Business Description

8 Overview 8 JetBlue Experience 8 Operations and Cost Structure 11 Human Capital Management 13 Regulation 15 Where You Can Find Other Information 18 Item 1A. Risk Factors 18 Risks Related to JetBlue 18 Risks Associated with the Airline Industry 31 Item 1B. Unresolved Staff Comments 34 Item 1C. Cybersecurity 35 Item 2. Properties 36 Item 3. Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II. Item 5. Market for Registrant's Common Equity; Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. Reserved 41 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Overview 41 Results of Operations 44 Liquidity and Capital Resources 46 Contractual Obligations 50 Off-Balance Sheet Arrangements 51 Critical Accounting Policies and Estimates 52 Regulation G Reconciliation of Non-GAAP Financial Measures 54 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 58 Item 8. Financial Statements and Supplementary Data 59 Reports of Independent Registered Public Accounting Firm 59 Consolidated Balance Sheets 62 Consolidated Statements of Operations 64 Consolidated Statements of Comprehensive Loss 65 Consolidated Statements of Cash Flows 66 Consolidated Statements of Stockholders' Equity 68 Notes to Consolidated Financial Statements 69 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 100 Item 9A. Controls and Procedures 100 Item 9B. Other Information 100 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 100 PART III. Item 10. Directors, Executive Officers, and Corporate Governance 101 Item 11. Executive Compensation 102 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 102 Item 13. Certain Relationships and Related Transactions, and Director Independence 102 Item 14. Principal Accounting Fees and Services 102 3 Table of Contents PART IV. Item 15. Exhibits and Financial Statement Schedules 103 Exhibit Index 104 Item 16. Form 10-K Summary 113 Signatures 114 4 Table of Contents FORWARD-LOOKING INFORMATION This Annual Report (the "Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements other than statements of historical facts contained in this Report are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "goals," "targets" or the negative of these terms or other similar expressions. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. Forward-looking statements contained in this Report include, without limitation, statements regarding our outlook and future results of operations and financial position, our business strategy and plans for future operations, such as our JetForward initiatives, including our Blue Sky collaboration, our financing arrangements and potential implications thereof on our business, our sustainability initiatives, the impact of industry or other macroeconomic trends affecting our business, seasonality, and the related impacts on our business, financial condition and results of operations. 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, the important risk factors discussed in Part I, Item 1A. "Risk Factors" in this Report on Form 10-K for the year ended December 31, 2025.…