UP

MKT CAP:$301M

Wheels Up Experience Inc.

Market Cap

$301M

Industrials·Airlines, Airports & Air Services·🇺🇸 United States·NYSE

Industrials·Airlines,·🇺🇸·NYSE

Stock Price

$0.41-$0.25 (-38.28%)

Apr 21, 2026

Company Details

Wheels Up Experience Inc. provides private aviation services primarily in the United States. The company offers a suite of products and services, which include multi-tiered membership programs, on-demand flights across various private aircr...

CEO

George Nathaniel Mattson

IPO Date

Nov 18, 2020

Website

www.wheelsup.com

Key Metrics TTM

Revenue

$736M

-7.0% YoY

Net Income

-$294M

EPS (Diluted)

-$0.42

Free Cash Flow

-$270M

Revenue / Share

$1.02

Gross Margin

2.2%

Operating Margin

-34.3%

Net Margin

-39.9%

FCF Margin

-36.7%

P/S

0.4x

P/E

—

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Mar 10, 2026

$736M-7.0%EPS -$0.42

Q4 2025

Mar 10, 2026

$184M-10.2%EPS -$0.04

Q3 2025

Nov 5, 2025

$185M-4.3%EPS -$0.12

Q2 2025

Aug 7, 2025

$190M-3.4%EPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$134M	$15M	-$21M
Q3 21	$302M	$5M	-$69M
Q1 22	$326M	-$21M	-$93M
Q2 22	$426M	$480.0K	-$94M
Q1 23	$352M	-$16M	-$97M
Q2 23	$335M	-$8M	-$153M
Q3 23	$320M	$20M	-$129M
Q4 23	$246M	-$18M	-$65M
Q1 24	$197M	-$1M	-$83M
Q2 24	$196M	-$11M	-$79M
Q3 24	$194M	$27M	-$42M
Q4 24	$205M	$15M	-$55M
Q1 25	$178M	-$1M	-$81M
Q2 25	$190M	$16M	-$60M
Q3 25	$185M	$13M	-$61M
Q4 25	$184M	-$11M	-$51M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q3 21	—	—
Q1 22	0.9x	—
Q2 22	0.4x	—
Q1 23	0.1x	—
Q2 23	0.0x	—
Q3 23	0.8x	—
Q4 23	2.4x	—
Q1 24	1.8x	—
Q2 24	1.6x	—
Q3 24	2.0x	—
Q4 24	1.5x	—
Q1 25	0.9x	—
Q2 25	1.0x	—
Q3 25	1.7x	—
Q4 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$38M	$37M
Q3 21	-$150M	-$166M
Q1 22	-$121M	-$244M
Q2 22	-$19M	-$29M
Q1 23	-$202M	-$219M
Q2 23	-$209M	-$218M
Q3 23	-$250M	-$254M
Q4 23	-$4M	-$14M
Q1 24	-$74M	-$84M
Q2 24	-$27M	-$36M
Q3 24	-$15M	-$24M
Q4 24	$38M	-$74M
Q1 25	-$48M	-$70M
Q2 25	-$63M	-$79M
Q3 25	-$37M	-$64M
Q4 25	-$17M	-$58M

Capital Expenditures

Quarter	CapEx
Q2 20	$767.0K
Q3 21	$16M
Q1 22	$123M
Q2 22	$10M
Q1 23	$17M
Q2 23	$9M
Q3 23	$5M
Q4 23	$10M
Q1 24	$10M
Q2 24	$10M
Q3 24	$9M
Q4 24	$112M
Q1 25	$22M
Q2 25	$16M
Q3 25	$27M
Q4 25	$42M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+172.6%	+167.1%
Q1 23	+161.9%	+188.1%
Q2 23	+11.0%	+31.7%
Q3 23	-1.7%	+7.3%
Q4 23	-42.1%	-40.1%
Q1 24	-44.0%	-37.6%
Q2 24	-41.4%	-43.6%
Q3 24	-39.4%	-47.5%
Q4 24	-16.9%	-16.5%
Q1 25	-9.9%	-7.6%
Q2 25	-3.4%	-9.5%
Q3 25	-4.3%	+4.7%
Q4 25	-10.2%	-9.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$772.0K	0.6%
Q3 21	$0	0.0%
Q1 22	$23M	6.9%
Q2 22	$21M	4.9%
Q1 23	$12M	3.3%
Q2 23	$7M	2.0%
Q3 23	$4M	1.1%
Q4 23	$4M	1.6%
Q1 24	$11M	5.7%
Q2 24	$14M	7.3%
Q3 24	$8M	4.1%
Q4 24	$13M	6.2%
Q1 25	$13M	7.1%
Q2 25	$8M	4.4%
Q3 25	$12M	6.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 20	$6M	$859.0K	$12M
Q3 21	$9M	$42M	$22M
Q1 22	$11M	$39M	$23M
Q2 22	$15M	$47M	$34M
Q1 23	$16M	$39M	$26M
Q2 23	$14M	$40M	$23M
Q3 23	$20M	$43M	$23M
Q4 23	$12M	$24M	$17M
Q1 24	$11M	$36M	$21M
Q2 24	$11M	$36M	$21M
Q3 24	$10M	$27M	$20M
Q4 24	$9M	$38M	$21M
Q1 25	$11M	$57M	$22M
Q2 25	$9M	$30M	$24M
Q3 25	$10M	$32M	$22M
Q4 25	$9M	$26M	$20M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$538M	$0	$538M
Q2 22	$427M	$0	$427M
Q3 22	$285M	$0	$285M
Q4 22	$586M	$0	$586M
Q1 23	$363M	$0	$363M
Q2 23	$152M	$0	$152M
Q3 23	$245M	$0	$245M
Q4 23	$264M	$0	$264M
Q1 24	$181M	$0	$181M
Q2 24	$141M	$0	$141M
Q3 24	$116M	$0	$116M
Q4 24	$216M	$0	$216M
Q1 25	$172M	$0	$172M
Q2 25	$107M	$0	$107M
Q3 25	$125M	$0	$125M
Q4 25	$134M	$0	$134M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	16M	+21.3%	—
Q3 21	24M	+47.1%	—
Q1 22	24M	+3.9%	—
Q2 22	24M	-0.2%	+85.1%
Q1 23	25M	+3.8%	+58.4%
Q2 23	26M	+0.9%	+8.7%
Q3 23	41M	+61.4%	+68.7%
Q4 23	576M	+1297.0%	+2261.6%
Q1 24	698M	+21.1%	+2655.1%
Q2 24	697M	-0.1%	+2627.6%
Q3 24	698M	+0.0%	+1591.0%
Q4 24	698M	+0.0%	+21.1%
Q1 25	698M	+0.1%	+0.0%
Q2 25	699M	+0.1%	+0.2%
Q3 25	699M	0.0%	+0.2%
Q4 25	722M	+3.3%	+3.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	—	—
Q3 21	$101M	3
Q1 22	$150.0K	2K
Q2 22	$196.0K	2K
Q1 23	$113.1K	3K
Q2 23	$107.7K	3K
Q3 23	$102.9K	3K
Q4 23	$111.7K	2K
Q1 24	$89.3K	2K
Q2 24	$89.0K	2K
Q3 24	$87.9K	2K
Q4 24	$109.8K	2K
Q1 25	$95.1K	2K
Q2 25	$101.6K	2K
Q3 25	$99.4K	2K
Q4 25	$147.1K	1K

Revenue / Employee