8-K - JBLU - Equibles

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): April 26, 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 April 26, 2022 we issued a press release announcing our financial results for the first quarter ended March 31, 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 April 26, 2022 we provided an update for investors presenting information relating to our financial outlook for the second quarter ending June 30, 2022 and full year 2022, and other information regarding our business. Additionally, on April 26, 2022 we issued a press release announcing our plans to make series of investments to restore crewmember and customer confidence for the upcoming summer travel season. The update, other information to be used in conjunction with the presentation, and the operational performance press release are furnished herewith as Exhibit 99.2, Exhibit 99.3, and Exhibit 99.4, 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<br>Number	Description
99.1	Press Release dated April 26, 2022 of JetBlue Airways Corporation announcing financial results for the first quarter ended March 31, 2022.
99.2	Investor Update dated April 26, 2022 of JetBlue Airways Corporation.
99.3	Earnings Presentation dated April 26, 2022.
99.4	Press Release dated April 26, 2022 of JetBlue Airways Corporation announcing investments to restore crewmember and customer confidence.
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:	April 26, 2022	By:	/s/ Ursula L. Hurley
			Ursula L. Hurley
			Chief Financial Officer

Document

Earnings Release

JETBLUE ANNOUNCES FIRST QUARTER 2022 RESULTS

NEW YORK (April 26, 2022) -- JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the first quarter of 2022:

•Reported GAAP loss per share of ($0.79) in the first quarter of 2022 compared to diluted earnings per share of $0.14 in the first quarter of 2019. Adjusted loss per share was ($0.80)(1) in the first quarter of 2022 versus adjusted diluted earnings per share of $0.16(1) in the first quarter of 2019.

•GAAP pre-tax loss of ($398) million in the first quarter of 2022, compared to a pre-tax income of $58 million in the first quarter of 2019. Excluding one-time items, adjusted pre-tax loss of ($400) million(1) in the first quarter of 2022 versus adjusted pre-tax income of $70 million(1) in the first quarter of 2019.

Operational and Financial Highlights from the First Quarter

•Capacity declined by 0.3% year over three, compared to our guidance for capacity to decline 1% year over three.

•Revenue declined 7.2% year over three, compared to our guidance of a 6% to 9% decline year over three. This was approximately 6 percentage points ahead of the midpoint of our initial forecast of an 11% to 16% decline year over three, driven by pent-up demand that materialized beyond our expectations.

•Operating expenses per available seat mile increased 17.5% year over three. Operating expenses per available seat mile, excluding fuel and special items (CASM ex-fuel) (1) increased 13.9%(1) year over three, compared to our guidance of a 13% to 15% increase year over three.

Balance Sheet and Liquidity

•As of March 31, 2022, JetBlue’s adjusted debt to capital ratio was 54%(1).

•JetBlue ended the first quarter of 2022 with approximately $2.9 billion in unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities, or 36% of 2019 revenue. This excludes our $550 million undrawn revolving credit facility.

•JetBlue paid down approximately $83 million in regularly scheduled debt and finance lease obligations during the first quarter of 2022.

Fuel Expense and Hedging

•The realized fuel price in the first quarter 2022 was $2.90 per gallon, a 41% increase versus first quarter 2019 realized fuel price of $2.05.

•As of April 26, 2022, JetBlue has not entered into forward fuel derivative contracts to hedge its fuel consumption for the second quarter of 2022. Based on the forward curve as of April 19, 2022, JetBlue expects an average all-in price per gallon of fuel of $3.79 in the second quarter of 2022.

Leveraging the Northeast Alliance to Deliver Value for All Stakeholders

•JetBlue announced new benefits for TrueBlue Mosaic and AAdvantage status members traveling on either airline. The expanded list of new benefits include complimentary extra legroom seating based on availability at check-in; two complimentary checked bags; and same-day confirmed changes.

•During the first quarter, JetBlue launched three new BlueCities: Puerto Vallarta, Kansas City, and Milwaukee. Later this quarter, we plan to launch service to Asheville as well as our inaugural Canadian BlueCity, Vancouver.

•JetBlue remains on track to operate almost 300 daily departures from New York City airports.

Ensuring Our Long-Term Sustainability

•JetBlue recently announced another deal for Sustainable Aviation Fuel (SAF) supply with Aemetis, committing to purchase 125 million blended gallons of the renewable fuel from their facility in California from 2025-2034.

•JetBlue Technology Ventures announced recent investments in Electric Power Systems, a leading provider of aerospace battery systems; Air Company, focused on carbon capture and conversion technologies; and the TPG Rise Climate fund as a Limited Partner.

•JetBlue Foundation – which supports aviation-related STEM programs – recently awarded grants to 10 charitable organizations to help increase advocacy for inclusion, gender and racial parity within STEM and aviation

Resetting Plan to Build Back Margins

“Our first quarter results were characterized by a very strong demand acceleration, with revenue coming in more than six points ahead of our initial view in January. We delivered positive year-over-three revenue growth in the month of March as we exited the quarter with tremendous revenue momentum driven by very strong underlying travel demand across all of our core segments,” said Robin Hayes, JetBlue’s Chief Executive Officer.

