JetBlue Says Air Travel Demand Remains Strong, Expects Flat To Slight Capacity Growth In Q3

JetBlue has published an operational and financial update ahead of its Q3 2025 earnings release, with the airline praising strong travel demand that has carried over from the beginning of summer into August and through the Labor Day holiday.

In a filing, the airline said that air travel demand has remained strong for the peak summer period, noting that momentum from early summer carried into August, as well as the Labor Day holiday on September 1, 2025.

“As JetBlue continues to focus on improving reliability, strong operational performance in August contributed to better-than-expected revenue performance.”

Speaking about Q4 2025, JetBlue said that while it is still early in the booking curve, it remains encouraged that the current summer demand trends could carry into the last three months of the year. While the carrier has yet to schedule the day that it will publish its Q3 2025 results, in 2024, the company released its Q3 2024 report on October 29, 2024.

Compared to its previous capacity, measured in available seat miles (ASM), guidance of -1% to 2% year-on-year (YoY), JetBlue’s ASMs should be either flat or grow by 1% compared to Q3 2024, while operating revenue per ASM (RASM) should be down between 4% and 1.5% YoY. Its previous guidance estimated that Q3 2025 RASM would be between 6% and 2% lower than during the same quarter a year prior.

Meanwhile, JetBlue said that its non-fuel unit costs had benefited from a strong operational performance in August and “continued execution on cost initiatives.” Fuel prices have also declined since the previous guidance update – issued together with its Q2 2025 results on July 29, 2025 – further improving the airline’s projected operating expenses.

As such, costs per ASM, excluding fuel (CASM-ex), should be up by between 3.5% and 5.5% – previous guidance was between 4% and 6% – while the average fuel price per gallon is estimated to range from $2.45 to $2.55. The initial fuel price guidance was between $2.50 and $2.65, while in Q2 2025, the average fuel price per gallon was $2.40.

The company’s capital expenditures (CapEx) for the quarter should be around $325 million, or around $50 million less than the previously estimated sum of $375 million. In comparison, Q3 2024 CapEx was $1.1 billion, while Q2 2025 CapEx stood at $473 million.

In Q2 2025, CapEx included “$358 million related to the purchase of aircraft and spare engines as well as aircraft interior modifications, […] $44 million in spare part purchases, […] ground equipment purchases and facilities improvements for $71 million.”

JetBlue ended Q2 2025 and H1 2025 with a net loss of $74 million and $282 million, respectively, as the airline continues to search for firm ground to stand on amidst its ‘JetForward’ plan to return to profitability. The company’s last profitable quarter was Q2 2024, when its net income stood at $25 million.