What is Wheels Up Experience's operating income?

Wheels Up Experience's total operating income in 2024 was -$258.79 million, based on the following breakdown: Total Gross Profit: $59.03 million Total Operating Expenses: $317.82 million

Wheels Up Experience (UP) Financials

$7.09 -0.65 (-8.44%)

Closing price 07/13/2026 03:59 PM Eastern

Extended Trading

$7.11 +0.02 (+0.32%)

As of 07/13/2026 07:57 PM Eastern

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Annual Income Statements for Wheels Up Experience

This table shows Wheels Up Experience's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-96	-79	-190	-555	-487	-340
Consolidated Net Income / (Loss)	-107	-85	-197	-556	-487	-340
Net Income / (Loss) Continuing Operations	-107	-85	-197	-556	-487	-340
Total Pre-Tax Income	-107	-85	-197	-555	-486	-338
Total Operating Income	-78	-63	-203	-560	-444	-259
Total Gross Profit	44	60	77	39	21	59
Total Revenue	385	695	1,194	1,580	1,253	792
Operating Revenue	385	695	1,194	1,580	1,253	792
Total Cost of Revenue	341	635	1,118	1,540	1,233	733
Operating Cost of Revenue	341	635	1,118	1,540	1,233	733
Total Operating Expenses	122	123	280	599	464	318
Selling, General & Admin Expense	28	65	113	184	146	138
Marketing Expense	41	55	80	117	89	84
Research & Development Expense	14	21	34	57	62	41
Depreciation Expense	39	59	54	66	59	57
Impairment Charge	-	0.00	0.00	180	126	0.00
Other Special Charges / (Income)	0.00	0.00	-1.28	-4.38	-17	-1.33
Total Other Income / (Expense), net	-29	-22	6.11	4.63	-42	-80
Interest Expense	29	23	12	7.52	46	83
Interest & Investment Income	0.62	0.55	0.05	3.67	6.12	2.17
Other Income / (Expense), net	0.00	0.00	18	8.48	-2.91	1.28
Income Tax Expense	0.00	0.00	0.06	0.17	1.38	1.23
Net Income / (Loss) Attributable to Noncontrolling Interest	-11	-6.76	-7.21	-0.39	0.00	0.00
Basic Earnings per Share	($0.93)	($0.48)	($9.28)	($22.60)	($3.69)	($0.49)
Weighted Average Basic Shares Outstanding	103.80M	162.51M	20.48M	24.57M	132.19M	697.71M
Diluted Earnings per Share	($0.93)	($0.48)	($9.28)	($22.60)	($3.69)	($0.49)
Weighted Average Diluted Shares Outstanding	103.80M	162.51M	20.48M	24.57M	132.19M	697.71M
Weighted Average Basic & Diluted Shares Outstanding	-	-	-	251.31M	697.32M	698.79M

This table shows Wheels Up Experience's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-161	-145	-81	-97	-97	-58	-88	-99	-82	-84	-83
Consolidated Net Income / (Loss)	-161	-145	-81	-97	-97	-58	-88	-99	-82	-84	-83
Net Income / (Loss) Continuing Operations	-161	-145	-81	-97	-97	-58	-88	-99	-82	-84	-83
Total Pre-Tax Income	-161	-144	-80	-98	-97	-57	-87	-99	-81	-82	-82
Total Operating Income	-153	-129	-65	-85	-79	-42	-55	-81	-60	-61	-57
Total Gross Profit	7.16	20	-4.55	-1.16	4.60	27	29	19	16	13	9.73
Total Revenue	335	320	246	197	196	194	205	178	190	185	169
Operating Revenue	335	320	246	197	196	194	205	178	190	185	169
Total Cost of Revenue	328	300	251	198	192	167	176	158	174	173	159
Operating Cost of Revenue	328	300	251	198	192	167	176	158	174	173	159
Total Operating Expenses	160	149	60	83	84	69	84	100	75	74	67
Selling, General & Admin Expense	40	43	24	36	36	27	38	57	30	32	27
Marketing Expense	23	23	17	21	21	20	21	22	24	22	22
Research & Development Expense	14	20	12	11	11	9.59	9.49	11	9.36	10	8.74
Depreciation Expense	15	15	14	15	16	12	13	20	13	14	12
Other Special Charges / (Income)	-2.62	-7.84	-5.61	-0.76	0.10	-0.26	1.35	-9.84	-2.18	-4.22	-2.39
Total Other Income / (Expense), net	-7.62	-16	-15	-13	-17	-15	-32	-18	-22	-22	-25
Interest Expense	8.53	13	16	16	17	16	33	20	22	24	25
Interest & Investment Income	1.87	-	-	-	0.29	0.91	0.92	1.15	0.84	-	0.24
Other Income / (Expense), net	-0.96	-3.05	0.83	3.38	-0.29	-0.04	0.12	0.30	-0.47	1.83	-0.01
Income Tax Expense	-0.02	0.58	0.63	-0.11	0.44	0.41	0.49	0.08	0.96	1.33	0.51
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Basic Earnings per Share	($6.28)	($3.51)	($0.61)	($0.14)	($0.14)	($0.08)	($0.13)	($2.84)	($0.12)	($0.12)	($2.29)
Weighted Average Basic Shares Outstanding	25.57M	41.26M	132.19M	697.98M	697.46M	697.72M	697.71M	34.91M	699.00M	703.81M	36.15M
Diluted Earnings per Share	($6.28)	($3.51)	($0.61)	($0.14)	($0.14)	($0.08)	($0.13)	($2.84)	($0.12)	($0.12)	($2.29)
Weighted Average Diluted Shares Outstanding	25.57M	41.26M	132.19M	697.98M	697.46M	697.72M	697.71M	34.91M	699.00M	703.81M	36.15M
Weighted Average Basic & Diluted Shares Outstanding	25.38M	166.81M	697.32M	697.30M	697.66M	697.81M	698.79M	698.87M	698.80M	721.71M	36.23M

