JetBlue’s big fourth quarter was kind of a big deal. Low oil prices essentially mean that every airline is making money right now, but JetBlue’s 21% operating margin is about more than just oil prices. The airline is changing, and the results are visible in the earnings. American Airlines set a record for annual profits in 2015—a triumph no doubt, even if the airline’s revenue picture is as ugly as a motel painting. United may have Asia’s slowdown to contend with, but American has Brazil where “crisis” is way too weak of a word. And lastly, in Japan, All Nippon (ANA) and Japan Airlines (JAL) have a bit of a rivalry of their own, with JAL posting exemplary fourth quarter earnings but ANA making great competitive strides.