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Jetblue Airways cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$465M in Q3 2026 · −$1.1B over twelve months

Operating cash flow−$238M
Capital spending−$227M
Free cash flow−$465M

Analysis

In Q3 2026, Jetblue Airways generated −$238M of operating cash flow and spent $227M on capital projects, leaving free cash flow of −$465M. That is $54.0M less than in Q3 2025 (−$411M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$224M; the largest uses were capital spending ($911M), net borrowing (+) / repaid (−) ($285M), operating cash flow ($224M); besides operations, cash came from other investing ($260M), shares issued ($41.0M); the cash balance fell by $1.1B.

Operating cash flow was −$238M against net income of −$257M. The largest differences: depreciation & amortization +$186M, deferred taxes −$12.0M, gains on disposals −$9.0M.

Free cash flow

Jetblue Airways: free cash flow by quarterJetblue Airways: free cash flow by quarter−$368MQ4 2024−$62.0MQ1 2025−$412MQ2 2025−$411MQ3 2025−$287MQ4 2025−$6.0MQ1 2026−$377MQ2 2026−$465MQ3 2026
Operating cash flow less capital spending.
Jetblue Airways: operating cash flow against capital spendingJetblue Airways: operating cash flow against capital spendingOperating cash flowCapital spending−$17.0M$351MQ4 2024$114M$176MQ1 2025−$115M$297MQ2 2025−$142M$269MQ3 2025$49.0M$336MQ4 2025$120M$126MQ1 2026−$155M$222MQ2 2026−$238M$227MQ3 2026
Latest (Q3 2026): Operating cash flow −$238M, Capital spending $227M.

Capital allocation, year by year

Jetblue Airways: where the cash came from (up) and went (down), by fiscal yearJetblue Airways: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $1.6BFY2021: Net borrowing −$941MFY2021: Shares issued $46.0MFY2021: Capital spending −$907M$1.7BFY2021FY2022: Operating cash flow $379MFY2022: Net borrowing −$370MFY2022: Shares issued $52.0MFY2022: Capital spending −$767MFY2022: Acquisitions −$297M$431MFY2022FY2023: Operating cash flow $400MFY2023: Net borrowing −$271MFY2023: Shares issued $53.0MFY2023: Capital spending −$1.1BFY2023: Acquisitions −$131M$453MFY2023FY2024: Operating cash flow $144MFY2024: Net borrowing $3.0BFY2024: Shares issued $60.0MFY2024: Capital spending −$1.5BFY2024: Acquisitions −$22.0M$3.2BFY2024FY2025: Operating cash flow −$94.0MFY2025: Net borrowing −$528MFY2025: Shares issued $52.0MFY2025: Capital spending −$1.1B$52.0MFY2025
Over these 5 years operating cash flow totalled $2.5B; the largest uses were capital spending ($5.4B) and net borrowing ($2.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.5B
Debt$8.4B
Net debt$6.9B
Due within a year$755M
Cash runway16 months

Jetblue Airways is burning cash: its operations consume cash, a free cash flow of −$1.1B a year at the current rate against $1.5B of cash and investments: a runway of about 16 months; $755M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Jetblue Airways: debt maturities by year (FY2025)Jetblue Airways: debt maturities by year (FY2025)$755MYear 1$411MYear 2$516MYear 3$1.8BYear 4$589MYear 5$4.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.5B of cash and investments now.

Where the cash came from and went

Jetblue Airways: sources (+) and uses (−) of cash, Q3 2026Jetblue Airways: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$397MOperating cash flow−$238MCapital spending−$227MOther investing$156MNet borrowing (+) / repaid (−)−$88.0M
Jetblue Airways: sources (+) and uses (−) of cash, TTM to Q3 2026Jetblue Airways: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$1.1BCapital spending−$911MNet borrowing (+) / repaid (−)−$285MOther investing$260MOperating cash flow−$224MShares issued$41.0MOther financing−$8.0M

From profit to cash

Jetblue Airways: net income to operating cash flow, Q3 2026Jetblue Airways: net income to operating cash flow, Q3 2026Net income−$257MDepreciation & amortization$186MStock-based pay$7.0MDeferred taxes−$12.0MGains on disposals−$9.0MOperating cash flow−$238M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$238M−$227M−$88.0M—$397M−$465M
Q2 2026−$155M−$222M−$458M—$287M−$377M
Q1 2026$120M−$126M−$112M—$89.0M−$6.0M
Q4 2025$49.0M−$336M−$122M$22.0M$354M−$287M
Q3 2025−$142M−$269M−$111M—−$279M−$411M
Q2 2025−$115M−$297M−$147M—$163M−$412M
Q1 2025$114M−$176M−$81.0M—−$385M−$62.0M
Q4 2024−$17.0M−$351M$190M$29.0M$653M−$368M

Jetblue Airways: income statement and cash flow

Jetblue Airways, Q3 2026: revenue $2.8B (+21% year over year), operating margin -5.1%. The chart follows the revenue to costs, profit and cash.

Jetblue Airways: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.