This table details how cash moves in and out of Wheels Up Experience's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	21	228	462	-167	-327	-46
Net Cash From Operating Activities	-25	210	126	-231	-665	-78
Net Cash From Continuing Operating Activities	-25	210	126	-231	-665	-78
Net Income / (Loss) Continuing Operations	-107	-85	-197	-556	-487	-340
Consolidated Net Income / (Loss)	-107	-85	-197	-556	-487	-340
Depreciation Expense	39	59	54	66	59	57
Amortization Expense	1.91	1.61	0.62	0.77	0.33	8.71
Non-Cash Adjustments To Reconcile Net Income	3.41	12	35	235	170	114
Changes in Operating Assets and Liabilities, net	37	223	233	23	-407	82
Net Cash From Investing Activities	-41	82	-39	-175	41	-47
Net Cash From Continuing Investing Activities	-41	82	-39	-175	41	-47
Purchase of Property, Plant & Equipment	-22	-16	-28	-111	-37	-138
Acquisitions	-28	97	7.84	-75	0.00	0.00
Sale of Property, Plant & Equipment	0.00	0.00	14	51	68	86
Divestitures	-	-	0.00	0.00	13	7.89
Other Investing Activities, net	0.00	0.00	-32	-40	-3.97	-2.30
Net Cash From Financing Activities	87	-63	374	245	301	79
Net Cash From Continuing Financing Activities	87	-63	374	245	301	79
Repayment of Debt	-38	-64	-214	-6.73	-151	-248
Repurchase of Common Equity	-3.00	0.00	0.00	-7.69	-0.03	-0.49
Issuance of Debt	0.00	0.76	0.00	259	452	327
Other Financing Activities, net	128	0.00	588	0.00	-0.00	0.00
Effect of Exchange Rate Changes	-	0.00	0.00	-5.42	-3.87	-0.45
Cash Interest Paid	28	22	12	0.00	31	24

This table details how cash moves in and out of Wheels Up Experience's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Change in Cash & Equivalents	-211	86	19	-80	-40	-25	98	-39	-66	15	-76
Net Cash From Operating Activities	-209	-250	-3.79	-74	-27	-15	38	-48	-63	-37	-100
Net Cash From Continuing Operating Activities	-209	-250	-3.79	-74	-27	-15	38	-48	-63	-37	-100
Net Income / (Loss) Continuing Operations	-161	-145	-81	-97	-97	-58	-88	-99	-82	-84	-83
Consolidated Net Income / (Loss)	-161	-145	-81	-97	-97	-58	-88	-99	-82	-84	-83
Depreciation Expense	15	15	14	15	16	12	13	20	13	14	12
Amortization Expense	0.21	1.27	-2.06	-1.88	0.55	0.31	9.73	1.89	3.80	5.00	9.00
Non-Cash Adjustments To Reconcile Net Income	69	56	29	21	27	14	50	39	15	23	28
Changes in Operating Assets and Liabilities, net	-133	-178	36	-11	27	16	53	-10	-13	4.73	-65
Net Cash From Investing Activities	10	38	4.25	20	4.49	1.97	-73	16	3.80	23	-39
Net Cash From Continuing Investing Activities	10	38	4.25	20	4.49	1.97	-73	16	3.80	23	-39
Purchase of Property, Plant & Equipment	-8.39	-3.23	-8.31	-7.56	-9.90	-8.71	-112	-18	-18	-27	-64
Sale of Property, Plant & Equipment	19	29	14	26	12	9.78	38	33	22	29	26
Other Investing Activities, net	-0.77	-1.37	-1.83	1.18	0.02	-	-0.10	1.15	-	-	0.00
Net Cash From Financing Activities	-12	302	18	-24	-17	-12	132	-8.69	-8.87	29	63
Net Cash From Continuing Financing Activities	-12	302	18	-24	-17	-12	132	-8.69	-8.87	29	63
Repayment of Debt	-12	-111	-21	-24	-17	-11	-196	-18	-18	-32	-37
Repurchase of Common Equity	-	-	-0.03	-0.34	-0.07	-0.08	0.00	-0.11	-0.09	-0.90	-0.20
Issuance of Debt	-	-	39	0.00	-	-	327	9.88	9.68	14	101
Effect of Exchange Rate Changes	-0.45	-3.75	0.42	-1.03	-0.15	-0.10	0.82	1.09	2.13	-0.75	-0.90
Cash Interest Paid	8.00	7.82	7.48	6.79	6.02	5.42	5.33	5.41	4.50	4.72	2.61

