Jetblue Airways JBLU

Nasdaq · Air Transportation, Scheduled · $1.3B

$3.49−1.97%Nov 5 close · Databento

Every report since 2023 →

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JBLU Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $3.491D −1.97%3M −38.12%SMA20 $3.06SMA50 $3.85RSI(14) 53.1

3.49

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 53.1

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$1.3B

Enterprise value$7.5B

Revenue$9.1B −2.3%

ROIC-3.4%

EPS, diluted$-1.66 +27.8%

Modern Valuation (EOD)

Market Cap$1.3B

Enterprise Value$7.5B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales0.83

P / E (GAAP)—

P / FCF—

P / Oper. CF—

P / Book0.63

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield-44.8%

Shareholder Yield+8.9%

Buyback Yield11.9%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh—

EPS (diluted)$-1.66

Compounder & Returns

Rule of 40—

ROIC-3.4%

Cash ROIC (CROIC)—

GP / Assets—

ROE-28.4%

ROA-3.6%

Gross Margin—

Oper. Margin-4.1%

Net Margin-6.6%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−3.1%

SBC % of FCF—

SBC % of Rev0.4%

Reinvest. Rate—

Sales Growth Y/Y−2.3%

Sales 3Y CAGR−0.4%

EPS Growth Y/Y+27.8%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y+4.7%

Balance Sheet & Scale

Revenue (FY)$9.1B

Gross Profit (FY)—

Oper. Income (FY)$-368.0M

GAAP Net Income$-602.0M

True FCF (ex-SBC)—

Cash & Equiv$2.3B

Total Debt$8.5B

Net Cash (Debt)$-6.2B

Net Cash % MCap−461.8%

Debt / FCF (yrs)—

Current Ratio0.74377.35M sh

Price & Technicals (EOD)

Perf Week+14.43%

Perf Month−12.09%

Perf Quarter−42.50%

Perf Half Y−31.97%

Perf YTD−39.30%

SMA 20 Dist+13.93%$3.06

SMA 50 Dist−9.40%$3.85

SMA 100 Dist−26.14%$4.73

Window High−45.55%$6.41

Window Low+47.26%$2.37

RSI (14) · Vol53.1122%v

Income Distribution & Cash Flow ConversionHow every dollar of JBLU revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$9.4B ($100.0 / $100)

Tax & Non-Operating$234.0M ($2.6 / $100)

Net Profit Kept$-602.0M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-602.0M (-6.6% margin)

Operating Cash Flow (OCF)$-94.0M(-1.0% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$40.0M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$6.0B	$9.2B	$9.6B	$9.3B	$9.1B	−2.3%	+10.7%
Operating Income (EBIT)	$-80.0M	$-298.0M	$-230.0M	$-684.0M	$-368.0M	+46.2%	—
Interest Expense	—	$166.0M	$210.0M	$365.0M	$588.0M	+61.1%	+52.4%
Income Tax Expense	$-81.0M	$-75.0M	$-24.0M	$-102.0M	$-172.0M	−68.6%	—
GAAP Net Income	$-182.0M	$-362.0M	$-310.0M	$-795.0M	$-602.0M	+24.3%	—
Diluted EPS	$-0.57	$-1.12	$-0.93	$-2.30	$-1.66	+27.8%	—
Diluted Shares	318.0M	323.6M	332.9M	346.0M	362.1M	+4.7%	+3.3%
Balance Sheet
Cash & Equivalents	$2.1B	$1.2B	$1.3B	$2.1B	$2.3B	+6.8%	+2.5%
Inventory	$74.0M	$87.0M	$109.0M	$158.0M	$193.0M	+22.2%	+27.1%
Total Current Assets	$3.2B	$1.9B	$2.2B	$4.3B	$3.2B	−24.0%	−0.1%
Total Assets	$13.6B	$13.0B	$13.9B	$16.8B	$16.6B	−1.6%	+5.0%
Total Current Liabilities	$3.4B	$3.7B	$3.6B	$3.9B	$4.4B	+13.4%	+6.5%
Total Debt (Short + Long Term)	$4.0B	$3.6B	$4.7B	$8.5B	$8.5B	−0.5%	+20.7%
Stockholders' Equity	$3.8B	$3.6B	$3.3B	$2.6B	$2.1B	−19.7%	−13.9%
Net Cash / (Net Debt)	$-1.9B	$-2.5B	$-3.4B	$-6.4B	$-6.2B	+2.9%	—
Invested Capital	$5.8B	$6.0B	$6.7B	$9.0B	$8.3B	−7.8%	+9.6%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$1.6B	$379.0M	$400.0M	$144.0M	$-94.0M	−165.3%	—
Depreciation & Amortization (D&A)	$540.0M	$585.0M	$621.0M	$655.0M	$688.0M	+5.0%	+6.2%
Stock-Based Compensation (SBC)	$28.0M	$30.0M	$39.0M	$39.0M	$40.0M	+2.6%	+9.3%
Share Repurchases (Buybacks)	—	—	—	—	$160.0M	—	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what JBLU did at the next close after each story

No Wire story has named JBLU yet.

