JetBlue Airways Corp (JBLU) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good morning. My name is Abby, and I would like to welcome everyone to the JetBlue Airways third-quarter 2025 earnings conference call. As a reminder, today's call is being recorded. (Operator Instructions)

女士們、先生們，早安。我叫艾比，歡迎大家參加捷藍航空 2025 年第三季財報電話會議。再次提醒，今天的通話將會被錄音。（操作說明）

I would now like to turn the call over to JetBlue's Director of Investor Relations, Koosh Patel. Please go ahead, sir.

現在我將把電話交給捷藍航空投資者關係總監庫什·帕特爾。請繼續，先生。

Thanks, Abby. Good morning, everyone, and thanks for joining us for our third-quarter 2025 earnings call. This morning, we issued our earnings release and a presentation that we will reference during this call. All of those documents are available on our website at investor.jetblue.com and on the SEC's website at www.sec.gov. In New York to discuss our results are Joanna Geraghty, our Chief Executive Officer; Marty St. George, our President; and Ursula Hurley, our Chief Financial Officer.

謝謝你，艾比。各位早安，感謝各位參加我們2025年第三季財報電話會議。今天上午，我們發布了盈利報告和一份演示文稿，我們將在本次電話會議中提及這些內容。所有這些文件都可以在我們的網站 investor.jetblue.com 和美國證券交易委員會的網站 www.sec.gov 上查閱。出席紐約會議討論績效的有：執行長 Joanna Geraghty、總裁 Marty St. George 和財務長 Ursula Hurley。

During today's call, we'll make forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include without limitation statements regarding our fourth quarter and full-year 2025 financial outlook and our future results of operations and financial position, including long-term financial targets, industry and market trends, expectations with respect to tailwinds and headwinds, our ability to achieve operational and financial targets, our business strategy, and our plans for future operations and the associated impacts on our business.

在今天的電話會議中，我們將根據 1995 年《私人證券訴訟改革法案》的安全港條款做出前瞻性陳述。此類前瞻性聲明包括但不限於有關我們 2025 年第四季度和全年財務展望以及我們未來的經營業績和財務狀況的聲明，包括長期財務目標、行業和市場趨勢、對順風和逆風的預期、我們實現運營和財務目標的能力、我們的業務戰略以及我們未來運營的計劃及其對我們業務的相關影響。

All such forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in these statements. Please refer to our most recent earnings release as well as our fiscal year 2024 10-K and other filings for a more detailed discussion of the risks and uncertainties that could cause the actual results to differ materially from those contained in our forward-looking statements.

所有此類前瞻性陳述均存在風險和不確定性，實際結果可能與這些陳述中明示或暗示的結果有重大差異。有關可能導致實際結果與前瞻性聲明中包含的結果存在重大差異的風險和不確定性的更詳細討論，請參閱我們最新的收益報告以及 2024 財年 10-K 報告和其他文件。

The statements made during this call are made only as of the date of the call. and other than as may be required by law, we undertake no obligation to update this information. Investors should not place undue reliance on these forward-looking statements. Also, during the course of our call, we may discuss certain non-GAAP financial measures. For an explanation of these non-GAAP measures and a reconciliation to the corresponding GAAP measures, please refer to our earnings release, a copy of which is available on our website on www.sec.gov.

本次通話中所作的陳述僅代表通話當日的情況，除法律另有規定外，我們不承擔更新此資訊的義務。投資者不應過度依賴這些前瞻性陳述。此外，在通話過程中，我們可能會討論某些非GAAP財務指標。有關這些非GAAP指標的解釋以及與相應GAAP指標的調節，請參閱我們的盈利報告，該報告的副本可在我們的網站www.sec.gov上找到。

And now, I'd like to turn the call over to Joanna Geraghty, JetBlue CEO.

現在，我想把電話交給捷藍航空執行長喬安娜·格拉蒂。

Thank you, Koosh. Good morning, and thank you for joining JetBlue's third-quarter 2025 earnings call. As Hurricane Melissa makes landfall today, I'd like to begin by extending my thoughts to our JetBlue crew members, their families, and the communities that we serve in Jamaica. As the largest airline in Jamaica, we are focused on caring for our crew members and resuming operations when we can safely do so.

謝謝你，庫什。早安，感謝您參加捷藍航空2025年第三季財報電話會議。今天，颶風梅麗莎登陸牙買加，我首先想向捷藍航空的機組人員、他們的家人以及我們在牙買加服務的社區表達我的慰問。作為牙買加最大的航空公司，我們專注於照顧我們的機組人員，並在安全的情況下恢復營運。

Our crew members are at the heart of providing the reliable and caring service that makes the JetBlue experience so special. And I'd like to thank them for their dedication throughout the challenging summer travel season. Thanks to your hard work, we are continuing to make meaningful progress on our JetForward plan while taking care of our customers and each other.

我們的機組人員是提供可靠、貼心服務的核心，而正是這種服務讓捷藍航空的體驗如此特別。我還要感謝他們在充滿挑戰的夏季旅遊旺季所展現的奉獻精神。感謝你們的辛勤工作，我們在推進 JetForward 計劃的同時，也一直在為我們的客戶和彼此提供支持，並取得了實質性的進展。

Throughout the year, our team has worked with urgency to adapt to the evolving demand environment, adjusting supply, implementing new revenue initiatives, and pursuing self-help measures to continue reducing costs. Our results this quarter are an outcome of these efforts. We ended the period at the better end of our guidance ranges across all metrics, including unit revenues and costs, realizing meaningful margin improvement compared to initial expectations.

在過去一年中，我們的團隊一直以高度緊迫感來適應不斷變化的需求環境，調整供應，實施新的收入計劃，並採取自助措施來持續降低成本。本季業績正是這些努力的成果。本期結束時，我們在所有指標（包括單位收入和成本）方面均達到了預期範圍的較高水平，與最初的預期相比，利潤率有了顯著提高。

The whole industry took a step back this year, but despite these challenges, we are gaining momentum from JetForward and making progress on our plan, operating a stronger airline every day and delivering on or beating our commitments. Building on the progress since we've announced JetForward five quarters ago, our operational metrics and customer satisfaction scores continue to improve in the quarter.

今年整個行業都出現了倒退，但儘管面臨這些挑戰，我們仍然從 JetForward 中獲得了動力，並在我們的計劃上取得了進展，每天都在運營一家更強大的航空公司，並履行或超越了我們的承諾。自從五個季度前我們宣布推出 JetForward 以來，我們取得了長足的進步，本季我們的營運指標和客戶滿意度評分繼續提高。

We improved completion factor and on-time performance versus last year, with A14 up 2 points, successfully navigating a challenging July in which air traffic control programs impacted operations nearly every day. As a result, customers are more satisfied with their JetBlue experience, as demonstrated by improvements in our net promoter scores, both in the quarter and throughout the year. And I'm proud of the team for achieving double-digit NPS gains year-to-date.

與去年相比，我們的完工率和準點率均有所提高，A14 提高了 2 個百分點，成功克服了充滿挑戰的 7 月，當時空中交通管製程序幾乎每天都會影響營運。因此，客戶對捷藍航空的體驗更加滿意，這體現在我們季度和全年淨推薦值 (NPS) 的提升上。我為團隊今年迄今為止取得兩位數的 NPS 成長而感到自豪。

Even though our operation has consistently been challenged by external factors, our results demonstrate that the investments we've made in reliability are working. This fall, airfield construction at both Boston Logan and JFK is negatively impacting on-time performance, but we expect that to improve in November when this phase of construction wraps up.

儘管我們的營運一直受到外部因素的挑戰，但我們的表現表明，我們在可靠性方面的投資是有效的。今年秋季，波士頓洛根機場和甘迺迪機場的機場建設對航班準點率產生了負面影響，但我們預計隨著該階段建設在 11 月完成，這種情況將會改善。

Regarding the government shutdown, we have not yet seen any material impact to demand or our operation. From TSA and Air Traffic Control to Customs and Border Protection, it's truly a team effort. We are grateful for their dedication in keeping us safely moving, and we also thank Secretary Duffy for being a strong partner as we navigate this situation.

關於政府停擺，我們尚未看到對需求或我們的營運產生任何實質影響。從美國運輸安全管理局和空中交通管制部門到海關和邊境保護部門，這確實是一項團隊合作。我們感謝他們為保障我們安全出遊所做的貢獻，也感謝達菲部長在我們應對這種情況時給予的大力支持。

By delivering a reliable operation and improving customer satisfaction as part of JetForward, we are building a greater customer loyalty and generating more repeat customers. Last quarter, for example, our TrueBlue attachment rate was up 7 percentage points year over year, and our loyalty members are increasingly choosing JetBlue for multiple trips per year. At the same time, we continue to modernize our fleet to drive efficiencies across our operation and enhance the customer experience onboard.

作為 JetForward 的一部分，我們透過提供可靠的營運和提高客戶滿意度，正在建立更大的客戶忠誠度並獲得更多回頭客。例如，上個季度我們的 TrueBlue 會員附加率年增了 7 個百分點，而且我們的忠誠會員每年多次選擇捷藍航空出行。同時，我們不斷對船隊進行現代化改造，以提高營運效率，並提升乘客的船上體驗。

During the third quarter, we retired our remaining Embraer E190 aircraft, marking nearly two decades of service. We want to thank Embraer and GE for their partnership over the years. This completes our transition to a more customer-friendly onboard product and cost-efficient all-Airbus fleet, allowing us to take full advantage of additional network opportunities from our East Coast-focused cities.

第三季度，我們退役了剩餘的巴西航空工業公司 E190 飛機，標誌著該機型服役近二十年。我們要感謝巴西航空工業公司和通用電氣公司多年來的合作。這標誌著我們向更人性化的機上產品和更具成本效益的全空客機隊轉型完成，使我們能夠充分利用以東海岸城市為中心的額外航線網絡機會。

Along those lines, in support of building the best East Coast leisure network, we are taking deliberate steps to deepen our presence in Fort Lauderdale. This expansion, which mostly launches in the fourth quarter, enables us to further strengthen our position in this highly valuable focus city, adding more leisure destinations for our South Florida customers and increasing connectivity to the Caribbean and Latin America.

基於此，為了支持建立東海岸最好的休閒網絡，我們正在採取切實措施，加深我們在勞德代爾堡的業務。此次擴張計劃主要在第四季度啟動，使我們能夠進一步鞏固我們在這一極具價值的重點城市的地位，為南佛羅裡達的客戶增加更多休閒目的地，並加強與加勒比海和拉丁美洲的聯繫。

JetBlue has deep roots in Fort Lauderdale. It's where our first revenue flight landed from New York, New York's JFK on February 11, 2000. And now, 25 years later, the opportunity is ripe to reaffirm our leadership position there. With our far better customer experience and competitive low fares, and now more destinations, we are pleased to bring even more value and choice to customers in Fort Lauderdale and across South Florida.

捷藍航空在勞德代爾堡有著深厚的根基。2000 年 2 月 11 日，我們的第一架商業航班從紐約甘迺迪國際機場 (JFK) 降落在這裡。而現在，25 年過去了，正是重申我們在該領域領導地位的良機。憑藉我們更優質的客戶體驗、極具競爭力的低票價以及更多目的地，我們很高興能為勞德代爾堡和整個南佛羅裡達的客戶帶來更多價值和選擇。

Looking ahead to the fourth quarter, we remain optimistic that the environment will continue to improve. And as Marty will discuss further, we are pleased by the overall health of bookings. Demand for peak period travel remains strong, led by the resilience of the premium leisure segment, which aligns well with our new premier card, our plans to open our first lounge this quarter, as well as domestic first-class launching next year.