This table presents Wheels Up Experience's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,360	1,981	1,923	1,316	1,158	969
Total Current Assets	396	933	820	434	332	249
Cash & Equivalents	313	785	586	264	216	134
Accounts Receivable	59	87	118	50	32	24
Inventories, net	5.32	9.41	54	22	12	12
Prepaid Expenses	19	34	40	56	24	27
Other Current Assets	-	18	22	42	48	53
Plant, Property, & Equipment, net	323	318	395	338	348	220
Total Noncurrent Assets	641	730	709	544	478	500
Goodwill	400	437	348	218	217	210
Intangible Assets	164	147	142	118	97	75
Other Noncurrent Operating Assets	77	146	219	208	164	215
Total Liabilities & Shareholders' Equity	1,360	1,981	1,923	1,316	1,158	969
Total Liabilities	1,066	1,245	1,671	1,216	1,354	1,361
Total Current Liabilities	840	1,135	1,344	908	917	908
Short-Term Debt	63	0.00	27	24	32	19
Accounts Payable	21	44	43	33	30	20
Accrued Expenses	71	107	149	102	89	104
Current Deferred Revenue	651	934	1,075	723	749	739
Other Current Liabilities	34	51	50	25	17	25
Total Noncurrent Liabilities	226	110	327	309	437	453
Long-Term Debt	148	0.00	226	235	376	316
Other Noncurrent Operating Liabilities	76	108	99	73	61	137
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	294	736	252	97	-202	-392
Total Preferred & Common Equity	268	730	252	97	-202	-392
Total Common Equity	268	730	252	97	-202	-392
Common Stock	798	1,451	1,546	1,879	1,922	2,020
Retained Earnings	-531	-721	-1,276	-1,763	-2,103	-2,397
Treasury Stock	-	0.00	-7.69	-7.72	-8.20	-9.84
Accumulated Other Comprehensive Income / (Loss)	-	0.00	-10	-11	-13	-5.63
Noncontrolling Interest	26	6.08	0.00	0.00	0.00	0.00

