JETBLUE EXPECTS 1-2 POINTS OF Q4 YOY OPERATING MARGIN EXPANSION AND A MEANINGFUL STEP-DOWN IN Q4 UNIT-COST GROWTH EXCLUDING FUEL, DESPITE FUEL PRICES FORECAST TO BE 85% HIGHER, SEEING Q4 REVENUE GROWTH OF 18-22% AND A Q4 FUEL PRICE OF $4.64/GALLON

JetBlue expects 1-2 points of year-over-year operating margin expansion in the fourth quarter, alongside a meaningful slowdown in unit-cost growth excluding fuel, even as fuel prices are forecast to be 85% higher. The company also projects fourth-quarter revenue growth of 18-22%, a headline that signals demand and pricing power strong enough to absorb a sharp input-cost shock. The transmission mechanism runs through airline operating economics: fuel is typically a leading cost line for carriers, so a large fuel increase compresses margins unless offset by fare increases, capacity discipline, or cost control elsewhere, and the guidance implies the latter two are doing the heavy lifting. Within broader markets, the read-through is most relevant for airline equities, jet fuel and crude futures exposure, and consumer discretionary names sensitive to travel spending, with the key question being whether revenue strength is broad-based or concentrated in a few high-yield segments. The next catalyst to watch is the U.S. Energy Information Administration's weekly jet fuel and distillate inventory data, along with peer guidance from Delta, United, and American, which

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