“To help restore our operational reliability, we are reducing our capacity growth further as we plan more conservatively for the summer and make investments to de-risk the operation. These actions will create more resiliency in the operation, and set us up for a better May, and an even better June and strong summer peak. As we strive to provide the high quality of service that our Customers have come to expect from us, we’re taking proactive measures to invest in and improve our operational performance.

Despite the current operating and fuel environment, we are seeing underlying momentum on our path to transforming JetBlue’s structural profitability. We are making great progress on many of our long-term initiatives in 2022, and these will be meaningful drivers of our earnings growth in the coming years.”

Revenue and Capacity

“For the full-year 2022, we are now planning to grow capacity between 0% and 5% versus 2019. Severe weather compounded by air traffic control challenges particularly across Florida and New York have had an outsized impact on our operation where 95% of our daily flights operate. Despite being well on track with our summer operational preparations, we have re-evaluated our capacity

planning assumptions for the summer in light of these challenges. We believe our operational investments and capacity reductions will improve our operational performance in the coming months while we continue to fly a record number of customers,” said Joanna Geraghty, JetBlue’s President and Chief Operating Officer.

“For the second quarter, we expect capacity to increase in a range between 0% and 3% year over three. We also expect revenue to increase between 11% and 16% year over three. This includes up to a four point revenue impact from the operational disruption in April. And despite the meaningful impact to the quarter and the year, we expect to generate our best quarterly revenue result in the second quarter, and are positioned to accelerate this momentum through the summer.”

Financial Performance and Outlook

“We are extremely pleased with the demand and revenue momentum, which accelerated throughout the quarter and resulted in first quarter revenue that was roughly six points ahead of our original January forecast; we also executed within the range of our original cost guidance despite abnormally elevated winter weather events. Looking ahead, we are reducing our full-year capacity growth as we work to restore operational reliability and catch up on a backlog of training events, and also as we remain mindful of elevated fuel prices,” said Ursula Hurley, JetBlue’s Chief Financial Officer.

“For the second quarter, we are forecasting CASM ex-Fuel(2) to increase 15% to 17% year over three, reflecting some inefficient, close-in capacity reductions in Q2, frontline premium and incentive pay to support the operation, ramp-up costs to maintain our hiring pace for the summer, and our recently signed deal with Air Line Pilots Association.

Our revenue performance for the second quarter is expected to be a record result. However, significantly higher fuel prices and investments in the operation are delaying our return to sustained pre-tax profitability. That said, we believe we are on a path to building back our margins and creating value for our owners through strong revenue growth, disciplined cost control, and a methodical approach to capacity decisions.”

Earnings Call Details

JetBlue will conduct a conference call to discuss its quarterly earnings today, April 26, 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 First 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 across the U.S., Caribbean, and Latin America. For more information, visit jetblue.com.

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 the 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) contain 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 and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. 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 coronavirus (“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; and external geopolitical events and conditions; the outcome of any discussions between JetBlue and Spirit Airlines, Inc. (“Spirit”) with respect to a possible transaction, including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein or previously announced; the conditions to the completion of the possible transaction, including the receipt of any required stockholder and regulatory approvals, and, in particular, our expectation as to the likelihood of receipt of antitrust approvals; JetBlue’s ability to finance the possible transaction and the indebtedness JetBlue expects to incur in connection with the possible 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; and 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 possible transaction. 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 a possible transaction with Spirit.

from those expressed in the forward-looking statements. 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.

Additional Information and Where to Find It

JetBlue has made a proposal for a business combination transaction with Spirit. In furtherance of this proposal and subject to future developments, JetBlue (and, if a negotiated transaction is agreed to, Spirit) may file one or more proxy statements or other documents with the Securities and Exchange Commission, or SEC. This communication is not a substitute for any proxy statement or other document JetBlue and/or Spirit may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF JETBLUE AND SPIRIT ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE POSSIBLE TRANSACTION. Any definitive proxy statement (if and when available) will be mailed to stockholders of Spirit. Investors and security holders of Spirit and JetBlue will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by JetBlue and Spirit through the web site maintained by the SEC at http://www.sec.gov.

Participants in the Solicitation

This Earnings Release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, JetBlue and certain of its directors and executive officers may be deemed to be participants in any solicitation with respect to the proposed transaction under the rules of the SEC. Information regarding the interests of these participants in any such proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in any proxy statement and other relevant materials to be filed with the SEC if and when they become available. These documents can be obtained free of charge as described in the preceding paragraph.

No Offer or Solicitation

This Earnings Release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
	Three Months Ended March 31,						Percent Change
	2022			2021
OPERATING REVENUES
Passenger	$	1,603		$	670			139.5
Other	133			63				111.0
Total operating revenues	1,736			733				137.0
OPERATING EXPENSES
Aircraft fuel and related taxes	571			193				195.0
Salaries, wages and benefits	688			521				32.0
Landing fees and other rents	132			115				14.8
Depreciation and amortization	143			125				15.1
Aircraft rent	26			25				4.2
Sales and marketing	57			23				152.9
Maintenance, materials and repairs	152			104				45.8
Other operating expenses	334			210				59.2
Special items	—			(289)				(100.0)
Total operating expenses	2,103			1,027				104.8
OPERATING LOSS	(367)			(294)				24.6
Operating margin	-21.1		%	-40.2		%		19.1 pts.
OTHER INCOME (EXPENSE)
Interest expense	(37)			(58)				(35.6)
Interest income	4			4				15.6
Gain on investments, net	2			4				(53.3)
Other	—			(3)				(99.6)
Total other income (expense)	(31)			(53)				41.1
LOSS BEFORE INCOME TAXES	(398)			(347)				14.7
Pre-tax margin	-22.9		%	-47.3		%		24.4 pts.
Income tax benefit	(143)			(100)				42.8
NET LOSS	$	(255)		$	(247)			3.3
LOSS PER COMMON SHARE:
Basic	$	(0.79)		$	(0.78)
Diluted	$	(0.79)		$	(0.78)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	320.5			316.3
Diluted	320.5			316.3

