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): April 24, 2018

JETBLUE AIRWAYS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	000-49728	87-0617894
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
27-01 Queens Plaza North, Long Island City, New York		11101
(Address of principal executive offices)		(Zip Code)

(718) 286-7900

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

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:

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition

On April 24, 2018 we issued a press release announcing our financial results for the first quarter ended March 31, 2018. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

The information included under Item 2.02 of this report (including the exhibits) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 7.01 Regulation FD Disclosure.

On April 24, 2018, we provided an update for investors presenting information relating to our financial outlook for the second quarter ending June 30, 2018 and full year 2018, and other information regarding our business. The update and materials to be used in conjunction with the presentation are furnished herewith as Exhibit 99.2 and Exhibit 99.3 and are incorporated herein by reference.

The information included under Item 7.01 of this report (including the exhibits) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Press Release dated April 24, 2018 of JetBlue Airways Corporation announcing financial results for the first quarter ended March 31, 2018.
99.2	Investor Update dated April 24, 2018 of JetBlue Airways Corporation.
99.3	Earnings Presentation dated April 24, 2018.

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:	April 24, 2018	By:	/s/     Alexander Chatkewitz
			Vice President, Controller, and Chief Accounting Officer (Principal Accounting Officer)

EX-99.1

Earnings Release

JETBLUE ANNOUNCES FIRST QUARTER 2018 RESULTS

NEW YORK (April 24, 2018) -- JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the first quarter 2018:

• Diluted earnings per share of $0.27. This compares to JetBlue’s first quarter 2017 diluted earnings per share of $0.24 cents.

• Pre-tax income of $110 million, a decrease of 9.2% from the first quarter of 2017.

• Pre-tax margin of 6.3%, a 1.3 point decrease year over year.

Highlights from the First Quarter 2018

• First quarter 2018 revenue per available seat mile (RASM) growth of 6.1%, year over year, including the net benefit from Holiday calendar placement.

• Operating expenses per available seat mile, excluding fuel (CASM ex-fuel) of 3.1%, within the initial guidance range, despite a lower completion factor and offset by timing of maintenance expenses.

• JetBlue signed a multi-year agreement with Pratt & Whitney for the purchase and maintenance of GTF engines, as work on the Structural Cost Program continues.

Key Guidance for the Second Quarter and Full Year 2018:

• Capacity is expected to increase between 5.0% and 7.0% year over year in the second quarter 2018. For the full year 2018, JetBlue expects capacity to increase between 6.5% and 8.5%.

• RASM growth is expected to range between (3.0)% and 0% for the second quarter 2018 compared to the same period in 2017.

• CASM Ex-Fuel is expected to grow between 2.0% and 4.0% for the second quarter of 2018. For the full year 2018, JetBlue expects year over year CASM Ex-Fuel to be between (1.0)% and 1.0%.

For further details see the latest Investor Update and the First Quarter 2018 Earnings Presentation available via the internet at http://investor.jetblue.com.

JetBlue will conduct a conference call to discuss its quarterly earnings today, April 24, at 10:00 a.m. Eastern Time. A live broadcast of the conference call will also be available via the internet at http://investor.jetblue.com.

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Progress Continues Towards Margin Commitments

“I’d like to thank our nearly 22,000 Crewmembers, who again did an exceptional job safely managing through the many snow storms that hit the Northeast during the first quarter, and into early April. Our strong RASM performance was driven by our revenue management initiatives, ongoing ancillary growth, and strong demand across our network. In addition, CASM ex-fuel growth was within our quarterly guidance, despite pressures from lower completion factor” said Robin Hayes, JetBlue’s President and CEO.

This quarter JetBlue achieved an important milestone in its Structural Cost Program, with a new engine purchase and maintenance agreement with Pratt & Whitney. In addition, JetBlue continued to make capital-light investments to support a broad digital transformation strategy, and further grow its ancillary revenues. These are part of JetBlue’s commercial and cost initiatives as it makes progress toward its goal of achieving superior margins.

