UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K

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1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C 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): January 24, 2019 JETBLUE AIRWAYS CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) Queens Plaza North, Long Island City, New York (Address of principal executive offices) (718) (Registrant s telephone number, including area code) N/A (Former name or former address, if changed since last report.) (Zip Code) 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 ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 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.

2 Item 2.02 Results of Operations and Financial Condition On January 24, 2019 we issued a press release announcing our financial results for the fourth quarter and year ended December 31, 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 Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of Item 7.01 Regulation FD Disclosure. On January 24, 2019, we provided an update for investors presenting information relating to our financial outlook for the first quarter ending March 31, 2019 and full year 2019, and other information regarding our business. The update and materials to be used in conjunction with the presentation are furnished herewith as Exhibit 99.2 and Exhibit 99.3 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 Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of The information furnished in this Item 7.01 shall not be deemed filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing. This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which represent our management's beliefs and assumptions concerning future events. 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, 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 ability to implement our growth strategy; our significant fixed obligations and substantial indebtedness; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on high daily aircraft utilization; 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; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our reliance on a limited number of suppliers; 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; 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; the spread of infectious diseases; adverse weather conditions or natural disasters; and external geopolitical events and conditions. 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. 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 press release, could cause our results to differ materially from those expressed in the forward-looking statements. Potential factors that could affect our results include, in addition to others not described in this press release, those described in Item 1A of our 2017 Form 10-K under "Risks Related to JetBlue" and "Risks Associated with the Airline Industry". In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur.

3 Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Description 99.1 Press Release dated January 24, 2019 of JetBlue Airways Corporation announcing financial results for the fourth quarter and year ended December 31, Investor Update dated January 24, 2019 of JetBlue Airways Corporation 99.3 Earnings Presentation dated January 24, 2019

4 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: January 24, 2019 By: /s/ Alexander Chatkewitz VicePresident,Controller,andChiefAccountingOfficer(PrincipalAccountingOfficer)

5 JETBLUE ANNOUNCES FOURTH QUARTER 2018 RESULTS NEW YORK (January 24, 2019) -- JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the fourth quarter 2018: Reported diluted earnings per share of $0.55 in the fourth quarter of 2018 compared to $2.03 in the fourth quarter of Adjusted diluted earnings per share was $0.50 in the fourth quarter of 2018 versus $0.32 in the fourth quarter of Fourth quarter 2018 results benefited from solid non-fuel cost control and revenue performance through the quarter. Note A to this earnings release includes the GAAP to Non-GAAP reconciliation between reported and adjusted diluted earnings per share. GAAP pre-tax income of $200 million. Excluding the one-time costs, adjusted pre-tax income of $204 million (1), an increase of 19.9% from the fourth quarter of Pre-tax margin of 10.2%, inclusive of the one-time costs. Adjusted pre-tax margin of 10.4% (1), a 0.7 point increase year over year. Highlights from the Fourth Quarter 2018 Fourth quarter 2018 revenue per available seat mile (RASM) increased 2.4%, year over year, driven by strong close-in demand trends across the network. RASM for the quarter ended above the mid-point of our initial guidance range of 1.0% to 4.0% excluding a 0.3 point impact from strong completion factor during the quarter. Operating expenses per available seat mile, excluding fuel (CASM ex-fuel) (1) declined 3.6%, below the low end of our initial guidance range of down (3.5%) to down (1.5%). This decline includes a small benefit of approximately 0.3 points from improved completion factor. Key Guidance for the First Quarter and Full Year 2019: Capacity is expected to increase between 7.5% and 9.5% year over year in the first quarter For the full year 2019, JetBlue expects capacity to increase between 5.0% and 7.0%. RASM growth is expected to range between down (2.0%) and plus 1.0% for the first quarter 2019 compared to the same period in Our guidance includes two points of negative impact related to the calendar placement shift of Easter and Passover between the first and second quarters of In addition our guidance includes a net 0.75 point headwind related to a more active winter that impacted trough weeks during the first quarter of CASM ex-fuel is expected to increase between 1.5% and 3.5% for the first quarter of 2019, principally driven by engine maintenance timing and the year-over-year impact of the pilot contract effective on August 1 st, For the full year 2019, JetBlue continues to expect year over year CASM ex-fuel to be between flat and 2.0%. For further details see the latest Investor Update and the Fourth Quarter 2018 Earnings Presentation available via the internet at

