Question · Q3 2025
Brandon Oglendski from Barclays PLC sought clarification on the term "modest capital" for next year, asking for a ballpark figure for the incremental capital needed. He also questioned whether the cost structure for next year's growth is already in place, or if incremental scaling of crews and other infrastructure will be necessary.
Answer
Ursula Hurley, CFO of JetBlue Airways, clarified that "modest" implies a figure significantly lower than a $1-1.5 billion ballpark. She explained that the capital raise would primarily support 10+ new aircraft deliveries and a $325 million convertible debt maturity, while closely monitoring fuel prices and the macro demand environment. Hurley affirmed that next year's capacity growth will be efficient and will not require excessive hiring, serving as a unit cost tailwind. Joanna Geraghty, CEO of JetBlue Airways, added that crew members have adapted through voluntary programs and reduced hours, emphasizing responsible, capital-light growth focused on returns and unit cost control.