Revenue Performance and Outlook

First quarter RASM growth exceeded expectations at 6.1%, above JetBlue’s guidance range from early March of 3.5% to 5.5%. Lower completion factor resulted in capacity growth below the low-end of the guidance range from January.

JetBlue’s Latin and Caribbean region was the brightest spot in its network during the first quarter, with leisure travel exceeding expectations. Growth remains targeted to Boston and Fort Lauderdale and skewed towards adding frequencies on existing routes. JetBlue continues to build relevance for its leisure and business customers, underpinning solid RASM growth and supporting its margin commitments.

“Since the end of 2017 demand has strengthened across our network, and we saw further close-in strength to end the quarter.” said Marty St. George, JetBlue’s EVP Commercial and Planning.

Cost Performance, Outlook and Balance sheet

JetBlue’s solid revenue performance and cost management efforts were partially offset by increasing fuel prices. The company’s focus on costs and the timing of certain expenses resulted in CASM ex-fuel within the guidance from January. JetBlue continues to expect its CASM ex-fuel growth to inflect during the second half of the year, driven by progress in its Structural Cost Program.

“We are delighted with having closed a 15-year deal for the purchase and maintenance of NEO engines. A minor portion of the expected savings from this agreement is included in our 3-year program, and most of the run rate savings will extend well beyond 2020. Our continued focus on costs and our recent accomplishment give us confidence that we will achieve our CASM ex-fuel commitments from 2018 to 2020,” said Steve Priest, JetBlue’s EVP Chief Financial Officer.

JetBlue also continued to maintain a balanced approach to capital allocation, which included debt repayment, one aircraft lease buy-out and $125 million in share repurchases in the quarter.

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Capital Allocation and Liquidity

JetBlue ended the quarter with approximately $779 million in unrestricted cash and short term investments, or about 11% of trailing twelve month revenue. In addition, JetBlue maintains approximately $625 million in undrawn lines of credit.

During the first quarter, JetBlue repaid $58 million in regularly scheduled debt and capital lease obligations. JetBlue anticipates paying approximately $65 million in regularly scheduled debt and capital lease obligations in the second quarter and approximately $197 million for the full year 2018.

Fuel Expense and Hedging

The realized fuel price in the quarter was $2.09 per gallon, a 23.8% increase versus first quarter 2017 realized fuel price of $1.69.

JetBlue does not presently have any forward fuel derivative contracts to hedge its fuel consumption. Based on the fuel curve as of April 13^th, JetBlue expects an average price per gallon of fuel of $2.23 in the second quarter of 2018.

About JetBlue

JetBlue is New York's Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale - Hollywood, Los Angeles (Long Beach), Orlando, and San Juan. JetBlue carries more than 40 million customers a year to 101 cities in the U.S., Caribbean, and Latin America with an average of 1,000 daily flights. For more information please visit www.jetblue.com.

Notes

(1) Consolidated operating cost per available seat mile, excluding fuel and related taxes, and operating expenses related to other non-airline businesses (CASM Ex-Fuel) is a non-GAAP financial measure that we use to measure our core performance. Note A provides a reconciliation of non-GAAP financial measures used in this release and provides the reasons management uses those measures.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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; volatility in fuel prices, maintenance costs and interest rates; our ability to implement our growth strategy; our significant fixed obligations and substantial indebtedness; 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 and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our reliance on a limited number of suppliers; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; the spread of infectious diseases; adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year.

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Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this press release, could cause our results to differ materially from those expressed in the forward-looking statements. Potential factors that could affect our results include, in addition to others not described in this press release, those described in Item 1A of our 2017 Form 10-K under "Risks Related to JetBlue" and "Risks Associated with the Airline Industry". In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur.

