JBLUJETBLUE AIRWAYS CORP

Air Transportation, Scheduled

Revenue: $9.1B; 2.3% YoY
Operating margin: -4.1%; 45% YoY
EBITDA: $320M; 1203% YoY
Market cap: $1.1B
Employees: —
Net debt / EBITDA: 20.8×; $6.7B net debt
AI in 10-K: 5.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-170% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
5.5 per 10K words · 84th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
20.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
4 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$714K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.0B	$9.2B	$9.6B	$9.3B	$9.1B	2.3%
Operating income	−$80M	−$298M	−$230M	−$684M	−$368M	46%
Net income	−$182M	−$362M	−$310M	−$795M	−$602M	24%
Operating cash flow	$1.6B	$379M	$400M	$144M	−$94M	165%
Capex	$907M	$767M	$1.1B	$1.5B	$1.1B	27%
Stock-based comp	$28M	$30M	$39M	$39M	$40M	2.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 20, 2026	ICAHN CARL C	SCHEDULE 13D/A	3.3%	Active
Jun 9, 2026	ICAHN CARL C	SCHEDULE 13D/A	5.5%	Active
May 14, 2026	ICAHN CARL C	SCHEDULE 13D/A	6.7%	Active
May 5, 2026	Galkin Vladimir	SCHEDULE 13D/A	10.0%	Passive
Apr 23, 2026	Galkin Vladimir	SCHEDULE 13D/A	10.0%	Active
Feb 19, 2025	ICAHN CARL C	SCHEDULE 13D/A	9.5%	Active
Sep 5, 2024	Galkin Vladimir	SC 13D	10.0%	Active
Aug 19, 2024	ICAHN CARL C	SC 13D/A	—	Active
Feb 16, 2024	ICAHN CARL C	SC 13D/A	—	Active
Feb 12, 2024	ICAHN CARL C	SC 13D	4.1%	Active

Insider trading

Open-market buys, 12 mo: $206K · 1
Open-market sells, 12 mo: $920K · 13
Net: −$714K

Pay vs performance

No pay-versus-performance disclosure yet.