展望第四季度，我們仍然樂觀地認為環境將繼續改善。正如馬蒂將進一步討論的那樣，我們對整體預訂情況感到滿意。旺季旅行需求依然強勁，這主要得益於高端休閒市場的韌性，這與我們新推出的尊享卡、本季度開設首個貴賓休息室的計劃以及明年推出國內頭等艙的計劃非常契合。

We've built a strong foundation with JetForward and we are on track to generate a cumulative $290 million of incremental EBIT this year. Our efforts to boost reliability, recalibrate our network, enhance our products and services, supercharge our loyalty program, and execute on costs have fueled transformational change, delivering double-digit NPS gains and industry-leading operational improvements.

我們與 JetForward 建立了堅實的基礎，今年預計將累積實現 2.9 億美元的增量息稅前利潤。我們為提高可靠性、重新調整網路、增強產品和服務、大力發展忠誠度計劃以及控製成本所做的努力，推動了變革性的變化，實現了兩位數的 NPS 成長和業界領先的營運改善。

Blue Sky implementation is on track with last week's loyalty launch, marking the first major milestone of our collaboration, and domestic first class is scheduled to launch next year. both expected to be meaningful drivers of incremental earnings in 2026 and beyond. We are encouraged by the progress so far, and we are confident we are on the right path to restore profitability, building a stronger JetBlue for our customers, crew members, and our owners.

隨著上週忠誠度計畫的推出，Blue Sky 的實施進展順利，這標誌著我們合作的第一個重要里程碑，國內頭等艙計劃於明年推出。預計這兩項計劃都將成為 2026 年及以後收益成長的重要驅動力。我們對目前的進展感到鼓舞，並且我們有信心走在恢復盈利能力的正確道路上，為我們的客戶、機組人員和所有者打造一個更強大的捷藍航空。

Over to you, Marty.

接下來就交給你了，馬蒂。

Thank you, Joanna, and thank you to our crew members for a strong summer. We continue to make meaningful strides on JetForward to refresh our commercial strategy and drive incremental revenue by refining our network, expanding our reach through partnerships, increasing the value and utility of our loyalty program, and enhancing our products and perks.

謝謝喬安娜，也感謝我們的全體船員，感謝你們度過了一個精彩的夏天。我們繼續在 JetForward 上取得實質進展，透過完善我們的網絡、透過合作夥伴關係擴大我們的覆蓋範圍、提高我們忠誠度計劃的價值和實用性以及增強我們的產品和福利來更新我們的商業策略並推動收入成長。

Turning to slide 6 in the presentation, as Joanna mentioned, we have re-established our position as the largest carrier in Fort Lauderdale, a market where our differentiated product and robust network resonate well with customers. As previously announced, we plan to launch 17 new routes and increase frequency on 12 high-demand markets, with our schedule now representing a 35% year-over-year increase for the IATA winter season.

翻到簡報的第 6 張幻燈片，正如 Joanna 所提到的，我們已經重新確立了我們在勞德代爾堡作為最大運營商的地位，在這個市場中，我們差異化的產品和強大的網絡與客戶產生了良好的共鳴。正如先前宣布的那樣，我們計劃開通 17 條新航線，並增加 12 個高需求市場的航班頻次，我們的航班時刻表目前比國際航空運輸協會冬季航線的上一年增長了 35%。

Our schedule also features over 25 daily flights touching Fort Lauderdale with our award-winning Mint service, offering more transcontinental live flight seats from South Florida than any other carrier. To support continued growth in premium flying, we also announced our intent to establish a Mint base for in-flight crew members in Fort Lauderdale, alongside growing the size of our overall crew base, bringing more jobs to the region. These investments reaffirm our leadership at Fort Lauderdale and leverage our caring service, differentiated product, premium experience, and robust network.

我們的航班時刻表還包括每天超過 25 個經停勞德代爾堡的航班，我們屢獲殊榮的 Mint 服務提供比任何其他航空公司都多的從南佛羅裡達出發的跨大陸實時航班座位。為了支持高端航空業務的持續成長，我們還宣布計劃在勞德代爾堡建立一個 Mint 機組人員基地，同時擴大我們的機組人員總數，為該地區帶來更多就業機會。這些投資鞏固了我們在勞德代爾堡的領先地位，並充分利用了我們貼心的服務、差異化的產品、優質的體驗和強大的網絡。

Turn to slide 7. Implementation of Blue Sky, our collaboration with United Airlines, is progressing as planned and has already begun delivering value to our customers. Last week, we enabled point accrual and redemption across our loyalty ecosystems, enhancing the utility of each program. We are already seeing significant customer interest.

翻到第7張投影片。我們與美國聯合航空公司合作的「藍天計畫」的實施正在按計劃進行，並且已經開始為我們的客戶帶來價值。上週，我們啟用了所有忠誠度生態系統的積分累積和兌換功能，提高了每個計畫的實用性。我們已經看到客戶對此表現出濃厚的興趣。

And since announcing Blue Sky at the end of May, we've seen a sustained double-digit increase in average daily card acquisition growth across geographies, particularly in non-focused city markets. We expect to continue the momentum into the first quarter as we begin cross-selling each other's flights on all digital channels. This industry-standard interline agreement is expected to expand distribution reach for both airlines and provide customers with more choices to travel across the globe on our complementary networks.

自 5 月底宣布推出 Blue Sky 以來，我們看到各地區的平均每日持卡量成長持續達到兩位數，尤其是在非重點城市市場。我們預計這一勢頭將延續到第一季度，屆時我們將開始在所有數位管道交叉銷售彼此的航班。這項符合業界標準的聯運協議預計將擴大兩家航空公司的分銷範圍，並為客戶提供更多選擇，讓他們能夠透過我們互補的網路暢遊全球。

Loyalty reciprocity and cross-selling are two of the largest drivers of value from Blue Sky, and we expect the successful implementation of both to generate significant earnings momentum for JetForward. Later in 2026, we plan to launch reciprocal loyalty benefits and Paisley integration, driving high margin growth and additional value for the partnership.

忠誠度互惠和交叉銷售是 Blue Sky 價值的兩大驅動因素，我們預期這兩項措施的成功實施將為 JetForward 帶來顯著的獲利成長動能。2026 年晚些時候，我們計劃推出互惠忠誠度福利和 Paisley 整合，從而推動高利潤成長，並為合作夥伴關係創造更多價值。

As we improve our customers' network options, we're also enhancing the customer experience on board and at the airport. In September, we became the first airline to partner with Amazon's Project Kuiper to provide faster and more reliable connectivity to our onboard Wi-Fi, furthering our leadership in onboard connectivity. JetBlue launched Wi-Fi in 2013 to become the first and still only major US airline to offer free high-speed Wi-Fi on every aircraft in its fleet. The rollout is expected to begin in 2027.

在不斷改進客戶網路選擇的同時，我們也在提升客戶在機上和機場的體驗。9 月，我們成為首家與亞馬遜的 Project Kuiper 合作的航空公司，為我們的機上 Wi-Fi 提供更快、更可靠的連接，進一步鞏固了我們在機上連接方面的領先地位。捷藍航空於 2013 年推出 Wi-Fi 服務，成為第一家也是目前唯一一家在其機隊中每架飛機上提供免費高速 Wi-Fi 的美國主要航空公司。預計 2027 年開始推廣。

We continue to build on our decade-long commitment to premiums and are progressing our plans to further capitalize on the demonstrated industry shift to the segment. This month, we enhanced merchandising for even more, and now customers can book on a single transaction through the GDS and online travel agencies. Previously, purchasing the product required two separate transactions on our third-party channels, and this simplicity and increased visibility is expected to support buy-ups and higher yields. In addition to even more, preferred seating continues to outperform expectations.

我們將繼續履行過去十年對保費業務的承諾，並推進我們的計劃，以進一步利用行業向該領域轉變的趨勢。本月，我們進一步加強了商品銷售，現在客戶可以透過 GDS 和線上旅行社一次完成預訂。以前，購買該產品需要在我們的第三方管道上進行兩筆單獨的交易，而這種簡化和更高的可見性有望促進增持和更高的收益。除此之外，優選座位的預訂情況也持續超出預期。

Finally, we remain on track to launch domestic first class in 2026, with the first equipped aircraft expected to begin flying in the second half of the year. The domestic first fleet modification is planned to include our entire non-Mint fleet. By the end of '26, we anticipate having approximately 25% of the retrofit complete, with the vast majority of the fleet expected to be completed by the end of 2027, over which time to see meaningful EBIT contribution.

最後，我們仍按計劃於 2026 年推出國內頭等艙服務，首架配備頭等艙的飛機預計將於今年下半年開始飛行。國內首批車隊改造計畫包括我們所有非Mint車隊。到 2026 年底，我們預計大約 25% 的改造工程將完成，絕大多數船隊預計將在 2027 年底前完成改造，在此期間將看到有意義的息稅前利潤貢獻。

On the ground, we are on track to open our first airport lounge at JFK by the end of this year, while our Boston Lounge is set to open in 2026. The lounges will offer complimentary access to Transatlantic Mint customers; premium credit card holders, where sign-ups have already exceeded 2025 targets; and TrueBlue Mosaic 4 members. Passes will also be available for purchase on days where space allows. Alongside our construction of the JFK Lounge, we are in the middle of a total refresh of Terminal 5, which is set to bring more than 40 new concessions and a redesigned center concourse.

在地面方面，我們正按計劃於今年年底前在甘迺迪機場開設我們的第一個機場貴賓室，而我們的波士頓貴賓室則計劃於 2026 年開業。貴賓休息室將為 Transatlantic Mint 客戶、高級信用卡持卡人（註冊人數已超過 2025 年的目標）以及 TrueBlue Mosaic 4 會員提供免費使用權。在有空位的日子裡，也可以購買通行證。在建造甘迺迪機場貴賓休息室的同時，我們正在對 5 號航站樓進行全面翻新，預計將新增 40 多個特許經營點，並重新設計中央候機大廳。

Moving on to third-quarter results, over the summer, the demand environment continued to show signs of recovery, characterized by strong close-in bookings, healthy demand for peak travel, and a sustained strength in premium. As a result, unit revenues ended the quarter at down 2.7% year over year, just above the midpoint of our revised guidance range and more than 1 point better than our initial guidance midpoints.

接下來來看第三季業績，夏季期間，需求環境持續展現復甦跡象，其特點是接近出發日期的預訂強勁，旅遊旺季需求旺盛，高端市場持續強勁。因此，本季度單位收入年減 2.7%，略高於我們修訂後的指導範圍的中點，比我們最初的指導範圍中點高出 1 個百分點以上。

Premium continued to outperform core. And year over year, premium RASM growth was up six points relative to core. Our managed corporate yields also showed strength, with yields up high single digits. And while our domestic flying saw the most consequential RASM improvement quarter over quarter, its relative managed performance still lagged internationally.

高階產品表現持續優於核心產品。與核心業務相比，高階業務的 RASM 年比成長了 6 個百分點。我們管理的企業收益率也表現強勁，收益率實現了接近兩位數的成長。雖然我們的國內航班的 RASM 環比改善最為顯著，但其相對管理表現仍落後於國際航班。

We continued our string of double-digit loyalty growth in the quarter, with co-brand remuneration up 16% and TrueBlue revenue up 12%. The cards and TrueBlue trends are evidence of our improved customer satisfaction scores, recalibrated network of products, as well as a strong benefit we are already seeing from the Blue Sky collaboration announcement. For the fourth quarter, we expect unit revenues to be between flat and down 4% year over year on capacity of up to three-quarters of the midpoint.

本季我們持續維持兩位數的忠誠度成長，聯名品牌佣金成長 16%，TrueBlue 營收成長 12%。這些卡片和 TrueBlue 趨勢證明了我們客戶滿意度評分的提高、產品網路的重新調整，以及我們已經從 Blue Sky 合作公告中看到的顯著效益。我們預計第四季單位營收將與去年同期持平或下降 4%，產能將達到中點的四分之三。

Third-quarter demand trends are forecasted to largely continue into the fourth, with continued robust demand for premium products. Peaks are expected to remain healthy, while troughs continue to see challenges, which we have and will continue to actively manage through capacity adjustments.