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JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
	Three Months Ended
	March 31,								Percent
	2018				2017(1)				Change
OPERATING REVENUES
Passenger	$	1,692			$	1,556			8.7
Other	62				44				39.9
Total operating revenues	1,754				1,600				9.6
OPERATING EXPENSES
Aircraft fuel and related taxes	417				323				29.2
Salaries, wages and benefits	499				466				7.0
Landing fees and other rents	100				95				4.4
Depreciation and amortization	117				105				11.7
Aircraft rent	24				26				(5.2	)
Sales and marketing	67				61				10.8
Maintenance, materials and repairs	142				152				(6.9	)
Other operating expenses	260				230				12.8
Total operating expenses	1,626				1,458				11.5
OPERATING INCOME	128				142				(10.0	)
Operating margin	7.3			%	8.9			%	(1.6	)	pts.
OTHER INCOME (EXPENSE)
Interest expense	(22		)		(25		)		(13.4	)
Capitalized interest	2				2				(8.9	)
Interest income and other	2				2				(1.5	)
Total other income (expense)	(18		)		(21		)		(15.0	)
INCOME BEFORE INCOME TAXES	110				121				(9.2	)
Pre-tax margin	6.3			%	7.6			%	(1.3	)	pts.
Income tax expense	22				39				(43.4	)
NET INCOME	$	88			$	82			7.0
EARNINGS PER COMMON SHARE:
Basic	$	0.28			$	0.25
Diluted	$	0.27			$	0.24
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	320.6				336.3
Diluted	322.3				338.2

(1) Prior period results have been recast to reflect the adoption of ASC 606 Revenue from Contracts with Customers.

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JETBLUE AIRWAYS CORPORATION
COMPARATIVE OPERATING STATISTICS
(unaudited)
	Three Months Ended
	March 31,						Percent
	2018			2017			Change
Revenue passengers (thousands)	9,881			9,711			1.8
Revenue passenger miles (millions)	11,866			11,399			4.1
Available seat miles (ASMs) (millions)	14,025			13,580			3.3
Load factor	84.6		%	83.9		%	0.7		pts.
Aircraft utilization (hours per day)	11.4			11.9			(4.2	)
Average fare(2)	$	171.19		$	160.23		6.8
Yield per passenger mile (cents)(2)	14.26			13.65			4.4
Passenger revenue per ASM (cents)(2)	12.06			11.46			5.3
Revenue per ASM (cents)(2)	12.50			11.79			6.1
Operating expense per ASM (cents)(2)	11.59			10.74			8.0
Operating expense per ASM, excluding fuel (cents)(1)(2)	8.55			8.30			3.1
Departures	86,046			85,724			0.4
Average stage length (miles)	1,098			1,079			1.8
Average number of operating aircraft during period	243.9			228.9			6.6
Average fuel cost per gallon, including fuel taxes	$	2.09		$	1.69		23.8
Fuel gallons consumed (millions)	199			191			4.4
Average number of full-time equivalent crewmembers	17,530			16,722			4.8
(1) Refer to Note A, Consolidated operating cost per available seat mile, excluding fuel (CASM Ex-Fuel) at the end of our Earnings Release for more information on this non-GAAP measure. CASM Ex-Fuel excludes fuel and related taxes, and operating expenses related to other non-airline businesses.
(2) Recasted to reflect the adoption of ASC 606 Revenue from Contracts with Customers.

JETBLUE AIRWAYS CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(in millions)
	March 31,		December 31,
	2018		2017
	(unaudited)
Cash and cash equivalents	$	511	$	303
Total investment securities	270		392
Total assets	10,027		9,781
Total debt	1,143		1,199
Stockholders' equity(1)	4,697		4,732
SOURCE: JetBlue Airways Corporation
(1) Prior period results have been recast to reflect the adoption of ASC606 Revenue from Contracts with Customers.

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Note A - Non-GAAP Financial Measures

JetBlue sometimes uses non-GAAP measures that are derived from the Consolidated Financial Statements, but that are not presented in accordance with generally accepted accounting principles (“GAAP”). JetBlue believes these metrics provide a meaningful comparison of our results to others in the airline industry and our prior year results.  Under the U.S. Securities and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. The table below shows a reconciliation of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies. 

