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): October 25, 2022

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	JBLU	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

                                        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 October 25, 2022 we issued a press release announcing our financial results for the third quarter ended September 30, 2022. 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 Exchange 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 October 25, 2022 we provided an update for investors presenting information relating to our financial outlook for the fourth quarter ending December 31, 2022 and full year 2022, 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 Exchange 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 October 25, 2022 of JetBlue Airways Corporation announcing financial results for the second quarter ended June 30, 2022.
99.2	Investor Update dated October 25, 2022 of JetBlue Airways Corporation.
99.3	Earnings Presentation dated October 25, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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:	October 25, 2022	By:	/s/ Al Spencer
			Al Spencer
			Vice President, Controller and Principal Accounting Officer

EX-99.1

Earnings Release

JETBLUE ANNOUNCES SECOND QUARTER 2022 RESULTS

NEW YORK (October 25, 2022) -- JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the third quarter of 2022:

•Reported GAAP diluted earnings per share of $0.18 in the third quarter of 2022 compared to diluted earnings per share of $0.63 in the third quarter of 2019. Adjusted diluted earnings per share was $0.21(1) in the third quarter of 2022 versus adjusted diluted earnings per share of $0.59(1) in the third quarter of 2019.

•GAAP pre-tax income of $105 million in the third quarter of 2022, compared to a pre-tax income of $254 million in the third quarter of 2019. Excluding one-time items, adjusted pre-tax income of $118 million(1) in the third quarter of 2022 versus adjusted pre-tax income of $239 million(1) in the third quarter of 2019.

Operational and Financial Highlights from the Second Quarter

•Capacity was (0.5%) year over three, compared to our guidance for capacity to be (0.5%) to 0.5% year over three.

•Revenue per available seat mile increased 23.4% year over three, compared to our guidance of an increase of 22% to 24%, year over three. Revenue was above the high-end of our initial outlook as strong leisure and visiting friends and relatives (VFR) demand trends continued through the quarter. Hurricanes Fiona and Ian were a net neutral impact to our unit revenues in the third quarter, as revenue was offset by reduced capacity.

•Operating expenses per available seat mile increased 32.4% year over three. Operating expenses per available seat mile, excluding fuel and special items (CASM ex-fuel)(1) increased 16.3%(1) year over three, compared to our guidance of a 15% to 17% increase year over three.

Balance Sheet and Liquidity

•As of September 30, 2022, JetBlue’s adjusted debt to capital ratio was 53%(1).

•JetBlue ended the third quarter of 2022 with approximately $2.3 billion in unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities, or 28% of 2019 revenue.

•On October 21, 2022, JetBlue amended its revolving credit facility to increase the lending commitments by $50 million to a total of $600 million and extended the maturity date to October 21, 2024.

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Fuel Expense and Hedging

•The realized fuel price in the third quarter 2022 was $3.84 per gallon, an 86% increase versus third quarter 2019 realized fuel price of $2.06.

•As of October 25, 2022, JetBlue has entered into forward fuel derivative contracts to hedge an estimated 27% of its fuel consumption for the fourth quarter of 2022. Based on the forward curve as of October 14, 2022, JetBlue expects an average all-in price per gallon of fuel of $3.65 in the fourth quarter of 2022, including hedges.

Unlocking Immense Consumer Benefits Through the Northeast Alliance

•The Northeast Alliance (NEA) continues to unlock consumer benefits by providing customers with more choice as a true third-competitor in the Northeast.

•NEA growth is outpacing overall domestic and international industry capacity growth. Consumers continue to benefit as the NEA is launching new destinations, adding flights to others, enhancing schedules, and allowing our Loyalty customers the ability to benefit from two different programs.

•Consumers further benefit as the NEA has stimulated a clear competitive response. The dominant and entrenched carriers in the Northeast have responded by matching the NEA’s new destinations as well as expanding their own service, boosting competition in the region.

Making Further Progress as an ESG Leader

•We recently announced an agreement with Air Company, a JetBlue Ventures investment, to purchase 25 million gallons of its Airmade sustainable aviation fuel (SAF) over five years targeting delivery starting in 2027. This agreement is an important step in helping us reach our goal of converting 10% of our total jet fuel usage to SAF by 2030.

•We also announced the appointment of Nik Mittal to JetBlue’s board of directors, whose deep expertise in financial strategy and sustainability will bring even more focus on ESG matters at the highest level of company leadership.

Enhancing our Business for the Long-Term

“For the third quarter, we reached an important milestone in our recovery as we generated our first quarterly adjusted profit since the start of the pandemic. Looking ahead, we expect our profitability to carry through to another solid quarter of mid-single-digit pre-tax margins in the fourth quarter, and we’ll look to expand on that further in 2023 as we continue to restore our earnings power,” said Robin Hayes, JetBlue’s Chief Executive Officer.

“We continue to see a growing appetite for JetBlue’s unique customer value proposition of low fares and great service. With ample runway for growth ahead of us, we remain focused on execution and value creation for all our stakeholders.

I’m also pleased that last week Spirit shareholders overwhelmingly voted to approve our proposed acquisition. Together, we’ll build a truly national low-fare challenger to the dominant Big Four airlines

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and expand our compelling combination of award-winning service and low fares to more Customers across more destinations.”

Revenue and Capacity

“I’m proud of our team for their dedication in delivering the JetBlue experience to our customers through a very challenging summer and the most recent hurricanes. For the fourth quarter we expect capacity to be up 1% to 4% year over three, a modest sequential step-up versus the third quarter,” said Joanna Geraghty, JetBlue’s President and Chief Operating Officer.