This table presents Wheels Up Experience's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,748	1,710	1,386	1,328	1,181	1,086	1,043	1,091	1,006	973	916
Total Current Assets	552	603	350	410	333	289	271	299	234	248	165
Cash & Equivalents	285	363	152	245	181	141	116	172	107	125	54
Accounts Receivable	136	108	89	54	52	34	32	42	39	32	32
Inventories, net	51	50	29	26	21	21	23	13	12	9.14	2.21
Prepaid Expenses	39	47	54	47	43	34	29	32	22	25	28
Other Current Assets	40	35	26	38	36	58	71	40	54	56	48
Plant, Property, & Equipment, net	388	399	401	362	322	287	267	333	318	305	264
Total Noncurrent Assets	808	709	635	556	526	510	505	459	454	419	488
Goodwill	460	350	282	215	218	218	222	219	224	210	209
Intangible Assets	147	136	131	123	112	107	103	92	87	80	70
Other Noncurrent Operating Assets	202	222	223	218	197	185	180	147	142	129	209
Total Liabilities & Shareholders' Equity	1,748	1,710	1,386	1,328	1,181	1,086	1,043	1,091	1,006	973	916
Total Liabilities	1,300	1,547	1,373	1,182	1,169	1,157	1,157	1,371	1,353	1,348	1,382
Total Current Liabilities	1,194	1,232	1,071	869	879	874	888	925	902	888	854
Short-Term Debt	-	27	27	25	22	21	30	32	32	30	22
Accounts Payable	49	42	52	26	46	42	35	38	35	31	23
Accrued Expenses	129	138	116	101	90	88	94	85	96	101	93
Current Deferred Revenue	966	976	829	691	698	702	711	758	727	711	688
Other Current Liabilities	50	49	48	26	23	21	18	13	12	14	29
Total Noncurrent Liabilities	106	316	303	313	291	283	269	445	451	460	528
Long-Term Debt	-	220	210	235	223	219	210	383	391	394	400
Other Noncurrent Operating Liabilities	104	95	93	77	68	65	59	63	60	66	127
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	447	163	13	145	0.94	-72	-118	-288	-348	-375	-466
Total Preferred & Common Equity	447	163	13	145	0.94	-72	-118	-288	-348	-375	-466
Total Common Equity	447	163	13	145	0.94	-72	-118	-288	-348	-375	-466
Common Stock	1,522	1,557	1,564	1,849	1,882	1,906	1,911	1,932	1,948	2,009	2,032
Retained Earnings	-1,051	-1,377	-1,537	-1,682	-1,861	-1,958	-2,015	-2,202	-2,285	-2,368	-2,480
Treasury Stock	-7.35	-7.69	-7.69	-7.72	-8.06	-8.12	-8.20	-8.31	-8.65	-9.29	-10
Accumulated Other Comprehensive Income / (Loss)	-17	-9.13	-5.83	-14	-12	-12	-5.54	-9.56	-3.08	-5.60	-7.45
Noncontrolling Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from Wheels Up Experience's official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	80.56%	71.84%	32.28%	-20.66%	-36.80%
EBITDA Growth	0.00%	92.34%	-4,519.86%	-271.49%	20.05%	50.40%
EBIT Growth	0.00%	19.41%	-194.33%	-197.60%	19.05%	42.32%
NOPAT Growth	0.00%	19.41%	-222.84%	-175.49%	20.79%	41.66%
Net Income Growth	0.00%	20.09%	-130.94%	-181.67%	12.27%	30.32%
EPS Growth	0.00%	48.39%	-130.94%	-181.67%	83.67%	86.72%
Operating Cash Flow Growth	0.00%	942.65%	-39.66%	-282.38%	-188.39%	88.29%
Free Cash Flow Firm Growth	0.00%	0.00%	141.56%	-466.34%	-35.21%	83.23%
Invested Capital Growth	0.00%	0.00%	-125.16%	-66.97%	217.73%	-104.84%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.17%	-11.44%	-4.99%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-39.24%	27.54%	9.63%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-35.08%	25.86%	3.42%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-33.10%	26.09%	3.66%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-36.42%	22.78%	-1.93%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-36.42%	75.88%	-2.08%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	144.06%	-2,345.03%	-10.18%	34.88%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-15.99%	-123.14%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-149.85%	-40.99%	-148.17%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	11.49%	8.66%	6.42%	2.50%	1.66%	7.45%
EBITDA Margin	-9.58%	-0.41%	-10.93%	-30.69%	-30.93%	-24.27%
Operating Margin	-20.30%	-9.06%	-17.02%	-35.45%	-35.39%	-32.67%
EBIT Margin	-20.30%	-9.06%	-15.52%	-34.91%	-35.62%	-32.51%
Profit (Net Income) Margin	-27.77%	-12.29%	-16.51%	-35.17%	-38.89%	-42.88%
Tax Burden Percent	100.00%	100.00%	100.03%	100.03%	100.28%	100.36%
Interest Burden Percent	136.79%	135.64%	106.39%	100.70%	108.86%	131.41%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-45.88%	-197.95%	0.00%	-4,337.97%	-400.61%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	35.38%	-185.55%	0.00%	-4,233.13%	-570.30%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-12.25%	159.65%	0.00%	4,060.88%	1,105.58%
Return on Equity (ROE)	0.00%	-58.13%	-38.30%	-112.44%	-277.09%	704.97%
Cash Return on Invested Capital (CROIC)	0.00%	-245.88%	0.00%	0.00%	-511.65%	0.00%
Operating Return on Assets (OROA)	0.00%	-4.63%	-11.09%	-28.25%	-27.57%	-20.82%
Return on Assets (ROA)	0.00%	-6.28%	-11.81%	-28.46%	-30.09%	-27.46%
Return on Common Equity (ROCE)	0.00%	-52.98%	-37.10%	-111.75%	-275.14%	766.11%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-31.89%	-27.01%	-220.53%	-500.41%	168.05%
Net Operating Profit after Tax (NOPAT)	-55	-44	-142	-392	-310	-181
NOPAT Margin	-14.21%	-6.34%	-11.91%	-24.81%	-24.77%	-22.87%
Net Nonoperating Expense Percent (NNEP)	0.00%	-81.27%	-12.40%	-29.28%	-104.83%	169.69%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-77.60%	-87.10%	-87.96%
Cost of Revenue to Revenue	88.51%	91.34%	93.58%	97.50%	98.34%	92.55%
SG&A Expenses to Revenue	7.39%	9.34%	9.49%	11.62%	11.64%	17.37%