Consolidated operating cost per available seat mile, excluding fuel and related taxes, and certain non-airline operating expenses (“CASM Ex-Fuel”). CASM is a common metric used in the airline industry. We exclude aircraft fuel and related taxes and operating expenses related to other non-airline businesses, such as JetBlue Technology Ventures and JBTP, LLC, from operating cost per available seat mile to determine CASM Ex-Fuel. We believe CASM Ex-Fuel provides investors the ability to measure financial performance excluding items beyond our control such as fuel costs, which are subject to many economic and political factors beyond our control or not related to the generation of an available seat mile, such as operating expenses related to other non-airline businesses. We believe this measure is more indicative of our ability to manage costs and is more comparable to measures reported by other major airlines.

NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL
(in millions, per ASM data in cents)
(unaudited)
	Three Months Ended
	March 31,
	2018				2017
	$		per ASM		$		per ASM
Total operating expenses	$	1,626	$	11.59	$	1,458	$	10.74
Less:
Aircraft fuel and related taxes	417		2.97		323		2.38
Other non-airline expenses	9		0.07		8		0.06
Operating expenses, excluding fuel	$	1,200	$	8.55	$	1,127	$	8.30

CONTACTS

JetBlue Investor Relations

Tel: +1 718 709 2202

ir@jetblue.com

JetBlue Corporate Communications

Tel: +1 718 709 3089

corpcomm@jetblue.com

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EX-99.2

Investor Update

Investor Update: April 24, 2018

This update provides JetBlue’s investor guidance for the second quarter ending June 30, 2018 and full year 2018.

Recent Announcements

JetBlue has no new route announcements since our last Investor Update. The following is an update to prior announcements.

City Pair	Frequency	Start Date
Fort Lauderdale (FLL) - Grand Cayman (GCM)	1x Daily	October 25, 2018

Capacity

Second quarter 2018 available seat miles (ASMs) are estimated to increase 5.0% to 7.0% year-over-year.  Full year 2018 ASMs are estimated to increase 6.5% to 8.5% year-over-year.

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

Second Quarter 2018				Full Year 2018
A320	A321 All-Core	A321 Mint	E190	A320	A321 All-Core	A321 Mint	E190
56%	13%	20%	11%	55%	14%	20%	11%

Average stage length is projected to increase year-over-year by approximately 1.7% for the second quarter 2018 and increase by approximately 1.3% for the full year 2018.

Operational Outlook

	Second Quarter	Full Year
	2018	2018
Operating Expense Year-Over-Year Percentage Change
Unit Operating Expense Excluding Fuel (CASM Ex-Fuel)(1)	2.0 - 4.0%	(1.0) - 1.0%
Operating Expense Related to other Non-Airline Expenses(2) (in millions)	$9 - $14	$35 - $45

¹ CASM Ex-Fuel excludes fuel and related taxes, and operating expenses related to other non-airline businesses. With respect to JetBlue’s CASM Ex-Fuel and guidance, JetBlue is not able to provide a reconciliation of the non-GAAP financial measure to GAAP because the excluded items have not yet occurred and cannot be reasonably predicted. The reconciling information that is unavailable would include a forward-looking range of financial performance measures beyond our control, such as fuel costs, which are subject to many economic and political factors beyond our control. Beginning with the first quarter 2018, Operating Expenses Related to other Non-Airline businesses include JBTP, LLC and equivalent prior period costs.

² Operating Expenses Related to other Non-Airline businesses will be excluded from prior periods. As a result, this change has minimal impact on the projected growth rate.

1

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

Investor Update

	Second Quarter		Full Year
	2018		2018
Fuel Expense
Estimated Consumption (gallons)	211 million		842 million
Estimated Fuel Price per Gallon, Net of Hedges 1	$2.23	2
¹Includes fuel taxes.
²JetBlue utilizes the forward Brent crude curve and the forward Brent crude to heating oil crack spread to calculate the unhedged portion of its prompt quarter.  As of April 13, 2018, the forward Brent crude per barrel price was $71 and the crack spread averaged $16 per barrel for the second quarter of 2018.

Fuel Hedges

As of April 13, 2018 JetBlue does not have any forward fuel derivatives contracts to hedge its fuel consumption.

Other Income (Expense)

JetBlue estimates total Other Income (Expense) to be between ($18) and ($23) million in the second quarter 2018 and between ($80) and ($90) million for the full year 2018.