“Throughout the quarter, strong leisure and VFR demand trends carried through the peak summer and into the fall trough period. We see that continuing here in the fourth quarter, and we’re confident in the demand backdrop for the year-end holiday peaks. For the fourth quarter, we expect unit revenue to increase between 15% and 19% year over three.”

Financial Performance and Outlook

“I’m pleased with the team’s execution in delivering our first quarter of profitability since the pandemic, an important milestone for us. We exceeded our original revenue guidance, maintained controllable costs in-line with our initial outlook despite the impact from hurricanes, resulting in a solid pre-tax margin result,” said Ursula Hurley, JetBlue’s Chief Financial Officer.

“The hurricanes negatively impacted CASM ex-Fuel by roughly one point to CASM-ex in the third quarter with no impact to the fourth quarter. Given the continued fragile aviation ecosystem, we are taking a cautious approach to operational investments and more conservative planning assumptions that we put in place for the summer.

For the fourth quarter, we are forecasting CASM ex-Fuel(2) to increase 8.5% to 10.5% year over three. This represents a sequential improvement of approximately 7 points, driven by efficiencies as we scale capacity up as well as early progress on our recently announced structural cost program.

In the third quarter, we paid down $66 million dollars of debt, funded $260 million dollars in capital expenditures, and paid $25 million dollars related to the Spirit transaction. The favorable Spirit shareholder vote on October 19 also triggered the prepayment of approximately $272 million dollars in the fourth quarter under the terms of our merger agreement. Looking ahead, we remain focused on maintaining a healthy liquidity position.”

Earnings Call Details

JetBlue will conduct a conference call to discuss its quarterly earnings today, October 25, 2022 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. The webcast replay and presentation materials will be archived on the company’s website.

For further details see the Third Quarter 2022 Earnings Presentation available via the internet at http://investor.jetblue.com.

About JetBlue

JetBlue is New York's Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles, Orlando and San Juan. JetBlue carries customers to more than 100 destinations throughout the United States, Latin America, Caribbean, Canada and United Kingdom. For more information and the best fares, visit jetblue.com.

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Notes

(1)    Non-GAAP financial measure; Note A provides a reconciliation of non-GAAP financial measures used in this release and explains the reasons management believes that presentation of these non-GAAP financial measure provides useful information to investors regarding JetBlue's financial condition and results of operations.

(2)    With respect to JetBlue’s CASM ex-fuel guidance, JetBlue is unable 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. Accordingly, a reconciliation to CASM is not available without unreasonable effort.

Forward-Looking Statements

This Earnings Release (or otherwise made by JetBlue or on JetBlue’s behalf) contains various forward-looking statements within the meaning of 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. These statements are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. When used in this document, the words “expects,” “plans,” “intends,” “anticipates,” “indicates,” “remains,” “believes,” “estimates,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “goals,” “targets” and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. 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, the COVID-19 pandemic including existing and new variants, and the outbreak of any other disease or similar public health threat that affects travel demand or behavior; restrictions on our business related to the financing we accepted under various federal government support programs such as the Coronavirus Aid, Relief, and Economic Security Act, the Consolidated Appropriations Act, and the American Rescue Plan Act; our significant fixed obligations and substantial indebtedness; risk associated with execution of our strategic operating plans in the near-term and long-term; the recording of a material impairment loss of tangible or intangible assets; 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 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, including for aircraft, aircraft engines and parts and vulnerability to delays by those 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; the outcome of the lawsuit filed by the Department of Justice and certain state Attorneys General against us related to our Northeast Alliance entered into with American Airlines; 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, including new or increased tariffs; 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; adverse weather conditions or natural disasters; external geopolitical events and conditions; the occurrence of any event, change or other circumstances that could give rise to the right of JetBlue or Spirit Airlines, Inc. (“Spirit”) or both of them to terminate the Merger Agreement; failure to obtain applicable regulatory approval in a timely manner or otherwise and the potential financial consequences thereof; failure to satisfy other closing conditions to the transaction with Spirit; failure of the parties to consummate the transaction; JetBlue’s ability to finance the transaction with Spirit and the indebtedness JetBlue expects to incur in connection with the transaction; the possibility that JetBlue may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate Spirit’s operations with those of JetBlue; the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the transaction with Spirit; failure to realize anticipated benefits of

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the combined operations; demand for the combined company’s services; the growth, change and competitive landscape of the markets in which the combined company participates; expected seasonality trends; diversion of managements’ attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction with Spirit; risks related to investor and rating agency perceptions of each of the parties and their respective business, operations, financial condition and the industry in which they operate; risks related to the potential impact of general economic, political and market factors on the companies or the transaction with Spirit; and ongoing and increase in costs related to IT network security. 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. Any outlook or forecasts in this document have been prepared without taking into account or consideration the transaction with Spirit.

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 Earnings Release, could cause our results to differ materially from those expressed in the forward-looking statements. Further information concerning these and other factors is contained in JetBlue’s filings with the Securities and Exchange Commission, or SEC, including but not limited to, JetBlue’s 2021 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 Earnings Release might not occur. Our forward-looking statements speak only as of the date of this Earnings Release. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

This Earnings Release also includes certain “non-GAAP financial measures” as defined under the Exchange Act and in accordance with Regulation G. We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP within this Earnings Release.

