Revenue growth remains in a state of contraction, with the most recent quarter reporting a 4.8% year-over-year decline to $168.9 million alongside a negative -1.2% gross margin.
| Sales/Revenue | 727.89M | 736.5M | 792.1M | 1.25B | 1.58B | 1.19B | 694.98M | 384.91M |
| Revenue Growth % | -5.78% | -7.02% | -36.8% | -20.66% | 32.28% | 71.84% | 80.56% | - |
| Cost of Goods Sold | 712.2M | 719.94M | 733.08M | 1.29B | 1.61B | 1.17B | 634.77M | 380.02M |
| COGS % of Revenue | - | 97.75% | 92.55% | 103.01% | 101.68% | 98.12% | 91.34% | 98.73% |
| Gross Profit | 15.68M | 16.55M | 59.03M | -37.72M | -26.5M | 22.43M | 60.21M | 4.89M |
| Gross Margin % | 2.15% | 2.25% | 7.45% | -3.01% | -1.68% | 1.88% | 8.66% | 1.27% |
| Gross Profit Growth % | - | -71.96% | 256.48% | -42.34% | -218.16% | -62.75% | 1131.96% | - |
| Operating Expenses | 246.46M | 268.84M | 317.82M | 405.83M | 533.51M | 225.71M | 123.17M | 83.02M |
| OpEx % of Revenue | - | 36.5% | 40.12% | 32.38% | 33.77% | 18.9% | 17.72% | 21.57% |
| Selling, General & Admin | 203.99M | 233.94M | 221.91M | 234.7M | 300.64M | 193.4M | 120.01M | 69.05M |
| SG&A % of Revenue | - | 31.76% | 28.02% | 18.73% | 19.03% | 16.19% | 17.27% | 17.94% |
| Research & Development | 36.98M | 38.76M | 40.69M | 61.87M | 57.24M | 33.58M | 21.01M | 13.96M |
| R&D % of Revenue | - | 5.26% | 5.14% | 4.94% | 3.62% | 2.81% | 3.02% | 3.63% |
| Other Operating Expenses | 521K | -3.87M | 55.22M | 109.26M | 175.63M | -1.27M | -17.85M | 0 |
| Operating Income | -230.77M | -252.29M | -258.79M | -443.56M | -560.01M | -203.28M | -62.97M | -78.13M |
| Operating Margin % | -31.7% | -34.26% | -32.67% | -35.39% | -35.45% | -17.02% | -9.06% | -20.3% |
| Operating Income Growth % | - | 2.51% | 41.66% | 20.79% | -175.49% | -222.84% | 19.41% | - |
| EBITDA | -178.1M | -191.12M | -202.25M | -385.02M | -494.07M | -149.08M | -4.44M | -38.78M |
| EBITDA Margin % | -24.47% | -25.95% | -25.53% | -30.72% | -31.28% | -12.48% | -0.64% | -10.07% |
| EBITDA Growth % | 8.89% | 5.5% | 47.47% | 22.07% | -231.41% | -3259.93% | 88.56% | - |
| D&A (Non-Cash Add-back) | 52.67M | 61.17M | 56.55M | 58.53M | 65.94M | 54.2M | 58.53M | 39.35M |
| EBIT | -180.14M | -200.24M | -273.06M | -444.75M | -547.86M | -187.65M | -62.42M | -77.51M |
| Net Interest Income | -93.78M | -87.45M | -63.18M | -35.13M | -3.85M | -9.47M | -22.44M | -28.75M |
| Interest Income | 2.11M | 3.02M | 2.17M | 6.12M | 3.67M | 53K | 550K | 615K |
| Interest Expense | 95.9M | 90.47M | 65.35M | 41.26M | 7.51M | 9.52M | 22.99M | 29.36M |
| Other Income/Expense | -43.16M | -38.43M | -79.62M | -42.45M | 4.63M | 6.11M | -22.44M | -28.75M |
| Pretax Income | -273.93M | -290.71M | -338.41M | -486M | -555.38M | -197.17M | -85.41M | -106.87M |
| Pretax Margin % | -37.63% | -39.47% | -42.72% | -38.78% | -35.16% | -16.51% | -12.29% | -27.77% |
| Income Tax | 3.93M | 3.5M | 1.23M | 1.38M | 170K | 58K | 0 | 0 |
| Effective Tax Rate % | -1.44% | -1.2% | -0.36% | -0.28% | -0.03% | -0.03% | 0% | 0% |
| Net Income | -277.86M | -294.22M | -339.63M | -487.39M | -555.16M | -190.02M | -78.64M | -96.27M |
| Net Margin % | -38.17% | -39.95% | -42.88% | -38.89% | -35.14% | -15.91% | -11.32% | -25.01% |
| Net Income Growth % | 18.65% | 13.37% | 30.32% | 12.21% | -192.16% | -141.63% | 18.32% | - |
| Net Income (Continuing) | -277.86M | -294.22M | -339.63M | -487.39M | -555.55M | -197.23M | -85.41M | -106.87M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 6.08M | 26.02M | 0 |
| EPS (Diluted) | -7.69 | -8.40 | -9.80 | -31.60 | -452.00 | -185.60 | -96.80 | -185.40 |
| EPS Growth % | 19.93% | 14.29% | 68.99% | 93.01% | -143.53% | -91.74% | 47.79% | - |
| EPS (Basic) | - | -8.40 | -9.80 | -31.60 | -452.00 | -185.60 | -96.80 | -186.00 |
| Diluted Shares Outstanding | 36.15M | 35.3M | 34.89M | 15.44M | 1.23M | 1.02M | 812.53K | 519.02K |
