Wheels Up Experience Inc (NYSE: UP) is a private aviation company that provides membership-based and on-demand charter flight services to individual, business, and enterprise customers in the United States. Revenue comes from Membership Fund purchases, per-flight charges priced on either capped, fixed, or dynamic rates, and supplemental Other revenue from cargo flights and government and defense solutions. The company operates a controlled fleet in transition from legacy aircraft models toward Bombardier Challenger 300 series and Embraer Phenom 300 series jets, plus a smaller King Air 350i turboprop fleet. A long-term Commercial Cooperation Agreement with Delta Air Lines, including a January 2026 launch of Delta commercial flight self-booking inside the Wheels Up app, differentiates the platform from pure-play private aviation operators. In Q4 FY2025, approximately 44% of total Membership Funds sold were for the Wheels Up Signature Membership, with roughly 25% of those sales from new customers. Key investors include Delta, CK Wheels LLC, and Cox Investment Holdings, LLC, per the 10-K filed March 10, 2026.

Revenue model

Members purchase Membership Funds and pay per-flight charges at capped, fixed, or dynamic pricing depending on their membership tier and specific mission. Charter customers pay transactional flight fees. Supplemental Other revenue includes cargo flights and government and defense solutions.

Products and services

Wheels Up Signature Membership (launched September 2025), providing access to Bombardier Challenger 300 series and Embraer Phenom 300 series aircraft. Legacy fleet-focused membership programs covering Hawker 400XP, Cessna Citation CJ3, X, and Excel/XLS aircraft still active for existing members. On-demand charter solutions. Custom Enterprise Solutions with capped or fixed-rate pricing. Integrated Delta commercial flight booking inside the Wheels Up app (launched January 2026). Cargo flights and government and defense solutions.

Customers and end markets

Individual private flyers, business travelers, and enterprise customers. Members earn Delta Diamond Medallion status under the Delta partnership. End markets include private aviation, premium commercial air travel, cargo, and government and defense.

Value-chain role

Operator and direct provider of private jet flights using an owned and leased controlled fleet, with FAA Part 135 on-demand commercial air carrier certification. The company fulfills flights with its own aircraft to control operations, cost structure, and service quality, and supplements capacity through third-party providers as needed.

Geographic exposure

Primarily United States, with operations noted in the continental U.S. Legacy membership terms also covered the U.K. and Europe under certain conditions, per the 10-K filed March 10, 2026.

Source: SEC 10-K, filed 2026-03-10

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