R&D to Revenue	3.63%	3.02%	2.81%	3.62%	4.94%	5.14%
Operating Expenses to Revenue	31.79%	17.72%	23.44%	37.95%	37.05%	40.12%
Earnings before Interest and Taxes (EBIT)	-78	-63	-185	-552	-446	-258
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-37	-2.83	-131	-485	-388	-192
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.12	1.56	1.01	5.87	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	7.82	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.58	0.43	0.95	0.16	0.46	1.45
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.16	0.00	0.00	6.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.32	0.30	0.00	0.45	1.70
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	1.06	2.86	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	3.68	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.72	0.00	1.01	2.59	-2.08
Long-Term Debt to Equity	0.00	0.51	0.00	0.90	2.35	-1.92
Financial Leverage	0.00	-0.35	-0.86	-1.13	-0.96	-1.94
Leverage Ratio	0.00	4.63	3.24	3.95	9.21	-25.68
Compound Leverage Factor	0.00	6.28	3.45	3.98	10.02	-33.74
Debt to Total Capital	0.00%	41.81%	0.00%	50.13%	72.18%	192.64%
Short-Term Debt to Total Capital	0.00%	12.41%	0.00%	5.35%	6.69%	14.99%
Long-Term Debt to Total Capital	0.00%	29.39%	0.00%	44.78%	65.49%	177.65%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	5.15%	0.83%	0.00%	0.69%	2.78%
Common Equity to Total Capital	0.00%	53.04%	99.17%	49.87%	27.13%	-95.41%
Debt to EBITDA	0.00	-74.72	0.00	-0.52	-0.67	-2.12
Net Debt to EBITDA	0.00	36.00	0.00	0.69	0.01	-1.00
Long-Term Debt to EBITDA	0.00	-52.53	0.00	-0.47	-0.61	-1.96
Debt to NOPAT	0.00	-4.79	0.00	-0.65	-0.83	-2.25
Net Debt to NOPAT	0.00	2.31	0.00	0.85	0.02	-1.06
Long-Term Debt to NOPAT	0.00	-3.37	0.00	-0.58	-0.76	-2.08
Altman Z-Score	0.00	-0.41	0.21	-1.29	-2.19	-2.69
Noncontrolling Interest Sharing Ratio	0.00%	8.86%	3.12%	0.62%	0.70%	-8.67%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	0.47	0.82	0.61	0.48	0.36
Quick Ratio	0.00	0.44	0.77	0.52	0.35	0.27
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-236	98	-360	-486	-82
Operating Cash Flow to CapEx	-110.62%	1,350.45%	852.07%	-384.20%	0.00%	-149.01%
Free Cash Flow to Firm to Interest Expense	0.00	-10.27	8.25	-47.85	-10.65	-0.98
Operating Cash Flow to Interest Expense	-0.85	9.12	10.63	-30.70	-14.57	-0.94
Operating Cash Flow Less CapEx to Interest Expense	-1.61	8.44	9.38	-38.69	-13.88	-1.57
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.51	0.71	0.81	0.77	0.64
Accounts Receivable Turnover	0.00	11.86	16.35	15.38	14.95	19.03
Inventory Turnover	0.00	119.32	151.75	48.72	32.40	42.57
Fixed Asset Turnover	0.00	2.15	3.73	4.44	3.42	2.31
Accounts Payable Turnover	0.00	30.34	34.61	35.48	32.38	23.29
Days Sales Outstanding (DSO)	0.00	30.78	22.32	23.73	24.42	19.18
Days Inventory Outstanding (DIO)	0.00	3.06	2.41	7.49	11.27	8.57
Days Payable Outstanding (DPO)	0.00	12.03	10.55	10.29	11.27	15.67
Cash Conversion Cycle (CCC)	0.00	21.81	14.18	20.93	24.41	12.09
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	192	-48	-81	95	-4.60
Invested Capital Turnover	0.00	7.24	16.61	-24.48	175.11	17.52
Increase / (Decrease) in Invested Capital	0.00	192	-240	-32	176	-100
Enterprise Value (EV)	0.00	223	362	-78	570	1,349
Market Capitalization	225	299	1,140	255	572	1,151
Book Value per Share	$0.00	$8.94	$2.97	$1.02	$0.58	($0.29)
Tangible Book Value per Share	$0.00	($9.88)	$0.59	($0.96)	($1.43)	($0.74)
Total Capital	0.00	505	736	505	359	212
Total Debt	0.00	211	0.00	253	259	408
Total Long-Term Debt	0.00	148	0.00	226	235	376
Net Debt	0.00	-102	-785	-333	-4.84	192
Capital Expenditures (CapEx)	22	16	15	60	-32	52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-695	-987	-1,083	-713	-770
Debt-free Net Working Capital (DFNWC)	0.00	-382	-202	-498	-449	-553
Net Working Capital (NWC)	0.00	-444	-202	-525	-473	-585
Net Nonoperating Expense (NNE)	52	41	55	164	177	158
Net Nonoperating Obligations (NNO)	0.00	-102	-785	-333	-4.84	192
Total Depreciation and Amortization (D&A)	41	60	55	67	59	65
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-99.93%	-82.61%	-68.58%	-56.92%	-97.20%
Debt-free Net Working Capital to Revenue	0.00%	-54.92%	-16.91%	-31.50%	-35.86%	-69.87%
Net Working Capital to Revenue	0.00%	-63.94%	-16.91%	-33.21%	-37.78%	-73.88%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	($3.69)	($0.49)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	132.19M	697.71M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($3.69)	($0.49)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	132.19M	697.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	697.32M	698.79M
Normalized Net Operating Profit after Tax (NOPAT)	-55	-44	-143	-269	-234	-182
Normalized NOPAT Margin	-14.21%	-6.34%	-11.99%	-17.03%	-18.67%	-22.99%
Pre Tax Income Margin	-27.77%	-12.29%	-16.51%	-35.16%	-38.78%	-42.72%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-2.66	-2.74	-15.58	-73.39	-9.78	-3.10
NOPAT to Interest Expense	-1.86	-1.92	-11.96	-52.16	-6.80	-2.18
EBIT Less CapEx to Interest Expense	-3.43	-3.41	-16.82	-81.38	-9.09	-3.73
NOPAT Less CapEx to Interest Expense	-2.63	-2.59	-13.21	-60.15	-6.11	-2.81
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-2.81%	0.00%	0.00%	-1.38%	-0.01%	-0.14%

