Capital structure and performance · Debt management and refinancing
As of December 31, 2025, our debt and finance lease obligations, including interest were approximately $11.5 billion. In addition, we have a significant amount of other fixed obligations under operating leases related to our aircraft, airport terminal space, airport hangars, other facilities, and office space.
Credit and liquidity · Debt service and covenant compliance
Agreements governing our debt include financial and other covenants. Failure to comply with these covenants could result in events of default. Our debt agreements contain various affirmative, negative and financial covenants and complying with certain of these covenants, or entering into agreements with additional covenants, may restrict our ability to execute our strategies, including JetForward, or otherwise constrain our operations.
Market and investment · Interest rate and yield curve risk
require us to incur more interest expense than we currently do if rates were to increase, since approximately 22% of our debt has floating interest rates.
International and currency · International operations and emerging markets
We have expanded and expect to continue to expand our service to countries in the Caribbean and Latin America, some of which have less developed legal systems, financial markets, and business and political environments than the United States, and therefore present greater political, legal, regulatory, economic, and operational risks.
Credit and liquidity · Banking relationships and credit facilities
We typically finance our aircraft through either secured debt, lease financing, or through cash from operations. The impact on financial institutions from global economic conditions may adversely affect the availability and cost of credit to JetBlue as well as to prospective purchasers of our aircraft should we undertake to sell in the future.
International and currency · Foreign exchange and currency exposure
Because we derive a portion of our revenues from operations outside the United States, the risks of doing business internationally, or in a particular country or region, could lower our revenues, increase our costs, reduce our profits, or disrupt our business. We currently operate in 32 countries around the world.
Market and investment · Market volatility and economic cycles
The airline industry is particularly sensitive to changes in economic conditions. A global economic recession and related unfavorable general economic conditions, such as higher unemployment rates, debt and equity market fluctuations, a constrained credit market, housing-related pressures, rising interest rates and increased business operating costs can reduce spending for both leisure and business travel.