6 JetBlue will conduct a conference call to discuss its quarterly earnings today, January 24, 2019 at 10:00 a.m. Eastern Time. A live broadcast of the conference call will also be available via the internet at Executing our Plan to Reach our EPS Commitments I d like to thank our 22,000 Crewmembers across our network for all their hard work throughout I d also like to congratulate our Crewmembers for operating the airline at 100 percent completion from December 10 through January 11. This is an impressive achievement as we safely delivered our Customers to their destinations during one of the busiest times of the year, said Robin Hayes, JetBlue s Chief Executive Officer. During 2018 we continued to work on our plan to strengthen the foundation of JetBlue and position the company to thrive. In bringing this very busy year to a close, I could not be prouder of our accomplishments was a year of significant fuel volatility, and our team has remained relentlessly focused on executing our plan laid out in Investor Day. We are pleased with the progress we ve made to-date on our building blocks. We are mindful of the external environment, but remain focused on executing on the initiatives we control, which we believe will create value and drive returns for our Owners. We expect 2019 will be a stepping stone year to deliver on our 2020 goals, and to further improvements beyond We expect to see margin expansion resulting from our network reallocation, ancillary revenue initiatives, improvements to our fleet and our progress in better controlling our costs. We remain confident in our ability to execute on our building blocks and achieve our $2.50 to $3.00 EPS target in 2020, said Joanna Geraghty, JetBlue s President and Chief Operating Officer. Revenue Performance and Outlook Fourth quarter RASM increased 2.4%. Excluding the 0.3 point headwind from improved completion factor, RASM was above the mid-point of our original guidance range 1.0% to 4.0%. During the quarter we saw strong close-in demand across the network, with strong peaks and continued improvement in trough periods, said Marty St. George, JetBlue s EVP Commercial and Planning. We are broadly seeing fourth quarter demand trends carry into the first quarter. Our clean RASM is expected to fall between 0.75 and 3.75 percent during the first quarter, which adds back the impact of the calendar shift and weather to our guidance. Cost Performance, Outlook and Balance Sheet Fourth quarter CASM ex-fuel declined 3.6%, below the low end of the updated guidance of down (3.5%) to down (1.5%), driven by execution of our Structural Cost Program. I am delighted to say we exceeded our plan, and reported underlying CASM ex-fuel growth below the mid-point of our full year guidance, despite the added pressure from lower capacity in three of four quarters, said Steve Priest, JetBlue s EVP Chief Financial Officer. Excluding the 2018 impact from our pilot deal of 1.3 points, we achieved a small decline in underlying CASM ex-fuel for the year. This is an important accomplishment in improving our cost control as we have now achieved $199 million dollars in 2020 run rate savings from our $250 to 300 million dollar Structural Cost Program, and we are on track to execute on our cost commitments through Looking into the first quarter, similar to our progression in 2018, we expect the quarter over quarter variations during 2019 to also include scheduled engine maintenance events that may shift between quarters as we - 2 -

7 remain on a time and material basis for our Airbus engines. For 2019 we continue to expect our ex-fuel unit costs growth to range between 0 and 2 percent. We anticipate CASM ex-fuel growth to be higher in the first half of this year, largely as a result of the pilot contract effective on August 1 of In the second half of 2019 we expect to see further benefits from the ramp of the Structural Cost Program and the greater impact of our A320 fleet restyling efforts. Capital Allocation and Liquidity JetBlue ended the quarter with approximately $887 million in unrestricted cash and cash equivalents, and short term investments, or about 11.6% of trailing twelve month revenue. In addition, JetBlue maintains approximately $625 million in undrawn lines of credit. JetBlue repaid $44 million in regularly scheduled debt and capital lease obligations for the fourth quarter and $222 million for the full year 2018, and raised $147 million in net proceeds in secured aircraft debt for the fourth quarter. JetBlue anticipates maintaining a 30-40% adjusted debt to cap range and liquidity between 10% and 12%. Fuel Expense and Hedging The realized fuel price in the quarter was $2.24 per gallon, a 18.5% increase versus fourth quarter 2017 realized fuel price of $1.89. JetBlue entered into forward fuel derivative contracts to hedge approximately 7% of its fuel consumption for the first half of Based on the fuel curve as of January 11 th, JetBlue expects an average price per gallon of fuel of $2.01 in the first quarter of About JetBlue JetBlue is New York's Hometown Airline, and a leading carrier in Boston, Fort Lauderdale - Hollywood, Los Angeles (Long Beach), Orlando, and San Juan. JetBlue carries more than 42 million customers a year to 100+ cities in the U.S., Caribbean, and Latin America with an average of 1,000 daily flights. For more information please visit Notes (1) Consolidated operating cost per available seat mile, excluding fuel and related taxes, and operating expenses related to other non-airline businesses (CASM Ex-Fuel) is a non-gaap financial measure that we use to measure our core performance. Note A provides a reconciliation of non-gaap financial measures used in this release and provides the reasons management uses those measures. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which represent our management's beliefs and assumptions concerning future events. 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, 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; our significant fixed obligations and substantial indebtedness; 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; 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; 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 - 3 -

