity is expected to increase between three and five percent in the second quarter and stage length is expected to increase roughly one percent over the same period last year.

For the full year 2008, JetBlue expects to report an operating margin between two and four percent based on an assumed aircraft fuel cost per gallon of $3.05, net of hedges. Pre-tax margin for the full year is expected to be between negative two and zero percent. PRASM for the full year is expected to increase

between 12 and 14 percent year over year. CASM for the full year is expected to increase between 20 and 22 percent over full year 2007. Excluding fuel, CASM in 2008 is expected to increase between six and eight percent year over year. Capacity for the full year 2008 is expected to increase between three and five percent over 2007 and stage length is expected to remain flat over full year 2007.

JetBlue will conduct a conference call to discuss its quarterly earnings today, April 22, at 10:00 a.m. Eastern Time. A live broadcast of the conference call will be available via the internet at http://investor.jetblue.com.

New York-based JetBlue Airways has created a new airline category based on value, service and style. Known for its award-winning service and free TV as much as its low fares, JetBlue is now pleased to offer customers Lots of Legroom and super-spacious Even More Legroom seats. JetBlue introduced complimentary in-flight e-mail and instant messaging services on aircraft “BetaBlue,” a first among U.S. domestic airlines. JetBlue is also America’s first and only airline to offer its own Customer Bill of Rights, with meaningful and specific compensation for customers inconvenienced by service disruptions within JetBlue’s control. Visit www.jetblue.com/promise for details. JetBlue serves 53 cities with 550 daily flights. With JetBlue, all seats are assigned, all travel is ticketless, all fares are one-way, and an overnight stay is never required. For information or reservations call 1-800-JETBLUE (1-800-538-2583) or visit www.jetblue.com.

This press release 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; 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. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.

	Three Months Ended March 31,						Percent
	2008			2007			Change
OPERATING REVENUES
Passenger	$	748		$	564		32.7
Other		68			44		53.1
Total operating revenues		816			608		34.2
OPERATING EXPENSES
Aircraft fuel		308			190		61.8
Salaries, wages and benefits		178			164		8.5
Landing fees and other rents		51			45		14.1
Depreciation and amortization		45			42		5.8
Aircraft rent		32			30		7.9
Sales and marketing		39			29		33.3
Maintenance materials and repairs		33			26		28.4
Other operating expenses		113			95		17.8
Total operating expenses		799			621		28.5
OPERATING INCOME (LOSS)		17			(13	)
Operating margin		2.2	%		(2.2	) %	4.4	pts.
OTHER INCOME (EXPENSE)
Interest expense		(56	)		(52	)	7.0
Capitalized interest		14			8		62.2
Interest income and other		12			12		(5.1	)
Total other income (expense)		(30	)		(32	)	(3.2	)
INCOME (LOSS) BEFORE INCOME TAXES		(13	)		(45	)
Pre-tax margin		(1.5	) %		(7.3	) %	5.8	pts.
Income tax benefit		(5	)		(23	)
NET LOSS	$	(8	)	$	(22	)
LOSS PER COMMON SHARE:
Basic	$	(0.04	)	$	(0.12	)
Diluted	$	(0.04	)	$	(0.12	)
Weighted average shares outstanding (thousands):
Basic		214,416			178,204
Diluted		214,416			178,204

	Three Months Ended March 31,						Percent
	2008			2007			Change

Revenue passengers (thousands)		5,518			5,091		8.4
Revenue passenger miles (millions)		6,563			5,942		10.4
Available seat miles (ASMs) (millions)		8,395			7,370		13.9
Load factor		78.2	%		80.6	%	(2.4	) pts.
Breakeven load factor (a)		82.2	%		88.1	%	(5.9	) pts.
Aircraft utilization (hours per day)		12.9			12.6		2.4
Average fare	$	135.64		$	110.79		22.4
Yield per passenger mile (cents)		11.40			9.49		20.2
Passenger revenue per ASM (cents)		8.92			7.65		16.5
Operating revenue per ASM (cents)		9.72			8.25		17.8
Operating expense per ASM (cents)		9.51			8.43		12.8
Operating expense per ASM, excluding fuel (cents)		5.84			5.85		(0.2	)
Airline operating expense per ASM (cents) (a)		9.37			8.36		12.1
Departures		52,265			46,574		12.2
Average stage length (miles)		1,131			1,086		4.2
Average number of operating aircraft during period		136.3			121.5		12.2
Average fuel cost per gallon	$	2.65		$	1.88		40.5
Fuel gallons consumed (millions)		117			101		15.1
Percent of sales through jetblue.com during period		76.7	%		76.4	%	0.3	pts.
Full-time equivalent employees at period end (a)		10,165			9,260		9.8

(a) Excludes operating expenses and employees of LiveTV, LLC, which are unrelated to our airline operations.

	March 31, 2008		December 31, 2007
Cash and cash equivalents	$	713	$	190
Total investment securities		313		644
Total assets		6,050		5,598
Total debt		3,097		3,048
Stockholders’ equity		1,329		1,036