This table displays calculated financial ratios and metrics derived from Wheels Up Experience's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	721,707,858.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	36,085,393.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-2.30
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-21.26%	-23.86%	-39.65%	-43.98%	-41.42%	-39.42%	-16.87%	-9.93%	-3.39%	-4.34%	-4.85%
EBITDA Growth	-80.70%	13.47%	73.67%	16.33%	54.41%	74.76%	38.91%	13.74%	32.31%	-39.37%	37.19%
EBIT Growth	-65.81%	11.83%	70.84%	15.64%	48.46%	68.27%	14.24%	0.87%	24.29%	-42.00%	28.71%
NOPAT Growth	-62.54%	14.94%	70.69%	14.55%	48.24%	67.50%	15.14%	4.47%	24.61%	-46.53%	28.99%
Net Income Growth	-73.13%	2.70%	63.93%	3.44%	39.62%	60.13%	-7.92%	-1.97%	15.13%	-45.03%	16.47%
EPS Growth	-65.26%	42.36%	93.33%	96.48%	97.77%	97.72%	78.69%	0.00%	14.29%	-50.00%	16.47%
Operating Cash Flow Growth	-1,003.37%	-68.61%	-106.58%	63.56%	87.10%	93.98%	1,100.42%	35.06%	-149.90%	-120.20%	-107.89%
Free Cash Flow Firm Growth	-166.21%	-781.42%	-80.31%	-894.95%	130.49%	236.61%	127.61%	164.68%	15.80%	-65.16%	-64.28%
Invested Capital Growth	-37.38%	-0.55%	217.73%	60.29%	-72.10%	-94.07%	-104.84%	-149.09%	-217.13%	-895.72%	-161.99%
Revenue Q/Q Growth	-4.76%	-4.48%	-23.02%	-20.00%	-0.41%	-1.21%	5.63%	-13.32%	6.82%	-2.19%	0.00%
EBITDA Q/Q Growth	-71.09%	16.80%	54.36%	-20.52%	6.77%	53.94%	-10.45%	-81.50%	26.70%	5.15%	0.00%
EBIT Q/Q Growth	-59.73%	14.22%	51.47%	-20.11%	2.41%	47.19%	-31.17%	-46.40%	25.35%	0.94%	0.00%
NOPAT Q/Q Growth	-58.29%	15.68%	49.68%	-27.22%	4.11%	47.05%	-31.37%	-46.62%	26.21%	-2.91%	0.00%
Net Income Q/Q Growth	-59.21%	9.83%	43.99%	-20.07%	0.43%	40.47%	-51.63%	-13.45%	17.13%	-1.74%	0.00%
EPS Q/Q Growth	-57.79%	44.11%	82.62%	77.05%	0.00%	42.86%	-62.50%	-7.69%	14.29%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-3.31%	-19.43%	98.48%	-1,846.56%	63.43%	44.31%	352.32%	-226.36%	-31.21%	40.96%	0.00%
Free Cash Flow Firm Q/Q Growth	-549.62%	-82.98%	-147.38%	60.94%	117.25%	719.75%	-50.00%	-7.05%	-69.41%	145.13%	0.00%
Invested Capital Q/Q Growth	105.74%	65.10%	-40.99%	-20.03%	-64.19%	-64.92%	-148.17%	-711.33%	14.56%	-138.31%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	2.14%	6.30%	-1.84%	-0.59%	2.34%	13.95%	13.94%	10.76%	8.27%	6.80%	5.76%
EBITDA Margin	-41.37%	-36.03%	-21.37%	-34.39%	-32.20%	-15.01%	-15.70%	-32.87%	-22.56%	-21.87%	-21.70%
Operating Margin	-45.66%	-40.31%	-26.35%	-41.90%	-40.34%	-21.62%	-26.90%	-45.49%	-31.43%	-33.07%	-33.95%
EBIT Margin	-45.95%	-41.26%	-26.01%	-41.25%	-40.42%	-21.61%	-26.84%	-45.32%	-31.68%	-32.08%	-33.96%
Profit (Net Income) Margin	-47.93%	-45.25%	-32.92%	-49.41%	-49.40%	-29.77%	-42.74%	-55.94%	-43.40%	-45.14%	-49.11%
Tax Burden Percent	99.99%	100.40%	100.79%	99.88%	100.46%	100.71%	100.57%	100.08%	101.18%	101.62%	100.62%
Interest Burden Percent	104.33%	109.22%	125.59%	119.93%	121.66%	136.81%	158.37%	123.33%	135.41%	138.47%	143.72%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-382.42%	-247.25%	-3,229.51%	-522.19%	-434.55%	-147.95%	-329.79%	-1,271.62%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-351.16%	-206.82%	-3,208.37%	-368.72%	-479.95%	-188.63%	-382.23%	-1,299.51%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	201.80%	94.11%	3,077.82%	108.69%	1,508.06%	-847.38%	740.98%	1,487.09%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-180.62%	-153.14%	-151.70%	-413.49%	1,073.51%	-995.33%	411.20%	215.46%	156.10%	144.41%	0.00%
Cash Return on Invested Capital (CROIC)	-298.23%	-259.59%	-511.65%	-533.55%	-286.40%	-42.83%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-41.51%	-37.97%	-20.13%	-31.34%	-31.39%	-15.20%	-17.18%	-30.82%	-23.19%	-24.11%	0.00%
Return on Assets (ROA)	-43.30%	-41.64%	-25.48%	-37.54%	-38.36%	-20.94%	-27.37%	-38.04%	-31.78%	-33.92%	0.00%
