Jetblue Airways Corp key statistics and ratios

In fiscal 2025, Jetblue Airways Corp had return on equity of -25.3%, an operating margin of -4.1%, debt equal to 403.8% of equity and a current ratio of 0.74. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Jetblue Airways Corp: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Operating margin	19.1%	13.9%	3.5%	9.9%	−58.0%	−1.3%	−3.3%	−2.4%	−7.4%	−4.1%	−6.1%
Net margin	11.0%	16.3%	2.5%	7.0%	−45.8%	−3.0%	−4.0%	−3.2%	−8.6%	−6.6%	−10.0%
Free-cash-flow margin	11.9%	4.3%	3.8%	6.4%	−47.3%	12.2%	−4.2%	−7.6%	−14.4%	−12.9%	−11.4%
Return on equity	18.1%	26.1%	4.0%	12.0%	−30.9%	−4.7%	−9.8%	−9.0%	−26.6%	−25.3%	−57.9%
Return on assets	7.8%	11.9%	1.8%	5.0%	−10.7%	−1.3%	−2.7%	−2.3%	−5.2%	−3.6%	−6.1%
Asset turnover	0.71	0.73	0.74	0.71	0.23	0.45	0.69	0.71	0.60	0.54	0.61
Current ratio	0.63	0.56	0.55	0.67	1.25	0.95	0.51	0.60	1.10	0.74	0.63
Debt to equity	34.8%	25.5%	35.9%	49.0%	124.2%	105.0%	103.2%	142.0%	326.3%	403.8%	632.0%
Interest cover (operating income ÷ interest)	—	—	—	—	—	n/m	n/m	n/m	n/m	n/m	n/m
Effective tax rate	37.5%	−24.2%	13.7%	25.9%	—	—	—	—	—	—	—
Capital spending as % of revenue	12.9%	15.3%	11.9%	11.5%	24.2%	15.0%	8.4%	11.7%	15.9%	11.9%	9.1%
Free cash flow ÷ net income	107.6%	26.8%	154.5%	90.9%	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	15.3%	124.6%	128.4%	103.5%	—	—	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Jetblue Airways Corp: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	0.7%	−8.1%	0.3%	−4.3%	−4.5%	−10.0%	−5.2%	−5.1%
Net margin	−1.9%	−9.7%	−3.1%	−6.2%	−7.9%	−14.2%	−9.2%	−9.1%
Free-cash-flow margin	−16.2%	−2.9%	−17.5%	−17.7%	−12.8%	−0.3%	−14.0%	−16.5%
Current ratio	1.10	1.01	0.88	0.82	0.74	0.70	0.70	0.63
Debt to equity	323.3%	346.6%	351.0%	373.3%	400.8%	466.0%	534.2%	627.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 6 checks passed · September 30, 2026

What it owns · $16.0bn

Short-term assets $2.8bnLonger-term assets $13.2bn

What it owes, and who funded it · $5.8bn

Short-term liabilities $4.4bnShareholders' equity $1.3bn

Short-term assets cover short-term liabilities $2.8bn of assets due within a year against $4.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $1.3bn of cash against $8.4bn of debt.
Debt below 40% of shareholders' equity Debt is 628% of equity.
Debt burden no higher than five years ago Debt to equity moved from 109% to 628% over five years.
A year's operating cash flow covers at least 20% of debt −$224m of operating cash flow against $8.4bn of debt.
Operating profit covers interest at least five times over Operating income of −$609m against $587m of interest.

From Jetblue Airways Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

29 /100

Weak moat

How hard Jetblue Airways's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median -2.9% of total assets over 10 years.
Durability 10 / 20

Operating margin has been a median -5.4%; its worst year was -23.9%.
Cash conversion 3 / 20

Free cash flow was positive in 3 of 9 years, at a median -5.0% of revenue.
Discipline 10 / 20

The diluted share count rose 19.7% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: ALK vs JBLU JBLU vs RYAAY AERO vs JBLU

More: Passenger Airlines stocks compared, Industrials sector, rankings of US companies

Figures from Jetblue Airways Corp's SEC filings (10-K and 10-Q), retrieved October 27, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Jetblue Airways Corp.