預計第三季的需求趨勢將基本延續到第四季度，高階產品的需求將持續強勁。預計高峰時段將保持健康，而低谷時段將繼續面臨挑戰，我們已經並將繼續透過產能調整積極應對這些挑戰。

We are seeing the booking curve normalize, and we expect the same trend to continue throughout the fourth quarter. We expect continued macro-related tailwinds going forward in addition to the ramp of our JetForward commercial initiatives. On the network side, our capacity investment in Fort Lauderdale will be in its early stages of ramp after launching in November and December; and coupled with a step-up in domestic competitive capacity, are expected to be just over 1 point of headwind to RASM for the quarter.

我們看到預訂曲線正在趨於正常化，預計這一趨勢將在第四季度繼續保持。我們預計，除了 JetForward 商業計劃的逐步推進外，宏觀經濟相關的利多因素也將持續存在。在網路方面，我們在勞德代爾堡的產能投資將在 11 月和 12 月啟動後進入初期爬坡階段；加上國內競爭產能的提升，預計將對本季度的 RASM 造成略高於 1 個百分點的不利影響。

Lastly, it's too early to decide the impact of Hurricane Melissa on our operations in Jamaica, so our guidance does not contemplate any impact to make it represent about 2.6% of our capacity in the fourth quarter. As you look ahead, we know there's still more work to do, but JetForward is the right plan. The initiatives we outlined today, from our Fort Lauderdale growth to Blue Sky and enhancing our premium products, will be key to getting us back to the same profitability.

最後，現在判斷颶風梅麗莎對我們在牙買加的業務的影響還為時過早，因此我們的預期並未考慮任何影響，預計第四季度該業務將占我們產能的 2.6% 左右。展望未來，我們知道還有更多工作要做，但 JetForward 是正確的計劃。我們今天概述的各項舉措，從我們在勞德代爾堡的增長到藍天計劃以及提升我們的高端產品，對於我們恢復到之前的盈利水平至關重要。

I'll now turn it over to Ursula to provide more detail on our cost and financial performance.

現在我將把發言權交給烏蘇拉，讓她詳細介紹我們的成本和財務表現。

Thank you, Marty. We ended the quarter with an operating margin 3 points better than what was implied by our July guidance ranges, supported by a more reliable operation, greater close-in demand for our product, and our team effectively controlling costs. Despite a tough air traffic control and weather environment in July, completed capacity growth of 0.9% was above the midpoint of our revised guidance. This, coupled with strong execution, helped to deliver excellent cost performance for the quarter.

謝謝你，馬蒂。本季末的營業利潤率比我們 7 月的預期範圍高出 3 個百分點，這得益於更可靠的營運、產品臨近銷售時更大的需求以及我們團隊對成本的有效控制。儘管7月份空中交通管制和天氣環境惡劣，但已完成的運力增長0.9%仍高於我們修訂後的指導值的中點。這一點，再加上強而有力的執行，使得本季成本效益表現優異。

We ended the quarter with CASM ex-fuel up 3.7% year over year, beating the midpoint of our initial guidance by over 1 point, marking yet another quarter of cost execution. It is clear the investments we are making in our operation are increasing efficiencies across the business. Over the year, the team has demonstrated solid cost execution, and we are improving our full-year CASM ex-fuel guidance from up 5% to 7% to up 5% to 6% year over year, lowering the midpoint by 0.5 point, despite less capacity than initially planned.

本季末，不含燃料的單位可用座位公里成本年增 3.7%，比我們最初預期的中位數高出 1 個百分點以上，標誌著又一個季度成本控制的實現。很明顯，我們對營運進行的投資正在提高整個業務的效率。在過去一年中，團隊展現了穩健的成本控制能力，儘管產能低於最初計劃，但我們仍將全年不含燃料的CASM（單位可用座位公里成本）增長預期從同比增長5%至7%上調至同比增長5%至6%，並將中點值下調了0.5個百分點。

For the fourth quarter, we expect CASM ex-fuel growth of up 3% to 5%. For the third quarter, fuel price came in at $2.49 in the lower half of our revised guidance range. We expect fourth-quarter fuel to be between $2.33 and $2.48. Our fuel guidance is based on the forward curve as of October 10.

我們預計第四季不含燃料的CASM成長將達到3%至5%。第三季度，燃油價格為每加侖 2.49 美元，處於我們修訂後的指導範圍的下半部分。我們預計第四季燃油價格將在每加侖2.33美元至2.48美元之間。我們的燃油價格指引是基於截至10月10日的遠期曲線。

As we work through our budgeting process for 2026, We expect our unit costs next year to be low single digits underpinned by low to mid-single-digit capacity growth. We plan to grow capacity through new aircraft deliveries as well as the return of a sizable number of parked aircraft to service. As we get back to growing once again, we're doing so with our balance sheet in mind by adding capacity despite reducing CapEx.

在製定 2026 年預算的過程中，我們預計明年的單位成本將保持在個位數低位，這得益於個位數低至中等水準的產能成長。我們計劃透過接收新飛機以及讓大量停飛的飛機恢復運作來提高運力。隨著我們再次恢復成長，我們在增加產能的同時，也考慮到資產負債表的穩健性，減少了資本支出。

We expect our capital expenditures to be at or below $1 billion next year and each year through the end of the decade, supporting our balance sheet and our return to positive free cash flow over time. We ended the quarter with a healthy liquidity level of $2.9 billion in cash and marketable investments, excluding our $600 million revolver representing 32% of trailing 12-month revenue. At the end of 2025, we expect to carry liquidity in excess of our 20% liquidity target.

我們預計明年及未來十年內每年的資本支出將達到或低於 10 億美元，這將支撐我們的資產負債表，並使我們逐步恢復正自由現金流。本季末，我們擁有健康的流動性水平，現金和有價投資達 29 億美元，不包括佔過去 12 個月收入 32% 的 6 億美元循環信貸額度。預計到 2025 年底，我們的流動資金將超過 20% 的流動資金目標。

Looking forward to 2026, we expect to raise a modest amount of capital to maintain our liquidity target driven by the maturity of $325 million of our 2021 convertible notes and new aircraft deliveries. I believe our healthy unencumbered asset base of over $5 billion will provide us flexibility to meet our funding needs.

展望 2026 年，我們預計將籌集適量的資金，以維持我們的流動性目標，這主要得益於 2021 年 3.25 億美元可轉換債券的到期以及新飛機的交付。我相信我們超過 50 億美元的健康且無抵押的資產基礎將為我們提供靈活性，以滿足我們的資金需求。

Finally, JetForward remains on track to hit its target of $290 million of incremental EBIT by year-end, and I am confident we are also on the path to meet our $850 million to $950 million 2027 commitment. The exciting commercial initiatives Marty detailed, including Blue Sky, domestic first, and lounges, are expected to drive significant earnings momentum for JetForward in 2026 and into 2027. And alongside these efforts, we plan to remain focused on cost discipline and managing our fleet to preserve liquidity and drive capital-light growth.

最後，JetForward 仍有望在年底前實現 2.9 億美元的增量息稅前利潤目標，而且我相信我們也正在朝著實現 2027 年 8.5 億美元至 9.5 億美元的承諾穩步前進。Marty 詳細介紹的令人興奮的商業舉措，包括藍天計劃、國內頭等艙和貴賓休息室，預計將在 2026 年和 2027 年為 JetForward 帶來顯著的盈利增長。同時，我們計劃繼續專注於成本控制和管理我們的機隊，以保持流動性並推動輕資本成長。

Taken together, we are confident we have the right initiatives in place to drive meaningful profitability improvement in 2026. And while we are still in the early innings of our budget process, it is our intention to build a plan that gets us to breakeven or better operating margin for 2026. We look forward to sharing more details during our January call.

綜上所述，我們有信心，我們已經採取了正確的舉措，將在 2026 年推動獲利能力的顯著提升。雖然我們仍處於預算編制的早期階段，但我們的目標是製定一個計劃，使我們在 2026 年實現收支平衡或更高的營運利潤率。我們期待在1月的電話會議上分享更多細節。

We will now open it up to your question. Back over to you, Abby.

現在我們來回答您的問題。艾比，該你上場了。

Thank you. (Operator Instructions) Dan McKenzie, Seaport Global.

謝謝。（操作說明）丹‧麥肯齊，海港環球公司。

Hey, good morning, guys. Thanks for the preliminary outlook for 2026. But backing up, JetForward didn't factor in the Chapter 11 filing of one of your toughest competitors. And so I wonder if you can talk about what that means to the Fort Lauderdale operation and what that means to revenue upside to the JetForward plan.

嘿，大家早安。感謝您提供的2026年初步展望。但回過頭來看，JetForward 並沒有考慮到你最強的競爭對手之一申請破產保護的情況。所以我想知道您能否談談這對勞德代爾堡的運營意味著什麼，以及這對 JetForward 計劃的收入增長意味著什麼。

Hey, Dan. It's Marty. Thanks for the question. Well, I'm not going to go into detail about our competitors' action, but the most important thing is our reaction. Frankly, we have been hamstrung in Fort Lauderdale because of our lack of access to international gates in the middle of the day. And it's a relatively constrained customs facility at the airport. And we have multiple carriers all trying to fly at the same time.

嘿，丹。是馬蒂。謝謝你的提問。我不打算詳細介紹競爭對手的行動，但最重要的是我們的反應。坦白說，由於白天無法使用國際航班登機口，我們在勞德代爾堡的行動受到了很大限制。而且，這是機場內一個相對封閉的海關設施。而且有多家航空公司都想同時營運航班。

What's worked out very well for us is that as our competitor has done some pretty significant pull-downs in Fort Lauderdale, we have seen a lot of opportunity to move flights into that custom facility at a time when it's actually good for our local customers and also very good for generating connections to markets to the north.

對我們來說，非常有利的是，由於我們的競爭對手在勞德代爾堡進行了一些相當大的撤離，我們看到了很多機會將航班轉移到該海關設施，這實際上對我們的本地客戶有利，而且對於建立與北部市場的聯繫也非常有利。

So if we look at the growth that we have put into Fort Lauderdale, notwithstanding our reputation as being a northeast airline, the growth is very much focused to markets in the southeast and south of Fort Lauderdale. I'm actually very optimistic about the opportunity this creates. I mean, I use the word generational about this. I mean, our ability to get such significant growth for international services in such an important market for us is something we're absolutely going to take advantage of at the time.

因此，如果我們看看我們在勞德代爾堡的成長情況，儘管我們以東北航空而聞名，但成長主要集中在勞德代爾堡以南和東南部的市場。我對此創造的機會感到非常樂觀。我的意思是，我用「代際」這個詞來形容這件事。我的意思是，我們能夠在如此重要的市場中獲得如此顯著的國際服務成長，這絕對是我們屆時要充分利用的優勢。

As I mentioned in the script, in the very short term, it's going to create a bit of a headwind in the fourth quarter, but we performed very well in Fort Lauderdale today, as is shown by the fact that we had such a big Mint operation there. We can beat very well against our competitor, which is probably one of the reasons why they're going through the restructuring they're going through, and we're very bullish on Fort Lauderdale. So thanks for the question, and I think it's actually one of the good parts of the story.

正如我在腳本中提到的，短期內，這將在第四季度造成一些不利影響，但我們今天在勞德代爾堡的表現非常好，從我們在那裡開展如此大規模的鑄幣業務就可以看出這一點。我們完全有能力擊敗我們的競爭對手，這可能是他們進行重組的原因之一，我們對勞德代爾堡的前景非常看好。謝謝你的提問，我覺得這其實是這個故事的精彩之處之一。

With respect to the impact on JetForward, there are an awful lot of puts and takes in there. There was a big chunk of network rebuild in there. We have made the commitment to investors that we update every six months on JetForward, and I don't want to give an update now, but that's something we'll probably talk about at the end of the year.