Tax Rate

JetBlue expects an effective annual tax rate between 24% and 26%. However, the actual tax rate in the second quarter and full year 2018 could differ due to a number of factors.

Capital Expenditures

(In millions)

Second Quarter 2018			Full Year 2018
Aircraft	Non-aircraft	Total	Aircraft	Non-aircraft	Total
$190 - $225	$35 - $50	$225 - $275	$750 - $900	$150 - $200	$900 - $1,110

2

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

Investor Update

Aircraft Delivery Schedule

As of March 31, 2018 JetBlue’s fleet was comprised of 130 Airbus A320 aircraft, 21 Airbus A321 All-Core aircraft, 34 Airbus A321 Mint aircraft, and 60 EMBRAER 190 aircraft, for a total of 245 aircraft.

	Airbus A320			Airbus A321			EMBRAER 190
	Aircraft	Mortgage	Lease	Aircraft	Mortgage	Lease	Aircraft	Mortgage	Lease
2Q18	—	—	—	2	—	—	—	—	—
3Q18	—	—	—	2	—	—	—	—	—
4Q18	—	—	—	4	—	—	—	—	—
Total at Year End 2018	130	36	11	63	8	1	60	29	30

Order Book

As of March 31, 2018 JetBlue's firm aircraft order book beyond 2018 (including deliveries in the first quarter):

Year	Airbus A320neo	Airbus A321	Airbus A321neo	EMBRAER 190	Total
2018	—	10	—	—	10
2019	—	—	13	—	13
2020	6	—	7	10	23
2021	16	—	4	7	27
2022	3	—	17	7	27
2023	—	—	14	—	14
2024	—	—	5	—	5
Total	25	10	60	24	119

Share Count

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

	Second Quarter	Full Year
	2018	2018
Basic Share Count	317.5 million	319.0 million
Diluted Share Count	319.0 million	320.7 million

These share count estimates do not include any future share repurchases that may occur throughout the remainder of 2018 under JetBlue’s share buyback program.  The number of shares used in JetBlue’s actual earnings per share will likely be different than those stated above.

This Investor Update contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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; volatility in fuel prices, maintenance costs and interest rates; our ability to implement our growth strategy; our significant fixed obligations and substantial

3

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

Investor Update

indebtedness; 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 and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our reliance on a limited number of suppliers; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional government regulation; changes in our industry due to other airlines' financial condition; acts of war or terrorist attacks; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for domestic and business air travel; the spread of infectious diseases; adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year.

Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this Investor Update, could cause our results to differ materially from those expressed in the forward-looking statements. Potential factors that could affect our results include, in addition to others not described in this Investor Update, those described in Item 1A of our 2017 Form 10-K under "Risks Related to JetBlue" and "Risks Associated with the Airline Industry". In light of these risks and uncertainties, the forward-looking events discussed in this Investor Update might not occur.

4

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

EX-99.3

1 1Q 2018 EARNINGS PRESENTATION APRIL 24, 2018

2 SAFE HARBOR This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, 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; our significant fixed obligations and substantial indebtedness; volatility in fuel prices, maintenance costs and interest rates; our reliance on high daily aircraft utilization; our ability to implement our growth strategy; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; the spread of infectious diseases; adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year. 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 2017 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward-looking events discussed in this presentation might not occur. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this presentation. The following presentation also includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934. We refer you to the reconciliations made available in our Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K (available on our website at jetblue.com and at sec.gov) and in our first quarter earnings call (furnished on April 24th, 2018), which reconcile the non-GAAP financial measures included in the following presentation to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. 3