8 risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation; 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; the spread of infectious diseases; adverse weather conditions or natural disasters; and external geopolitical events and conditions. 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. 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 press release, could cause our results to differ materially from those expressed in the forward-looking statements. Potential factors that could affect our results include, in addition to others not described in this press release, those described in Item 1A of our 2017 Form 10-K under "Risks Related to JetBlue" and "Risks Associated with the Airline Industry". In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur

9 JETBLUE AIRWAYS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (unaudited) Three Months Ended Twelve Months Ended December 31, Percent December 31, Percent (1) Change (1) Change OPERATING REVENUES Passenger $ 1,891 $ 1, $ 7,381 $ 6, Other Total operating revenues 1,968 1, ,658 7, OPERATING EXPENSES Aircraft fuel and related taxes ,899 1, Salaries, wages and benefits ,044 1, Landing fees and other rents Depreciation and amortization Aircraft rent Sales and marketing Maintenance, materials and repairs (17.6) Other operating expenses , Special items Total operating expenses 1,747 1, ,370 6, OPERATING INCOME (71.0) Operating margin 11.2 % 10.8 % 0.4 pts. 3.8 % 14.2 % (10.4) pts. OTHER INCOME (EXPENSE) Interest expense (26) (22) 12.9 (92) (95) (2.3) Capitalized interest (1.9) Interest income and other Total other income (expense) (21) (19) 9.2 (69) (79) (11.5) INCOME BEFORE INCOME TAXES (76.1) Pre-tax margin 10.2 % 9.7 % 0.5 pts. 2.9 % 13.0 % (10.1) pts. Income tax expense (benefit) 31 (483) (106.4) 31 (211) (114.4) NET INCOME $ 169 $ 654 (74.1) $ 188 $ 1,125 (83.3) EARNINGS PER COMMON SHARE: Basic $ 0.55 $ 2.04 $ 0.60 $ 3.42 Diluted $ 0.55 $ 2.03 $ 0.60 $ 3.41 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic Diluted (1) Prior period results have been recast to reflect the adoption of ASC 606 RevenuefromContractswithCustomers

10 JETBLUE AIRWAYS CORPORATION COMPARATIVE OPERATING STATISTICS (unaudited) Three Months Ended Twelve Months Ended December 31, Percent December 31, Percent Change Change Revenue passengers (thousands) 10,296 9, ,150 40, Revenue passenger miles (millions) 12,519 11, ,790 47, Available seat miles (ASMs) (millions) 15,168 13, ,881 56, Load factor 82.5 % 83.1 % (0.6) pts % 84.3 % 0.5 pts. Aircraft utilization (hours per day) Average fare (2) $ $ $ $ Yield per passenger mile (cents) (2) Passenger revenue per ASM (cents) (2) Revenue per ASM (cents) (2) Operating expense per ASM (cents) (2) Operating expense per ASM, excluding fuel (cents) (1)(2) (3.6) Departures 91,766 87, , , Average stage length (miles) 1,105 1, ,096 1, Average number of operating aircraft during period Average fuel cost per gallon, including fuel taxes $ 2.24 $ $ 2.24 $ Fuel gallons consumed (millions) Average number of full-time equivalent crewmembers 17,766 17, (1) Refer to Note A, Consolidated operating cost per available seat mile, excluding fuel (CASM Ex-Fuel) at the end of our Earnings Release for more information on this non-gaap measure. CASM Ex-Fuel excludes fuel and related taxes, special items, and operating expenses related to other non-airline businesses. (2) Recast to reflect the adoption of ASC 606 RevenuefromContractswithCustomers. JETBLUE AIRWAYS CORPORATION SELECTED CONSOLIDATED BALANCE SHEET DATA (in millions) December 31, December 31, (unaudited) Cash and cash equivalents $ 474 $ 303 Total investment securities Total assets 10,426 9,781 Total debt 1,670 1,199 Stockholders' equity (1) 4,611 4,732 (1) Prior period results have been recast to reflect the adoption of ASC 606 RevenuefromContractswithCustomers