至於對 JetForward 的影響，其中牽涉到很多方面。其中有很大一部分工作是網路重建。我們已向投資者承諾，每六個月更新一次 JetForward 的相關信息，我現在不想提供更新，但我們可能會在年底討論這個問題。

Yes, very good. And then if I can just kind of go back to the beginning of the year and kind of how we're closing out the year, it looks like the government shutdown probably cost JetBlue maybe $500 million in lost revenue. And please correct me on that, but is it right to think that this is lost revenue that comes back in 2026, and then on top of this, all of the JetForward initiatives that you've outlined? And I'm really just going back to -- well, the first quote in the release from Joanna, just about the momentum into 2026. If you could just help flesh that part out a little bit more.

是的，非常好。如果我能回顧一下年初的情況以及我們今年的收尾工作，政府停擺可能對捷藍航空造成了約 5 億美元的收入損失。請糾正我，但這樣理解是否正確：這部分損失的收入將在 2026 年恢復，除此之外，還有您概述的所有 JetForward 計劃？我其實只是想回到——嗯，喬安娜在新聞稿中的第一句話，關於2026年的勢頭。如果你能幫忙把那部分內容再補充完整一些就太好了。

Yes. Thanks for the question, Dan. I think, first, I just want to emphasize, we hit every guidance metric since April and improved three key margins versus internal expectations. And that was against an industry-wide setback due to volatility involving customer confidence in the airline space. And so really proud of the work the team has done to make up for some of that lost ground.

是的。謝謝你的提問，丹。首先，我想強調的是，自四月以來，我們達到了每項指導指標，並且在三個關鍵利潤率方面都優於內部預期。而且，這還是在航空業整體因消費者對航空業信心波動而遭受重創的情況下發生的。因此，我為團隊為彌補部分損失所做的工作感到非常自豪。

JetForward, it's a multi-year plan. We remain on track to hit the $290 million of EBIT this year. We launched it five quarters ago. We are making excellent progress. I think when you read through the numbers, what you see is a 4-point impact to full-year operating margin relative to our initial full-year guidance. And our analysis shows that it's squarely tied to our premium mix versus other carriers' premium mix.

JetForward是一個多年計劃。我們仍有望實現今年 2.9 億美元的息稅前利潤目標。我們五個季度前就推出了這項服務。我們取得了非常好的進展。我認為，當你仔細閱讀這些數據時，你會發現，與我們最初的全年預期相比，全年營業利潤率將下降 4 個百分點。我們的分析表明，這與我們的保費結構與其他保險公司的保費結構完全相關。

We've done an analysis that shows those who have more premium exposure have actually been less impacted. And when you look at JetForward, it is all about leaning into premium, and we are well on the way. Whether it's the Premier Card this year, whether it's the lounges opening up, whether it's preferred seating, you pivot to next year and you look at more lounges. You've got our launch of the domestic first class. So we are squarely in the middle of execution and ramp, and I could not be more excited about the trajectory as we move into 2026.

我們進行的分析表明，那些保費支出較高的人受到的影響實際上較小。而當你審視 JetForward 時，你會發現它的核心理念是全力進軍高端市場，我們正朝著這個方向穩步前進。無論是今年的 Premier 卡，還是開放的貴賓休息室，或是優先座位，你都會把目光轉向明年，關注更多的貴賓休息室。我們推出了國內頭等艙服務。因此，我們正處於執行和擴張的中期，我對我們邁向 2026 年的發展軌跡感到無比興奮。

Our NPS score can't have a premium cost. We don't have strong NPS scores. We're back at the top of the industry. So as we look forward to 2026, we do need to continue to see an improving macroenvironment. But that, coupled with JetForward and the momentum we have, that gives me a lot of confidence that we're going to build a plan, breakeven or better, get us back on track and regain that which we lost this year.

我們的NPS評分不能收取額外費用。我們的淨推薦值（NPS）得分並不高。我們重回行業頂峰。展望 2026 年，我們確實需要看到宏觀環境持續改善。但是，再加上 JetForward 和我們目前的發展勢頭，這讓我非常有信心，我們將製定一個計劃，實現收支平衡甚至更好，使我們重回正軌，並重新獲得我們今年失去的一切。

Thanks so much, you guys.

太感謝你們了！

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good morning. I wonder if I could ask Dan's question in a slightly different manner. I was wondering if you could kind of give us an understanding of the incremental contribution in '26, '27 from JetForward and then what type of headwinds. You talked about some of the tailwinds like macro that will kind of come on top of that. Just trying to understand how to think about an EBIT bridge as you kind of look out to kind of '27 and kind of get to solidly profitable footing there.

嘿，早安。我想知道我是否可以用稍微不同的方式問丹的問題。我想請您介紹 JetForward 在 2026 年和 2027 年的增量貢獻，以及面臨的不利因素。你提到了一些利多因素，例如宏觀經濟因素，這些因素會在此基礎上疊加發展。我只是想了解如何考慮 EBIT 過渡期，以便展望 2027 年並實現穩定的盈利。

Yes, thanks for the question, Savi. So we've always said that in terms of the JetForward breakout of $850 million to $950 million, it's really coming through a third, a third, a third, pretty equally. And that just happens to be -- I mean, there's 200-plus initiatives. But the way that they level up, it's a third per year. As Joanna mentioned and what I said in my prepared remarks is Next year, we have a goal of building a 2026 plan with op margin, breakeven or better. So we are going to make up some ground that clearly we lost this year given the macro step back.

是的，謝謝你的提問，薩維。所以我們一直說，JetForward 8.5 億美元到 9.5 億美元的突破，實際上是三分之一、三分之一、三分之一，幾乎平均分配的。而這恰好就是──我的意思是，有 200 多項措施。但他們升級的方式是每年提升三分之一。正如喬安娜所提到的，也是我在準備好的演講稿中所說，明年我們的目標是製定一個 2026 年計劃，實現營業利潤率、損益平衡或更高。鑑於今年宏觀經濟的倒退，我們顯然失去了一些優勢，所以我們要努力彌補這些損失。

The puts and takes, I'm pleased with the progress that we're making in general across all JetForward initiatives. Obviously, the premium initiatives are performing well year to date. But we're also -- we have a lot more to come between lounges, the premium credit card, and also domestic first next year. I would say I'm also really excited about domestic first. I think this is going to allow us to better compete compared to where we are today.

總的來說，我對 JetForward 所有舉措所取得的進展感到滿意。顯然，今年迄今，高端產品推廣活動的表現良好。但我們還有更多計劃——明年我們將推出貴賓休息室、高級信用卡以及國內頭等艙服務。我也非常期待國內市場先行。我認為這將使我們能夠比現在更有競爭力。

I would say at a macro level, we need the macro backdrop to continue to improve. So we do have that assumption baked into our 2026 guide. But all in all, we feel like we have a lot of good momentum, and JetForward is tracking exactly where we thought it was, and we look forward on delivering further details on our 2026 plan next year.

我認為從宏觀層面來看，我們需要宏觀環境持續改善。因此，我們在 2026 年的指南中已經包含了這個假設。但總的來說，我們感覺我們目前勢頭良好，JetForward 的發展也完全符合我們的預期，我們期待明年公佈更多關於我們 2026 年計劃的細節。

That's helpful. Thanks very much. And may I just -- another question for you is just kind of how are you thinking about liquidity and leverage? Kind of what type of financing needs you can anticipate over the next 12 to 18 months?

那很有幫助。非常感謝。我可以再問您一個問題嗎？您是如何看待流動性和槓桿的？您預計未來 12 至 18 個月內會有哪些類型的融資需求？

Yes, listen, we did the strategic capital raise back in August of 2024, so that's really provided a strong liquidity runway for us through the end of 2025. We're projected to end the year above our 20% liquidity target. We are going to need a modest amount of capital next year just to support the new aircraft deliveries that we have coming, as well as we do have a convertible debt maturity of $325 million in the April timeframe. By no means will the capital raise be anywhere near the size that we did in August of 2024.

是的，聽著，我們在 2024 年 8 月進行了策略性融資，所以這確實為我們提供了強勁的流動性，一直到 2025 年底。我們預計今年底的流動性目標將超過 20%。明年我們需要一筆適量的資金來支持即將交付的新飛機，此外，我們還有 3.25 億美元的可轉換債券將於 4 月到期。這次融資的規模絕對不會像我們在 2024 年 8 月那麼大。

In terms of what assets will we use, I mean, We're in a pretty powerful position in terms of having over $5 billion of unencumbered assets. About 40% of that $5 billion is aircraft and engines, and then the remainder includes our slot gates and routes as well as our brand. I would say we'll look at all markets. I mean, we're clearly focused on the level of interest expense and obviously the debt level that we have currently on the balance sheet. So we're going to try to be super thoughtful and strategic just given market availability with all the different types of unencumbered assets that we have.

至於我們將使用哪些資產，我的意思是，我們擁有超過 50 億美元的未抵押資產，這讓我們處於非常有利的地位。這 50 億美元中約 40% 是飛機和發動機，其餘部分包括我們的航班時刻、航線以及我們的品牌。我認為我們會考察所有市場。我的意思是，我們顯然關注的是利息支出水平，以及我們目前資產負債表上的債務水平。因此，我們將努力做到深思熟慮、制定策略，充分利用市場上各種類型的無抵押資產。

Appreciate that color. Thank you.

欣賞這種顏色。謝謝。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Hi. This is Shannon Doherty on for Mike. Thank you for taking my question. Just for starters, I apologize if I missed this, but can you quantify any impact that you're seeing today from the government shutdown? cards. Since we're about a month in, I wouldn't typically think of JetBlue as having much government exposure. But since you called it out on the release, it's probably worth asking.

你好。這裡是香農·多爾蒂，她替麥克發言。感謝您回答我的問題。首先，如果我錯過了什麼，我先道個歉，但您能否量化一下您今天看到的政府停擺的影響？牌。由於時間才過去一個月左右，我通常不會認為捷藍航空與政府有很大的關聯。但既然你在記者會上提到了這一點，或許值得一問。

Sorry, I missed a little bit at the tail end of your question, but we haven't seen any meaningful impact with regard to the government shutdown. We obviously are monitoring it closely. And the longer it goes on, obviously for the industry, I'd say there's more acute concerns, but we have not seen anything and are just really appreciative of all of the government workers showing up, doing their job, and keeping the national airspace and our industry running safely.

抱歉，我漏聽了您問題的最後一部分，但我們尚未看到政府停擺造成任何實質影響。我們當然會密切關注此事。顯然，時間越長，對航空業來說，擔憂就越嚴重，但我們目前還沒有看到任何異常情況，我們非常感謝所有到崗的政府工作人員，他們盡職盡責，保障了國家空域和航空業的安全運作。

That's great. Thanks. And maybe one for Marty. With domestic seemingly improving, do you expect domestic RASM to outperform international this quarter? Maybe you can just give us an update on demand by region.

那太棒了。謝謝。或許還可以給馬蒂一份。鑑於國內市場似乎正在好轉，您預計本季國內RASM（單位銷售額）會超過國際市場嗎？您能否提供我們各地區的需求狀況？

So we don't do a lot of colors for demand by region. What we've said in general is that international is better than domestic, and premium is better than the back of the airplane. And that continues to stand. I'd say if you look at our overall RASM performance and recognize that, I mean, this is a math issue about rated average. If international is better and domestic is worse, domestic has some ways to go.

因此，我們不會根據地區需求生產很多顏色。我們通常認為，國際航班比國內航班好，高級艙位比飛機後艙好。這一點至今仍然成立。我想說，如果你看我們整體的 RASM 表現，你會意識到，我的意思是，這是一個關於平均評級的數學問題。如果國際水準更好而國內水準更差，那麼國內水準還有很長的路要走。

I would say in general, the thing that gets me most excited about improving our domestic RASM is the continued introduction of premium products. As we do a competitive look at our RASM sort of coach to coach, we actually do fine on RASM. The challenge is that we're missing that whole front of the airplane, which is a pretty good revenue kick to our competitors.