JETBLUE AIRWAYS CORPORATION
COMPARATIVE OPERATING STATISTICS
(unaudited)
	Three Months Ended March 31,							Percent Change
		2022			2021
Revenue passengers (thousands)		8,177			4,463				83.2
Revenue passenger miles (RPMs) (millions)		10,927			5,808				88.1
Available seat miles (ASMs) (millions)		15,383			9,090				69.2
Load factor		71.0		%	63.9		%		7.1 pts.
Aircraft utilization (hours per day)		9.9			5.9				67.8
Average fare		$	195.99		$	149.97			30.7
Yield per passenger mile (cents)		14.67			11.52				27.3
Passenger revenue per ASM (cents)		10.42			7.36				41.5
Revenue per ASM (cents)		11.29			8.06				40.0
Operating expense per ASM (cents)		13.67			11.30				21.0
Operating expense per ASM, excluding fuel (cents)(1)		9.87			12.25				(19.4)
Departures		78,393			44,049				78.0
Average stage length (miles)		1,231			1,277				(3.6)
Average number of operating aircraft during period		282.0			266.0				6.0
Average fuel cost per gallon, including fuel taxes		$	2.90		$	1.72			68.4
Fuel gallons consumed (millions)		197			112				75.2
Average number of full-time equivalent crewmembers		19,304			14,493				33.2
(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.

JETBLUE AIRWAYS CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(in millions)
	March 31,		December 31,
	2022		2021
	(unaudited)
Cash and cash equivalents	$	1,834	$	2,018
Total investment securities	1,060		863
Total assets	13,803		13,642
Total debt	3,926		4,006
Stockholders' equity	3,598		3,849

Note A - Non-GAAP Financial Measures

JetBlue uses non-GAAP financial measures in this Earnings 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 and year over two 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 Earnings Release to the most directly comparable GAAP financial measures.

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.

There were no special items in the first quarter of 2022.

Special items for the first quarter of 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)

			2019		Percent Change
	per ASM				per ASM		$	per ASM
Total operating expenses	$	13.67			$	11.63	17.1	17.5
Less:
Aircraft fuel and related taxes	3.71			437	2.83		30.5	31.0
Other non-airline expenses	0.09			9	0.06		50.2	50.7
Special items	—			12	0.08		NM	NM
Operating expenses, excluding fuel	$	9.87			$	8.66	13.1	13.9

All values are in US Dollars.

10 -

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

Our GAAP results in the applicable periods were impacted by charges that are deemed special items.

There were no special items in the first quarter of 2022.

Market-to-market and certain gains and losses on our investments were also excluded from our first quarter 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.

11 -

NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE, (LOSS) INCOME BEFORE TAXES, NET (LOSS) INCOME <br>AND (LOSS) EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS
(in millions, except per share amounts)
(unaudited)
	Three Months Ended March 31,
	2022			2019
Total operating revenues	$	1,736		$	1,871
Total operating expenses	$	2,103		$	1,795
Less: Special items	—			12
Total operating expenses excluding special items	$	2,013		$	1,783
Operating (loss) income	$	(367)		$	76
Add back: Special items	—			12
Operating (loss) income excluding special items	$	(367)		$	88
Operating margin excluding special items	-21.1		%	4.7		%
(Loss) income before income taxes	$	(398)		$	58
Add back: Special items	—			12
Less: Net gain on investments	2			—
(Loss) income before income taxes excluding special items and net gain on investments	$	(400)		$	70
Pre-tax margin excluding special items and net gain on investments	-23.0		%	3.7		%
Net (loss) income	$	(255)		$	42
Add back: Special items	—			12
Less: Income tax benefit related to special items	—			3
Less: Net gain on investments	2			—
Less: Income tax (expense) related to net gain on investment	(1)			—
Net (loss) income excluding special items and net gain on investments	$	(256)		$	51
(Loss) earnings per common share:
Basic	$	(0.79)		$	0.14
Add back: Special items, net of tax	—			0.02
Less: Net gain on investments, net of tax	0.01			—
Basic excluding special items and net gain on investments	$	(0.80)		$	0.16
Diluted	$	(0.79)		$	0.14
Add back: Special items, net of tax	—			0.02
Less: Net gain on investments, net of tax	0.01			—
Diluted excluding special items and net gain on investments	$	(0.80)		$	0.16

12 -

Adjusted debt to capitalization ratio

Adjusted debt to capitalization ratio is a non-GAAP financial measure 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.

