Free cash flow generation has deteriorated significantly, reaching a $162.0 million outflow in 2026Q1, driven in part by a capital expenditure-to-revenue ratio that has surged to 36.9%.
| Cash from Operations | -216.3M | -166.29M | -77.89M | -665.28M | -230.69M | 126.49M | 209.64M | -24.88M |
| Operating CF Margin % | - | -22.58% | -9.83% | -53.08% | -14.6% | 10.59% | 30.17% | -6.46% |
| Operating CF Growth % | -535.93% | -113.51% | 88.29% | -188.39% | -282.38% | -39.66% | 942.65% | - |
| Net Income | -277.86M | -294.22M | -339.63M | -487.39M | -507.55M | -197.23M | -85.41M | -106.87M |
| Depreciation & Amortization | 52.67M | 61.17M | 56.55M | 58.53M | 65.94M | 54.2M | 58.53M | 39.35M |
| Stock-Based Compensation | 32.18M | 45.43M | 45.98M | 25.63M | 88.98M | 49.67M | 3.34M | 1.88M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -12.31M | 0 | 529K |
| Other Non-Cash Items | 37M | 26.62M | 75.22M | 134.23M | 128.58M | 618K | 8.73M | 1.94M |
| Working Capital Changes | -60.29M | -5.3M | 84.01M | -396.29M | -6.64M | 231.54M | 224.45M | 38.29M |
| Change in Receivables | 5.61M | 2.22M | 7.14M | 26.9M | -23.95M | -21.92M | 21.47M | 1.41M |
| Change in Inventory | -2.33M | -3.17M | 4.53M | 15.7M | -51.16M | -3.42M | -636K | -70K |
| Change in Payables | -14.47M | -9.25M | -2.88M | -8.09M | -9.7M | 13.12M | -13.87M | 6.73M |
| Cash from Investing | 126.15M | 180.37M | -46.68M | 40.87M | -175.24M | -38.67M | 81.58M | -41.32M |
| Capital Expenditures | -143.16M | -93.63M | -122.81M | -36.66M | -151.36M | -60.08M | -7.11M | -8.07M |
| CapEx % of Revenue | 19.67% | 12.71% | 15.5% | 2.93% | 9.58% | 5.03% | 1.02% | 2.1% |
| Acquisitions | 208.04M | 0 | 0 | 13.2M | -75.09M | 7.84M | 97.1M | -28.33M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 61.28M | 274M | 76.13M | 64.33M | 51.21M | 13.57M | -8.41M | -14.42M |
| Cash from Financing | -27.43M | -98.51M | 78.66M | 300.95M | 244.79M | 374.03M | -62.79M | 87.38M |
| Debt Issued (Net) | -72.93M | -144.4M | 80.74M | 322.68M | 259.2M | -214.08M | -62.79M | -37.71M |
| Equity Issued (Net) | 46.16M | 45.88M | -485K | -31K | -7.69M | 2.11M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.72M | -1.63M | -485K | -31K | -7.69M | 0 | 0 | 0 |
| Other Financing | -662.85K | 0 | -1.59M | -21.69M | -6.73M | 586M | 0 | 125.09M |
| Net Change in Cash | -118.46M | -81.97M | -46.36M | -327.33M | -166.57M | 461.85M | 228.44M | 21.19M |
| Free Cash Flow | -362.71M | -259.92M | -218.13M | -701.95M | -382.05M | 66.41M | 194.12M | -32.95M |
| FCF Margin % | -49.83% | -35.29% | -27.54% | -56.01% | -24.18% | 5.56% | 27.93% | -8.56% |
| FCF Growth % | -78.09% | -19.16% | 68.93% | -83.73% | -675.3% | -65.79% | 689.17% | - |
| FCF per Share | -10.03 | -7.36 | -6.25 | -45.46 | -311.02 | 64.86 | 238.91 | -63.48 |
| FCF Conversion (FCF/Net Income) | 1.31x | 0.57x | 0.23x | 1.37x | 0.42x | -0.67x | -2.67x | 0.26x |
| Interest Paid | 4.72M | 0 | 0 | 0 | 0 | 0 | 21.72M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
According to recent SEC filings, Wheels Up exhibits a chronic inability to convert net income into positive operating cash flow, with the company reporting a negative $99.6 million in operating cash flow against an $83.0 million net loss during the most recent 2026Q1 reporting period.
The consistent divergence between net losses and operating cash outflows suggests that the company's core business model is not generating the internal liquidity required to sustain its operations. Investors should monitor whether this gap is driven by structural working capital requirements or an underlying inability to achieve positive unit economics.
As reported in financial statements, the company's free cash flow trajectory remains severely negative, culminating in a $162.0 million outflow in 2026Q1, which represents a significant deterioration compared to the $14.0 million outflow observed in 2023Q4, indicating an accelerating burn rate over the analyzed period.
The widening FCF deficit implies that the company is increasingly reliant on external financing to cover both its operational losses and capital expenditure requirements. This trend warrants further investigation into the sustainability of the current fleet strategy and the potential for future liquidity constraints.
Based on Wheels Up's reported figures, capital expenditure intensity has reached alarming levels, with the 2026Q1 CapEx-to-revenue ratio climbing to 36.9%, a stark increase from the 4.0% observed in 2023Q4, suggesting that the company is aggressively reinvesting in a business model that has yet to demonstrate profitability.
High capital intensity in a low-margin environment appears to be a primary driver of the company's cash burn. The data suggests that management is prioritizing fleet maintenance or expansion despite the lack of clear evidence that these assets are contributing to positive cash flow generation.
Analysis of the cash flow statement reveals significant volatility in working capital, with a $65.0 million outflow in 2026Q1 following a $54.3 million inflow in 2024Q4, as documented in the company's periodic filings, highlighting the unpredictable nature of the firm's cash conversion cycle.
The erratic swings in working capital suggest that the company's cash position is highly sensitive to the timing of customer prepayments and vendor obligations. This volatility makes it difficult to forecast future liquidity needs and may mask underlying operational inefficiencies in managing flight-related payables and receivables.
As evidenced by the provided financial data, stock-based compensation consistently adds back millions to the cash flow statement, with $11.4 million recorded in 2026Q1, which serves to artificially inflate operating cash flow figures while failing to address the underlying cash-based operational deficits.
The reliance on non-cash adjustments like stock-based compensation to manage the optics of the cash flow statement may obscure the true extent of the company's cash burn. Investors should focus on the unadjusted cash flow figures to better understand the actual capital requirements of the business.
Quick answers to the most common questions about buying UP stock.
Wheels Up Experience Inc. (UP) generated $-166.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Wheels Up Experience Inc. (UP) reported negative free cash flow of $259.9M in 2025, indicating capital requirements exceeded cash from operations.
Wheels Up Experience Inc. (UP) spent $93.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Wheels Up Experience Inc. (UP) spent $1.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.