總的來說，讓我對改進國內 RASM 最興奮的是不斷推出優質產品。當我們對 RASM 進行教練間的競爭性考察時，我們發現我們在 RASM 方面表現其實不錯。問題在於我們錯過了飛機的前半部分，這會為我們的競爭對手帶來相當大的收入。

So we do extremely well against the ULCCs of the world who have premium products, not really premium. But we see a lot of upside for the premium products that we're adding as far as getting us up to where the legacies are -- close to where the legacies are. So it's not something I'm predicting in the fourth quarter. And again, when we go into '26, we can probably talk in more detail about that.

因此，我們與那些擁有優質產品（其實並非真正優質）的超低成本能源公司相比，表現非常出色。但我們看到，我們新增的優質產品有很大的發展空間，可以讓我們趕上老牌產品的水平——接近老牌產品的水平。所以，我不會預測第四季會發生什麼事。再說，到了 2026 年，我們或許可以更詳細地討論這個問題。

Jamie Baker, JPMorgan.

Jamie Baker，摩根大通。

Hey, good morning. So Ursula, building on Savi's question earlier, modest cash raises next year, where do you think the incremental cost of debt is today? And if we do accept that aircraft debt is typically the lowest, are you leaning more towards, say, leasebacks or just borrowing against aircraft? Thanks.

嘿，早安。那麼，烏蘇拉，接著薩維之前的問題，明年籌集的現金不多，你認為目前的債務增量成本是多少？如果我們承認飛機債務通常是最低的，那麼您傾向於售後回租還是直接以飛機作抵押進行貸款？謝謝。

Yes, listen, I think the benefit of the assets that we have unencumbered is that we can look at all markets and hone in on what is, quite frankly, most cost effective. I think the other priority we look at is building in prepayment flexibility. I mean, our number-one priority is getting the business back to consistent operating margin positives. Then it's delivering free cash flow so that we can start to de-lever.

是的，聽著，我認為我們擁有的未抵押資產的好處在於，我們可以審視所有市場，並專注於那些坦率地說最具成本效益的市場。我認為我們關注的另一個重點是建立預付彈性。我的意思是，我們首要任務是讓公司恢復持續的獲利營運。然後它就能產生自由現金流，這樣我們就可以開始去槓桿化了。

Clearly, the most cost-effective money you can raise right now is with aircraft. Given we are focused on the level of interest expense, that could be a likely path. How we do the aircraft? It will be what's the most attractive market. Is it bilateral bank loans? Is it capital markets? Is it sale leasebacks? We'll look at everything.

顯然，目前最經濟有效的募款方式是利用飛機。鑑於我們關注的是利息支出水平，這可能是一條可行的路徑。我們如何製造飛機？它將選擇最具吸引力的市場。是雙邊銀行貸款嗎？這是資本市場嗎？這是售後回租嗎？我們會仔細查看所有細節。

Okay, fair enough. And following up on that, if memory serves, it was this call last year that I remember first hearing you reference approaching breakeven from a forward year operating margin basis. Look, 2025 kind of went off the rails. I'm not going to hold that against you, but here we are a year later, and you're reintroducing that narrative.

好吧，這說得有道理。順便一提，如果我沒記錯的話，去年的這次電話會議，我第一次聽到你提到從未來一年的營業利潤率來看，接近盈虧平衡點。你看，2025 年有點失控了。我不會因此責怪你，但是一年過去了，你又重新提起這件事了。

So I guess the question is for you, or Marty's color would be appreciated as well, but compared to how you were thinking this time last year, do you think that industry fundamentals are more or less aligned with getting JetBlue back on track? After all, given what you shared on capacity and cost for next year, it's a really high RASM hurdle to get you to break even or better.

所以我想問的是你，或者馬蒂的意見也歡迎，但與去年這個時候你的想法相比，你認為行業基本面是否更有利於捷藍航空重回正軌？畢竟，考慮到你分享的明年產能和成本狀況，要達到收支平衡或獲利，RASM（單位銷售額）門檻確實很高。

Hey, Jamie, let me take that. So we think industry fundamentals are more aligned with where we're headed. And I fully recognize that it feels a little bit like Groundhog Day and that we were sitting in this room last year around this time with the same commitment. Thanks for recognizing the industry took a step back, and we're all now trying to recover out of that. But leaning into the premium customer is absolutely the right strategy. We've been doing this for 10 years with Mint. We see it in our Mint performance. And we're a year later, and we've actually launched a number of initiatives already that support that.

嘿，傑米，讓我來接吧。所以我們認為產業基本面與我們的發展方向更一致。我完全意識到這感覺有點像《土撥鼠日》，去年這個時候我們也曾坐在這個房間裡，懷著同樣的決心。感謝您意識到產業一度倒退，我們現在都在努力從中恢復過來。但重視高端客戶絕對是正確的策略。我們與 Mint 合作已有 10 年了。我們在Mint的表現中看到了這一點。一年過去了，我們已經啟動了多項支持這項目標的措施。

And so the progress we've made since last year is actually execution on JetForward and continuing to make sure we remain laser-focused on delivering the initiatives we laid out so that as the economy recovers, we can take full advantage of those in a later stage of ramp, whether it's the preferred seating, whether it's the even more space changes, launching the JFK Lounge this December. We've got Boston next year. We're that much closer to launching the domestic first class.

因此，自去年以來，我們取得的進展實際上是 JetForward 的執行，並且我們將繼續確保我們始終專注於實現我們制定的各項舉措，以便隨著經濟的複蘇，我們可以在後續階段充分利用這些舉措，無論是優先座位，還是更大的空間變化，以及今年 12 月推出的 JFK 貴賓休息室。明年我們要去波士頓。我們離推出國內頭等艙又更近了一步。

And then as I mentioned in the first question, our analysis this year showed that carriers who have greater exposure to premium had less of a margin impact from the step back. And so that reconfirms that JetForward is the right path. And we're excited about getting closer to profitability and continuing this momentum. So that's from my perspective. The industry fundamentals actually support where we're going and excited to see that come to fruition this year.

正如我在第一個問題中提到的，我們今年的分析表明，保費敞口較大的保險公司受到的利潤率下降的影響較小。因此，這再次證實了 JetForward 是正確的選擇。我們很高興能夠更接近獲利，並保持這一發展勢頭。以上是我的看法。行業基本面實際上支持我們的發展方向，我們很高興看到它在今年實現。

Good answer. Great coloe. Thank you.

回答得很好。顏色很棒。謝謝。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Hey, thanks. Just on the GTF impacts, do you have any update on the grounded aircraft and the forecast for next year embedded in your preliminary '26 comments? And can you remind us, is there any compensation that's actually baked into the results this year?

嘿，謝謝。僅就 GTF 的影響而言，您在 2026 年的初步評論中是否包含了有關停飛飛機和明年預測的最新資訊？請問，今年的業績結果是否包含了任何補償措施？

Sure. Thanks for the questions, Duane. So the GTF challenges have improved. So if you recall, back in January, we thought we would have mid- to high-teens number of aircraft on the ground. The average for 2025 is going to be nine. We currently have six on the ground today. 2025 is the peak in terms of AOG. So that number will come down next year. So the projected AOG that we'll have on the ground in 2026 is low to mid-single digits. So this is going to position us to actually be able to grow again, which we mentioned in our prepared remarks.

當然。謝謝你的提問，杜安。所以GTF挑戰賽的難度有所提升。所以，如果你還記得的話，早在1月份，我們就認為地面上會有十幾架飛機。2025 年的平均值將為 9。目前我們有六架飛機在地面停飛。 2025年是AOG（飛機停飛待修）數量的峰值。所以明年這個數字會下降。因此，預計到 2026 年，地面上的 AOG 數量將為個位數低到中位數。因此，這將使我們能夠再次實現成長，正如我們在準備好的演講稿中所提到的那樣。

In regards to our 2025 full-year controllable cost guidance, it does not assume any Pratt & Whitney compensation. We continue to be in constructive conversations with Pratt. And just given the magnitude of impact it's had on our business, we will settle when we get to the right place.

關於我們 2025 年全年可控成本指引，其中並未考慮普惠公司的任何補償。我們繼續與普拉特進行建設性對話。鑑於此事對我們業務造成的巨大影響，我們會在找到合適的解決方案後再做決定。

I would say the other -- last comment from me is this is putting us in a position where we're growing in a capital-light way. So obviously, we've previously paid for these aircraft with the GTF engines, and having them return to service is great. This is definitely a tailwind for us, and we're happy with where we're at in terms of getting these aircraft back up in the air.

我想說的最後一點是，這讓我們能夠以輕資本的方式成長。很顯然，我們之前已經為這些配備 GTF 引擎的飛機買單了，現在它們能夠重新投入使用真是太好了。這對我們來說絕對是一個有利因素，我們對目前飛機恢復飛行的進展感到滿意。

Thanks, and then maybe just for the follow up, can you remind us for your domestic business class, or first class, or -- I forget what you're calling it. Can you just remind us of the implementation timing of that? Where will you be from a year-end, '26, and when you expect to complete that?

謝謝，另外，能否提醒一下，你們的國內商務艙、頭等艙或──我忘了你們叫它什麼了？能否提醒我們具體的實施時間？到 2026 年底，你打算在哪裡？你預計何時完成這個目標？

Sure. So just to give you some context, so we are outfitting all of the non-Mint aircraft that we have. So it's about 250 airplanes. Marty mentioned in his prepared remarks that by the end of 2026, we'll have about 25% of the fleet complete. And then by the end of 2027, we'll have the overwhelming majority complete. Very much looking forward to rolling out the first aircraft in the back half of next year.

當然。為了讓大家了解一下背景，我們正在為我們擁有的所有非薄荷航空飛機進行改裝。所以大概有250架飛機。馬蒂在事先準備好的演講稿中提到，到 2026 年底，我們將完成約 25% 的艦隊建設。到 2027 年底，絕大多數專案將完成。非常期待明年下半年推出首架飛機。

Thank you.

謝謝。

Atul Maheswari, UBS. Your line is open.

阿圖爾‧馬赫什瓦里，瑞銀集團。您的線路已開通。

Good morning. Thanks a lot for taking my question. We are getting pushback that the profit decline ex-check forward is accelerating just based on the fourth quarter guidance. So why do you think that is the case and what needs to happen for the portion of profits not touched by JetForward to start improving again such that JetForward can truly be all incremental?

早安.非常感謝您回答我的問題。我們收到回饋，認為僅根據第四季業績指引，扣除成本後的利潤下滑速度正在加快。那麼，你認為造成這種情況的原因是什麼？為了讓JetForward未觸及的部分利潤再次開始改善，從而使JetForward真正實現完全的增量成長，需要發生什麼？

Yes, listen, as we look at the fourth quarter, we do see an improvement in fuel year over year. But you have to remember, we're still operating from a much lower base in terms of the overarching demand environment. While it's improving, and we've seen that along with the rest of the industry, we're still operating way below where we had anticipated this year.

是的，聽著，當我們審視第四季度時，我們確實看到燃料價格比去年同期有所改善。但你必須記住，就整體需求環境而言，我們目前的基數仍然很低。雖然情況正在好轉，我們和其他業內人士一樣也看到了這一點，但我們今年的營運水準仍然遠低於預期。

We are showing RASM progression from Q3 to Q4. Our JetForward initiatives continue to ramp up, and you've heard us in our prepared remarks as well as in the Q&A highlight all of these premium initiatives that are coming to market. So we are seeing progress. I will remind you yet again, if it were not for the macro step back earlier this year, which was 4-point impact to JetBlue, we would have hit our full-year breakeven or better operating margin. So we believe we're on track. and we've got solid momentum as we head into 2026.

