UP · Wheels Up Experience Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $168.92M | - | $185.49M | $189.64M | $177.53M | - | $193.90M | $196.28M | $197.10M | - |
| Cost of Revenue | $159.20M | - | $172.88M | $173.96M | $158.42M | - | $166.86M | $191.69M | $198.26M | - |
| Gross Profit | $9.73M | - | $12.61M | $15.68M | $19.11M | - | $27.04M | $4.59M | ($1.16M) | - |
| R&D | $8.74M | - | $10.17M | $9.36M | $10.52M | - | $9.59M | $10.53M | $11.08M | - |
| SG&A | $26.84M | - | $31.98M | $30.23M | $56.82M | - | $27.06M | $35.95M | $36.24M | - |
| Total Operating Expenses | $226.28M | - | $246.82M | $249.24M | $258.30M | - | $235.83M | $275.48M | $279.69M | - |
| D&A | $3.60M | - | $5.00M | $4.60M | $8.70M | - | $3.70M | $4.50M | $6.20M | - |
| Operating Income | ($57.36M) | - | ($61.34M) | ($59.60M) | ($80.77M) | - | ($41.93M) | ($79.19M) | ($82.58M) | - |
| Interest Expense | $25.31M | - | $23.51M | $16.67M | $14.55M | - | $11.26M | $16.67M | $14.55M | - |
| Income Tax | $509.0K | - | $1.33M | $959.0K | $78.0K | - | $405.0K | $441.0K | ($114.0K) | - |
| Net Income | ($82.96M) | - | ($83.73M) | ($82.30M) | ($99.31M) | - | ($57.73M) | ($96.97M) | ($97.39M) | - |
| EPS - Basic | ($2.29) | - | ($2.40) | ($2.40) | ($2.80) | - | ($1.60) | ($2.80) | ($2.80) | - |
| EPS - Diluted | ($2.29) | - | ($2.40) | ($2.40) | ($2.80) | - | ($1.60) | ($2.80) | ($2.80) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $54.13M | $133.93M | $125.33M | $107.00M | $171.84M | $216.43M | $115.91M | $141.49M | $180.86M | $263.91M |
| Accounts Receivable | $32.31M | $24.25M | $32.39M | $38.70M | $41.80M | $32.32M | $32.03M | $34.01M | $42.32M | $38.24M |
| Inventory | $2.21M | $11.59M | $9.14M | $12.16M | $12.72M | $12.18M | $22.54M | $21.24M | $20.56M | $20.40M |
| Accounts Payable | $22.86M | $20.44M | $30.86M | $35.36M | $37.87M | $29.98M | $35.00M | $41.93M | $45.69M | $32.97M |
| Current Assets | $164.79M | $249.36M | $248.28M | $233.67M | $298.81M | $332.07M | $271.31M | $288.81M | $332.90M | $434.03M |
| Total Assets | $916.24M | $968.81M | $973.00M | $1.01B | $1.09B | $1.16B | $1.04B | $1.09B | $1.18B | $1.32B |
| Current Liabilities | $854.36M | $907.56M | $887.52M | $902.18M | $925.40M | $917.28M | $888.41M | $874.11M | $878.73M | $907.50M |
| Long-term Debt | $400.34M | $316.36M | $393.57M | $391.33M | $382.76M | $376.31M | $209.59M | $218.61M | $222.78M | $235.07M |
| Total Liabilities | $1.38B | $1.36B | $1.35B | $1.35B | $1.37B | $1.35B | $1.16B | $1.16B | $1.17B | $1.22B |
| Stockholders' Equity | ($465.69M) | ($392.10M) | ($374.55M) | ($347.75M) | ($288.11M) | ($202.11M) | ($117.67M) | ($72.15M) | $936.0K | $97.40M |
| Retained Earnings | ($2.48B) | ($2.40B) | ($2.37B) | ($2.28B) | ($2.20B) | ($2.10B) | ($2.02B) | ($1.96B) | ($1.86B) | ($1.76B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($99.63M) | - | - | - | ($47.92M) | - | - | - | ($73.79M) | - |
| Investing Cash Flow | ($38.66M) | - | - | - | $16.11M | - | - | - | $19.60M | - |
| Financing Cash Flow | $63.42M | - | - | - | ($8.69M) | - | - | - | ($24.31M) | - |
| CapEx | $62.36M | - | - | - | $14.70M | - | - | - | $4.02M | - |
| Free Cash Flow | ($161.99M) | - | - | - | ($62.63M) | - | - | - | ($77.82M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 5.8% | - | 6.8% | 8.3% | 10.8% | - | 13.9% | 2.3% | -0.6% | - |
| Operating margin | -34.0% | - | -33.1% | -31.4% | -45.5% | - | -21.6% | -40.3% | -41.9% | - |