11 Note A - Non-GAAP Financial Measures JetBlue sometimes uses non-gaap measures that are derived from the Consolidated Financial Statements, but that are not presented in accordance with generally accepted accounting principles ( GAAP ). JetBlue believes these non-gaap 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 a substitute for, our results prepared in accordance with GAAP. We believe certain charges included in our operating expenses on a GAAP basis make it difficult to compare our current period results to prior periods as well as future periods and guidance. The tables below show a reconciliation of non-gaap financial measures used in this press release to the most directly comparable GAAP financial measures. It should be noted as well that our non-gaap information may be different from the non-gaap information provided by other companies. Consolidated operating cost per available seat mile, excluding fuel and related taxes, certain non-airline operating expenses, and special items ( CASM Ex-Fuel ). CASM is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non-airline business, such as JetBlue Technology Ventures and JetBlue Travel Products, and special items from operating cost per available seat mile to determine CASM Ex-Fuel. During the periods presented below, special items include the impairment and one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the ratification of our pilots' collective bargaining agreement. We believe CASM Ex-Fuel 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 beyond our control or not related to the generation of an available seat mile, such as operating expenses related to other non-airline businesses. We believe this measure is more indicative of our ability to manage costs and is more comparable to measures reported by other major airlines. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL ($ in millions, per ASM data in cents) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, $ per ASM $ per ASM $ per ASM $ per ASM Total operating expenses (1) $ 1,747 $ $ 1,568 $ $ 7,370 $ $ 6,019 $ Less: Aircraft fuel and related taxes , , Other non-airline expenses Special items Operating expenses, excluding fuel $ 1,255 $ 8.27 $ 1,192 $ 8.58 $ 4,992 $ 8.34 $ 4,621 $ 8.25 (1) Prior period results recast to reflect the adoption of ASC 606 RevenuefromContractswithCustomers

12 Reconciliation of Operating Expense, Income before Taxes, Net Income and Earnings per Share, excluding Tax Reform Impact and Special Items Our GAAP results in the applicable periods include the impacts of the 2017 tax reform and certain charges that are deemed special items which we believe make our results difficult to compare to period periods as well as future periods and guidance. During the periods presented below, special items include the impairment and one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the ratification of our pilots' collective bargaining agreement. We believe the impacts of the 2017 tax reform and special items distort our overall trends and that our metrics and results are enhanced with the presentation of our results excluding the impact of these items. The table below provide a reconciliation of our GAAP reported amounts to the non- GAAP amounts excluding the impact of the 2017 tax reform and special items. NON-GAAP FINANCIAL MEASURES RECONCILIATION OF OPERATING EXPENSE, INCOME BEFORE TAXES, NET INCOME AND EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS AND IMPACT OF TAX REFORM (in millions, except per share amounts) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, Total operating expenses 1,747 $ 1,568 7,370 $ 6,019 Less: Special items Total operating expense excluding special items $ 1,743 $ 1,568 $ 6,935 $ 6,019 Operating income $ 221 $ 190 $ 288 $ 993 Add back: Special items Operating income excluding special items $ 225 $ 190 $ 723 $ 993 Income before income taxes $ 200 $ 171 $ 219 $ 914 Add back: Special items Income before income taxes excluding special items $ 204 $ 171 $ 654 $ 914 Income before income taxes excluding special items $ 204 $ 171 $ 654 $ 914 Less: Income tax expense (benefit) 31 (483) 31 (211) Less: Income tax related to special items Less: Tax reform impact $ 17 $ 551 $ 28 $ 551 Net Income excluding special items $ 155 $ 103 $ 487 $ 574 Earnings Per Common Share: Basic $ 0.55 $ 2.04 $ 0.60 $ 3.42 Add back: Special items, net of tax Add back: Tax reform impact $ (0.06) $ (1.72) $ (0.09) $ (1.67) Basic excluding special items $ 0.50 $ 0.32 $ 1.56 $ 1.75 Diluted $ 0.55 $ 2.03 $ 0.60 $ 3.41 Add back: Special items, net of tax Add back: Tax reform impact $ (0.06) $ (1.71) $ (0.09) $ (1.67) Diluted excluding special items and tax reform impact $ 0.50 $ 0.32 $ 1.55 $