NON-GAAP FINANCIAL MEASURE
ADJUSTED DEBT TO CAPITALIZATION RATIO
(in millions) (unaudited)
	March 31, 2022			December 31, 2021
Long term debt and finance leases	$	3,545		$	3,651
Current maturities of long-term debt and finance leases	381			355
Operating lease liabilities - aircraft	246			256
Adjusted debt	$	4,172		$	4,262
Long term debt and finance leases	3,545			3,651
Current maturities of long-term debt and finance leases	381			355
Operating lease liabilities - aircraft	246			256
Stockholders' equity	3,598			3,849
Adjusted capitalization	$	7,770		$	8,111
Adjusted debt to capitalization ratio	54		%	53		%

CONTACTS

JetBlue Investor Relations

Tel: +1 718 709 2202

ir@jetblue.com

JetBlue Corporate Communications

Tel: +1 718 709 3089

corpcomm@jetblue.com

13 -

Document

Investor Update

Investor Update: April 26, 2022

This update provides JetBlue’s investor guidance for the second quarter ending June 30, 2022 and full year 2022.

Second Quarter and Full-Year 2022 Outlook	Estimated 2Q 2022	Estimated FY 2022
Capacity and Revenue
Available Seat Miles (ASMs) vs 2019	0% - 3%	0% - 5%
Revenue vs 2019	11% - 16%	N/A
Expense
CASM Ex-Fuel1 (Non-GAAP) vs 2019	15% - 17%	10% - 15%
Operating Expenses Related to Other Non-Airline Businesses	$14 million	$50 - $60 million
Estimated Fuel Price per Gallon, Net of Hedges2	$3.793	N/A
Interest Expense	$30 - $40 million	$140 - $150 million
Tax Rate	~28%	~28%
Diluted Share Count4	~323 million	~323 million
Capital Expenditures	~$300 million	~$1 billion

1 CASM 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.

2 Includes fuel taxes.

3 JetBlue 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 April 19, 2022, the forward Brent crude per barrel price was $106 and the crack spread averaged $43 per barrel for the second quarter of 2022

4 Average 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.

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

Investor Update

Fuel Hedges

As of April 26, 2022 JetBlue has not entered into any advanced fuel derivative contracts.

Order Book

As of March 31, 2022 JetBlue’s fleet was comprised of 130 Airbus A320 aircraft, 84 Airbus A321, 8 Airbus A220 and 60 EMBRAER E190 aircraft, for a total of 282 aircraft.

JetBlue’s contractual order book as of March 31, 2022:

Year	A220	A321NEO	A321NEO LR	Total
2022	10	—	3	13
2023	21	6	5	32

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

Investor Update

Forward Looking Statements

This Investor Update (or otherwise made by JetBlue or on JetBlue’s behalf) contain 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 and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. 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 coronavirus (“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; and external geopolitical events and conditions; the outcome of any discussions between JetBlue and Spirit Airlines, Inc. (“Spirit”) with respect to a possible transaction, including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein or previously announced; the conditions to the completion of the possible transaction, including the receipt of any required stockholder and regulatory approvals, and, in particular, our expectation as to the likelihood of receipt of antitrust approvals; JetBlue’s ability to finance the possible transaction and the indebtedness JetBlue expects to incur in connection with the possible 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; and 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 possible transaction. 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 a possible 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. 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.

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

a1q22earningspresentatio

1Q22 EARNINGS PRESENTATION APRIL 26, 2022

2 SAFE HARBOR This Presentation (or otherwise made by JetBlue or on JetBlue’s behalf) contain 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 and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. 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 coronavirus (“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; and external geopolitical events and conditions; the outcome of any discussions between JetBlue and Spirit Airlines, Inc. (“Spirit”) with respect to a possible transaction, including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein or previously announced; the conditions to the completion of the possible transaction, including the receipt of any required stockholder and regulatory approvals, and, in particular, our expectation as to the likelihood of receipt of antitrust approvals; JetBlue’s ability to finance the possible transaction and the indebtedness JetBlue expects to incur in connection with the possible 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; and 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 possible transaction. 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 a possible 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. 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 Additional Information and Where to Find It JetBlue has made a proposal for a business combination transaction with Spirit. In furtherance of this proposal and subject to future developments, JetBlue (and, if a negotiated transaction is agreed to, Spirit) may file one or more proxy statements or other documents with the Securities and Exchange Commission, or SEC. This communication is not a substitute for any proxy statement or other document JetBlue and/or Spirit may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF JETBLUE AND SPIRIT ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE POSSIBLE TRANSACTION. Any definitive proxy statement (if and when available) will be mailed to stockholders of Spirit. Investors and security holders of Spirit and JetBlue will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by JetBlue and Spirit through the web site maintained by the SEC at http://www.sec.gov. Participants in the Solicitation This presentation is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, JetBlue and certain of its directors and executive officers may be deemed to be participants in any solicitation with respect to the proposed transaction under the rules of the SEC. Information regarding the interests of these participants in any such proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in any proxy statement and other relevant materials to be filed with the SEC if and when they become available. These documents can be obtained free of charge as described in the preceding paragraph. No Offer or Solicitation This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. IMPORTANT INFORMATION FOR INVESTORS

