4Q 2018 EARNINGS PRESENTATION JANUARY 24, 2019 1 SAFE HARBOR This - PowerPoint PPT Presentation

4Q 2018 EARNINGS PRESENTATION JANUARY 24, 2019 1

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 1934. 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 24 th , 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. 2 3

4Q 2018 EARNINGS UPDATE ROBIN HAYES CEO

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 GROWTH opportunities following recent network reallocation efforts 10.4% 10.2% 10.1% • Cautious approach to 2019 capacity; continue to expect ASM 9.2% 8.5% growth between 5 to 7% in 2019 STRUCTURAL • On track to hit 2018-2020 CASM CAGR goal of 0-1% growth COSTS • Achieved $199 million of 2020 run rate savings; focus on 2.9% sourcing/contracts, productivity improvements and technology (Non- (Non- (GAAP) (GAAP) GAAP) GAAP) • In 1Q 2019 network reallocations driving $10-12 million revenue COMMERCIAL benefit; ancillary changes launched in 3Q 2018 driving $12-14 million Peers Peers • ‘Building Blocks’ comprising network reallocations and ancillary initiatives expected to add 1-1.5 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 4 4

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

FOCUSING CAPACITY ON JETBLUE POINTS OF STRENGTH − Recent network reallocations adding frequencies to leisure and VFR ASM YOY GROWTH NYC markets from New York City airports − Continuing growth through up-gauging in constrained airports (JFK) − 7.5 – 9.5% Adding breadth and depth to Boston network; growth funded through 9.3% BOS route and city closures elsewhere in the network − Similar to NYC, up-gauging leisure markets, including restyled A320s 6.9% 5.0 – 7.0% Outperforming system RASM growth for 7 th consecutive quarter − FLL − Adding relevance to Focus City with new markets starting in February 2019 MINT / TCON − Transcon markets remain strong, both Mint and non-Mint − Better than expected transcon performance on Mint markets from Fort Lauderdale 4Q 2018 2018 1Q 2019E 2019E − LATIN VFR/leisure demand strong within network in Caribbean region − Competitive capacity returning to region 6 Note: dotted lines denote guidance 6

UNIT REVENUE: STRONG CLOSE-IN TRENDS CONTINUE RASM YOY GROWTH • 4Q RASM as expected, strong close-in demand 0.75 – 3.75% − 4Q RASM above mid-point of guidance of 1.5-3.5%, ex 2.4% impact of higher completion factor equal to 0.3 points +2 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 +0.75 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 2018 1Q 2019E Net Winter Calendar Clean Impact 1Q 2019E Note: dotted lines denote guidance 7 7

FINANCIAL UPDATE & OUTLOOK STEVE PRIEST EVP CHIEF FINANCIAL OFFICER

4Q 2018 RESULTS DRIVEN BY STRONG RASM AND COST EXECUTION EARNINGS PER SHARE* RASM CASM EX-FUEL* PRE TAX MARGIN* (US$ cents) (US$ cents) (US$ cents) 12.98 12.67 10.4% 2.03 10.2% 8.58 8.27 9.7% 0.55 0.50 0.32 (Non- (GAAP) (GAAP) GAAP) (GAAP) (Non- (Non- GAAP) GAAP) 4Q 2017 4Q 2018 4Q 2017 4Q 2018 4Q 2017 4Q 2018 4Q 2018 4Q 2017 4Q 2017 4Q 2018 4Q 2018 • Strong RASM throughout the • • 4Q 2018 Non GAAP EPS impacted YoY growth below lower end • Non-GAAP margin improvement quarter, including a 0.3 point by improvement in non-fuel cost; of guidance range in non-fuel cost; and strong unit headwind from improved and strong unit revenues revenues • Continued progress driven by completion factor • Note A to Earnings Release includes • GAAP margin impacted by one- Structural Cost Program GAAP to Non-GAAP reconciliation time costs related to E190 for unusual items principally related transition and pilot contract to the Tax Cuts & Jobs Act signed into law at the end of 2017 9 *Refer to GAAP vs non-GAAP reconciliation in Appendix section 9

UNIT COSTS: EXECUTED ON COSTS IN 2018 2018 UNDERLYING CASM EX-FUEL YOY GROWTH* • Underlying 2018 CASM Ex-Fuel better than plan and at Guidance as of 1/25/18 Actuals as of 12/31/18 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 10