1Q 2018 EARNINGS UPDATE ROBIN HAYES PRESIDENT & CEO

4 • Maintaining mid-to-high single digit growth • Focusing on up-gauging Boston and New York, and growing Fort Lauderdale • Further developing each Focus City to strengthen relevance PRE-TAX MARGINS JBLU VS PEERS* *Average of peer set (AAL, ALK, DAL, LUV, SAVE, UAL), consensus, guidance and reported results WORKING TOWARDS SUPERIOR MARGINS 4 TTM1Q 2018 2018 KEY INITIATIVES C O M M E R C IA L G R O W T H S T R U C T U R A L C O S T S FY 2017** Peers Peers Peers • Leveraging both All-Core and Mint A321s to enhance margins • Implementing self-service strategies to improve Customer experience and increase efficiencies • New President for JetBlue Travel Products announced • Technology investments to support Structural Cost Program • Engine selection milestone achieved under Tech Ops • Making further progress on A320 cabin restyling program Superior Margins defined as the simple average of LUV, SAVE, ALK **Pre-Tax Margins for FY 2017 under new accounting standards for Revenue from Contracts with Customers (Topic 606), where available 6.3% 5.3% 13.0% 12.8% 12.6% 12.0%

COMMERCIAL UPDATE & OUTLOOK MARTY ST. GEORGE EVP COMMERCIAL AND PLANNING

6 FOCUSED GROWTH SUPPORTS MARGIN COMMITMENTS *Flown capacity 6 ASM YOY GROWTH* − RASM growth outperforming system for four consecutive quarters − Network growth continues via added frequencies and destinations − Low completion factor in the Northeast reduced growth below initial capacity guidance range − Continuing to up-gauge VFR and leisure markets − Transcon franchise performing well, both Mint and non-Mint markets − New Mint routes (San Diego, Las Vegas, Seattle) ramping as expected − Strongest region in year over year RASM growth − Puerto Rico recovery continues and developing as expected 3.3% 1Q 2018 2Q 2018E 2018E 6.5% - 8.5% 5.0% - 7.0% N Y C F L L BO S M IN T / T C O N L A TI N − Strengthening business franchise (Minneapolis starting 2Q) − Similar to NYC, leisure market up-gauging with A321 deliveries 3.5 - 5.5%

7 6.1% 1Q 2018 2Q 2018E RASM YOY GROWTH UNIT REVENUE: DRIVEN BY STRONG CLOSE-IN DEMAND • 1Q RASM exceeded expectations, driven by strong close-in peak demand − Close-in leisure drove incremental RASM strength − Solid pricing environment in both Mint and non-Mint transcon − 1.0 point tailwind from weather impact in 1Q • 2Q RASM headwinds: calendar and tougher comps − 2.5 point calendar placement headwind: holiday moving from 2Q (2017) into 1Q (2018) − 1.25 point tougher comp from lower completion factor and incentive payments related to co-brand card (2Q 2017) − Strong peak demand; fewer peak days in 2Q than 1Q • Ancillaries better than expected − Co-brand credit card continues to grow − Starting to lap 1Q 2017 initiatives 7 (3.0%) – (0.0%) 3.5 - 5.5%

8 -7.8% -3.7% 1.1% 2.8% 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018E RASM YOY GROWTH SOLID UNIT REVENUE TRENDS DESPITE CALENDAR SHIFTS • 1H 2018 RASM growth between 1.5% and 3.0% − 1Q to 2Q calendar shift masks underlying positive unit revenue trends year over year − Margin-accretive revenue initiatives resulting in solid trends as comparisons get steadily tougher • 2H 2018 RASM considerations − Expect summer demand peak to have a positive impact on RASM; lapping 2017 initiatives naturally becoming tougher underlying comparisons in 2H 2018 − 2H17 RASM negatively impacted by hurricanes, both in Florida and Caribbean 8 1.5% - 3.0%

FINANCIAL UPDATE & OUTLOOK STEVE PRIEST EVP CHIEF FINANCIAL OFFICER

10 11.79 12.50 1Q 2017 1Q 2018 1Q 2017 1Q 2018 1Q 2018 RESULTS CASM EX-FUEL* PRE TAX MARGIN EARNINGS PER SHARE • Solid revenue growth driven by close-in leisure demand • Growing ancillary revenues • Pressure from lower completion factor (weather) • Positive impact of shift of maintenance expenses • Higher fuel prices more than offset strong RASM performance • Pressure from fuel was offset by lower tax rate and share repurchases 6.1% 8.30 8.55 1Q 2017 1Q 2018 3.1% 7.6% 6.3% 1Q 2017 1Q 2018 (US$ cents) (US$ cents) (US$ cents) 27 24 RASM *Refer to Appendix D on Non-GAAP Financial Measures

