Wheels Up Experience Inc.

wheelsup.com

What Do They Do?

Provides private aviation flights through membership and charter programs for individual and business travelers.

How Do They Make Money?

Members and charter customers pay the quoted price for flights, generally in advance; Wheels Up earns flight revenue as each flight leg is completed. Annual membership fees are paid up front and cover the membership term.

FY2025 revenue

Who Are Their Customers?

Individual and business flyers, corporate accounts, and group, cargo and government customers use its membership and charter services. Dedicated sales and service teams handle bookings and trips, while charter brokers work with third-party operators to arrange flights.

Do Revenues Turn Into Profits?

No. It lost $294.2M in FY2025.

Operating income, FY2025

−28% of revenue

▼ −21% (Loss) vs FY2024 (−$258.8M, −33%)

Net income, FY2025

−40% of revenue

▼ −13% (Loss) vs FY2024 (−$339.6M, −43%)

Free cash flow, FY2025

−35% of revenue

▲ +30% (Loss) vs FY2024 (−$200.7M, −25%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −4%; vs $189.6M in Q2 FY2025
Net income: ▲ +30% (Loss); vs −$82.3M in Q2 FY2025

Shrinking. Revenue fell 38% in 4 years, from $1.2B in FY2021 to $736.5M in FY2025, about 11% a year.

Aircraft management The older report lists aircraft management as a revenue source; the latest says the business was sold and is not expected to contribute significant future revenue.

Safety and security The older report includes safety and security revenue; the latest says it sold most of those businesses and expects no significant future revenue from them.

Flight software The older report includes flight software subscriptions among other revenue; the latest says those subscription services were discontinued.

Comments