Yes, they do.
If you have an old Virgin cell phone, you can send it in to them and they will refurbish it and sell it at a reduced price to those in need of a mobile phone. They donate their profits from this program to The RE*Generation movement, a program dedicated to help fight homelessness.
In 2006 Virgin Air committed to invest 100% of their profit to find lower emitting energy sources for the next 10 years (effectively until 2016). These would amount up to $3 billion. By 2010 it is estimated they spent $1 billion researching these technologies.
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