11 CASM EX-FUEL YOY GROWTH* UNIT COSTS: MANAGING HEADWINDS TO ACHIEVE GOALS • 1Q CASM ex-fuel at the mid-point of initial guidance − Lower completion factor from a more active winter than normal in the Northeast, resulted in ~one point headwind to CASM ex-fuel − Strong focus on cost management; timing of maintenance expenses shifting to later in the year • 2Q and full year 2018 cost guidance − 2Q 2018 range between 2.0% to 4.0%, driven by maintenance timing from 1Q − Continue to expect full year 2018 CASM ex-fuel growth between (1.0%) and 1.0%, driven by ongoing cost controls and progress in Structural Cost program 4.8% 3.1% 2017 1Q 2018 2Q 2018E 2018E 2.0% - 4.0% 2.0% - 4.0% (1.0)% - 1.0% *Refer to Appendix D on Non-GAAP Financial Measures

12 4.1% 5.3% 1H 2017 2H 2017 1H 2018 2H 2018 EXPECT CASM EX-FUEL INFLECTION DURING 2H 2018 • CASM ex-fuel growth negative by 2H 2018 − 1H expected to grow between 2.0-4.0%; only material change is lower completion factor in 1Q 2018 − 2H expected to decline 2.0% or more, including storm impact and one-time Crewmember bonus (2017) • 2H 2018 CASM ex-fuel trends lower as Structural Cost benefits ramp up − Tech Ops unit costs still expected to decline materially − Unit labor costs flat • 2019 & 2020 to see further CASM ex-fuel benefits − Added savings as Structural Cost Program ramps up − Added seats from restyle program impacting 2019 / 2020 *CASM ex-fuel including impact of hurricanes and tax reform bonus in FY 2017 Note: The estimates above do not include the potential outcome of a pilot deal Refer to Appendix D on Non-GAAP Financial Measures CASM ex-fuel (0.5) to +1.5% by 2H 2018, ex- impact of hurricanes and tax reform bonus 412 CASM EX-FUEL YOY GROWTHCASM L YOY GROWTH* (0.5) - 1.5%* 2.0 - 4.0% (4.0) - (2.0)%

13 STRUCTURAL COST PROGRAM UPDATE: TRACKING TO $250-$300M 13  Renegotiating sourcing and IT contracts  Maximizing data storage infrastructure, software utilization  Enabling Customer support tools to increase service efficiency  Re-negotiating distribution contracts to minimize transaction costs T E CH O P S C O R P O R A T E A IR P O R T S DISTRIBUTI O N  Ongoing RFP for V2500 heavy maintenance  Lease buyouts; long term planning and mobility software KEY 1Q 2018 DEVELOPMENTSPILLARS • NEO engine maintenance deal achieved − Pratt & Whitney selected for 85 NEO aircraft on order − Terms include purchase and maintenance − 183 engines in total, including spares − 15 year term from delivery of each engine • 16 airport lobbies with self-tagging capabilities − 24 JetBlue cities expected to be completed by year-end − Enhancing Crewmember efficiency, improving Customer experience  Deploying self-service technology to airport lobbies  Consolidating sourcing contracts

14 2Q 2018E 2018E 2017-2020E CAPEX: ACCRETIVE FLEET GROWTH AND REINVESTMENT Year A320neo A3 1ceo A321neo Total 2018 - - 10 2019 - - 13 13 2020 6 - 7 13 ~$1.1b 60 60 60 60 130 130 130 130 21 21 23 28 32 34 34 35 2017 1Q 2018 2Q 2018E 2018E E190 A320 A321 HD A321 Mint 243 245 253 247 FLEET CAPITAL EXPENDITURES $35m - $50m $190m - $225m $150m - $200m $750m - $900m Guidance as of 04/24/18 Aircraft Non-Aircraft

