Investments

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments in Debt Securities

Investments in debt securities consist of available-for-sale and held-to-maturity investment securities. The carrying amount is recorded within investment securities in the current assets section of our consolidated balance sheets if the remaining maturity is less than 12 months. Maturities greater than 12 months are recorded within investment securities in the other assets section of our consolidated balance sheets.

The aggregate carrying values of our short-term and long-term debt investment securities consisted of the following at June 30, 2026 and December 31, 2025 (in millions):


	June 30, 2026		December 31, 2025
Available-for-sale investment securities

Commercial paper	$	66	$	60
Debt securities	6		7
Total available-for-sale investment securities	72		67
Held-to-maturity investment securities
Corporate bonds	440		464
Total held-to-maturity investment securities	440		464
Total investment in debt securities	$	512	$	531

We use the specific identification method to determine the cost of our available-for-sale securities. Refer to Note 8 for an explanation of the fair value hierarchy structure.

We recorded a gain of $1 million on our available-for-sale securities in gain on investments, net on our consolidated statements of operations during the three and six months ended June 30, 2026. During the three and six months ended June 30, 2025, we recorded a gain of $5 million on our available-for-sale securities in gain on investments, net on our consolidated statements of operations. We did not record any material gains or losses on our held-to-maturity investment securities during the three and six months ended June 30, 2026 and 2025.

Equity Investments

The aggregate carrying values of our equity investments are recorded in other assets on the consolidated balance sheets and consist of the following at June 30, 2026 and December 31, 2025 (in millions):


	June 30, 2026		December 31, 2025

Equity method investments (1)	$	114	$	109
JetBlue Ventures equity investments (2)	88		89
TWA Flight Center (3)	13		13
Total equity investments	$	215	$	211

(1) We have the ability to exercise significant influence over these investments and therefore they are accounted for using the equity method in accordance with Topic 323, Investments - Equity Method and Joint Ventures of the FASB Codification. Our share of our equity method investees' financial results is included in other income on our consolidated statements of operations.

(2) Our wholly owned subsidiary JetBlue Technology Ventures, LLC ("JBV") has equity investments in emerging companies which do not have readily determinable fair values. In accordance with Topic 321, Investments - Equity Securities of the FASB Codification, we account for these investments using a measurement alternative which allows entities to measure these investments at cost, less any impairment, adjusted for changes from observable price changes in orderly transactions for identifiable or similar investments of the same issuer. Refer to the table below for investment gain (loss) activity during the three and six months ended June 30, 2026 and 2025.

(3) We have an approximately 9% ownership interest in the TWA Flight Center Hotel at JFK, which is accounted for under the measurement alternative described above. We did not record any material gains or losses on our TWA Flight Center Hotel during the three and six months ended June 30, 2026 and 2025.

The realized and unrealized gain (loss) on equity investments for the three and six months ended June 30, 2026 and 2025 are as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
JBV Equity Investments
Realized gain (loss) recognized in gain on investments, net	$	1	$	(3)	$	1	$	(3)
Unrealized gain (loss) recognized in gain on investments, net	(1)		1		3		2

JETBLUE AIRWAYS CORP 10-Q