JetBlue Airways Corp. ( JBLU ) on Tuesday reported a wider net loss of $143 million, or 39 cents per diluted share, for the third quarter of 2025, compared with a net loss of $60 million, or 17 cents per diluted share, a year earlier.

Excluding special items, the airline posted an adjusted loss of 40 cents per share, which beat the average analyst loss estimate of 44 cents per share.

Total operating revenue declined 1.8% to $2.322 billion but still beat the consensus analyst forecast of $2.316 billion.

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Management stated revenue and costs came in at the “better half of their respective guidance ranges,” leading to a significant improvement in financial performance despite operational challenges in July. System capacity (Available Seat Miles or ASMs) increased by 0.9% year-over-year.

Operating revenue per available seat mile (RASM) decreased 2.7%, driven by strong close-in demand. The non-GAAP measure CASM ex-Fuel increased 3.7%, landing near the better end of the guidance range due partially to strong operational execution. On-time performance was up two points, and the Net Promoter Score remained up double digits for the year.

The average fuel price for the quarter was $2.49 per gallon, which was in line with the company’s revised guidance range.

The company maintained a strong liquidity position of $2.9 billion and reported total debt of $8.475 billion as of September 30, 2025.

The JetForward strategy is on track to deliver $290 million of incremental EBIT by year-end, with $180 million in cumulative gains already achieved.

Strategic progress includes the launch of initial Blue Sky loyalty benefits and expansion in Fort Lauderdale, where JetBlue ( JBLU ) expects to offer its largest-ever schedule, up 35% year-over-year.

CEO Joanna Geraghty noted, “JetBlue’s progress toward profitability is gaining momentum as a result of the swift actions we’ve taken to implement our JetForward strategy and set a strong foundation for 2026.”

Outlook

For the fourth quarter, JetBlue ( JBLU ) expects ASMs to change by (0.75%) to 2.25% year-over-year, and for the full year 2025, ASMs are expected to change by (2.0%) to 0.0%.

The company anticipates continued improvement in the demand environment, with peaks remaining strong, but noted the guidance does not contemplate the impact of an extended government shutdown or Hurricane Melissa.

Price Action: JBLU shares were trading lower by 12.29% to $4.140 at last check Tuesday.

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