4 1Q 2022 EARNINGS UPDATE ROBIN HAYES CHIEF EXECUTIVE OFFICER

5 PLANNING MORE CONSERVATIVELY AND INVESTING IN THE OPERATION • Started moderating capacity plan in March in light of rising fuel environment and to build more operational resilience • Began to see elevated pilot attrition, training pressures, and challenges from cumulative impact of YTD irregular operations (IROPS) • In April, irregular operations related to unprecedented weather and ATC disruption compounded crew shortfalls, leading to ~90% completion factor in first three weeks of April versus ~99% historically TEMPORARY APRIL DISRUPTION • Investing significantly to restore operational reliability and deliver the JetBlue Experience • Creating operational resiliency including a reduced capacity outlook and more conservative crew planning assumptions • Maintaining Summer hiring plans even in light of lower capacity, and investing in infrastructure and equipment • Improved operational performance core to driving unit revenue and margins • Mitigating CASM pressure through maintenance, rents & landing fees, and discretionary spend reductions • Continuing to execute on our longer-term strategic initiatives ACTION PLAN Despite impact to second quarter outlook, underlying business momentum is very strong

6 RESETTING 2022 PLAN TO BUILD BACK MARGINS 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 March 31, 2022 • GAAP loss per share of ($0.79); non-GAAP loss per share of ($0.80) (1) • Adjusted Pre-Tax Loss of ($400M) (1) • Revenue down (7.2%) Yo3Y; CASM up 17.5% Yo3Y (GAAP); CASM ex-Fuel up 13.9% Yo3Y (non-GAAP) (1) 1Q 2022 EARNINGS • Capacity between 0% – 3% vs 2Q 2019 • Revenue up between 11% – 16% vs 2Q 2019 • CASM ex-Fuel up between 15% – 17% vs 2Q 2019 (1) 2Q 2021 PLANNING ASSUMPTIONS* • Capacity up between 0% – 5% vs 2019 • CASM ex-Fuel up between 10% – 15% vs 2019 • Return to profitability in 2H 2022 2Q 2022 OUTLOOK • In 1Q22, paid down approximately $83M of debt • $2.9B of liquidity (2) (3), equal to 36% of 2019 revenue • Adjusted Debt to Cap ratio at 54% (1) (3) 1Q 2022 BALANCE SHEET

7 POSITIONING FOR LONG-TERM EARNINGS GROWTH COMMERCIAL COSTS CAPITAL ALLOCATION Restore earnings and expand margins beyond 2019 levels longer-term • Operating more service than ever in NYC through Northeast Alliance • Providing customers with value and choice through ancillary strategy • Driving value and rewarding loyal customers with TrueBlue • JTP business scaling nicely and contributing meaningfully to bottom-line • Progress in underlying cost structure masked by Spring operational challenges and Summer investments • Accelerating fleet modernization efforts for margin-accretive growth • New multi-year structural cost program to be unveiled at Investor Day • Maintaining balanced approach to capital allocation to maximize value • Investing in the business for future value creation

8 • Expanded Gateway pilot program offering to families of crewmembers to grow and protect talent pipeline • JetBlue Foundation awarded grants to 10 charitable organizations around our network to increase advocacy for inclusion, gender and racial parity within STEM and aviation • Signed new deal with Aemetis for Sustainable Aviation Fuel supply • JetBlue Technology Ventures announced investments in Electric Power Systems and Air Company; became a Limited Partner in TPG Rise Climate fund ENSURING OUR LONG-TERM SUSTAINABILITY HIGHLIGHTS / KEY DEVELOPMENTSFOCUS AREAS Sustainability Diversity, Equity & Inclusion

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

1 0 (0.3%) 1Q22 2Q22* FY22* Prior FY22 RESETTING 2022 CAPACITY PLAN FOR SUMMER OPERABILITY AND HIGHER FUEL ASM GROWTH VERSUS 2019 EstimateFlown • Revised growth outlook expected to improve operational performance − Facing elevated pilot attrition, training pressures, and cumulative impact of YTD IROPs − Planning more conservatively for weather related disruption and ATC challenges − Investing in infrastructure, equipment, and staffing − Remaining nimble in current environment • Strengthening network and relevance and gaining corporate share − Continuing to build out focus city depth and breadth − Leveraging NEA to grow leisure and business customer base, with enhanced network and schedules 0% – 5% 0% – 3% *Denotes guidance 11% – 15%

1 1 (20.3%) (7.6%) 4.5% (9.7%) (7.2%) Jan '22 Feb '22 Mar '22 4Q21 1Q22 2Q22* ACCELERATING REVENUE MOMENTUM REVENUE GROWTH VERSUS 2019 • V-shaped recovery from Omicron wave in 1Q22 − First quarter revenue came in over 6 points higher than originally forecast due to strong demand − Load factors improved meaningfully from an average of 62% in January to 80% in March; April loads tracking in the mid-80s • Continued strong underlying momentum into 2Q22 − Record demand for travel on JetBlue across the network − Seeing acceleration across all customer segments − Up to 4 point revenue impact from operational disruption − Recapturing nearly all of the fuel price increase − Growth enabled by the Northeast Alliance driving competition and generating broader economic benefits EstimateActual *Denotes guidance 11% – 16%