15 1,422 267 1,120 202 367 CAPITAL ALLOCATION PRIORITIES 15 General Guidelines • Maintain investment grade financial metrics • Balanced approach to growth, reinvestment and capital return to shareholders • Support EPS growth via share repurchases Priorities • Investments in fleet to support organic growth and improve returns (e.g., cabin restyling and lease buy-outs) • Return-accretive non-aircraft CAPEX to support margin commitments and structural cost savings SOURCES / USES OF CASH SOURCES USES (US$ millions) CAPITAL ALLOCATION FRAMEWORK TTM 1Q 2018 TTM 1Q 2018 Cash from Ops and other Reduced Cash and STI Balance Share Repurchases, net Debt Repayments CAPEX

16 2018 GUIDE SUMMARY CAPACITY 2Q 2018 FY 2018 5.0 – 7.0% 6.5 – 8.5% RASM 2Q 2018 FY 2018 (3.0) – 0.0% N/A CASM EX-FUEL 2Q 2018 FY 2018 2.0 – 4.0% (1.0) – 1.0% ALL-IN FUEL PRICE 2Q 2018 FY 2018 $2.23 / gal N/A CAPEX AIRCRAFT 2Q 2018 FY 2018 $190 - 225m $750 – 900m CAPEX NON-AIRCRAFT 2Q 2018 FY 2018 $35 – 50m $150 – 200m OTHER INCOME / (EXPENSE) 2Q 2018 FY 2018 ($18) – (23)m ($80) – (90)m JBTP / JTV (EXPENSES) 2Q 2018 FY 2018 ($9) – (14)m ($35) – (45)m

18 APPENDIX A: 1Q 2018 FINANCIAL RESULTS US$ millions 1Q 2018 1Q 2017 Var % Total Operating Revenues 1,754 1,600 9.6 Aircraft fuel and related taxes 417 323 29.2 Salaries, wages and benefits 499 466 7.0 Landing fees and other rents 100 95 4.4 Depreciation and amortization 117 105 11.7 Aircraft rent 24 26 (5.2) Sales and marketing 67 61 10.8 Maintenance, materials and repairs 142 152 (6.9) Other operating expenses 260 230 12.8 OPERATING INCOME 128 142 (10.0) Other Income (Expense) (18) (21) (15.0) Income before taxes 110 121 (9.2) Income tax expense 22 39 (43.4) NET INCOME 88 82 7.0 Pre-Tax Margin 6.3% 7.6% (1.3) pts Earnings per Share (EPS) $0.27 $0.24

19 APPENDIX B: OTHER NON-AIRLINE OPERATING EXPENSES (JBTP/JTV EXPENSES, $m) $8 $9 $9 $9 $9 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018E 2017 2018E $36 $35 - $45 $9 – $14

20 APPENDIX C: RELEVANT JETBLUE MATERIALS Investor Presentations http://blueir.investproductions.com/investor-relations/events-and-presentations/presentations Earnings Releases http://blueir.investproductions.com/investor-relations/financial-information/quarterly-results Annual Reports http://blueir.investproductions.com/investor-relations/financial-information/reports/annual-reports SEC Filings http://blueir.investproductions.com/investor-relations/financial-information/sec-filings Proxy Statements http://blueir.investproductions.com/investor-relations/financial-information/reports/proxy-statements Investor Updates http://blueir.investproductions.com/investor-relations/financial-information/investor-updates Traffic Reports http://blueir.investproductions.com/investor-relations/financial-information/traffic-releases ESG Reports* http://blueir.investproductions.com/investor-relations/financial-information/reports/sustainable-accounting-standards-board-reports www.investor.jetblue.com/investor-relations DOCUMENT LOCATION * Environmental, Social, and Governance Reports

21 APPENDIX D: NOTE ON NON-GAAP FINANCIAL MEASURES Consolidated operating cost per available seat mile, excludes fuel and related taxes, and operating expenses related to other non-airline businesses (CASM Ex-Fuel) is a non-GAAP financial measure that we use to measure our core performance. Note A within our quarterly earnings release (provided in our Current Report on Form 8-K furnished to the Securities and Exchange Commission on April 24, 2018) provides a reconciliation of non-GAAP financial measures used in this presentation and provides the reasons management uses those measures.