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JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022			2021			Percent Change		2022			2021			Percent Change
OPERATING REVENUES
Passenger	$	2,415		$	1,856		30.1		$	6,319		3,913			61.5
Other	147			116			27.1		424			290			46.4
Total operating revenues	2,562			1,972			30.0		6,743			4,203			60.4
OPERATING EXPENSES
Aircraft fuel and related taxes	825			443			86.0		2,305			973			137.0
Salaries, wages and benefits	675			620			8.9		2,058			1,718			19.8
Landing fees and other rents	131			182			(27.9)		412			470			(12.5)
Depreciation and amortization	147			140			5.2		435			398			9.4
Aircraft rent	30			25			20.7		83			76			10.0
Sales and marketing	81			60			35.4		216			130			66.6
Maintenance, materials and repairs	178			205			(13.0)		492			472			4.0
Other operating expenses	343			297			15.4		1,026			768			33.5
Special items	13			(186)			(106.8)		57			(841)			106.8
Total operating expenses	2,423			1,786			35.7		7,084			4,164			70.1
OPERATING INCOME	139			186			(25.4)		(341)			39			(970.2)
Operating margin	5.4		%	9.4		%	(4.0)	pts.	-5.1		%	0.9		%	(6.0)	pts.
OTHER INCOME (EXPENSE)
Interest expense	(44)			(42)			5.0		(121)			(153)			(21.3)
Interest income	11			3			321.7		24			9			164.1
Gain on investments, net	—			54			(100.7)		(4)			54			(107.9)
Other	(1)			(11)			(90.7)		(1)			(49)			(97.7)
Total other income (expense)	(34)			4			944.7		(102)			(139)			26.4
INCOME BEFORE INCOME TAXES	105			190			(44.6)		(443)			(100)			343.7
Pre-tax margin	4.1		%	9.6		%	(5.5)	pts.	-6.6		%	-2.4		%	(4.2)	pts.
Income tax (benefit) expense	48			60			(20.3)		(57)			(47)			23.8
NET INCOME (LOSS)	$	57		$	130		(55.9)		$	(386)		(53)			623.0
EARNINGS (LOSS) PER COMMON SHARE:
Basic	$	0.18		$	0.41				$	(1.20)		$	(0.17)
Diluted	$	0.18		$	0.40				$	(1.20)		$	(0.17)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	323.9			318.0					322.5			317.3
Diluted	325.0			321.3					322.5			317.3

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JETBLUE AIRWAYS CORPORATION
COMPARATIVE OPERATING STATISTICS
(unaudited)
	Three months ended September 30,								Nine Months Ended September 30,
	2022			2021			Percent Change		2022			2021			Percent Change
Revenue passengers (thousands)	10,502			9,075			15.7		29,075			21,476			35.4
Revenue passenger miles (RPMs) (millions)	13,963			12,913			8.1		38,857			29,524			31.6
Available seat miles (ASMs) (millions)	16,217			16,168			0.3		48,005			38,902			23.4
Load factor	86.1		%	79.9		%	6.2	pts.	80.9		%	75.9		%	5.0	pts.
Aircraft utilization (hours per day)	10.1			10.1			—		10.1			8.3			21.7
Average fare	$	229.95		$	204.50		12.4		$	217.34		$	182.22		19.3
Yield per passenger mile (cents)	17.30			14.37			20.4		16.26			13.26			22.7
Passenger revenue per ASM (cents)	14.89			11.48			29.7		13.17			10.06			30.9
Revenue per ASM (cents)	15.80			12.20			29.6		14.05			10.80			30.0
Operating expense per ASM (cents)	14.94			11.04			35.3		14.76			10.70			37.9
Operating expense per ASM, excluding fuel (cents)(1)	9.69			9.39			3.2		9.78			10.29			(5.0)
Departures	84,805			76,918			10.3		246,653			188,220			31.0
Average stage length (miles)	1,191			1,320			(9.8)		1,218			1,293			(5.8)
Average number of operating aircraft during period	286			276			3.7		284			270			5.0
Average fuel cost per gallon, including fuel taxes	$	3.84		$	2.08		84.0		$	3.68		$	1.94		89.4
Fuel gallons consumed (millions)	215			213			1.1		626			501			25.1
Average number of full-time equivalent crewmembers									20,013			16,088			24.4
(1) Refer to Note A at the end of our Earnings Release for more information on this non-GAAP financial measure. Operating expense per available seat mile, excluding fuel (“CASM Ex-Fuel”) excludes fuel and related taxes, other non-airline operating expenses, and special items.

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JETBLUE AIRWAYS CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(in millions)
	September 30,		December 31,
	2022		2021
	(unaudited)
Cash and cash equivalents	$	1,401	$	2,018
Total investment securities	867		863
Total assets	13,330		13,642
Total debt	3,759		4,006
Stockholders' equity	3,507		3,849

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Note A - Non-GAAP Financial Measures

JetBlue uses non-GAAP financial measures in this press release. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States, or GAAP. We believe these non-GAAP financial measures provide a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides an explanation of each non-GAAP financial measure and shows a reconciliation of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures.

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Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items (“CASM ex-fuel”)

Operating expenses per available seat mile, or CASM, is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non-airline businesses, such as JetBlue Technology Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel, which is a non-GAAP financial measure.

For the three and nine months ended September 30, 2022, special items include an impairment on our E190 fleet, the ALPA ratification bonus, expenses related to our takeover bid of Spirit airlines, and expenses related to implementation of our flight attendants' collective bargaining agreement.

Special items for the three and nine months ended September 30, 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement.

We believe that CASM ex-fuel is useful for investors because it 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, or not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses. We believe this non-GAAP measure is more indicative of our ability to manage airline costs and is more comparable to measures reported by other major airlines.

With respect to JetBlue’s CASM ex-fuel guidance, JetBlue is unable 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. Accordingly, a reconciliation to CASM is not available without unreasonable effort.

NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL
($ in millions, per ASM data in cents)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2019				2022				2019
	$		per ASM		$		per ASM		$		per ASM		$		per ASM
Total operating expenses	$	2,423	$	14.94	$	1,839	$	11.29	$	7,084	$	14.76	$	5,490	$	11.50
Less:
Aircraft fuel and related taxes	825		5.08		471		2.89		2,305		4.80		1,392		2.92
Other non-airline expenses	14		0.09		10		0.07		29		0.06		32		0.07
Special items	13		0.08		—		—		57		0.12		14		0.03
Operating expenses, excluding fuel	$	1,571	$	9.69	$	1,358	$	8.33	$	4,693	$	9.78	$	4,052	$	8.48

Operating expense, (loss) income before taxes, net (loss) income and (loss) earnings per share, excluding special items and net gain on investments

For the three and nine months ended September 30, 2022, special items include an impairment on our E190 fleet as well as retirement costs related to our E190 fleet, an ALPA ratification bonus and associated payroll taxes, expenses

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related to our takeover bid of Spirit airlines, and expenses related to implementation of our flight attendants' collective bargaining agreement.

Special items for the three and six months ended September 30, 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement.

Mark-to-market and certain gains and losses on our investments were also excluded from our 2022 GAAP results.

We believe the impact of these items distort our overall trends and that our metrics are more comparable with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impact of these items.

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NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE, (LOSS) INCOME BEFORE TAXES, NET (LOSS) INCOME AND (LOSS) EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS AND NET GAIN (LOSS) ON INVESTMENTS
(in millions, except per share amounts)
(unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2019			2022			2019
Total operating revenues	$	2,562		$	2,086		$	6,743		$	6,063
Total operating expenses	$	2,423		$	1,839		$	7,084		$	5,490
Less: Special items	13			—			57			14
Total operating expenses excluding special items	$	2,410		$	1,839		$	7,027		$	5,476
Operating (loss) income	$	139		$	247		$	(341)		$	573
Add back: Special items	13			—			57			14
Operating (loss) income excluding special items	$	152		$	247		$	(284)		$	587
Operating margin excluding special items	5.9		%	11.8		%	(4.2)		%	9.7		%
(Loss) income before income taxes	$	105		$	254		$	(443)		$	548
Add back: Special items	13			—			57			14
Less: Net gain (loss) on investments	$	—		15			$	(4)		15
(Loss) income before income taxes excluding special items and net gain (loss) on investments	$	118		$	239		$	(382)		$	547
Pre-tax margin excluding special items and net gain (loss) on investments	4.6		%	11.4		%	(5.7)		%	9.4		%
Net (loss) income	$	57		$	187		$	(386)		$	408
Add back: Special items	13			—			57			14
Less: Income tax (expense) benefit related to special items	1			—			7			3
Less: Net gain (loss) on investments	—			15			$	(4)		15
Less: Income tax (expense) benefit related to net gain (loss) on investment	—			(4)			$	—		(4)
Net (loss) income excluding special items and net gain (loss) on investments	$	69		$	176		$	(332)		$	408
(Loss) earnings per common share:
Basic	$	0.18		$	0.63		$	(1.20)		$	1.36
Add back: Special items, net of tax	0.03			—			0.16			0.03
Less: Net gain (loss) on investments, net of tax	$	—		0.04			$	(0.01)		0.04
Basic excluding special items and net gain (loss) on investments	$	0.21		$	0.59		$	(1.03)		$	1.35
Diluted	$	0.18		$	0.63		$	(1.20)		$	1.35
Add back: Special items, net of tax	0.03			—			0.16			0.03
Less: Net gain on investment, net of tax	$	—		0.04			$	(0.01)		0.03
Diluted excluding special items	$	0.21		$	0.59		$	(1.03)		$	1.35

Adjusted debt to capitalization ratio

Adjusted debt to capitalization ratio is a non-GAAP financial metric which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. Adjusted capitalization represents total equity plus adjusted debt.

- 12 -

NON-GAAP FINANCIAL MEASURE
ADJUSTED DEBT TO CAPITALIZATION RATIO
(in millions) (unaudited)
	September 30, 2022			December 31, 2021
	(unaudited)
Long-term debt and finance leases	$	3,235		$	3,651
Current maturities of long-term debt and finance leases	524			355
Operating lease liabilities - aircraft	216			256
Adjusted debt	$	3,975		$	4,262
Long-term debt and finance leases	$	3,235		$	3,652
Current maturities of long-term debt and finance leases	524			355
Operating lease liabilities - aircraft	216			256
Stockholders' equity	3,507			3,849
Adjusted capitalization	$	7,482		$	8,111
Adjusted debt to capitalization ratio	53		%	53		%

- 13 -

CONTACTS

JetBlue Investor Relations

Tel: +1 718 709 2202

ir@jetblue.com

JetBlue Corporate Communications

Tel: +1 718 709 3089

corpcomm@jetblue.com

- 14 -

EX-99.2

Investor Update

Investor Update: October 25, 2022

This update provides JetBlue’s investor guidance for the fourth quarter ending December 31, 2022 and full year 2022.

Fourth Quarter and Full-Year 2022 Outlook	Estimated 4Q 2022	Estimated FY 2022
Capacity and Revenue
Available Seat Miles (ASMs) vs 2019	1% – 4%	0% – 2%
Revenue per Available Seat Mile vs 2019	15% – 19%	N/A
Expense
CASM Ex-Fuel1 (Non-GAAP) vs 2019	8.5% – 10.5%	13% – 14%
Operating Expenses Related to Other Non-Airline Businesses	$13 million	$55 million
Estimated Fuel Price per Gallon, Net of Hedges2	$3.653	$3.673
Interest Expense	$40 – $50 million	$160 – $170 million
Tax Rate	~12%	~14%
Diluted Share Count4	~329 million	~324 million
Capital Expenditures	~$420 million	~$1 billion

1CASM Ex-Fuel excludes fuel and related taxes, special items and operating expenses related to 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.

