jetBlue Results Presentation Deck

Adjusted Debt to Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("EBITDAR") Ratio Adjusted debt to earnings before interest, taxes, depreciation, amortization and rent ratio, or EBITDAR, is a non-GAAP financial metric which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. EBITDAR is calculated by adjusting GAAP operating income (trailing twelve months) for depreciation and amortization, special items, and current aircraft operating lease liabilities. jetBlue 2020 NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO EBITDAR RATIO (in millions) (unaudited) Long-term debt and finance leases Current maturities of long-term debt and finance leases Short-term borrowings Operating lease liabilities - aircraft Adjusted debt Operating income Depreciation and amortization Special items (1) Current operating lease liabilities - aircraft EBITDAR (1) Adjusted debt to EBITDAR ratio (¹) Trailing Twelve Months March 31, 2020 $ 1,908 326 983 174 3,391 390 540 205 47 1,182 2.9x Trailing Twelve Months December 31, 2019 1,990 344 $ 183 2,517 800 525 14 48 1,387 1.8x (1) For the first quarter of 2020, special items include the impairment charge of our Embraer E190 fleet resulting from the decline in demand caused by the coronavirus ("COVID-19") pandemic. Special items for the first quarter of 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. 21

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