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jetBlue JetBlue Announces Second Quarter 2021 Results Jul 27 , 2021 NEW YORK -- ( BUSINESS WIRE ) -- JetBlue Airways Corporation ( NASDAQ : JBLU ) today reported its results for the second quarter of 2021 : • Reported GAAP diluted earnings per share of $ 0.20 in the second quarter of 2021 compared to diluted earnings per share of $ 0.59 in the second quarter of 2019. Adjusted loss per share was ( $ 0.65 ) ( 1 ) in the second quarter of 2021 versus adjusted diluted earnings per share of $ 0.60 ( 1 ) ; in the second quarter of 2019 . • GAAP pre - tax earnings of $ 57 million in the second quarter of 2021 , compared to a pre - tax income of $ 236 million in the second quarter of 2019 . Excluding one - time items , adjusted pre - tax loss of ( $ 309 ) million ( 1 ) in the second quarter of 2021 versus adjusted pre - tax income of $ 238 million ( 1 ) in the second quarter of 2019 . Operational and Financial Highlights from the Second Quarter • Reduced second quarter 2021 capacity by 15 % year over two , which is in - line with our planning assumption . • Second quarter 2021 revenue declined 29 % year over two . Adjusted for a 1.5 point benefit from a renewed co - branded credit card agreement , the result is at the better end of our prior expectations of a 30 to 33 % decline year over two . This was driven primarily by continued momentum in leisure demand throughout the quarter • Operating expenses declined 27 % year over two . Excluding special items , adjusted operating expenses declined 7 % ( 1 ) year over two , which is in - line with our prior planning assumption . CASM ex - Fuel declined meaningfully from a 41 % increase year over two in the first quarter , to a 19 % increase in the second quarter . ⚫ JetBlue's Adjusted Earnings Before Interest , Taxes , Depreciation , Amortization and Special Items ( Adjusted EBITDA ) in the second quarter of 2021 was ( $ 86 ) million ( 1 ) , better than the ( $ 115 ) to ( $ 165 ) million range previously expected . This was mainly the result of improving underlying revenue trends , the contribution from our co - branded agreement , and our discipline in controlling costs . Balance Sheet and Liquidity • During the quarter , JetBlue significantly reduced net debt ( 1 ) by $ 1.2 billion to $ 0.9 billion , which is now below pre - pandemic levels . As of June 30 , 2021 , JetBlue's adjusted debt to capital was 55 % ( 1 ) • JetBlue ended the second quarter of 2021 with approximately $ 3.7 billion in unrestricted cash , cash equivalents , and short - term investments , or 46 % of 2019 revenue . ⚫ JetBlue repaid $ 89 million in regularly scheduled debt and finance lease obligations and fully repaid a term loan of $ 722 million during the second quarter of 2021 . Fuel Expense and Hedging The realized fuel price in the second quarter 2021 was $ 1.91 per gallon , a 12 % decline versus second quarter 2019 realized fuel price of $ 2.16 . As of July 27 , 2021 , JetBlue has not entered into forward fuel derivative contracts to hedge its fuel consumption for the third quarter of 2021. Based on the forward curve as of July 19 , 2021 , JetBlue expects an average all - in price per gallon of fuel of $ 2.09 in the third quarter of 2021 . JetBlue , Barclays , and Mastercard Renew Long - Term Partnership Agreement Yesterday , JetBlue announced a multi - year extension of their co - branded credit card agreements with both Barclays and Mastercard . The partnership renewal will extend and expand JetBlue's consumer credit card portfolio . The agreements will center on the continued delivery of innovative , digital- centric card offerings that meet consumer's evolving needs and foster engagement and loyalty . JetBlue currently estimates that the impact from the renewed agreement will deliver approximately an incremental one point to our annualized revenue and margin . Our Recovery Plan and Actions Taken to Position JetBlue for Future Success " In the second quarter , we saw strong signs that consumer confidence and travel demand is returning , with second quarter revenue doubling compared to the first quarter driven by pent - up demand , " said Robin Hayes , JetBlue's Chief Executive Officer . " As we turn to recovery , we continued to generate positive cash from operations in the second quarter , and we expect continued improvement in our operating performance as we progress towards a full recovery . We are creating a path to restore our earnings power to beyond 2019 levels and generate long - term value for our owners in the years ahead . Our attention is now squarely on rebuilding our margins and repairing our balance sheet . " Revenue and Capacity