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Financials · UP

Wheels Up Experience Inc. (UP) financials

For the twelve months ended Sep 30, 2026, Wheels Up Experience Inc. reported $699.55M of revenue and -$308.52M of net income.

Revenue, TTM
$699.55M
Revenue growth, YoY
-7.6%
Net income, TTM
-$308.52M
Net margin
-44.1%
Free cash flow, TTM
-$435.79M
EPS, diluted, TTM
-$8.57
Cash
$51.81M
Total debt
$707.72M
P/S
0.13
Market cap
$89.5M
Annual revenue$736.50M
FY2019FY2025
Annual net income-$294.22M
FY2019FY2025
Annual free cash flow-$259.92M
FY2019FY2025

UP revenue and earnings growth

UP revenueQ3 2026$164.79M

Quarter YoY
-11.2%
QoQ
-9.5%
FY YoY
-7.0%
5Y CAGR
+1.2%

UP revenue was $164.79M in fiscal Q3 2026 (ended Sep 30, 2026), down 11.2% from a year earlier and down 9.5% from the prior quarter. For the full fiscal 2025 it was $736.50M, down 7.0% from fiscal 2024. Compound annual growth was +1.2% over 5 years. It rose in 3 of the last 6 fiscal years.

UP net incomeQ3 2026-$89.44M

UP net income was -$89.44M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$83.73M a year earlier. For the full fiscal 2025 it was -$294.22M, compared with -$339.63M in fiscal 2024.

UP EPSQ3 2026-$2.48

UP diluted EPS was -$2.48 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$2.38 a year earlier. For the full fiscal 2025 it was -$8.40, compared with -$9.80 in fiscal 2024.

UP free cash flowQ3 2026-$71.05M

UP free cash flow was -$71.05M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$60.40M a year earlier. For the full fiscal 2025 it was -$259.92M, compared with -$200.70M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Revenue$736.50M$792.10M$1.25B$1.58B$1.19B$694.98M$384.91M
Cost of revenue$662.75M$733.08M$1.23B$1.54B$1.12B$634.77M$340.67M
Gross profit$73.74M$59.03M$20.81M$39.44M$76.63M$60.21M$44.24M
Research and development$38.76M$40.69M$61.87M$57.24M$33.58M$21.01M$13.96M
Selling, general and admin$145.30M$137.59M$145.87M$183.53M$113.33M$64.89M$28.43M
Operating income-$203.41M-$258.79M-$443.56M-$560.01M-$203.28M-$62.97M-$78.13M
Interest expense$90.47M$65.35M$41.26M$7.51M$9.52M$22.99M$29.36M
Pre-tax income-$290.71M-$338.41M-$486.00M-$555.38M-$197.17M-$85.41M-$106.87M
Income tax$3.50M$1.23M$1.38M$170.0K$58.0K$0$0
Net income-$294.22M-$339.63M-$487.39M-$555.16M-$190.02M-$78.64M-$96.27M
EPS, basic-$8.40-$9.80-$73.80-$452.00-$185.60-$96.00-$186.00
EPS, diluted-$8.40-$9.80-$73.80-$452.00-$185.60-$96.00-$186.00
Diluted shares35.3M34.9M6.6M1.2M1.0M812,526.155519,016.915