2Includes fuel taxes.

3JetBlue 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 October 14, 2022, the forward Brent crude per barrel price was $90 and the crack spread averaged $64 per barrel for the fourth quarter of 2022.

4Average share count for the period. The number of shares used in JetBlue’s actual earnings per share will likely be different than those stated above.

1

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

Investor Update

Fuel Hedges

As of October 25, 2022 JetBlue's advanced fuel derivative contracts are as follows:

	Gallons	Estimated Percentage of Consumption	Price
4Q22	58 million	27.1%	•27.1% in Brent Crude bull call spreads at an average strike price of $93/bbl x $113/bbl

Order Book

As of September 30, 2022 JetBlue’s fleet was comprised of 130 Airbus A320 aircraft, 85 Airbus A321, 12 Airbus A220 and 60 EMBRAER E190 aircraft, for a total of 287 aircraft.

JetBlue’s contractual order book for the full-year 2022 and 2023 as of September 30, 2022:

Year	A220	A321NEO	A321NEO LR	Total
2022	6	-	3	9
2023	18	6	5	29

Forward-Looking Statements

This Investor Update (or otherwise made by JetBlue or on JetBlue’s behalf) contains various forward-looking statements within the meaning of 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. These statements are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. When used in this document, the words “expects,” “plans,” “intends,” “anticipates,” “indicates,” “remains,” “believes,” “estimates,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “goals,” “targets” and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. 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, the COVID-19 pandemic including existing and new variants, and the outbreak of any other disease or similar public health threat that affects travel demand or behavior; restrictions on our business related to the financing we accepted under various federal government support programs such as the Coronavirus Aid, Relief, and Economic Security Act, the Consolidated Appropriations Act, and the American Rescue Plan Act; our significant fixed obligations and substantial indebtedness; risk associated with execution of our strategic operating plans in the near-term and long-term; the recording of a material impairment loss of tangible or intangible assets; 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 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, including for aircraft, aircraft engines and parts and vulnerability to delays by those 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; the outcome of the lawsuit filed by the Department of Justice and certain state Attorneys General against us related to our Northeast Alliance entered into with American Airlines; 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, including new or increased tariffs; 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; adverse weather conditions or natural disasters; external geopolitical events and conditions; the occurrence of any event, change or other circumstances that could give rise to the right of JetBlue or Spirit Airlines, Inc.

2

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

Investor Update

(“Spirit”) or both of them to terminate the Merger Agreement; failure to obtain applicable regulatory approval in a timely manner or otherwise and the potential financial consequences thereof; failure to satisfy other closing conditions to the transaction with Spirit; failure of the parties to consummate the transaction; JetBlue’s ability to finance the transaction with Spirit and the indebtedness JetBlue expects to incur in connection with the transaction; the possibility that JetBlue may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate Spirit’s operations with those of JetBlue; the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the transaction with Spirit; failure to realize anticipated benefits of the combined operations; demand for the combined company’s services; the growth, change and competitive landscape of the markets in which the combined company participates; expected seasonality trends; diversion of managements’ attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction with Spirit; risks related to investor and rating agency perceptions of each of the parties and their respective business, operations, financial condition and the industry in which they operate; risks related to the potential impact of general economic, political and market factors on the companies or the transaction with Spirit; and ongoing and increase in costs related to IT network security. 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. Any outlook or forecasts in this document have been prepared without taking into account or consideration the transaction with Spirit.

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. Further information concerning these and other factors is contained in JetBlue’s filings with the Securities and Exchange Commission, or SEC, including but not limited to, JetBlue’s 2021 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 Investor Update might not occur. Our forward-looking statements speak only as of the date of this Investor Update. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

3

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

EX-99.3

3Q22 EARNINGS PRESENTATION OCTOBER 25, 2022 JetBlue flight over Manhattan’s Central Park Photo courtesy of Dave Clark

2 SAFE HARBOR This Presentation (or otherwise made by JetBlue or on JetBlue’s behalf) contains various forward-looking statements within the meaning of 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. These statements are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. When used in this document, the words “expects,” “plans,” “intends,” “anticipates,” “indicates,” “remains,” “believes,” “estimates,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “goals,” “targets” and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. 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, the COVID-19 pandemic including existing and new variants, and the outbreak of any other disease or similar public health threat that affects travel demand or behavior; restrictions on our business related to the financing we accepted under various federal government support programs such as the Coronavirus Aid, Relief, and Economic Security Act, the Consolidated Appropriations Act, and the American Rescue Plan Act; our significant fixed obligations and substantial indebtedness; risk associated with execution of our strategic operating plans in the near-term and long-term; the recording of a material impairment loss of tangible or intangible assets; 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 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, including for aircraft, aircraft engines and parts and vulnerability to delays by those 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; the outcome of the lawsuit filed by the Department of Justice and certain state Attorneys General against us related to our Northeast Alliance entered into with American Airlines; 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, including new or increased tariffs; 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; adverse weather conditions or natural disasters; external geopolitical events and conditions; the occurrence of any event, change or other circumstances that could give rise to the right of JetBlue or Spirit Airlines, Inc. (“Spirit”) or both of them to terminate the Merger Agreement; failure to obtain applicable regulatory approval in a timely manner or otherwise and the potential financial consequences thereof; failure to satisfy other closing conditions to the transaction with Spirit; failure of the parties to consummate the transaction; JetBlue’s ability to finance the transaction with Spirit and the indebtedness JetBlue expects to incur in connection with the transaction; the possibility that JetBlue may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate Spirit’s operations with those of JetBlue; the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the transaction with Spirit; failure to realize anticipated benefits of the combined operations; demand for the combined company’s services; the growth, change and competitive landscape of the markets in which the combined company participates; expected seasonality trends; diversion of managements’ attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction with Spirit; risks related to investor and rating agency perceptions of each of the parties and their respective business, operations, financial condition and the industry in which they operate; risks related to the potential impact of general economic, political and market factors on the companies or the transaction with Spirit; and ongoing and increase in costs related to IT network security. 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. Any outlook or forecasts in this document have been prepared without taking into account or consideration the transaction with Spirit. 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 Presentation, could cause our results to differ materially from those expressed in the forward-looking statements. Further information concerning these and other factors is contained in JetBlue’s filings with the Securities and Exchange Commission, or SEC, including but not limited to, JetBlue’s 2021 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. Our forward-looking statements speak only as of the date of this Presentation. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. This Presentation also includes certain “non-GAAP financial measures” as defined under the Exchange Act and in accordance with Regulation G. We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP within this Presentation.

