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UP

Wheels Up Experience Inc.

UP

Wheels Up Experience Inc. • NYSE
$0.77 ▼ -2.03% (-0.02)
Market Cap $536.67 M
52w High $3.50
52w Low $0.64
Dividend Yield 0%
P/E -1.5
Volume 1.46M
Outstanding Shares 700.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $185.486M ▼ $73.945M ▼ $-83.73M ▼ -45.141% ▼ $-0.12 $-33.962M ▲
Q2-2025 $189.637M ▲ $75.282M ▼ $-82.299M ▲ -43.398% ▲ $-0.12 ▲ $-45.766M ▲
Q1-2025 $177.53M ▼ $79.662M ▲ $-99.313M ▼ -55.942% ▼ $-0.14 ▼ $-59.145M ▼
Q4-2024 $204.815M ▲ $70.56M ▲ $-87.538M ▼ -42.74% ▼ $-0.13 ▼ $-55.881M ▼
Q3-2024 $193.903M $68.975M $-57.731M -29.773% $-0.083 $-28.801M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $125.327M ▲ $973.003M ▼ $1.348B ▼ $-374.545M ▼
Q2-2025 $107M ▼ $1.006B ▼ $1.353B ▼ $-347.751M ▼
Q1-2025 $171.845M ▼ $1.091B ▼ $1.371B ▲ $-279.883M ▼
Q4-2024 $216.426M ▲ $1.158B ▲ $1.354B ▲ $-196.228M ▼
Q3-2024 $115.909M $1.043B $1.157B $-114.179M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-83.73M ▼ $-37.122M ▲ $23.47M ▲ $28.936M ▲ $14.536M ▲ $-63.648M ▲
Q2-2025 $-82.299M ▲ $-62.88M ▼ $3.801M ▼ $-8.874M ▼ $-65.821M ▼ $-78.641M ▼
Q1-2025 $-99.313M ▼ $-47.924M ▼ $16.113M ▲ $-8.686M ▼ $-39.405M ▼ $-69.766M ▲
Q4-2024 $-87.538M ▼ $37.926M ▲ $-72.739M ▼ $131.623M ▲ $97.634M ▲ $-73.833M ▼
Q3-2024 $-57.731M $-15.031M $1.965M $-11.565M $-24.73M $-23.741M

Revenue by Products

Product Q1-2023Q2-2023Q3-2023Q3-2025
Transferred at Point in Time
Transferred at Point in Time
 $0 ▲$0 ▲$0 ▲$160.00M ▲
Transferred over Time
Transferred over Time
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Service Other
Service Other
 $10.00M ▲$20.00M ▲$10.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Wheels Up has grown quickly but is still struggling to turn that growth into sustainable profits. Sales ramped up after going public, then slipped back from their peak, suggesting some demand or pricing pressure. Profitability is the main challenge: the company has been losing money at every level—operating income, EBITDA, and net income—for several years. The size of the losses widened as the business scaled, and only recently shows early signs of easing, but results remain deeply in the red. Overall, the income statement tells a story of an asset‑heavy, service‑intensive model that has not yet found a consistently profitable footing.

Balance Sheet

Balance Sheet The balance sheet shows a business that has burned through a meaningful portion of its financial cushion. Total assets have drifted down from earlier highs, and the cash balance is much thinner than it was a few years ago. Debt has risen from prior low levels, adding financial obligations at a time when profits are negative. Most notably, shareholder equity has flipped from positive to negative, reflecting cumulative losses and write‑downs. This combination—more leverage, less equity, and a thinner cash buffer—points to a weaker financial foundation and reduced flexibility if conditions worsen.

Cash Flow

Cash Flow Cash flow highlights the core issue: the business is not yet self‑funding. Operating cash flow was positive in the early period after the SPAC merger, but it has been negative for the last few years, with a particularly heavy cash drain in the middle of this stretch. Free cash flow has been consistently negative more recently, even though capital spending itself is not especially large. In plain terms, the company has been relying on outside financing and balance sheet resources to support operations, which increases pressure to improve unit economics and cost structure.

Competitive Edge

Competitive Edge Wheels Up operates in a niche but competitive corner of aviation—private and on‑demand flying—where service quality, reliability, and brand matter a lot. Its membership model, strong lifestyle branding, and especially its deep partnership with Delta give it some clear advantages in customer access and perception. The ability to blend private and commercial travel, plus a large network of operator partners, helps differentiate its offering. However, this is still a fragmented, capital‑intensive market with many alternatives, and the company’s lack of consistent profitability weakens its bargaining power with suppliers and financiers. Its competitive position is promising but not yet firmly secured.

Innovation and R&D

Innovation and R&D The company leans heavily on technology and product innovation to stand out. Its proprietary booking and fleet‑management platform, along with use of data science and AI, aims to match planes, routes, and prices more efficiently, which could improve margins over time. The integration of high‑speed in‑flight connectivity, the acquisition of flight‑management software capabilities, and a shift toward a more modern, standardized jet fleet all point toward a more scalable and efficient operation. The strategy also tilts more toward corporate and higher‑value customers. The key risk is execution: these upgrades require significant capital and time, and the payoff depends on achieving enough volume and operational discipline to offset the complexity and financing costs.

Summary

Overall, Wheels Up is in the middle of a high‑stakes transition. On the positive side, it has a recognizable brand, a powerful airline partner, a tech‑enabled platform, and a clear plan to modernize its fleet and sharpen its focus on higher‑value customers. On the negative side, the company has yet to prove it can operate profitably, its balance sheet has weakened, and it continues to consume cash. Future results will hinge on whether management can deliver cost efficiencies, better aircraft utilization, and steadier demand without overextending the company financially. For now, the story is less about growth at any cost and more about whether the model can mature into a sustainable, financially resilient business.

NEWS

November 5, 2025 · 6:55 AM UTC

Wheels Up Announces Third Quarter Results

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October 23, 2025 · 8:00 AM UTC

Wheels Up Announces Date of Third Quarter 2025 Earnings Release

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October 22, 2025 · 9:01 AM UTC

Wheels Up Elevates In-Flight Dining with AtYourJet

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September 22, 2025 · 7:30 AM UTC

Wheels Up Lead Investors Extend Lock-Up, Underscoring Confidence in Transformation Strategy

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September 3, 2025 · 9:00 AM UTC

Wheels Up Launches New Membership Portfolio

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