JetBlue Airways Corp drew 13 news stories in the 24 hours to 27 October, against a usual 1.4 a day. The core tension lies in accelerating revenue growth clashing with deepening losses and negative cash flow.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | -3.5% | -7.4% | -14.4% |
| FY25 Q1 | -3.0% | -1.5% | -12.7% |
| FY25 Q2 | -1.9% | -2.1% | -12.5% |
| FY25 Q3 | -2.5% | -2.8% | -13.8% |
| FY25 Q4 | -2.3% | -4.1% | -12.9% |
| FY26 Q1 | -0.5% | -4.6% | -12.2% |
| FY26 Q2 | 4.0% | -5.9% | -11.4% |
| FY26 Q3 | 9.9% | -6.1% | -11.4% |
Growth has picked up
Growth has picked up, but it is not yet enough to cover costs. Revenue over the twelve months to Q3 2026 was $10.0 billion, which rose 9.9% on the year before. That growth rate was up 5.9 percentage points on the rate a quarter earlier. This acceleration in top-line performance stands in contrast to the bottom line, where the company made a net loss of $1.0 billion over the same period.
The average diluted share count rose 4.7% over the year. Consequently, each share's claim on profit grows more slowly than profit itself. This expansion of the share base complicates the narrative of improving per-share value, even as total revenue climbs.
Operating efficiency remains under pressure despite the revenue gain. The trailing operating margin was negative, at −6.1%, down 3.3 percentage points from a year earlier. The trailing net margin was negative, at −10.0%. These figures show that for every dollar of sales, the company loses money on both an operating and net basis.
Cash flow reflects the strain of maintaining operations while investing in the future. Operating cash flow over the twelve months was −$224.0 million. Capital spending was $911.0 million, or 9.1% of revenue. Free cash flow, operating cash flow less capital spending, was −$1.1 billion.
Where Jetblue Airways' figures sit in its own record
Today's financial position sits within a wide historical range of volatility. Today's free-cash-flow margin of −11.4% is higher than 37% of the company's own past quarterly readings, which have ranged from −59.1% to 13.2%. Similarly, today's operating margin of −6.1% is higher than 26% of past readings, which spanned from −79.7% to 14.2%. The current twelve-month revenue growth rate of 9.9% is higher than 71% of past readings, which have ranged from −73.1% to 235.1%. These comparisons show that while the company is outperforming a majority of its historical data points, it remains in negative territory on profitability metrics.
What the filings cannot tell you at Jetblue Airways
Our figures run to Q3 2026, from the company's own filings; they cannot confirm, explain or rule out anything in the reports. The revenue growth and operating margin figures bear directly on the reported discussion of turnaround hopes and margin improvement.