| EBITDA margin | -31.8% | - | -30.4% | -29.0% | -40.6% | - | -19.7% | -38.1% | -38.8% | - |
| Net margin | -49.1% | - | -45.1% | -43.4% | -55.9% | - | -29.8% | -49.4% | -49.4% | - |
| Free cash flow margin | -95.9% | - | - | - | -35.3% | - | - | - | -39.5% | - |
| FCF / Net income | 1.95 | - | - | - | 0.63 | - | - | - | 0.80 | - |
| R&D / Revenue | 5.2% | - | 5.5% | 4.9% | 5.9% | - | 4.9% | 5.4% | 5.6% | - |
| SG&A / Revenue | 15.9% | - | 17.2% | 15.9% | 32.0% | - | 14.0% | 18.3% | 18.4% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -9.1% | - | -8.6% | -8.2% | -9.1% | - | -5.5% | -8.9% | -8.2% | - |
| Return on equity | 17.8% | - | 22.4% | 23.7% | 34.5% | - | 49.1% | 134.4% | -10405.2% | - |
| Return on invested capital | - | - | -254.7% | -108.0% | -67.4% | - | -36.0% | -42.7% | -29.2% | - |
| Liquidity | ||||||||||
| Current ratio | 0.19 | 0.27 | 0.28 | 0.26 | 0.32 | 0.36 | 0.31 | 0.33 | 0.38 | 0.48 |
| Quick ratio | 0.19 | 0.26 | 0.27 | 0.25 | 0.31 | 0.35 | 0.28 | 0.31 | 0.36 | 0.46 |
| Cash ratio | 0.06 | 0.15 | 0.14 | 0.12 | 0.19 | 0.24 | 0.13 | 0.16 | 0.21 | 0.29 |
| Leverage | ||||||||||
| Debt / Equity | -0.86 | -0.81 | -1.05 | -1.13 | -1.33 | -1.86 | -1.78 | -3.03 | 238.01 | 2.41 |
| Debt / Assets | 0.44 | 0.33 | 0.40 | 0.39 | 0.35 | 0.32 | 0.20 | 0.20 | 0.19 | 0.18 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -2.3x | - | -2.6x | -3.6x | -5.5x | - | -3.7x | -4.8x | -5.7x | - |
| Equity multiplier | -1.97 | -2.47 | -2.60 | -2.89 | -3.79 | -5.73 | -8.87 | -15.06 | 1262.06 | 13.51 |
| Liabilities / Assets | 1.51 | 1.40 | 1.38 | 1.35 | 1.26 | 1.17 | 1.11 | 1.07 | 0.99 | 0.92 |
| Efficiency | ||||||||||
| Asset turnover | 0.18 | - | 0.19 | 0.19 | 0.16 | - | 0.19 | 0.18 | 0.17 | - |
| Inventory turnover | 72.03 | - | 18.91 | 14.30 | 12.45 | - | 7.40 | 9.02 | 9.64 | - |
| Days sales outstanding | 70d | - | 64d | 74d | 86d | - | 60d | 63d | 78d | - |
| Days inventory outstanding | 5d | - | 19d | 26d | 29d | - | 49d | 40d | 38d | - |
| Days payable outstanding | 52d | - | 65d | 74d | 87d | - | 77d | 80d | 84d | - |
| Cash conversion cycle | 22d | - | 18d | 26d | 28d | - | 33d | 24d | 32d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | 42803.7x | - |
| P / S | 2.2x | - | 139.6x | 78.9x | 79.5x | - | 174.2x | 134.3x | 203.3x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -4.8% | - | -4.3% | -3.4% | -9.9% | - | -39.4% | -41.4% | -44.0% | - |
| Revenue CAGR (3y) | -21.7% | - | -23.9% | -23.6% | -18.3% | - | -13.7% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -49.1% | - | -53.4% | 241.3% | - | - | 34.0% | -35.8% | 41.4% | - |
| Operating income growth (YoY) | 29.0% | - | -46.3% | 24.7% | 2.2% | - | 67.5% | 48.2% | 14.6% | - |
| Net income growth (YoY) | 16.5% | - | -45.0% | 15.1% | -2.0% | - | 60.1% | 39.6% | 3.4% | - |
| EPS growth (YoY) | 18.2% | - | -50.0% | 14.3% | 0.0% | - | 54.4% | 55.4% | -600.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -158.7% | - | - | - | 19.5% | - | - | - | 63.2% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -61.6% | -94.0% | -218.3% | -382.0% | - | - | - | - | -99.4% | -61.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$2.50M totalFlight Related Services$2.50M · 100.0%
Geographic
$736.50M totalUS$641.04M · 87.0%
Non Us$95.45M · 13.0%
Peer comparison
Same SIC group: Air Transportation, Nonscheduled
Comparing Wheels Up Experience Inc. against the 5 most active filers in the same SIC group.