3 3Q 2022 EARNINGS UPDATE ROBIN HAYES CHIEF EXECUTIVE OFFICER

4 CREATING VALUE FOR CUSTOMERS, CREWMEMBERS, AND OWNERS FY 2022 OUTLOOK (1) Refer to reconciliations of non-GAAP financial measures in Appendices A & B (2) Liquidity defined as unrestricted cash, cash equivalents, short-term investments and long-term marketable securities (3) As of September 30, 2022 • GAAP earnings per share of $0.18; non-GAAP earnings per share of $0.21 (1) • Adjusted pre-tax profit of $118M; adjusted pre-tax margin of 4.6% (1) • RASM up 23.4% Yo3Y; CASM up 32.4% Yo3Y (GAAP); CASM ex-Fuel up 16.3% Yo3Y (non-GAAP) (1) 3Q 2022 EARNINGS • Capacity up between 1% – 4% vs 4Q 2019 • RASM up between 15% – 19% vs 4Q 2019 • CASM ex-Fuel up between 8.5% – 10.5% vs 4Q 2019 (1) • $272M pre-payment to Spirit shareholders 2Q 2021 PLANNING ASSUMPTIONS* • Capacity up between 0% – 2% vs 2019 • CASM ex-Fuel up between 13% – 14% vs 2019 • Generating solid pre-tax margins in 4Q22 4Q 2022 OUTLOOK • In 3Q22, paid down $66M of debt; $260M in CAPEX; $25M cash outflow related to Spirit break fee • $2.3B of liquidity (2) (3), equal to 28% of 2019 revenue • Adjusted Debt to Cap ratio at 53% (1) (3) 3Q 2022 BALANCE SHEET

5 ENHANCING OUR BUSINESS FOR THE LONG-TERM Structurally improving our profitability with strategic initiatives • The Northeast Alliance (NEA) is promoting competition and delivering substantial benefits for consumers traveling to or from New York and Boston with significant growth, new routes, and reciprocal frequent-flyer benefits • Loyalty program growth continues to close gap to peers and drive strong cash flows; co-branded card acquisitions hit a new record in September • JetBlue Travel Products (JTP) remains on track to generate close to $100M in annualized run-rate EBIT • Driving strong sequential unit cost improvement into 4Q22 • Committed to keeping CASM ex-Fuel ‘flat or better’ in 2023, year-over-year • New structural cost program, combined with ~$75M of one-time savings from accelerated E190 retirements, to deliver ~$250M of cost reductions through 2024 to help offset unique cost headwinds and inflationary pressures • Establishing a new foundation for profitable growth Cost Revenue

6 COMMERCIAL UPDATE & OUTLOOK JOANNA GERAGHTY PRESIDENT & CHIEF OPERATING OFFICER

7 (0.5%) 3Q22 4Q22* FY22* DELIVERING FOR OUR CUSTOMERS AND BUILDING RELEVANCE ASM GROWTH VERSUS 2019 EstimateFlown • Executing well in a challenging environment − Strong completion factor trends prior to late-September storms − Hurricanes Fiona and Ian impacted flown capacity by ~0.7% points in 3Q22 − Planning prudently in the context of fragile industry operating environment • Bringing low fares and great service to more customers and destinations − The NEA has grown materially above the rest of the industry domestically and internationally − Continuing transatlantic expansion as we build even more relevance in our Focus Cities − Returning to historical mid-to-high single digit capacity growth year-over-year in 2023 0% – 2% 1% – 4% *Denotes guidance

8 13.5% 23.4% 2Q22 3Q22 4Q22* CARRYING THROUGH STRONG REVENUE MOMENTUM RASM GROWTH VERSUS 2019 • Strong demand trends continue into the fall − Expect strong load factor trends into the fall and well above 2019 levels − Mint revenue continues to outperform rest of system − Contracted corporate revenue bookings now roughly 90% recovered from pre-pandemic levels • Commercial initiatives bolstering strong revenue performance − NEA RASM accelerating faster than the rest of the system − Loyalty engagement at record highs, with spend growth persistently above pre-pandemic levels − Low-fare segmentation strategy performing well with strength across all customer types EstimateActual *Denotes guidance 15% – 19%