What happened · big days

14 big days in a year, and what we hold on each

A big day is a close more than 8.10% from the one before, three times JBLU’s median day (2.70%). On 5 of the 14, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±8.10%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayJBLUWhat we hold that dayGroup (median of 4) · each

1 Feb 2, 2026+8.21%
Before our storiesgroup +4.7%, moved with JBLU
1Feb 2, 2026+8.21%
Before our stories
+4.7% moved with JBLUUAL +4.9 · DAL +4.8 · LUV +4.5 · AAL +2.9
2 Feb 19, 2026−8.51%
Before our storiesgroup −5.2%, moved with JBLU
2Feb 19, 2026−8.51%
Before our stories
−5.2% moved with JBLUUAL −5.9 · AAL −5.3 · DAL −5.2 · LUV −5.0
3 Mar 5, 2026−9.70%
Before our storiesgroup −5.2%, moved with JBLU
3Mar 5, 2026−9.70%
Before our stories
−5.2% moved with JBLULUV −6.9 · AAL −5.4 · UAL −5.0 · DAL −4.0
4 Mar 25, 2026+13.37%
Before our storiesgroup +0.6%, did not move with it
4Mar 25, 2026+13.37%
Before our stories
+0.6% did not move with itDAL +2.0 · LUV +0.9 · AAL +0.3 · UAL −0.7
5 Apr 8, 2026+10.77%
Before our storiesgroup +6.1%, moved with JBLU
5Apr 8, 2026+10.77%
Before our stories
+6.1% moved with JBLUUAL +7.8 · LUV +6.7 · AAL +5.5 · DAL +3.8
6 Apr 14, 2026+16.91%
Before our storiesgroup +5.8%, did not move with it
6Apr 14, 2026+16.91%
Before our stories
+5.8% did not move with itAAL +8.0 · DAL +6.9 · LUV +4.6 · UAL +2.1
7 Jun 18, 2026+10.72%
Nothing on JBLUgroup +2.6%, did not move with it
7Jun 18, 2026+10.72%
Nothing on JBLUNo JBLU story, brief or results filing in our record that day
+2.6% did not move with itAAL +3.7 · LUV +2.8 · DAL +2.4 · UAL +2.1
8 Jul 28, 2026+10.50%
Resultsgroup +2.7%, did not move with it
8Jul 28, 2026+10.50%
ResultsFirst close after the Jul 28 results filing
+2.7% did not move with itDAL +3.1 · AAL +2.7 · UAL +2.6 · LUV +2.0
9 Oct 14, 2026−10.15%
Nothing on JBLUgroup −3.9%, did not move with it
9Oct 14, 2026−10.15%
Nothing on JBLUNo JBLU story, brief or results filing in our record that day
−3.9% did not move with itAAL −5.7 · UAL −4.1 · DAL −3.7 · LUV −3.2
10 Oct 22, 2026−9.56%
Nothing on JBLUgroup +2.5%, did not move with it
10Oct 22, 2026−9.56%
Nothing on JBLUNo JBLU story, brief or results filing in our record that day
+2.5% did not move with itUAL +0.3 · DAL +2.0 · AAL +3.0 · LUV +5.4
11 Oct 26, 2026−9.71%
Nothing on JBLUgroup +2.7%, did not move with it
11Oct 26, 2026−9.71%
Nothing on JBLUNo JBLU story, brief or results filing in our record that day
+2.7% did not move with itAAL +0.7 · LUV +2.6 · UAL +2.8 · DAL +3.1
12 Oct 27, 2026+18.99%
Resultsgroup +3.1%, did not move with it
12Oct 27, 2026+18.99%
ResultsFirst close after the Oct 26 results filing
+3.1% did not move with itUAL +4.0 · AAL +3.4 · DAL +2.9 · LUV +1.4
13 Nov 2, 2026+11.23%
Nothing on JBLUgroup +4.0%, did not move with it
13Nov 2, 2026+11.23%
Nothing on JBLUNo JBLU story, brief or results filing in our record that day
+4.0% did not move with itUAL +4.8 · DAL +4.1 · AAL +3.8 · LUV +3.6
14 Nov 4, 2026+11.95%
Nothing on JBLUgroup +7.0%, moved with JBLU
14Nov 4, 2026+11.95%
Nothing on JBLUNo JBLU story, brief or results filing in our record that day
+7.0% moved with JBLUUAL +8.0 · DAL +7.2 · LUV +6.8 · AAL +6.3

A story on the same day is not a cause, and a group move is not proof either. Group: the median of DAL, UAL, LUV and AAL that day, the largest companies in JBLU’s SEC industry; “moved with JBLU” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). Day 1 is the first close after each filing: the next day’s for a filing after the close, the same day’s otherwise. 2 of 4 times, day 6 ended on the same side as day 1.

Reported Jan 27, 2026

day 1−6.89%day 6+9.65%

Reported Apr 28, 2026

day 1+1.21%day 6−2.02%

Reported Jul 28, 2026

day 1+10.50%day 6+18.05%

Reported Oct 26, 2026

day 1+18.99%day 6+34.18%

Next report: expected late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 26 report: +47.26%. Four reports is a small sample.

Every report since 2023 →

Each line is JBLU’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

JBLU against four airline peers, a year at 100

JBLU is down 21.0% in a year. Delta Air Lines is up 51.6%, Southwest Airlines 36.9%, United Airlines 18.8% and American Airlines is down 5.3%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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JBLU −21.0%. Delta Air Lines +51.6%, Southwest Airlines +36.9%, United Airlines +18.8%, American Airlines −5.3%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in JBLU’s SEC industry (Air Transportation, Scheduled) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

DAL	Delta Air Lines	$58.7B	−4.35%
UAL	United Airlines	$37.6B	−4.55%
LUV	Southwest Airlines	$22.7B	−4.27%
AAL	American Airlines	$9.0B	−5.14%
ALK	Alaska Air	$4.5B	−3.25%
SKYW	Skywest	$3.2B	−3.03%
ALGT	Allegiant Travel	$2.2B	+7.43%
ULCC	Frontier Group	$1.6B	+0.42%