Return on Common Equity (ROCE)	-180.62%	-153.14%	-150.63%	-387.80%	1,093.66%	-883.62%	446.86%	230.81%	156.51%	145.44%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-4,955.19%	-434.58%	0.00%	0.00%	582.51%	283.18%	0.00%	118.55%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-107	-90	-45	-58	-55	-29	-39	-57	-42	-43	-40
NOPAT Margin	-31.96%	-28.21%	-18.44%	-29.33%	-28.24%	-15.14%	-18.83%	-31.85%	-22.00%	-23.15%	-23.77%
Net Nonoperating Expense Percent (NNEP)	-31.26%	-40.42%	-21.14%	-153.47%	45.40%	40.68%	52.44%	27.89%	19.60%	19.32%	14.02%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-12.75%	-	-	-	-18.72%	-44.76%	-55.53%	-86.97%	92.07%
Cost of Revenue to Revenue	97.86%	93.70%	101.84%	100.59%	97.66%	86.05%	86.06%	89.24%	91.73%	93.20%	94.24%
SG&A Expenses to Revenue	11.96%	13.39%	9.55%	18.39%	18.31%	13.95%	18.72%	32.00%	15.94%	17.24%	15.89%
R&D to Revenue	4.31%	6.24%	4.71%	5.62%	5.36%	4.95%	4.63%	5.93%	4.93%	5.48%	5.17%
Operating Expenses to Revenue	47.80%	46.61%	24.50%	41.31%	42.69%	35.57%	40.83%	56.26%	39.70%	39.87%	39.71%
Earnings before Interest and Taxes (EBIT)	-154	-132	-64	-81	-79	-42	-55	-80	-60	-60	-57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-139	-115	-53	-68	-63	-29	-32	-58	-43	-41	-37
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.30	0.36	5.87	2,138.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.02	0.04	0.46	1.82	1.37	2.03	1.45	0.91	0.98	1.70	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.17	0.42	6.00	27.32	52.08	190.19	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.08	0.05	0.45	1.89	1.48	2.18	1.70	1.24	1.39	2.09	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.26
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	18.45	1.79	2.59	20.75	-3.37	-2.10	-2.08	-1.48	-1.22	-1.13	-0.91
Long-Term Debt to Equity	16.39	1.62	2.35	18.86	-3.08	-1.84	-1.92	-1.37	-1.13	-1.05	-0.86
Financial Leverage	-0.57	-0.46	-0.96	-0.29	-3.14	4.49	-1.94	-1.14	-0.99	-0.86	-0.82
Leverage Ratio	5.63	5.19	9.21	16.52	-42.45	76.33	-25.68	-8.48	-5.00	-4.13	-2.69
Compound Leverage Factor	5.88	5.67	11.56	19.82	-51.65	104.43	-40.66	-10.45	-6.76	-5.71	-3.87
Debt to Total Capital	94.86%	64.22%	72.18%	95.40%	142.12%	191.01%	192.64%	308.03%	562.89%	858.68%	-967.88%
Short-Term Debt to Total Capital	10.63%	6.22%	6.69%	8.67%	12.54%	23.95%	14.99%	23.53%	41.99%	61.46%	-49.86%
Long-Term Debt to Total Capital	84.23%	58.00%	65.49%	86.73%	129.58%	167.06%	177.65%	284.50%	520.90%	797.22%	-918.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.69%	4.23%	0.65%	2.78%	2.78%	6.11%	0.00%	0.00%	0.00%
Common Equity to Total Capital	5.14%	35.78%	27.13%	0.36%	-42.77%	-93.79%	-95.41%	-214.14%	-462.89%	-758.68%	1,067.88%
Debt to EBITDA	-0.43	-0.49	-0.67	-0.65	-0.80	-1.13	-2.12	-2.27	-2.60	-2.44	0.00
Net Debt to EBITDA	-0.15	-0.03	0.01	-0.17	-0.33	-0.58	-1.00	-1.33	-1.94	-1.72	0.00
Long-Term Debt to EBITDA	-0.38	-0.44	-0.61	-0.60	-0.73	-0.99	-1.96	-2.09	-2.41	-2.26	0.00
Debt to NOPAT	-0.54	-0.62	-0.83	-0.82	-0.96	-1.27	-2.25	-2.32	-2.56	-2.37	0.00
Net Debt to NOPAT	-0.19	-0.04	0.02	-0.21	-0.39	-0.66	-1.06	-1.36	-1.92	-1.67	0.00
Long-Term Debt to NOPAT	-0.48	-0.56	-0.76	-0.74	-0.88	-1.11	-2.08	-2.14	-2.37	-2.20	0.00
Altman Z-Score	-1.44	-1.42	-1.23	-1.03	-1.84	-1.87	-2.11	-2.74	-3.08	-3.05	-4.74
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.70%	6.21%	-1.88%	11.22%	-8.67%	-7.12%	-0.26%	-0.71%	-1.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.33	0.47	0.48	0.38	0.33	0.31	0.36	0.32	0.26	0.28	0.19
Quick Ratio	0.23	0.34	0.35	0.26	0.20	0.17	0.27	0.23	0.16	0.18	0.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-49	-89	-221	-86	15	122	61	57	17	43	20
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	51.44%	0.00%	0.00%	0.00%	-257.69%
Free Cash Flow to Firm to Interest Expense	-5.73	-6.78	-13.99	-5.31	0.85	7.48	1.85	2.85	0.79	1.81	0.80
Operating Cash Flow to Interest Expense	-24.53	-18.93	-0.24	-4.54	-1.54	-0.92	1.15	-2.41	-2.84	-1.58	-3.93