我們正在展示 RASM 從第三季到第四季的進展。我們的 JetForward 計劃正在不斷推進，您在我們準備好的演講稿以及問答環節中都聽到了我們重點介紹的所有這些即將上市的高端計劃。所以我們看到了進展。我再次提醒各位，如果不是今年早些時候宏觀經濟出現倒退（對捷藍航空造成了 4 個百分點的影響），我們本可以實現全年盈虧平衡或更高的營業利潤率。所以我們相信我們正按計劃進行，並且在邁向2026年之際，我們擁有強勁的發展勢頭。

Atul, if I can also mention, we've announced very close-in capacity and launch for Fort Lauderdale in Q4, so that's pressuring RASM a bit; hence, the 1-point step forward in RASM. But that's a really great opportunity for JetBlue and absolutely the right long-term decision for this company because of the opportunity to really reclaim Fort Lauderdale as the third leg of our stool.

Atul，如果我可以提一下的話，我們已經宣布了勞德代爾堡的產能和第四季度即將啟動，所以這對 RASM 來說有點壓力；因此，RASM 向前邁進了 1 個百分點。但這對捷藍航空來說是一個絕佳的機會，也是公司從長遠角度來看絕對正確的決定，因為這讓我們有機會真正將勞德代爾堡重新打造為我們業務的第三大支柱。

Right, that makes sense. And just as my quick follow up on the fourth-quarter guidance, can you share some color on book yields quarter to date or some color on what portion of fourth quarter is booked and what's your yield assumption for the portion that is unbooked?

沒錯，這說得通。關於第四季業績指引，我還有一個小問題：您能否透露一下本季迄今的帳面收益率情況，或者說明一下第四季度已預訂的訂單佔比是多少，以及您對未預訂訂單部分的收益率假設是多少？

So as far as booking levels, we're about 90% booked for our forecast in October, 55-ish or so for November, and I think 35%, 38%, something like that for December. Still barely very focused around peaks for November, December. We don't really guide specifically the difference between yield and load factor, but I think the guide as we lay it out is based on what we're seeing right now. I think that to give you some more color, if you look at the demand environment as it exists right now, the booking curve is not fully back to sort of 2024 distribution as far as advanced purchase dates, but it's very, very close.

就預訂量而言，我們預計 10 月的預訂量約為 90%，11 月約為 55%，12 月約為 35%、38% 左右。11月和12月的高峰期仍然沒有太多關注。我們並沒有具體說明收益率和載重係數之間的區別，但我認為我們制定的指南是基於我們目前所看到的情況。我認為，為了讓您更清楚地了解情況，如果您看一下目前的需求環境，預訂曲線雖然還沒有完全恢復到 2024 年的提前購買日期分佈情況，但已經非常非常接近了。

And the trend of peaks versus troughs has really continued. we have very good strength in the peaks and still challenges in the troughs. To me, that is the last piece of the puzzle that I think when that comes back will have been a much better spot to be covered, sort of the 2024 demand levels. But again, the line we use is people are still taking that one vacation, that Thanksgiving or Christmas. They're not all taking the second vacation they may take. I think that's sort of what we're seeing in general.

峰谷交替的趨勢仍在持續。我們在高峰期表現非常強勁，但在低谷期仍面臨挑戰。對我來說，這是拼圖的最後一塊，我認為當它回歸時，將會是一個更好的切入點，類似於 2024 年的需求水準。但我們再次強調，人們仍然會休一次假，例如感恩節或聖誕節假期。並非所有人都打算進行第二次度假。我認為這大致就是我們目前看到的趨勢。

Got it. Thanks for that, and good luck with the rest of the fourth quarter.

知道了。謝謝，祝你第四季剩餘比賽一切順利。

Catherine O'Brien, Goldman Sachs.

凱瑟琳‧歐布萊恩，高盛集團。

Hey, good morning, everyone. Thanks so much for the time. So I realize this is still early, but can you speak to how the impact of Fort Lauderdale ads is shaping up for 1Q? Guessing since you add that capacity so close into year end, should be less of a drag in the first quarter? And then maybe bigger picture, a bit of a follow up to Savi's question earlier, could you just walk us through high level what the biggest tailwinds from JetForward should be in '26? Blue Sky kicks in in a more meaningful way, domestic first on 25% of the fleet by year-end. Just trying to get a sense of what the unique JetBlue revenue tailwinds are into next year as you see them in the biggest buckets.

嘿，大家早安。非常感謝您抽出時間。我知道現在下結論還為時過早，但您能否談談勞德代爾堡廣告在第一季的影響？鑑於新增產能是在年底臨近時才推出，我猜想對第一季的業績拖累應該不大吧？然後，從更宏觀的角度來看，作為對 Savi 之前問題的補充，您能否概括地向我們介紹一下 JetForward 在 2026 年可能帶來的最大利好因素是什麼？Blue Sky計劃以更有意義的方式啟動，到年底前，25%的機隊將優先使用國內航線。我只是想了解明年捷藍航空獨特的收入成長動力是什麼，尤其是在最大的幾個方面。

Okay, thanks, Katie. First of all, with respect to the Fort Lauderdale, if you look at a lot of the capacity we added, it is going to be good first-quarter capacity. I mean, a lot of beach destinations. I think seasonality is our friend. Again, we'd like to have the full 500-day booking window, but we're going to need more at that point, more like 130-, 140-booking-day window for that period. So I don't think that the sort of headwind will be gone, but I think we're -- certainly, seasonality is our friend at this point.

好的，謝謝你，凱蒂。首先，就勞德代爾堡而言，如果你看看我們新增的許多產能，你會發現第一季的產能將會非常可觀。我的意思是，有很多海灘度假勝地。我認為季節性因素對我們有利。我們當然希望有完整的 500 天預訂窗口期，但到那時我們需要更多時間，例如 130 天或 140 天的預訂窗口期。所以我認為這種逆風不會消失，但我認為——當然，在這一點上，季節性因素是我們的朋友。

I will also say that the -- again, with the ability to add more international rivals in the peak in Fort Lauderdale, we are going to have a lot of opportunities for customers to connect from the north into the Caribbean and Latin America. And actually, we're really excited about that because I think -- again, we're a low-cost airline. We don't really build hubs, true hub-and-spoke networks, but we certainly carry internal connections.

我還要說，隨著我們在勞德代爾堡的貿易中心能夠吸引更多國際競爭對手，我們將有很多機會讓客戶從北部連接到加勒比海和拉丁美洲。實際上，我們對此感到非常興奮，因為我認為——再說一遍，我們是一家廉價航空公司。我們並沒有真正建立樞紐，真正的中心輻射式網絡，但我們當然擁有內部連接。

And I think based on the sort of the local timing of when flights are good for Lauderdale and then when they've been good for the beach markets, we're actually going to get a lot of good connecting opportunities. So we're actually very bullish about this. I know historically we talk about a three-year ramp. We are not in any way forecasting anything close to a three-year ramp.

我認為，根據勞德代爾堡當地航班的合適時間以及海灘市場的航班合適時間來看，我們實際上會獲得很多不錯的轉機機會。所以我們對此非常看好。我知道從歷史上看，我們通常會說三年過渡期。我們絕對沒有預測會出現接近三年的成長期。

And then maybe I'll take the second part of your question, Katie. So there are several key and big initiatives ramping into next year. I'd say Blue Sky is probably one of the biggest, all the significant drivers. So we just announced, obviously, earn and burn, so reciprocity, loyalty for JetBlue and United. Last week, we've got Interline Sales launching next year, Paisley launching next year. and then recognition of loyalty launching next year. So that's -- all of those will be delivered, implemented and delivering value in 2026.

那麼，凱蒂，或許我可以回答你問題的第二部分。因此，明年將有幾項關鍵且重大的舉措逐步推進。我認為藍天公司可能是最大的驅動因素之一，也是所有重要驅動因素之一。所以我們剛剛宣布了積分賺取和使用機制，這是捷藍航空和美聯航的互惠忠誠度計劃。上週我們宣布，明年將推出聯運銷售、佩斯利（Paisley）以及忠誠度獎勵計畫。所以，所有這些目標都將在 2026 年實現、實施並產生價值。

The network continues to ramp. I mean, we've moved 20% of the network around. Most of those changes went in about a year ago. And so given the ramp timeframe, those will continue to ramp into 2026. We're returning to growth next year. So that's going to be, I think, a nice tailwind for JetBlue, buttressing our cost control.

網路持續加速運作。我的意思是，我們已經重新調整了 20% 的網頁佈局。這些變化大部分大約是在一年前發生的。因此，根據產能爬坡時間表，這些產能爬坡將持續到 2026 年。我們明年將恢復成長。所以我認為這對捷藍航空來說將是一個不錯的順風，有助於我們控製成本。

And then when you think about operational reliability, lounges, domestic first, we're really trying to create this flywheel for that premium customer where they want to come back to JetBlue because we have the full product offering that they would like. And that's underpinned by this fantastic improvement in our operations, specifically around Net Promoter Score and winning the hearts and minds of customers again. Marty touched on Fort Lauderdale and that ramping into '26, but those are the big buckets.

然後，當你考慮到營運可靠性、休息室、國內頭等艙時，我們真的在努力為高端客戶創造一個良性循環，讓他們想要再次搭乘捷藍航空，因為我們擁有他們想要的所有產品和服務。而這一切都得益於我們營運方面的巨大進步，尤其是在淨推薦值方面，以及重新贏得客戶的信任和支持。馬蒂提到了勞德代爾堡以及它向 2026 年的轉變，但這些都是大問題。

That's really helpful. May I just ask one quick follow up on Mint? You know, you're adding the new Mint crew base in Fort Lauderdale and some new flights to the West Coast. Can you talk about where you think there are further opportunities to add more Mint flying, if any, just given the focus on adding premium products? And can you just remind us the margin uplift of a Mint versus non-Mint flight or RASM, however you want to talk about it?

這真的很有幫助。我可以再問一個關於Mint的後續問題嗎？你知道，你們正在勞德代爾堡增設新的 Mint 機組基地，並開通一些飛往西海岸的新航班。鑑於該公司目前專注於增加高端產品，您認為還有哪些方面可以進一步增加 Mint 的飛行服務？如果有的話。您能否提醒我們一下，Mint航班與非Mint航班的利潤率提升幅度，或者RASM（無論您怎麼稱呼它）？

Okay. Thanks. So first of all, We are coming to the end of the line of Mint-delivered airplanes with Mint on them. I think '26 and '27 are really focused on domestic first class. We have a few more Mint airplanes coming. But in general, we're out of the Airbus 321 business until 2030 or 2031. So we're going to reach a plateau for Mint flying. I think what's been the most exciting for us about Fort Lauderdale is how incredibly helpful it is as far as being counter seasonal.

好的。謝謝。首先，我們即將迎來薄荷航空交付的、帶有薄荷航空標誌的飛機的最後一批。我認為 26 年和 27 年的重點是國內頭等艙。我們還有幾架薄荷綠飛機即將到貨。但總的來說，我們至少要到 2030 年或 2031 年才會涉足空中巴士 A321 業務。所以，Mint 的飛行速度將會達到一個瓶頸期。我認為勞德代爾堡最讓我們興奮的地方在於，它在反季節方面提供了極大的幫助。

We have very good results across the Atlantic in the summer. Frankly, we could probably use some more lift in the summertime if we could get it. But obviously, you need to fly the airplane 12 months a year. And where Fort Lauderdale has really come into its own is with fantastic demand in the winter. So having airplanes in markets like Dublin, Edinburgh, which are great summer markets, maybe not so great in the winter, and having those airplanes move to Fort Lauderdale is a major, major win for us.