| Basic Shares Outstanding | 36.15M | 35.3M | 34.89M | 15.44M | 1.23M | 1.02M | 812.53K | 517.6K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Structural unit economic failure
As reported in recent financial filings, Wheels Up has experienced a sustained revenue decline, with the most recent quarter showing a 4.8% year-over-year contraction to $168.9 million, signaling a potential erosion of the company's core membership base and flight service demand in a competitive market.
The consistent negative growth trajectory suggests that the company is struggling to maintain its market share despite the strategic backing of Delta Air Lines. This trend warrants further investigation into whether the decline is driven by a reduction in active member counts or a decrease in utilization rates per member.
According to the company's income statement data, gross margins have fluctuated significantly, reaching a low of -1.2% in 2026Q1, which highlights the extreme sensitivity of the business model to variable flight costs and the lack of pricing power within the private aviation sector.
The inability to maintain positive gross margins consistently suggests that the company's variable costs, such as fuel and landing fees, are effectively consuming all service revenue. Investors should monitor whether management can implement structural changes to reduce empty leg flights, which appear to be a primary drag on profitability.
Based on reported figures, the company's operating margin of -35.1% in 2026Q1 indicates that corporate overhead and technology expenditures are significantly decoupled from revenue generation, preventing the company from achieving the necessary scale to offset its high fixed-cost base.
The persistent operating losses suggest that the company's current cost structure is fundamentally misaligned with its revenue capacity. Without a significant reduction in SG&A or a substantial increase in flight volume, the company appears unlikely to reach operational break-even in the near term.
As evidenced by the income statement, the company continues to report substantial net losses, with a net margin of -49.1% in 2026Q1, further complicated by recurring stock-based compensation expenses that dilute shareholders without providing a clear path to positive net income.
The reliance on stock-based compensation while the company remains in a distressed financial state raises concerns regarding the alignment of management incentives with shareholder value. The lack of non-operating income to offset core operational losses suggests that the reported net income is a direct reflection of the underlying business model's inability to generate profit.
While the Delta Air Lines partnership provides a potential operational backstop, the company's inability to translate this access into positive operating margins suggests that the core business model may be fundamentally flawed, leaving it vulnerable to further liquidity constraints and potential long-term stagnation.
Short-sellers would likely focus on the company's inability to achieve unit economic profitability despite years of operation and significant capital injections. The risk remains that the company may become a 'zombie' entity, perpetually reliant on external funding to cover its structural operating deficits.
Quick answers to the most common questions about buying UP stock.
For fiscal year 2025, Wheels Up Experience Inc. (UP) reported total revenue of $736.5M. This represents a 91.3% increase compared to $384.9M in 2019.
Wheels Up Experience Inc. (UP) reported a net loss of $294.2M for the fiscal year ending 2025.
Wheels Up Experience Inc. (UP) reported an operating income of $-252.3M, resulting in an operating profit margin of -34.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Wheels Up Experience Inc. (UP) generated $16.6M in gross profit for the year, representing a gross profit margin of 2.2%. This demonstrates the company's core pricing power and production efficiency.