13 Return On Invested Capital ( ROIC ). ROIC is a non-gaap financial measure we believe provides useful supplemental information for management and investors by measuring the effectiveness of our operations' use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders as it represents an important financial metric we believe provides meaningful information as to how well we generate returns relative to the capital invested in our business. Numerator NON-GAAP FINANCIAL MEASURE Reconciliation of Return on Invested Capital (Non-GAAP) (in millions) (unaudited) Twelve Months Ended December 31, (c) Operating Income $ 288 $ 993 Add: Interest income and other 13 6 Add: Interest component of capitalized aircraft rent (a) Add: Special items (d) 435 Subtotal 790 1,052 Less: Income tax expense impact Operating Income After Tax, Adjusted Denominator Average Stockholders' equity $ 4,671 $ 4,333 Average total debt 1,435 1,291 Capitalized aircraft rent (a) Invested Capital 6,826 6,326 Return on Invested Capital 8.6% 10.4% (a) Capitalized Aircraft Rent Aircraft rent, as reported Capitalized aircraft rent (7* aircraft rent) (b) Interest component of capitalized aircraft rent (Imputed interest at 7.5%) (b) In determining the Invested Capital component of ROIC we include a non-gaap adjustment for aircraft operating leases, as operating lease obligations are not reflected on our balance sheets but do represent a significant financing obligation. In making the adjustment we used a multiple of seven times our aircraft rent as this is the multiple which is routinely used with in the airline community to represent the financing component of aircraft operating lease obligations. (c) Prior period results have been recast to reflect the adoption of ASC 606 RevenuefromContractswithCustomers. (d) During the periods presented above, special items include the impairment and one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the ratification of our pilots' collective bargaining agreement. CONTACTS JetBlue Investor Relations Tel: JetBlue Corporate Communications Tel:

14 Investor Update Investor Update: January 24, 2019 This update provides JetBlue s investor guidance for the first quarter and full year ending December 31, Recent Announcements JetBlue has recently announced new service between the following city pairs: City Pair Frequency Start Date Westchester County (HPN) - Nantucket (ACK) 5x weekly (seasonal) June 13, 2019 New York LaGuardia (LGA) - Nantucket (ACK) 2x weekly (seasonal) June 15, 2019 *Subject to Government approval Capacity First quarter 2019 available seat miles (ASMs) are estimated to increase 7.5% to 9.5% year-over-year. Full year 2019 ASMs are estimated to increase 5.0% to 7.0% year-overyear. JetBlue estimates the following distribution as a percentage of total ASMs by aircraft type: First Quarter 2019 Full Year 2019 A320 A321 All-Core A321 Mint E190 A320 A321 All-Core A321 Mint E190 53% 17% 19% 11% 53% 18% 19% 10% Average stage length is projected to increase year-over-year by approximately 4.4% for the first quarter 2019 and increase by approximately 3.9% for the full year Operational Outlook Operating Expense Year-Over-Year Percentage Change First Quarter Full Year Unit Operating Expense Excluding Fuel (CASM Ex-Fuel) (1) % % Operating Expenses Related to other Non-Airline Businesses (2) (in millions) $11 - $15 $45 - $55 1 CASM Ex-Fuel excludes fuel and related taxes, special items and operating expenses related to other 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. Beginning with the first quarter of 2018, Operating Expenses Related to other Non-Airline businesses include JetBlue Travel Products and equivalent prior period costs. Full year 2018 CASM Ex-Fuel excludes the non-cash impairment charge related to the Embraer E190 Fleet review, as well as other E190 exit costs and certain costs associated with the ALPA contract. We believe these special items distort our overall trends. 2 Operating Expenses Related to other Non-Airline businesses will be excluded from prior periods. As a result, this change has minimal impact on the projected growth rate. JetBlue Airways Investor Relations (718)

15 Investor Update First Quarter Full Year Fuel Expense Estimated Consumption (gallons) 215 million 893 million Estimated Fuel Price per Gallon, Net of Hedges 1 $ ¹Includes fuel taxes. ²JetBlue 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 January 11, 2019, the forward Brent crude per barrel price was $60 and the crack spread averaged $18 per barrel for the first quarter of Fuel Hedges As of January 11, 2019 JetBlue s advanced fuel derivative contracts are as follows: Gallons Estimated Percentage of Consumption 1Q19 16 million 7.2% 7.2% in USGC Jet calls at an average strike price of $2.25/gal 2Q19 16 million 7.1% 7.1% in USGC Jet calls at an average strike price of $2.25/gal Price Other Income (Expense) JetBlue estimates total Other Income (Expense) to be between ($20) and ($25) million in the first quarter 2019 and between ($85) and ($95) million for the full year Tax Rate JetBlue expects an effective tax rate of approximately 27% for the first quarter 2019 and 26% for the full year However, the actual tax could differ due to a number of factors. Capital Expenditures (In millions) First Quarter 2019 Full Year 2019 Aircraft Non-aircraft Total Aircraft Non-aircraft Total $85 - $265 $35 - $45 $120 - $310 $1,050 - $1,200 $150 - $200 $1,200 - $1,400 JetBlue Airways Investor Relations (718)

