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JetBlue Airways · FY2025 and H1 2026

JetBlue TrueBlue by the numbers

TrueBlue is small next to the big three US programs but significant for JetBlue: recognised loyalty revenue was US$665 million in the first half of 2026, about 13.5% of the airline's US$4.9 billion of revenue and 10% more than a year earlier, and JetBlue said loyalty revenue grew 13% in the second quarter alone. The airline lost US$602 million in 2025 on US$9.1 billion of revenue, so the program's cash matters more than its size suggests.

Written and reviewed by the Points Plug team. Last reviewed .

What JetBlue Airways reports

Loyalty revenue
US$665 million (H1 2026)
First half of 2026: US$377m of "loyalty revenue - air transportation" inside passenger revenue plus US$288m of "loyalty and related revenue" inside other revenue, of US$4,937m total (H1 2025: US$357m plus US$249m). The full-year 2025 split is in the 10-K notes, which could not be read for this page.
Cash from card and other partners
+21% year on year
Loyalty cash remuneration grew 21% in the second quarter of 2026, per the results release; no dollar amount is given in the releases or 10-Qs read. Co-brand spend grew at double digits in the fourth quarter of 2025.
Deferred revenue for unredeemed miles
US$1.23 billion
TrueBlue loyalty liability (air transportation) at 31 December 2025, up from US$1,125m a year earlier; US$1,283m at 30 June 2026 (Q2 2026 10-Q rollforward).
Members
Not disclosed
The 10-K business section and the 2026 10-Qs read for this page give no TrueBlue member count.

Card partners and deals

  • Barclays issues the US co-brand cards on the Mastercard network: the no-fee JetBlue Card, JetBlue Plus and JetBlue Business at US$99 and JetBlue Premier at US$499, launched in January 2025 with lounge access.
  • In the Caribbean the cards are issued by Banco Popular de Puerto Rico, Banco Popular Dominicano and CIBC Caribbean.
  • Premium card sign-ups beat their first-year targets in 2025, new co-brand accounts grew more than 30% in the fourth quarter of 2025, and new premium card acquisitions rose nearly 40% in the second quarter of 2026.
  • The 10-K lists other loyalty partners among financial institutions, hotels, car rental companies and airlines, United foremost since Blue Sky.

Financing: In August 2024 JetBlue and a new subsidiary, JetBlue Loyalty, LP, set out to borrow US$2.75 billion (US$1.5 billion of notes due 2031 and a US$1.25 billion term loan due 2029) secured by a first-priority lien on the core assets of TrueBlue. At 31 December 2025 the TrueBlue senior secured notes stood at US$1,990m and the term loan at US$744m; at 30 June 2026, US$1,991m and US$742m.

How the miles are accounted for

  • Loyalty revenue sits in two lines: "loyalty revenue - air transportation" inside passenger revenue and "loyalty and related revenue" inside other revenue.
  • The liability adds points earned and sold and releases points redeemed: US$1,227m at 31 December 2025, plus US$463m earned and sold, less US$380m redeemed for passenger travel and US$27m for other awards, gave US$1,283m at 30 June 2026 (first half of 2025: US$1,125m to US$1,131m).
  • The 10-K says TrueBlue points never expire; its accounting notes on breakage and on how the Barclays payments are allocated were beyond the part of the filing that could be read for this page.

What it means

The card is the engine. Barclays issues the JetBlue cards, and the premium Premier card launched in January 2025 beat its first-year sign-up targets; in the second quarter of 2026 new premium card acquisitions rose nearly 40% and loyalty cash remuneration 21%, and JetBlue set a program record for co-brand spend in December 2025.

The liability is growing. The TrueBlue balance owed to members rose 9% in 2025 to US$1.23 billion and reached US$1.28 billion at 30 June 2026, as points earned and sold (US$463 million in the first half, up about 22%) outpaced redemptions (US$407 million).

The program also carries debt: the TrueBlue notes and term loan from August 2024 still totalled about US$2.73 billion at 30 June 2026, secured on the program's core assets. Blue Sky is JetBlue's way of making the points more useful; it says reciprocal accrual and redemption with United, live since October 2025, were launched "to increase the value of TrueBlue points".

What it means for your JetBlue TrueBlue balance

A program that earns more from selling miles to banks than from flights has an incentive to keep issuing them, and the deferred revenue line is the airline's own estimate of what an average outstanding mile will cost it to honour. Compare that with published valuations and with what Points Plug pays to see where your balance stands.

JetBlue TrueBlue finances: FAQ

How much does JetBlue earn from TrueBlue?
US$665 million of recognised loyalty revenue in the first half of 2026, about 13.5% of total revenue and 10% more than a year earlier. JetBlue said loyalty revenue grew 13% in the second quarter of 2026.
How big is JetBlue's TrueBlue liability?
US$1,227 million at 31 December 2025, up from US$1,125 million a year earlier, and US$1,283 million at 30 June 2026.
Who issues JetBlue credit cards?
Barclays in the US, on the Mastercard network: the JetBlue Card, JetBlue Plus, JetBlue Premier and JetBlue Business. In the Caribbean the cards are issued by Banco Popular de Puerto Rico, Banco Popular Dominicano and CIBC Caribbean.

Sources

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