9 FINANCIAL UPDATE & OUTLOOK URSULA HURLEY CHIEF FINANCIAL OFFICER

1 0 SUMMARY FINANCIALS 3Q 2022 US$ Millions 3Q 2022 3Q 2019 Change vs ‘19 Revenue 2,562 2,086 23% Operating Expenses 2,423 1,839 32% Adjusted Operating Expenses (1) 2,410 1,839 31% Adjusted Pre-Tax Income (Loss) (1) 118 239 (51%) RASM 15.80 12.80 23% CASM ex-Fuel (1) 9.69 8.33 16% Earnings per Diluted Share 0.18 0.63 (71%) Adjusted Earnings per Share(1) 0.21 0.59 (64%) (1) Refer to reconciliations of non-GAAP financial measures in Appendix A

1 1 (0.5%) 16.3% 32.4% ASM CASM ex-Fuel CASM CASM EX-FUEL VERSUS 2019 COST INITIATIVES Actual 3Q22 Estimate 4Q22* • Planning conservatively given fragile industry operating environment − 3Q22 CASM ex-Fuel in-line with guidance, despite impact from hurricanes − Forecasting ~7% points of sequential CASM ex-Fuel improvement in 4Q22 (~5% points after adjusting for capacity) − Paring back some of the operational investments from the summer − Early progress from structural cost program as well as savings from E190 retirements − Expect to see incremental cost traction into 2023 FORGING A STRONG COST TRAJECTORY 1% – 4% *Denotes guidance (1) Operating expenses excluding special items; refer to reconciliations of non-GAAP financial measures in Appendix A (1) 8.5% – 10.5% CASM

1 2 KEEPING OUR COSTS LOW TO SUPPORT MARGINS Network Efficiency Crew Planning End-of-Life Maintenance Optimization Maximizing Asset Productivity Accelerated E190 Transition to A220s $75M $40M - $50M $35M - $50M $45M - $60M $30M - $40M 2024 Savings ~$250M of structural cost savings through 2024 to support ‘flattish’ CASM ex-Fuel

1 3 FOCUSING ON CAPITAL PRESERVATION AND MAINTAINING LIQUIDITY USES OF CASH (1) Refer to reconciliations of non-GAAP financial measures in Appendix B *Denotes guidance • In 4Q22, we expect a sizable cash outflow largely driven by the pre-payment to Spirit shareholders and a step-up in CAPEX • No significant near-term debt maturities; vast majority of debt maturing in 2026 and beyond $260 ~$420 ~$1,000 3Q22 4Q22* 2022* • Funded $260M in CAPEX in 3Q22, comprised of 2 aircraft deliveries, pre-delivery payments and engine investments • Prioritizing highest ROI non-aircraft CAPEX projects CAPEX EstimateActual (US$ million) $260 ~$420 $25 $272 $66 $112 $2 ~$75 3Q22 4Q22 Other Debt paydown Spirit break fee CAPEX Other Scheduled debt paydown Spirit shareholder pre-payment CAPEX (US$ million)

1 4 SUMMARY OF OUTLOOK METRIC 4Q22 Guidance Available Seat Miles (ASMs) 1% – 4% Yo3 RASM 15% – 19% Yo3 CASM ex-Fuel 8.5% – 10.5% Yo3 Operating Expenses Related to Other Non-Airline Businesses ~$13 million Estimated Fuel Price per Gallon $3.65 Tax Rate ~12% Capital Expenditures ~$420 million Note: Fuel price based on forward curve as of October 14, 2022

1 5 QUESTIONS?

1 6 3Q 2022 FINANCIAL RESULTS US$ Millions 3Q 2022 3Q 2019 Change vs ’19 Total operating revenues 2,562 2,086 23% Aircraft fuel and related taxes 825 471 75% Salaries, wages and benefits 675 580 16% Landing fees and other rents 131 125 5% Depreciation and amortization 147 134 10% Aircraft rent 30 26 15% Sales and marketing 81 74 9% Maintenance, materials and repairs 178 158 13% Other operating expenses 343 271 27% Special items 13 - NM Operating Income/(Loss) 139 247 (44%) Other Income/(Expense) (34) 7 NM Income/(Loss) before income taxes 105 254 (59%) Income tax expense/(benefit) 48 67 (28%) NET INCOME/(LOSS) 57 187 (70%) Pre-Tax Margin 4.1% 12.2% (8.1) pts Earnings/(Loss) per Diluted Share (GAAP) $0.18 $0.63 Adj. Pre-Tax Margin* 4.6% 11.5% (6.9) pts Adj. Earnings/(Loss) per Diluted Share (Non-GAAP)* $0.21 $0.59 * Refer to reconciliations of non-GAAP financial measures in this Appendix A

1 7 Non-GAAP Financial Measures JetBlue uses non-GAAP financial measures in this presentation. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States, or GAAP. We believe these non-GAAP financial measures provide a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information in Appendices A and B provides an explanation of each non-GAAP financial measure and shows a reconciliation of non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. APPENDIX A

1 8 Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items (“CASM Ex-Fuel”) Operating expenses per available seat mile, or CASM, is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non- airline businesses, such as JetBlue Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel, which is a non-GAAP financial measure. For the three and nine months ended September 30, 2022, special items include an impairment on our E190 fleet as well as retirement costs related to our E190 fleet, an ALPA ratification bonus and associated payroll taxes, expenses related to our takeover bid of Spirit airlines, and expenses related to implementation of our flight attendants' collective bargaining agreement. Special items for the three and nine months ended September 30, 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe that CASM ex-fuel is useful for investors because it 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, or not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses. We believe this non-GAAP measure is more indicative of our ability to manage airline costs and is more comparable to measures reported by other major airlines. With respect to JetBlue’s CASM ex-fuel guidance, JetBlue is unable 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. Accordingly, a reconciliation to CASM is not available without unreasonable effort. $ per ASM $ per ASM $ per ASM $ per ASM Total operating expenses 2,423$ 14.94$ 1,839$ 11.29$ 7,084$ 14.76$ 5,490$ 11.50$ Less: Aircraft fuel and related taxes 825 5.08 471 2.89 2,305 4.80 1,392 2.92 Other non-airline expenses 14 0.09 10 0.07 29 0.06 32 0.07 Special items 13 0.08 - - 57 0.12 14 0.03 Operating expenses, excluding fuel 1,571$ 9.69$ 1,358$ 8.33$ 4,693$ 9.78$ 4,052$ 8.48$ 2019 Three Months Ended September 30, 20222022 2019 Nine Months Ended September 30, NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL ($ in millions, per ASM data in cents) (unaudited)