1 2 FINANCIAL UPDATE & OUTLOOK URSULA HURLEY CHIEF FINANCIAL OFFICER

1 3 SUMMARY FINANCIALS 1Q 2022 US$ Millions 1Q 2022 1Q 2019 Change vs ‘19 Revenue 1,736 1,871 (7%) Operating Expenses 2,103 1,795 17% Adjusted Operating Expenses (1) 2,103 1,783 18% Adjusted Pre-Tax Income (Loss) (1) (400) 70 NM Earnings / (Loss) per Diluted Share (0.79) 0.14 NM Adjusted Earnings / (Loss) per Share(1) (0.80) 0.16 NM (1) Refer to reconciliations of non-GAAP financial measures in Appendix A

1 4 (0.3%) 13.9% 17.5% ASM CASM ex- Fuel Underlying CASM ex- Fuel CASM CASM EX-FUEL VERSUS 2019 COST INITIATIVES Actual 1Q22 Estimate 2Q22* • Significantly resetting operational plan to support return to profitability − Adjusting schedules to improve Summer operability − Excluding the operational impact and investments, underlying CASM ex-Fuel would be up ~10% Yo3Y in 2Q22 − Expect sequential CASM ex-Fuel progress in 2H22 as JetBlue optimizes staffing levels, drives productivity, and restores aircraft utilization − April disruption worth ~6% points to 2Q22 pre- tax margin; June expected to be profitable − Expect to drive productivity again after the Summer as we optimize towards a more normal staffing level DRIVING A MORE EFFICIENT UNDERLYING COST STRUCTURE 0% – 3% *Denotes guidance (1) Operating expenses excluding special items; refer to reconciliations of non-GAAP financial measures in Appendix A (1) CASM 15% – 17% ~10%

1 51 Driven by inflationary pressures from Pilots and Business Partners Expected 2022 CASM ex-Fuel versus 2019 Despite temporary operational headwinds, our underlying CASM Ex-F forecast still includes cost actions in engine maintenance optimization, rents & landing fees, discretionary spend and productivity UPDATED FY2022 CASM EX-FUEL OUTLOOK ~6Pts 2022 CASM Ex-F (January Earnings Call) 1% - 5% Q2-Q4 Capacity Reductions ~3Pts All Other1Spring Operational Challenges & Summer Investments ~1Pt 10% - 15% 2022 CASM Ex-F

1 6 REMAINING BALANCED IN CAPITAL ALLOCATION LEVERAGE (1) Refer to reconciliations of non-GAAP financial measures in Appendix B Adjusted Debt to Cap (1) • Net loss driving modest sequential increase in Adj. Debt to Cap • Maintaining relative balance sheet strength • Investing in the business with recently revised aircraft orderbook • Making progress in paying down debt • Continuing to manage debt towers and lower our cost of debt SCHEDULED PRINCIPAL PAYMENTS 53% 54% Dec 31 2021 Mar 31 2022 $83 $106 $357 1Q22 2Q22 FY22

1 7 SUMMARY OF CURRENT GUIDANCE FOR 2Q 2022 METRIC Guidance Available Seat Miles (ASMs) 0% – 3% Yo3 Revenue 11% – 16% Yo3 CASM ex-Fuel 15% – 17% Yo3 Operating Expenses Related to Other Non-Airline Businesses ~$14 million Estimated Fuel Price per Gallon $3.79 Tax Rate ~28% Capital Expenditures ~$300 million Note: Fuel price based on forward curve as of April 19, 2022.

1 8 QUESTIONS?

1 9 1Q 2022 FINANCIAL RESULTS US$ Millions 1Q 2022 1Q 2019 Change vs ‘19 Total operating revenues 1,736 1,871 (7.2) Aircraft fuel and related taxes 571 437 30.5 Salaries, wages and benefits 688 575 19.6 Landing fees and other rents 132 115 14.4 Depreciation and amortization 143 124 15.6 Aircraft rent 26 25 2.4 Sales and marketing 57 66 (13.6) Maintenance, materials and repairs 152 155 (2.1) Other operating expenses 334 286 16.9 Special items - 12 NM Operating Income/(Loss) (367) 76 NM Other Income/(Expense) (31) (18) 71.5 Income/(Loss) before income taxes (398) 58 NM Income tax expense/(benefit) (143) 16 NM NET INCOME/(LOSS) (255) 42 NM Pre-Tax Margin (22.9%) 3.1% (26.0) pts Earnings/(Loss) per Diluted Share (GAAP) ($0.79) $0.14 Adj. Pre-Tax Margin* (23.0%) 3.7% (26.7) pts Adj. Earnings/(Loss) per Diluted Share (Non-GAAP)* ($0.80) $0.16 * Refer to reconciliations of non-GAAP financial measures in this Appendix A

2 0 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

2 1 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. There were no special items in the first quarter of 2022. Special items in the first quarter of 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 Total operating expenses 2,103$ 13.67$ 1,795$ 11.63$ 17.1 17.5 Less: Aircraft fuel and related taxes 571 3.71 437 2.83 30.5 31.0 Other non-airline expenses 14 0.09 9 0.06 50.2 50.7 Special items - - 12 0.08 NM NM Operating expenses, excluding fuel 1,518$ 9.87$ 1,337$ 8.66$ 13.5 13.9 20192022 Percent change NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL ($ in millions, per ASM data in cents) (unaudited) Three Months Ended March 31,