16 Investor Update Aircraft Delivery Schedule As of December 31, 2018 JetBlue s fleet was comprised of 130 Airbus A320 aircraft, 28 Airbus A321 All-Core aircraft, 35 Airbus A321 Mint aircraft, and 60 EMBRAER E190 aircraft, for a total of 253 aircraft. Airbus A320 Airbus A321 EMBRAER E190 Aircraft Mortgage Lease Aircraft Mortgage Lease Aircraft Mortgage Lease 1Q19 2Q19 1 3Q19 2 4Q19 3 Total at Year End Airbus Order Book As of January 24, 2019 JetBlue's Airbus order book: Year Airbus A220 Airbus A321 NEO Total * Total *The above represents the current delivery schedule set forth in our Airbus order book. However, we note that due to delays to the Airbus NEO program, our capacity guidance and capital expenditure assumptions assume delivery of a minimum of six NEO aircraft in Share Count Share count estimates for calculating basic and diluted earnings per share are as follows: First Quarter Full Year Basic Share Count million million Diluted Share Count million million These share count estimates do not include any share repurchases that may occur throughout 2019 under JetBlue's share buyback program. 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)

17 Investor Update This Investor Update contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which represent our management's beliefs and assumptions concerning future events. 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, 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; our significant fixed obligations and substantial indebtedness; 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; 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; 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; 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; the spread of infectious diseases; adverse weather conditions or natural disasters; and external geopolitical events and conditions. 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. JetBlue Airways Investor Relations (718)

18 4Q 2018 EARNINGS PRESENTATION JANUARY 24,

19 SAFE HARBOR This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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. When used in this presentation 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, 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; our significant fixed obligations and substantial indebtedness; volatility in fuel prices, maintenance costs and interest rates; our reliance on a high daily aircraft utilization; our ability to implement our growth strategy; our limited number of suppliers; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of 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; 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; 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; the spread of infectious diseases; adverse weather conditions or natural disasters; and external geopolitical events and conditions. 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. Further information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to, the Company's 2017 Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward-looking events discussed in this presentation might not occur. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this presentation. The following presentation also includes certain non-gaap financial measures as defined in Regulation G under the Securities Exchange Act of We refer you to the reconciliations made available in our Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K (available on our website at jetblue.com and at sec.gov) and in our fourth quarter earnings call (furnished on January 24th, 2019), which reconcile the non-gaap financial measures included in the following presentation to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. 32

20 4Q 2018 EARNINGS UPDATE ROBIN HAYES CEO

21 EXECUTING OUR PLAN TO REACH $2.50-$3.00 EPS BY 2020 PRE-TAX MARGINS JBLU VS PEERS* KEY INITIATIVES 4Q 2018** FY 2018** 1Q 2019 capacity focused on higher RASM, higher margin opportunities following recent network reallocation efforts 10.4% 10.2% 10.1% 9.2% GROWTH Cautious approach to 2019 capacity; continue to expect ASM 8.5% growth between 5 to 7% in 2019 On track to hit CASM CAGR goal of 0-1% growth Achieved $199 million of 2020 run rate savings; focus on COSTS 2.9% sourcing/contracts, productivity improvements and technology STRUCTURAL STRUCTURAL (Non- (Non- (GAAP) (GAAP) GAAP) GAAP) In 1Q 2019 network reallocations driving $10-12 million revenue Peers Peers benefit; ancillary changes launched in 3Q 2018 driving $12-14 million Building Blocks comprising network reallocations and ancillary COMMERCIAL initiatives expected to add points to base RASM during 2019 *Average of peer set (AAL, ALK, DAL, LUV, SAVE, UAL), consensus, guidance and reported results **2018 Non-GAAP figures exclude one-time costs related to E190 transition and pilot contract Refer to GAAP vs non-gaap reconciliation in Appendix section 44

22 COMMERCIAL UPDATE & OUTLOOK MARTY ST. GEORGE EVP COMMERCIAL AND PLANNING

23 FOCUSING CAPACITY ON JETBLUE POINTS OF STRENGTH ASM YOY GROWTH Recent network reallocations adding frequencies to leisure and VFR markets from New York City airports NYC Continuing growth through up-gauging in constrained airports (JFK) 9.3% % Adding breadth and depth to Boston network; growth funded through route and city closures elsewhere in the network BOS Similar to NYC, up-gauging leisure markets, including restyled A320s 6.9% % Outperforming system RASM growth for 7th consecutive quarter FLL Adding relevance to Focus City with new markets starting in February 2019 Transcon markets remain strong, both Mint and non-mint Better than expected transcon performance on Mint markets from MINT / TCON / MINT Fort Lauderdale 4Q Q 2019E 2019E VFR/leisure demand strong within network in Caribbean region LATIN Competitive capacity returning to region 66 Note: dotted lines denote guidance