我們在夏季的大西洋彼岸取得了非常好的成績。坦白說，如果能得到一些升溫措施，我們在夏天或許會很需要。但很顯然，你需要一年 12 個月駕駛飛機。而勞德代爾堡真正展現自身優勢的地方在於冬季的旺盛需求。因此，在都柏林、愛丁堡等夏季熱門市場（冬季可能不太熱門）擁有飛機，並將這些飛機轉移到勞德代爾堡，這對我們來說是一個巨大的勝利。

And frankly, I don't think any of us expected to see that good -- demand that strong and Mint out of Fort Lauderdale, but it's been a very happy surprise for us. And then obviously demand goes down in the summertime because it's hot down there and that's a very big time for planes to move across the Atlantic. So we love the ability to swing these airplanes back and forth. And frankly, we will get a nice little cost benefit by having a Mint base down there as far as having -- not having to have Boston and New York crews fly there for a lot of that West Coast services. So we're really bullish about that.

坦白說，我認為我們沒有人想到會看到如此好的——對勞德代爾堡的薄荷酒有如此高的評價，但這對我們來說是一個非常令人驚訝的結果。然後很顯然，夏季需求會下降，因為那裡天氣炎熱，而夏季正是飛機跨大西洋飛行的高峰期。所以我們很喜歡這些飛機能夠來回擺動的功能。坦白說，在那裡設立一個 Mint 基地，可以為我們帶來不錯的成本效益，因為這樣一來，波士頓和紐約的機組人員就不必飛往那裡執行許多西海岸的航班服務了。所以我們對此非常看好。

We respect the Mint overall. It continues to be extremely successful, and I think the combination of quality, fantastic service delivery by our crews, and really good prices has been a very winning formula for us. The 321 has proven to be a very good, low-cost airplane platform for us, so I think it's worked out extremely well for us. We haven't really gotten into individual profitability numbers, but certainly the Mint network is the best of our joystick network right now. I think I'll leave it at that.

我們大體上尊重鑄幣局。它一直非常成功，我認為品質、我們團隊提供的出色服務以及非常優惠的價格是我們成功的秘訣。事實證明，321 對我們來說是一個非常好的低成本飛機平台，所以我認為它對我們來說非常成功。我們還沒有真正深入研究具體的獲利數字，但可以肯定的是，Mint 網路目前是我們所有操縱桿網路中最好的。我想我就說到這裡吧。

Thanks so much for that.

非常感謝。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

Thanks so much. I just wondered if you could speak to what you're seeing in terms of reliability and time on wing on your A220 fleet and how you're thinking about that as you go into 2026 planning.

非常感謝。我想請您談談您目前在A220機隊的可靠性和在翼時間方面看到的情況，以及您在製定2026年計劃時是如何考慮這些問題的。

Yes, thanks for the question, Tom. So starting high level, we provided capacity indications for 2026 being in the low to mid single digits next year. I would say that's really driven by two things. Number one, the number of new deliveries that we have coming next year in terms of the 220.

是的，謝謝你的提問，湯姆。因此，從宏觀層面來看，我們預測 2026 年的產能將達到個位數低至中等水準。我認為這主要受兩件事驅動。第一，明年我們將迎來 220 輛新車的交車量。

And then the second driver is really all these aircraft returning from AOG. So I mentioned going from an average of nine this year to low to mid single digits next year. We do have some reliability challenges on the A220 that we're working collaboratively with Airbus Canada on, but it is impacting us. It's just the materiality when you look at the capacity growth next year isn't as large as really the new deliveries and the return from AOGs.

第二個驅動因素實際上是所有這些從AOG（飛機停場）返回的飛機。所以我提到，今年的平均數字將達到九，而明年將降至個位數。A220 的確存在一些可靠性方面的挑戰，我們正在與空中巴士加拿大公司合作解決，但這確實對我們造成了影響。從實質角度來看，明年的產能成長並沒有新交付量和AOG（飛機停場）收益那麼大。

Okay. Thanks so much. That's really helpful. And then, yes, I'm kind of curious how you're thinking about -- I know technology was a big part of how you -- the operational and reliability improvements. I'm just wondering how you're thinking about that on the distribution side and any levers to drive more direct channel sales. Thanks again for the time.

好的。非常感謝。這真的很有幫助。是的，我很好奇您是如何考慮——我知道技術是您改善營運和可靠性的重要因素。我只是想知道您在分銷方面是如何考慮這個問題的，以及有哪些方法可以推動更多直接管道的銷售。再次感謝您抽出時間。

Thanks, Tom. And first, I'll start by saying we have three-quarters direct booked right now. So we've got very restaurant penetration and direct channels, and we have -- we've taken a different strategy with OTAs than some of our competitors. We do not work with all the OTAs. We work with a very select number, and we've got very preferential distribution relationships with them. So I think the benefit of some of the technology solutions is not quite the same for us as it is for others.

謝謝你，湯姆。首先，我要說的是，我們目前已有四分之三的訂單是透過直接預訂獲得的。因此，我們在餐廳滲透率和直接管道方面做得非常好，而且——我們與一些競爭對手在OTA方面採取了不同的策略。我們並非與所有線上旅行社都有合作。我們只與少數精選的合作夥伴合作，並且與他們建立了非常優惠的分銷關係。所以我認為，某些技術解決方案對我們的好處與對其他人的好處並不完全相同。

That being the case, we are in the process of adding NDC as a technology for JetBlue, and we expect to -- I don't think we've given a date for it, but the team's working on that right now. And frankly, I think the thing that I'm most excited about is the potential it has for continuous pricing. It's very clear that airlines pricing '26 letters or '26 buckets and '26 booking codes is a technology of the '70s.

有鑑於此，我們正在將 NDC 作為一項技術添加到捷藍航空，我們預計——雖然我們還沒有給出具體日期，但團隊目前正在努力實現這一目標。坦白說，我最興奮的是它在連續定價方面的潛力。很明顯，航空公司使用「26個字母」或「26個艙位」以及「26個預訂代碼」來定價，這是上世紀70年代的技術。

And I think with what we have seen elsewhere in the world as far as the benefits of continuous pricing, I think it's a great opportunity for us and you really need NDC to make that happen. So nothing to report yet. But hopefully, when we have some more firm dates, we'll come back and talk about it a little bit. And frankly, having used continuous pricing in my previous place, I think it's going to be a great opportunity for our customers.

我認為，從我們在世界其他地方看到的連續定價的好處來看，這對我們來說是一個絕佳的機會，而要實現這一點，真的需要 NDC。目前還沒有什麼好報告的。但希望等我們有了更確切的日期後，我們會回來詳細討論。坦白說，我在之前的公司使用過連續定價，我認為這對我們的客戶來說將是一個絕佳的機會。

I think there's a stereotype that continuous pricing is a trick to have price increases. When I did this before, half the prices were price cuts, and half the prices were price increases. All you're really doing is trying to benefit the demand curve, and it will absolutely include lower prices as much as it could include higher prices. So we're very bullish on it. No dates to report yet, but it's very much on our radar.

我認為有一種刻板印象，認為連續定價是提高價格的伎倆。我之前做這件事的時候，一半的價格是降價，一半的價格是漲價。你實際上所做的只是試圖改善需求曲線，這絕對會包括降低價格，就像它可能會提高價格一樣。所以我們非常看好它。目前還沒有具體日期可以公佈，但我們已經非常關注此事。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Hey, thanks. Good morning. So we've got lower CapEx starting next year. Any other puts and takes to be thinking about with free cash flow? I guess if we're getting back to operating income breakeven, do you think we can get back to positive free cash flow in '27? Is that the right way to think about it?

嘿，謝謝。早安.所以從明年開始，我們的資本支出就會降低。利用自由現金流進行交易還有其他需要考慮的嗎？我想，如果我們能夠恢復到營業收入損益平衡點，你認為我們能在 2027 年恢復到正自由現金流嗎？這種思考方式正確嗎？

Yes, it is. As you recall, we did a $3 billion aircraft deferral last year. Really, we did that in order to give us the runway to deliver free cash flow. Priority number one is positive op margin. Priority number two is free cash flow. And I still believe that there is a path to achieve that at the culmination of this JetForward program in 2027.

是的。如您所知，我們去年推遲了價值 30 億美元的飛機採購計劃。實際上，我們這樣做是為了為我們爭取時間，以實現自由現金流。首要目標是實現正的營業利益率。第二要務是自由現金流。我仍然相信，在 2027 年 JetForward 計劃結束時，我們能夠實現這一目標。

We're making good progress. I'm pleased with the momentum across the initiatives. Once we hit free cash flow, priority number one is going to be improving the balance sheet and de-levering where we can because we still want to get our metrics, quite frankly, back down to pre-COVID-like levels. That is a priority of this leadership team. And so I feel good about the path that we're on.

我們進展順利。我對各項舉措的進展動能感到滿意。一旦我們實現自由現金流，首要任務就是改善資產負債表，盡可能降低槓桿率，因為坦白說，我們仍然希望將各項指標恢復到類似新冠疫情前的水平。這是領導團隊的首要任務。所以，我對我們目前所走的路感到滿意。

Okay. And then, Marty, maybe it's way too early to ask, but any -- just getting launched with Blue Sky, but what are you seeing so far, if anything? Anything different than you would have thought, just any kind of color?

好的。那麼，馬蒂，也許現在問這個問題還為時過早，但是——你剛加入藍天工作室，到目前為止你看到了什麼？跟你想的不一樣嗎？任何顏色都可以？

Hey, Scott, thanks for the question. First of all, I'd say it's pretty much acting the way we expect it to. We've seen redemptions go both directions as far as JetBlue customers redeeming on United, United customers redeeming on us. If you look at the Os and Ds where they're doing it, I'd say in general, it is more or less what we'd expected.

嘿，斯科特，謝謝你的提問。首先，我認為它的表現基本上符合我們的預期。我們看到兌換行為是雙向的，有捷藍航空的客戶用兌換券兌換美聯航的機票，也有美聯航的客戶用兌換券兌換我們的機票。如果你看看 Os 和 Ds 的做法，我會說總體而言，這或多或少符合我們的預期。

I will say our first redemption on United was Denver, Las Vegas, from Mosaic in Denver. So that was a bit of a surprise. But to me, that's actually a good thing. And I'm happy that that our customer in Denver, who's in Mosaic, is now getting utility of United. And to me, that is the fundamental goal for this, which is making sure that customers who align with TrueBlue have a full assortment of places where they can earn and burn.

我想說，我們第一次使用美聯航的兌換機票是從丹佛飛往拉斯維加斯，出發機場是丹佛的 Mosaic 酒店。這確實有點出乎我的意料。但對我來說，這其實是件好事。我很高興我們在丹佛的客戶，也就是 Mosaic 的客戶，現在可以享受到 United 的服務了。對我來說，這才是根本目標，那就是確保與 TrueBlue 合作的客戶擁有各式各樣的賺錢和消費場所。

So as much as nobody had Denver-Vegas on the bingo card, I think I was really happy that that's who it was. Because we have a customer who has raised his or her hand in Denver, has flown up to become Mosaic, who now is getting some great utility. So to me, it's a big win, and I actually love this, and this is exactly why we did this program.

儘管沒人預料到丹佛對陣拉斯維加斯，但我真的很高興最終是他們獲勝。因為我們有一位客戶在丹佛舉手報名，飛過來成為 Mosaic 會員，現在他/她正在享受一些非常棒的服務。所以對我來說，這是一場巨大的勝利，我真的很喜歡這樣，而這正是我們開展這個計畫的原因。

Thank you.

謝謝。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊銀行。

Hey, good morning, and thanks for taking the question. And I don't mean to be too critical here, Ursula. But when you said modest capital next year and then in relation to the way you answered Scott's question there, maybe breakeven free cash flow by '27, I don't know. I mean, is modest like maybe $1 billion, $1.5 billion ballpark, like the incremental capital you need to get there?

嗨，早上好，謝謝你回答這個問題。烏蘇拉，我並不是想對你過於苛刻。但你說明年資本投入適中，而且結合你回答斯科特問題的方式來看，也許到 2027 年才能實現收支平衡的自由現金流，我不知道。我的意思是，適度的投入，大概在 10 億美元到 15 億美元左右，就是實現目標所需的增量資金嗎？

No, the number is not going to be that large. I think I mentioned in one of the Q&A responses, we're not anywhere in the realm of the raise that we did in 2024 in terms of quantum. I think what I highlighted in my prepared remarks is we do have 10-plus deliveries next year, and then we do have a convertible debt pay down of $325 million. So modest is much lower than what you foreshadowed.