2 2 Operating expense, (loss) income before taxes, net (loss) income and (loss) earnings per share, excluding special items and net gain on investments Our GAAP results in the applicable periods were impacted by charges that are deemed special items. Special items in the first quarter of 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. There were no special items in the first quarter of 2022. Mark-to-market and certain gains and losses on our investments were also excluded from our first quarter 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 Total operating revenues 1,736$ 1,871$ Total operating expenses 2,103$ 1,795$ Less: Special items - 12 Total operating expenses excluding special items 2,103$ 1,783$ Operating (loss) income (367)$ 76$ Add back: Special items - 12 Operating (loss) income excluding special items (367)$ 88$ Operating margin excluding special items -21.1% 4.7% (Loss) income before income taxes (398)$ 58$ Add back: Special items - 12 Less: Net gain on investments 2 - (Loss) income before income taxes excluding special items and net gain on investments (400)$ 70$ Pre-tax margin excluding special items and net gain on investments -23.0% 3.7% Net (loss) income (255)$ 42$ Add back: Special items - 12 Less: Income tax (expense) benefit related to special items - 3 Less: Net gain on investments 2 - Less: Income tax (expense) related to net gain on investments (1) - Net (loss) income excluding special items and net gain on investments (256)$ 51$ (Loss) earnings per common share: Basic (0.79)$ 0.14$ Add back: Special items, net of tax - 0.02 Less: Net gain on investments, net of tax 0.01 - Basic excluding special items and net gain on investments (0.80)$ 0.16$ Diluted (0.79)$ 0.14$ Add back: Special items, net of tax - 0.02 Less: Net gain on investments, net of tax 0.01 - Diluted excluding special items and net gain on investments (0.80)$ 0.16$ Three Months Ended March 31, NON-GAAP FINANCIAL MEASURE (in millions, except per share amounts) (unaudited) RECONCILIATION OF OPERATING EXPENSE, (LOSS) INCOME BEFORE TAXES, NET (LOSS) INCOME AND (LOSS) EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS AND NET GAIN ON INVESTMENTS

2 3 APPENDIX B: CALCULATION OF LEVERAGE RATIOS LOCATION Adjusted debt to capitalization ratio Adjusted debt to capitalization ratio is a non-GAAP financial measure 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. March 31, 2022 December 31, 2021 Long-term debt and finance leases 3,545$ 3,651$ Current maturities of long-term debt and finance leases 381 355 Operating lease liabilities - aircraft 246 256 Adjusted debt 4,172$ 4,262$ Long-term debt and finance leases 3,545 3,651 Current maturities of long-term debt and finance leases 381 355 Operating lease liabilities - aircraft 246 256 Stockholders' equity 3,598 3,849 Adjusted capitalization 7,770$ 8,111$ Adjusted debt to capitalization ratio 54% 53% NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO CAPITALIZATION RATIO (in millions) (unaudited)

2 4 Deliveries A220 A321NEO A321NEO LR A320 E190 Total 2022 10 - 3 - - 13 2023 21 6 5 - - 32 Note: Delivery and return schedules as of April 26, 2022 APPENDIX C: CONTRACTUAL ORDER BOOK Returns A220 A321NEO A321NEO LR A320 E190 Total 2023 - - - (4) (6) (10)

2 5 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

Document

PRESS RELEASE

As Summer Travel Returns at Record Levels, JetBlue Launches Plan to Reliably Deliver the JetBlue Experience Loved by Customers

Airline makes series of investments to restore crewmember and customer confidence for the upcoming summer travel season

NEW YORK (April 26, 2022) – JetBlue (NASDAQ: JBLU) today announced a series of investments that will set up the airline to reliably deliver the JetBlue experience during what is expected to be a record-breaking summer. JetBlue’s broad and comprehensive plan includes a reduction of its summer schedule, focus on hiring and training, efforts to reduce customer support call volume and hold times, proactive aircraft maintenance efforts, and facilities/infrastructure readiness.

“We want customers who love the JetBlue experience to have confidence we will deliver it to them this summer,” said Joanna Geraghty, president and chief operating officer, JetBlue. “We let our crewmembers and our customers down in April, and we must perform better. The investments we’re making will help reduce delays and cancellations during the busiest travel period.”

As the aviation industry has rebounded from the historic impact of COVID-19, airlines have faced ongoing challenges this year from the Omicron wave, staffing ramp up, attrition, weather events, and air traffic control delays. JetBlue’s plan builds more flexibility into its schedule and crew staffing to recover from these events, and ensures its facilities and technology are equipped to handle increased demand, especially in New York where the airline is growing nearly 50 percent as part of its Northeast Alliance (NEA) with American Airlines.

Reduced schedule offers more buffer and flexibility to recover from disruptions

Even though the industry continues to forecast robust demand, JetBlue is taking steps to reduce its flight schedule for increased reliability. A reduced schedule will add more buffer room throughout the day to make up for operational disruptions and put less stress on its crew resources.

JetBlue originally planned to grow capacity this year by 11 to 15 percent compared to 2019. Now, with its reduced schedule, JetBlue’s capacity will grow zero to five percent compared to 2019. Most importantly, JetBlue is reducing its summer schedule by more than 10 percent from its original plan, and scheduled aircraft utilization will be down 10 to 15 percent compared to 2019.

“JetBlue is a growth airline, and we want nothing more than to bring our unique combination of low fares and award-winning service to more customers,” Geraghty said. “However, by taking a more conservative approach to growth, we can bring resiliency to our operation and ensure our crewmembers – who are the best in the industry – come to work each day set up for success.”