24 UNIT REVENUE: STRONG CLOSE-IN TRENDS CONTINUE RASM YOY GROWTH % 4Q RASM as expected, strong close-in demand 4Q RASM above mid-point of guidance of %, ex 2.4% +2 points impact of higher completion factor equal to 0.3 points Strong close-in demand across network in peak holiday season and continued improvement in trough period (2.0) 1.0% 1Q 2019 demand shows carry-through of 4Q trends points Net impact of tougher comp from 1Q18 winter storms equal to 0.75 points 2019 holiday placement shifts two points of RASM from 1Q to 2Q 4Q Q 2019E Net Winter Calendar Clean Impact 1Q 2019E Note: dotted lines denote guidance 77

25 FINANCIAL UPDATE & OUTLOOK STEVE PRIEST EVP CHIEF FINANCIAL OFFICER

26 4Q 2018 RESULTS DRIVEN BY STRONG RASM AND COST EXECUTION RASM CASM EX-FUEL* PRE TAX MARGIN* EARNINGS PER SHARE* (US$ cents) (US$ cents) (US$ cents) % % % (Non (GAAP) GAAP) (GAAP) (Non- (GAAP) (Non- GAAP) GAAP) 4Q Q Q Q Q Q Q Q Q Q Q 2018 Strong RASM throughout the YoY growth below lower end Non-GAAP margin improvement 4Q 2018 Non GAAP EPS impacted quarter, including a 0.3 point of guidance range in non-fuel cost; and strong unit by improvement in non-fuel cost; headwind from improved revenues and strong unit revenues Continued progress driven by completion factor GAAP margin impacted by one- Note A to Earnings Release includes Structural Cost Program time costs related to E190 GAAP to Non-GAAP reconciliation transition and pilot contract for unusual items principally related to the Tax Cuts & Jobs Act signed into law at the end of *Refer to GAAP vs non-gaap reconciliation in Appendix section

27 UNIT COSTS: EXECUTED ON COSTS IN UNDERLYING CASM EX-FUEL YOY GROWTH* Guidance as of 1/25/18 Actuals as of 12/31/18 Underlying 2018 CASM Ex-Fuel better than plan and at 1.5% 3.5% mid-point of guidance range for 1H and 2H Achieved expected inflection during 2H 2018 despite 2.5% lower capacity to mitigate impact of higher oil; exited 2018 with negative core CASM ex-fuel run-rate and on 0.0% 2.0% track to deliver 2019 and 2020 cost guide Strong progress with Structural Cost Program helped offset impact of more active than normal 2018 winter and 0.5% reductions in 2H capacity to address airspace congestion and higher oil prices 1H 2018E 2H 2018E 1H 2018A 2H 2018A Note: dotted lines denote guidance *CASM ex-fuel, ex-impact of hurricanes Irma & Maria, tax reform bonus paid to crewmembers, impact of pilot contract (effective 8/1/2018) and special items 10

28 UNIT COSTS: TRACKING TO 2019 GUIDE CASM EX-FUEL YOY GROWTH* 4Q and 2018 CASM Ex-Fuel better than guidance % 4Q below (3.5) to (1.5)% guidance range, including small benefit of improved completion factor to end 2018 and maintenance timing % Mitigated CASM ex-fuel headwinds from reduced 1.1% capacity throughout the year 1Q and full year 2019 cost guidance 1Q 2019 range between 1.5% to 3.5%, driven by engine maintenance timing and YoY impact of pilot contract 2019 CASM ex-fuel outlook unchanged 1Q MM&R per ASM up mid-single digits; 2019 MM&R per ASM expected flattish (3.6%) 4Q Q 2019E 2019E Note: dotted lines denote guidance 11 *Refer to GAAP vs non-gaap reconciliation in Appendix section

29 UNIT COSTS: TRACKING TO OUR THREE-YEAR PLAN CASM EX-FUEL YOY GROWTH 1H-2H 2019 improvement driven by Tech Ops and labor % 1H headwind includes recently-signed pilot contract Timing of engine maintenance impacts quarterly % progression on CASM ex-fuel 2019 and 2020 continue progressing towards flat CASM ex-fuel Run rate savings from Structural Cost Program continue to ramp (1.5) 0.5% Additional seats from restyle program benefit unit costs; (2.5) (0.5)% 1H contribution of 0.5%, 2H contribution of 1.1%* 1H 2019E 2H 2019E 2019E 2020E Note: dotted lines denote guidance *Incremental expected YoY ASM growth contributed by restyled aircraft 12