1 9 Operating expense, (loss) income before taxes, net (loss) income, and (loss) earnings per share, excluding special items and net gain (loss) on investments Our GAAP results in the applicable periods were impacted by charges that are deemed special items. For the three and nine months ended September 30, 2022, special items include an impairment on our E190 fleet as well as retirement costs related to our E190 fleet, an ALPA ratification bonus and associated payroll taxes, expenses related to our takeover bid of Spirit airlines, and expenses related to implementation of our flight attendants' collective bargaining agreement. Special items for the three and nine months ended September 30, 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. Mark-to-market and certain gains and losses on our investments were also excluded from our 2022 GAAP results. We believe the impact of these items distort our overall trends and that our metrics are more comparable with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non- GAAP amounts excluding the impact of these items. 2022 2019 2022 2019 Total operating revenues 2,562$ 2,086$ 6,743$ 6,063$ Total operating expenses 2,423$ 1,839$ 7,084$ 5,490$ Less: Special items 13 - 57 14 Total operating expenses excluding special items 2,410$ 1,839$ 7,027$ 5,476$ Operating (loss) income 139$ 247$ (341)$ 573$ Add back: Special items 13 - 57 14 Operating (loss) income excluding special items 152$ 247$ (284)$ 587$ Operating margin excluding special items 5.9% 11.8% -4.2% 9.7% (Loss) income before income taxes 105$ 254$ (443)$ 548$ Add back: Special items 13 - 57 14 Less: Net gain (loss) on investments - 15 (4) 15 (Loss) income before income taxes excluding special items and net gain (loss) on investments 118$ 239$ (382)$ 547$ Pre-tax margin excluding special itemsand net gain (loss) on investments 4.6% 11.4% -5.7% 9.4% Net (loss) income 57$ 187$ (386)$ 408$ Add back: Special items 13 - 57 14 Less: Income tax (expense) benefit related to special items 1 - 7 3 Less: Net gain (loss) on investments - 15 (4) 15 Less: Income tax (expense) benefit related to net gain (loss) on investments - (4) - (4) Net (loss) income excluding special items and net gain (loss) on investments 69$ 176$ (332)$ 408$ (Loss) earnings per common share: Basic 0.18$ 0.63$ (1.20)$ 1.36$ Add back: Special items, net of tax 0.03 - 0.16 0.03 Less: Net gain (loss) on investments, net of tax - 0.04 (0.01) 0.04 Basic excluding special items and net gain (loss) on investments 0.21$ 0.59$ (1.03)$ 1.35$ Diluted 0.18$ 0.63$ (1.20)$ 1.35$ Add back: Special items, net of tax 0.03 - 0.16 0.03 Less: Net gain (loss) on investments, net of tax - 0.04 (0.01) 0.03 Diluted excluding special items and net gain (loss) on investments 0.21$ 0.59$ (1.03)$ 1.35$ Three Months Ended September 30, Nine Months Ended September 30, NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, (LOSS) INCOME BEFORE TAXES, NET (LOSS) INCOME, AND (LOSS) EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS AND NET GAIN (LOSS) ON INVESTMENTS (in millions, except per share amounts) (unaudited)

2 0 APPENDIX B: CALCULATION OF LEVERAGE RATIOS LOCATION Adjusted debt to capitalization ratio Adjusted debt to capitalization ratio is a non-GAAP financial metric which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. Adjusted capitalization represents total equity plus adjusted debt. September 30, 2022 December 31, 2021 Long-term debt and finance leases 3,235$ 3,651$ Current maturities of long-term debt and finance leases 524 355 Operating lease liabilities - aircraft 216 256 Adjusted debt 3,975$ 4,262$ Long-term debt and finance leases 3,235$ 3,651$ Current maturities of long-term debt and finance leases 524 355 Operating lease liabilities - aircraft 216 256 Stockholders' equity 3,507 3,849 Adjusted capitalization 7,482$ 8,111$ Adjusted debt to capitalization ratio 53% 53% NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO CAPITALIZATION RATIO (in millions) (unaudited)

2 1 Deliveries A220 A321NEO A321NEO LR A320 E190 Total 2022 6 - 3 - - 9 2023 18 6 5 - - 29 Note: Delivery and return assumptions as of October 25, 2022. The above includes an amended agreement and represents the current delivery schedule set forth in our Airbus order book. However, we note that due to Airbus delivery delays, our capacity planning assumptions assume delivery in 2023 of a minimum of 14 A220 aircraft, 5 A321neo aircraft, and 3 A321neo LR, for a total of at least 22 aircraft. APPENDIX C: ORDER BOOK Returns A220 A321NEO A321NEO LR A320 E190 Total 2023 - - - (4) (6) (10)

2 2 Spirit Acquisition https://lowfaresgreatservice.com 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 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 APPENDIX D: RELEVANT JETBLUE MATERIALS