不，這個數字不會那麼大。我想我在先前的問答回覆中提到過，就規模而言，我們目前的加薪幅度還遠不及 2024 年的水準。我認為我在準備好的演講稿中重點強調的是，我們明年將交付 10 多輛汽車，然後我們將償還 3.25 億美元的可轉換債券。所以，這所謂的「謙虛」遠低於你之前預想的程度。

I will call out, clearly, we've seen fuel spikes in the last five days. It's just something to be aware of. We are watching that closely, as well as the more general macro demand environment. But I still believe that we have a path and we're trying to be very thoughtful about when and how we raise any level of debt just given where the balance sheet is today.

我要明確指出，在過去五天裡，我們看到了燃料價格飆升。只是需要注意一下。我們正在密切關注這一點，以及更廣泛的宏觀需求環境。但我仍然相信我們有發展道路，而且鑑於我們目前的資產負債表狀況，我們正在非常謹慎地考慮何時以及如何增加任何規模的債務。

Okay, I appreciate that clarity. And then on the outlook for growth next year, I get it. You're getting AOGs back in the air. But is the cost structure already in place, meaning you've just been inefficient for the past 18 months and you're putting that back to good use? Or do you need to incrementally scale up crews and other infrastructure? Thank you.

好的，我感謝您的解釋。至於明年的成長前景，我明白了。你們正在讓AOG飛機重新上空。但成本結構是否已經到位，也就是說，過去 18 個月你只是效率低下，現在你正在重新有效地利用這些資源？或者，您需要逐步擴大人員配備和其他基礎設施規模？謝謝。

No, I would say that the capacity growth next year is going to be efficient for us. We've done a great job managing the cost structure as we've navigated this year, but we're not going to find ourselves in a position where we need to hire excessively to support next year's growth trajectory. So I think this is -- from a unit cost perspective, the growth next year is definitely a tailwind for us.

不，我認為明年的產能成長對我們來說將是高效的。今年以來，我們在成本結構管理方面做得非常出色，但我們不會讓自己陷入需要過度招募來支持明年成長的情況。所以我認為，從單位成本的角度來看，明年的成長對我們來說絕對是一個好因素。

And I'll just add maybe, I mean, our crew members have been great over the last year, taking voluntary programs, agreeing to reduced hours. So we've really done a good job trying to reduce the cost we've had because of the grounded fleet as much as possible. And when we think about growth in general, it's really about making sure we grow responsibly. We will continue to manage the peaks and the troughs.

我還要補充一點，我的意思是，在過去一年裡，我們的船員表現得非常棒，他們自願參加各種項目，並同意減少工作時間。因此，我們已經盡力降低因機隊停飛而產生的成本，而且做得非常好。當我們思考成長這個話題時，其實就是要確保我們以負責任的方式成長。我們將繼續應對經濟高峰和低谷。

As Ursula has mentioned, it's focused on capital preservation and capital-like growth. We're managing for returns and then obviously ensuring our unit costs remain in check. And so at the end of the day, I think we've navigated a very challenging period with these aircraft on the ground, and I think we've navigated it as well as 110. And our crew members have been a hugely important part of that. And we're looking forward to growing next year because that's ultimately going to get us back on the right path to sustained profitability.

正如烏蘇拉所提到的，它專注於資本保值和類似資本的成長。我們正在努力提高回報率，同時確保單位成本保持在可控範圍內。所以歸根結底，我認為我們已經度過了飛機停飛的非常具有挑戰性的時期，而且我認為我們處理得和 110 一樣好。而我們的船員在其中發揮了極為重要的作用。我們期待明年能夠發展壯大，因為這最終將使我們重回持續獲利的正確軌道。

Thank you both.

謝謝你們兩位。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

Great morning, everyone. Marty, you said that troughs continue to be challenging. Obviously, that's very understandable, given the macro. But do you feel like that's cyclical or structural? And if it is more structural, how are you thinking about 2026 capacity planning, especially in 1Q, which tends to have more trough periods? And do you think you need to be more aggressive on taking on capacity there?

大家早安。馬蒂，你說過低谷時期依然充滿挑戰。顯然，考慮到宏觀經濟形勢，這是完全可以理解的。但你覺得這是週期性的還是結構性的？如果是結構性問題，您如何看待 2026 年的產能規劃，尤其是在第一季度，因為第一季往往是低潮？你認為你需要更積極地增加那裡的產能嗎？

Hey, Ravi, good question. I mean, here's what I would say. Troughs are always challenging as a leisure-focused airline. This is not new. I would say that -- and we looked at previous economic slowdowns or much of what you want to call a 2025 situation. But previous times where revenues have gone down, this is a very, very common change and nothing that we were unprepared for when the time came. I think that we'll sort of be able to finally call this change in demand done when we see troughs get back to a little bit more normal level, but they will always be a challenge for us. And that's just the status of being a lead airline in general.

嘿，拉維，問得好。我的意思是，我會這麼說。對於以休閒旅遊為主的航空公司來說，客流低谷期總是充滿挑戰。這並非新鮮事。我想說的是──我們研究了以往的經濟衰退，或者說，研究了你所說的 2025 年的情況。但以往收入下降的時候，這是非常非常常見的變化，時機到來時，我們並沒有毫無準備。我認為，當需求低谷恢復到更正常的水平時，我們才能最終宣布這種需求變化結束，但這始終是我們面臨的挑戰。這就是一家領先航空公司所享有的普遍地位。

Understood. That helps with color. And maybe a quick follow up. Can you just expand on your corporate comments? I think you said that yield goes pretty strong. What are you seeing in the East Coast in particular? I think there's some optimism about a pickup in activity, clearly, in that.

明白了。這有助於色彩表現。或許還需要一個簡短的後續。能否詳細說明一下您對公司的看法？我想你說過收益率會非常強勁。您具體在東海岸看到了什麼？顯然，這其中蘊含著對經濟活動回暖的樂觀情緒。

So to be clear, Delta's corporate business is a very small part of our business. I think very much given our network. And year over year, Joanna talked about the changes we made to the network in 2024 and very early 2025. That really pretty significantly reduced our presence in corporate markets. I mean, there's a point in time we had 50-something flights at LaGuardia. We're now in the teens.

所以說清楚點，達美航空的企業業務在我們公司業務中所佔比例非常小。我認為鑑於我們的網絡，這很有可能。每年，喬安娜都會談到我們在 2024 年和 2025 年初對網路所做的改變。這確實大幅降低了我們在企業市場的佔有率。我的意思是，曾經有一段時間，拉瓜迪亞機場每天有五十多個航班。我們現在已經進入十幾歲了。

So a lot of our corporate supply has actually gone away. And frankly, I've been very, very happy with what we've seen on yields. I mean, we've got yields up double digits in our adult corporate markets. I think it's very clear to say, just to scale this, our total sales team, I can count on two hands. We don't have the incredible breadth of corporate contracts.

所以，我們很多企業供應商其實都消失了。坦白說，我對目前的產量狀況非常非常滿意。我的意思是，我們成人企業市場的收益率已經實現了兩位數的成長。我覺得可以很肯定地說，就規模而言，我們整個銷售團隊，兩隻手就能數完。我們沒有那麼多的企業合約。

And it's basically -- it's really based on our network. In New York, LaGuardia is the preferred airport. We have some good corporate customers in Boston and Fort Lauderdale. I'd say by far our biggest attractiveness for corporate has been Mint and our pricing. And I think, overall, it will all be a part of our network. But leisure will still be the bread and butter for us.

基本上，它完全是基於我們的網路。在紐約，拉瓜迪亞機場是首選機場。我們在波士頓和勞德代爾堡有一些不錯的企業客戶。我認為，迄今為止，我們對企業客戶最大的吸引力在於 Mint 和我們的定價。而且我認為，總的來說，這一切都將成為我們網路的一部分。但休閒娛樂仍然是我們生活中的重要部分。

Understood. Thank you.

明白了。謝謝。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

Everyone, thanks for squeezing me in. Just two, if I may. Just on the RASM outlook for 4Q, can you maybe parse out what you're seeing on the US domestic side versus Latin and Transatlantic? And then I'll just squeeze my second question in. On maintenance, next year, it seems your maintenance is up 30-something percent this year. The E190s are gone. I think that there's a huge tailwind into 2026. Just trying to understand how that all flows through. Thank you.

各位，謝謝你們擠出時間讓我參加。如果可以的話，就兩個吧。僅就第四季度 RASM 的展望而言，您能否具體分析一下您看到的美國國內市場與拉丁美洲和跨大西洋市場的情況？然後我再擠出時間問第二個問題。關於維護方面，明年的維護費用似乎比今年上漲了30%以上。E190已經停產了。我認為到 2026 年將會迎來巨大的利多因素。我只是想弄清楚這一切是如何運作的。謝謝。

Hi, Conor. I'll take the first half on the RASM. In general, what we're seeing in RASM is, from a regional perspective, is pretty consistent with what we're seeing overall, which is better numbers in international and domestic. So I don't think there's anything -- there's sort of no dramatic news there as far as any significant change in trend.

你好，康納。我選RASM的前半部分。總的來說，從區域角度來看，我們在 RASM 中看到的情況與我們整體上看到的情況非常一致，即國際和國內的數字都有所改善。所以我覺得沒什麼——就趨勢而言，沒有什麼戲劇性的消息，也沒有什麼重大變化。

And frankly, I think that what we're seeing as far as changes in capacity from the ULCCs will ultimately help that. It's very clear that capacity has come out overall. That should put less pressure in the back of the airplane, but I think it's a little bit early to call that trend right now. And I'll let the maintenance comment go to her.

坦白說，我認為我們從超低成本電力公司（ULCC）的產能變化中看到的，最終將對此有所幫助。很明顯，整體產能已經提升。這樣應該可以減輕飛機後部的壓力，但我認為現在就斷言這種趨勢還為時過早。至於維護方面的意見，我就交給她來處理了。

Yes, just on maintenance, Conor, I would say when you look across all the P&L cost line items, maintenance is still going to be a headwind next year. I mean, about half of our fleet is the A320, and that fleet is aging. It's not on a flight hour agreement. It's on a time and material agreement. So it is still going to be a headwind. Obviously, that's going to be offset by all of the JetForward cost initiatives. Think technology, think productivity. Maintenance will be the one headwind.

是的，就維護而言，康納，我想說，當你縱觀所有損益表成本項目時，維護明年仍將是一個不利因素。我的意思是，我們機隊中大約一半是A320，而這支機隊正在老化。它沒有簽訂飛行小時協議。這是按工時和材料計費的合約。所以這仍然會是一場逆風。顯然，JetForward 的所有成本控制措施將抵消這一影響。想到科技，就想到生產力。維護保養將是唯一的不利因素。

But as I mentioned in my prepared remarks, we are targeting a low single-digit CASM ex-fuel next year, so I'm pleased with the overarching trajectory and the team's ability as we navigated through this year to execute to the cost performance. We improved the midpoint of our full-year guide, and that's really attributable to the teams. And that's despite 1-point polling capacity. So super pleased with the execution, and that's going to continue as we navigate through 2026.

但正如我在準備好的發言稿中提到的，我們明年的目標是實現個位數的單位可用座位公里成本（不含燃料），所以我對整體發展軌跡以及團隊在今年實現成本績效目標的能力感到滿意。我們提高了全年業績指引的中點，這真的要歸功於團隊的努力。即使民調能力只有 1 分，情況依然如此。我對執行情況非常滿意，這種狀態將持續到 2026 年。

Great, thank you.

太好了，謝謝。

And ladies and gentlemen, that will conclude today's conference, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束，感謝各位的參與。您現在可以斷開連線了。