JetBlue Airways reported first-quarter 2026 operating revenue of $2.24 billion, up 4.7% from $2.14 billion a year earlier, driven by resilient passenger demand and higher yields. Revenue per available seat mile rose 6.5% year-over-year to $14.60, while passenger revenue per available seat mile increased 5.8%. Capacity fell 1.7% year-over-year, with load factor improving to 82.2%.
Despite the revenue gain, the carrier recorded a net loss of $319 million, or $0.86 per share, wider than the $208 million loss in the prior-year quarter and missing analyst estimates of a $0.72 loss per share. Operating expenses climbed 6.5%, with cost per available seat mile up 8.3% to 16.06 cents, pressured by a 12.1% surge in fuel costs, higher salaries, and disruption-related expenses. Operating loss expanded to $224 million.
JetBlue ended the quarter with $2.4 billion in liquidity, exceeding its target range, bolstered by $500 million in aircraft-backed financing and $120 million in operating cash flow. Trailing 12-month net loss stood at $713 million. CEO Joanna Geraghty noted revenue exceeded expectations amid a challenging environment marked by volatile fuel prices.
The airline adjusted capacity and continues transformational efforts, including domestic first class and a codeshare with United Airlines, while facing industry-wide fuel headwinds.