30 STRUCTURAL COST PROGRESS CONTINUES SAVINGS CATEGORY PROGRESS KEY MILESTONES OPPORTUNITY Signed contract for heavy maintenance of E190 airframe to anticipated end of life Tech Ops Signed various agreements for supply and maintenance of aircraft parts and components On track to fully execute initiative to mitigate expected increases in salaried payroll Corporate Corporate organizational review to realign support center functions to drive productivity Airport real estate footprint optimization and technology deployment to increase productivity Airports Deployed self-service check-in kiosks in 23 lobbies to date; initiative complete by 1Q 2019 Enhanced online functionality to channel shift Customers to self-service Distribution Signed multi-year contract related to in-flight entertainment systems for new aircraft TOTAL: $250 $300M 2020 SAVINGS ACHIEVED: $199M *Green shading is category cost savings status in progress or completed 13

31 ACCRETIVE FLEET GROWTH AND REINVESTMENT CONTINUES FLEET* CAPITAL EXPENDITURES Aircraft Non-Aircraft Guidance as of 1/24/ $1.5 - $1.7b $1.2 - $1.4b ,600 $35m - $45m $85m - $265m Q 2019E 2019E 1Q 2019E 2019E 2020E E190 A320 A321 HD A321 Mint Four A321 CEOs delivered in 4Q 2018 No deliveries expected in 1Q 2019; a minimum of six A321 NEO deliveries anticipated in 2019 A321 NEO delays impacting 2019 order book* 14 *Refer to anticipated aircraft delivery book in Appendix section

32 BALANCED APPROACH TO CAPITAL ALLOCATION SOURCES / USES OF CASH CAPITAL ALLOCATION FRAMEWORK (US$ millions) General Guidelines SOURCES USES Net share Maintain investment grade financial metrics 334 repurchases Debt 687 Balanced approach to growth, reinvestment and capital raise 222 Debt repayments return to shareholders Support EPS growth via share repurchases CAPEX and Cash from 1,146 other operations 1,209 investments and other Priorities Beginning cash, End cash, Investments in fleet to support organic growth and equivalents equivalents and short 887 and short improve returns (e.g., cabin restyling, E190 transition and 693 term term lease buy-outs) investments investments Return-accretive non-aircraft CAPEX to support margin FY 2018 FY 2018 commitments and structural cost savings 1515

33 2019 GUIDE SUMMARY CAPACITY RASM CASM EX-FUEL* ALL-IN FUEL PRICE 1Q 2019 FY Q 2019 FY Q 2019 FY Q 2019 FY % % (2.0) 1.0% N/A % % $2.01 / gal N/A CAPEX AIRCRAFT CAPEX NON-AIRCRAFT OTHER INCOME / (EXPENSE) JTP / JTV (EXPENSES) 1Q 2019 FY Q 2019 FY Q 2019 FY Q 2019 FY 2019 $85-265m $1.05b 1.2b $35 45m $ m ($20) (25)m ($85) (95)m ($11) (15)m ($45) (55)m 16 *Refer to GAAP vs non-gaap reconciliation in Appendix section

34

35 APPENDIX A: 4Q 2018 FINANCIAL RESULTS US$ Millions 4Q Q 2017 Var % Total Operating Revenues 1,968 1, Aircraft fuel and related taxes Salaries, wages and benefits Landing fees and other rents Depreciation and amortization Aircraft rent Sales and marketing Maintenance, materials and repairs (17.6) Other operating expenses Special items Operating Income Other Income (Expense) (21) (19) 9.2 Income before taxes Income tax expense (benefit) 31 (483) (100+) *Adjusted for unusual NET INCOME items. Refer to GAAP vs (74.1) non-gaap reconciliation in Pre-Tax Margin 10.2% 9.7% 0.5 pts Appendix section Earnings per Share (EPS) $0.55 $2.03 Pre-Tax Margin* 10.4% 9.7% 0.7 pts Earnings per Share (EPS)* $0.50 $

36 APPENDIX B: OTHER NON-AIRLINE OPERATING EXPENSES (JBTP/JTV EXPENSES, $m) $45 $55 $44 $35 $11 $15 $12 $12 $9 $11 $11 $15 1Q Q Q Q Q 2019E E 19

37 APPENDIX C: ANTICIPATED DELIVERY SCHEDULE CURRENT AIRBUS ORDERS A220 A321 NEO Total * Total Delivery schedule as of January 24th, 2019 * The above represents the current delivery schedule set forth in our Airbus order book. However, we note that due to delays to the Airbus NEO program, our capacity guidance and capital expenditure assumptions assume delivery of a minimum of six NEO aircraft in

38 APPENDIX D: RELEVANT JETBLUE MATERIALS DOCUMENT LOCATION Investor Presentations Earnings Releases Annual Reports SEC Filings Proxy Statements Investor Updates Traffic Reports ESG Reports* * Environmental, Social, and Governance Reports 21

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