JetBlue’s capacity cuts take into account the impact of higher-priced fuel and are distributed throughout its network. Even with the reductions, JetBlue will grow significantly in New York’s three major airports as part of the NEA – from 200 flights a day in 2019 to nearly 300 flights a day. JetBlue has trimmed some of its growth at Newark to ease congestion and ensure the terminal facilities can accommodate its schedule until construction is completed on the new Terminal A.

Accelerating staffing and training to support the schedule

Like many businesses across a range of industries, staffing resources have pressured airlines as customers returned. Even though it’s pulling down some flying, JetBlue is moving forward

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with hiring efforts to staff up for the summer, including 5,000 new crewmembers in New York. The airline’s recently expanded training facility in Orlando is operating at maximum capacity.

“We are well aware of the staffing challenges that many companies are facing, but it’s been incredible to see how many job seekers want to work at JetBlue,” Geraghty said. “Our differentiated brand and culture continue to attract the best talent, and we have expanded our training facilities to get our new hires on the job as soon as possible.”

In addition to general staffing, JetBlue is working through a backlog of pilot training and re-certification flights after delays from Omicron. Volatile pilot attrition is also creating a need for additional recruiting and training capacity. JetBlue has increased its pilot training team and simulator capacity to meet this demand.

“Ensuring we have a strong pipeline of pilots remains a focus, and we are expanding our innovative JetBlue Gateways program this year to support that effort,” Geraghty said. “We are having incredible success attracting a diverse set of candidates to join our Gateway Select program, which trains individuals with little or no flight experience, and we launched new pathways for current crewmembers and their families to become JetBlue pilots.”

Addressing customer call volume and hold times

Recent operational disruptions have led to a record number of calls into JetBlue’s customer support center and extended wait times. These disruptions, coupled with the greater number of customers taking advantage of ticket flexibility and calls regarding other COVID-related questions, have taxed customer service teams across the industry.

Since the fall, JetBlue has brought on board more than 1,100 new hires into customer support and continues to increase hiring and training while bringing on outside support to help manage call volume. By this summer, JetBlue expects to have its largest-ever customer support team ready to support customers as many embark on their first vacation or travel experience since the pandemic.

JetBlue is continuing to strengthen staffing for its suite of digital tools to help customers avoid waiting on hold, including online chat capabilities and support via iMessage. In addition, JetBlue is improving self-service capabilities on its website to offer customers additional options to make changes without calling.

“The best way to reduce long hold times is to eliminate the need to call us in the first place, and a more reliable schedule with fewer delays and last-minute cancellations will help improve that,” Geraghty said. “For those customers who do need individual support, we continue hire a record number of customer support crewmembers and are using technology to make it easier to chat with us. Long hold times are not unique to JetBlue, but they are simply not acceptable.”

JetBlue is also working to proactively cancel flights on days when bad weather is forecasted or if it anticipates air traffic control delays due to congestion or air traffic control center staffing shortages. The dynamic nature of spring and summer weather, including thunderstorms, sometimes prevents this, but the airline is working to provide cancellation well in advance of arriving to the airport so customers have time to adjust their plans.

Reducing disruptions due to maintenance

The reduced schedule frees up aircraft time to give the airline additional opportunities to get ahead of planned maintenance programs. JetBlue is investing in additional preventative maintenance as well as reserving more aircraft as spares this summer to reduce the impact of maintenance-related cancellations and delays.

With COVID-19 supply chain challenges continuing, JetBlue has pre-purchased long lead parts, tools, and equipment as well as added additional inventory of frequently used parts, to mitigate potential delays.

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Handling a record summer at JFK

This summer, JetBlue will operate approximately 190 daily flights from New York’s John F. Kennedy International Airport (JFK) as it continues to expand its footprint as part of the NEA. With its heavy concentration in the Northeast and major operation at JFK, ensuring that JFK runs smoothly is essential for the entire network.

In addition to hiring across workgroups, JetBlue is making a number of investments at JFK’s Terminal 5:

•Redeveloping a portion of the lobby to add more kiosks and open additional space for customer throughput.

•Retiming flights for the busiest international markets to ensure enough lobby space is available for COVID documentation checks.

•Smoothing out some of the peaks in the schedule to ease congestion in the lobby, TSA checkpoint, and gates.

•Dedicating ground staffing crews at gates across Terminal 5 and adding ground equipment.

While summer reliability continues to be the focus, JetBlue will also see a significant improvement in its airport facilities across focus cities this fall, as new terminals and space become available to support the airline’s growth. JetBlue will be consolidating or opening new or renovated terminal spaces in LaGuardia, Newark, and Orlando.

“Many customers have been waiting for two years to travel again, and our goal this summer is to offer an incredible experience,” Geraghty said. “Unfortunately, weather and air traffic control delays will always be part of air travel, and doing everything we can to manage them better for our crewmembers and customers. Our plan makes responsible investments to prepare us for these challenges and restore trust in JetBlue.”

About JetBlue Airways

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 across the United States, Caribbean and Latin America and London. For more information, visit jetblue.com.

JetBlue Corporate Communications

Tel: +1.718.709.3089

corpcomm@jetblue.com

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