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Cash and equivalents$133.93M$246.47M$292.82M$620.15M$786.72M$324.88M$96.44M
Receivables$24.25M$32.32M$38.20M$112.40M$79.40M$50.40M-
Inventory$11.59M$12.18M$20.40M$29.00M$9.41M$5.32M-
Current assets$249.36M$332.07M$434.03M$819.62M$933.07M$395.52M-
Goodwill$209.90M$217.04M$218.21M$348.12M$437.40M$400.16M$3.73M
Total assets$968.81M$1.16B$1.32B$1.92B$1.98B$1.36B-
Current liabilities$907.56M$917.28M$907.50M$1.34B$1.14B$839.91M-
Short-term debt$19.04M$31.75M$24.00M$27.01M$0$62.68M-
Long-term debt$316.36M$376.31M$235.07M$226.23M$0$148.41M-
Total debt$335.40M$408.06M$259.07M$253.24M$0$211.09M-
Total liabilities$1.36B$1.35B$1.22B$1.67B$1.24B$1.07B-
Shareholders' equity-$392.10M-$202.11M$97.40M$251.92M$736.23M$293.83M-$56.25M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Operating cash flow-$166.29M-$77.89M-$665.28M-$230.69M$126.49M$209.64M-$24.88M
Capital expenditures$93.63M$122.81M$20.17M$83.56M$15.23M$7.11M$4.15M
Free cash flow-$259.92M-$200.70M-$685.45M-$314.25M$111.26M$202.53M-$29.02M
Investing cash flow$180.37M-$46.68M$40.87M-$175.24M-$38.67M$81.58M-$41.32M
Financing cash flow-$98.51M$78.66M$300.95M$244.79M$374.03M-$62.79M$87.38M
Share repurchases$1.63M$485.0K$28.0K$7.69M$0$0-
Stock-based compensation$45.43M$45.98M$25.63M$88.98M$49.67M$3.34M$1.88M
Depreciation and amortization$61.17M$56.55M$58.53M$65.94M$34.30M$40.80M$38.40M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Revenue growth, YoY-7.0%-36.8%-20.7%32.3%71.8%80.6%-
Gross margin10.0%7.5%1.7%2.5%6.4%8.7%11.5%
Operating margin-27.6%-32.7%-35.4%-35.4%-17.0%-9.1%-20.3%
Net margin-39.9%-42.9%-38.9%-35.1%-15.9%-11.3%-25.0%
Free cash flow margin-35.3%-25.3%-54.7%-19.9%9.3%29.1%-7.5%
Return on equity---500.4%-220.4%-25.8%-26.8%-
Return on assets-30.4%-29.3%-37.0%-28.9%-9.6%-5.8%-
Current ratio0.270.360.480.610.820.47-
Debt to equity--2.661.010.000.72-

Source: XBRL data Wheels Up Experience Inc. files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 1-for-10, first reported Aug 14, 2023; 1-for-20, first reported May 11, 2026.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

UP peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
UP$699.55M-7.6%-$308.52M-44.1%$89.5M
BKNG$28.13B+8.0%$7.18B25.5%$118.44B
EXPE$16.23B+12.9%$2.11B13.0%$30.09B
XPO$8.84B+9.5%$503.00M5.7%$21.93B
GATX$2.21B+29.7%$391.10M17.7%$6.53B
GXO$13.84B+7.1%$136.00M1.0%$6.25B
HAFN$2.28B-20.5%$339.68M14.9%$4.87B
MMYT$1.04B+6.7%$51.80M5.0%$4.85B
RXO$6.54B+10.1%-$88.00M-1.3%$4.61B

UP FAQ

9 questions
  • What is UP revenue?
    Wheels Up Experience Inc. (UP) reported $699.55M of revenue for the twelve months ended Sep 30, 2026. That is down 7.6% from the year before. Revenue for fiscal 2025 was $736.50M.
  • Is UP profitable?
    No. Wheels Up Experience Inc. reported a net loss of $308.52M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does UP have?
    Wheels Up Experience Inc. reported $51.81M in cash and cash equivalents and $707.72M of debt on its most recent balance sheet in SEC filings.
  • How fast is UP revenue growing?
    Wheels Up Experience Inc.'s revenue changed -7.0% in fiscal 2025, to $736.50M. Its compound annual growth rate was +1.2% over 5 years.
  • What is UP gross margin?
    Wheels Up Experience Inc.'s gross profit was $85.59M on $699.55M of revenue for the twelve months ended Sep 30, 2026, a gross margin of 12.2%.
  • What is UP free cash flow?
    Wheels Up Experience Inc. generated -$435.79M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$226.71M less capital expenditures.
  • What is UP earnings per share?
    Diluted earnings per share were -$8.57 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did UP last report financial results?
    The latest statements here come from Wheels Up Experience Inc.'s 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
  • Where does this UP financial data come from?
    Quantisnow builds these statements from the structured XBRL data Wheels Up Experience Inc. files with the SEC. It is provided for information only and is not investment advice.