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JetBlue Airways Corporation (JBLU-2.69%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The filing is available for review filing.
The report details JetBlue's financial performance, highlighting a net loss of $795 million for 2024, compared to a net loss of $310 million in 2023. The increase in net loss is primarily attributed to the write-off of Spirit-related costs following the termination of the merger agreement with Spirit Airlines.
JetBlue's operating revenues for 2024 were $9.3 billion, a decrease of 3.5% from 2023. This decrease was mainly due to a reduction in capacity. Passenger revenue decreased by 4.3% to $8.6 billion, while other revenue increased by 9.0% to $662 million.
Operating expenses for 2024 totaled $10.0 billion, a 1.2% increase from 2023. The increase in expenses was driven by higher salaries, wages, and benefits, as well as special items related to the Spirit merger and union contract costs.
JetBlue's liquidity position at the end of 2024 was $3.9 billion, including cash, cash equivalents, short-term investments, and long-term marketable securities. The company raised $2.8 billion through the issuance of senior secured notes and a new term loan facility.
The filing also discusses JetBlue's strategic framework, JetForward, which focuses on delivering reliable service, building a strong leisure network, offering valued products, and ensuring financial security. Key initiatives include network adjustments and enhancements to customer experience.
JetBlue's fleet consisted of 290 aircraft as of December 31, 2024, with future commitments for 106 additional aircraft through 2033. The company is pursuing capital-light growth by extending the lives of certain Airbus A320 aircraft.
The report outlines JetBlue's sustainability efforts, including a commitment to decarbonizing operations and integrating science-based environmental risks into business goals. The company has set a target to reduce greenhouse gas emissions by 50% by 2035.
JetBlue is subject to various risks, including competitive pressures, operational challenges, and regulatory compliance. The report highlights the company's focus on managing these risks to maintain its competitive position in the airline industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the JetBlue Airways Corporation annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.