Operating Cash Flow Less CapEx to Interest Expense	-23.25	-16.99	0.15	-3.41	-1.43	-0.86	-1.09	-1.65	-2.67	-1.46	-5.46
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.90	0.92	0.77	0.76	0.78	0.70	0.64	0.68	0.73	0.75	0.00
Accounts Receivable Turnover	14.07	14.86	14.95	13.79	15.58	19.33	19.03	16.54	21.07	23.52	0.00
Inventory Turnover	41.34	35.58	32.40	30.66	37.59	33.25	42.57	41.66	40.44	43.02	0.00
Fixed Asset Turnover	3.83	3.77	3.42	3.05	2.79	2.65	2.31	2.36	2.53	2.65	0.00
Accounts Payable Turnover	25.96	36.96	32.38	24.50	20.01	26.67	23.29	16.59	17.48	20.70	0.00
Days Sales Outstanding (DSO)	25.93	24.57	24.42	26.46	23.43	18.88	19.18	22.07	17.33	15.52	0.00
Days Inventory Outstanding (DIO)	8.83	10.26	11.27	11.91	9.71	10.98	8.57	8.76	9.02	8.48	0.00
Days Payable Outstanding (DPO)	14.06	9.88	11.27	14.90	18.24	13.68	15.67	22.00	20.88	17.63	0.00
Cash Conversion Cycle (CCC)	20.70	24.95	24.41	23.47	14.90	16.18	12.09	8.83	5.47	6.37	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	98	161	95	76	27	9.55	-4.60	-37	-32	-76	-98
Invested Capital Turnover	11.97	8.76	175.11	17.80	15.39	9.77	17.52	39.93	-328.57	-22.81	0.00
Increase / (Decrease) in Invested Capital	-58	-0.89	176	29	-70	-152	-100	-113	-59	-86	-60
Enterprise Value (EV)	114	68	570	2,076	1,417	1,816	1,349	957	1,064	1,584	741
Market Capitalization	29	53	572	2,001	1,318	1,688	1,151	706	748	1,286	373
Book Value per Share	$0.05	$5.72	$0.58	$0.00	($0.10)	($0.17)	($0.29)	($0.41)	($0.50)	($0.54)	($12.88)
Tangible Book Value per Share	($1.59)	($7.58)	($1.43)	($0.47)	($0.57)	($0.63)	($0.74)	($0.86)	($0.94)	($0.95)	($20.59)
Total Capital	249	406	359	257	169	125	212	135	75	49	-44
Total Debt	237	261	259	245	240	240	408	414	423	424	422
Total Long-Term Debt	210	235	235	223	219	210	376	383	391	394	400
Net Debt	85	16	-4.84	64	98	124	192	243	316	299	368
Capital Expenditures (CapEx)	-11	-26	-6.09	-18	-1.97	-1.07	74	-15	-3.80	-2.78	39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-846	-679	-713	-704	-706	-703	-770	-767	-744	-734	-722
Debt-free Net Working Capital (DFNWC)	-694	-434	-449	-524	-564	-587	-553	-595	-637	-609	-668
Net Working Capital (NWC)	-721	-459	-473	-546	-585	-617	-585	-627	-669	-639	-690
Net Nonoperating Expense (NNE)	54	55	36	40	42	28	49	43	41	41	43
Net Nonoperating Obligations (NNO)	85	16	-4.84	64	98	124	192	243	316	299	368
Total Depreciation and Amortization (D&A)	15	17	11	14	16	13	23	22	17	19	21
Debt-free, Cash-free Net Working Capital to Revenue	-55.83%	-47.97%	-56.92%	-64.12%	-73.52%	-84.32%	-97.20%	-99.26%	-97.14%	-96.93%	0.00%
Debt-free Net Working Capital to Revenue	-45.82%	-30.67%	-35.86%	-47.66%	-58.78%	-70.42%	-69.87%	-77.01%	-83.17%	-80.39%	0.00%
Net Working Capital to Revenue	-47.57%	-32.45%	-37.78%	-49.68%	-60.98%	-74.02%	-73.88%	-81.11%	-87.29%	-84.39%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($6.28)	($3.51)	($0.61)	($0.14)	($0.14)	($0.08)	($0.13)	($0.14)	($0.12)	($0.12)	($2.29)
Adjusted Weighted Average Basic Shares Outstanding	25.57M	41.26M	132.19M	697.98M	697.46M	697.72M	697.71M	698.27M	699.00M	703.81M	36.15M
Adjusted Diluted Earnings per Share	($6.28)	($3.51)	($0.61)	($0.14)	($0.14)	($0.08)	($0.13)	($0.14)	($0.12)	($0.12)	($2.29)
Adjusted Weighted Average Diluted Shares Outstanding	25.57M	41.26M	132.19M	697.98M	697.46M	697.72M	697.71M	698.27M	699.00M	703.81M	36.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($0.61)	$0.00	$0.00	$0.00	($0.13)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	25.38M	166.81M	697.32M	697.30M	697.66M	697.81M	698.79M	698.87M	698.80M	721.71M	36.23M
Normalized Net Operating Profit after Tax (NOPAT)	-60	-56	-49	-60	-55	-29	-38	-63	-43	-46	-42
Normalized NOPAT Margin	-17.88%	-17.64%	-20.04%	-30.30%	-28.16%	-15.21%	-18.36%	-35.73%	-22.81%	-24.74%	-24.76%
Pre Tax Income Margin	-47.93%	-45.06%	-32.67%	-49.47%	-49.18%	-29.56%	-42.50%	-55.90%	-42.89%	-44.42%	-48.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-18.05	-10.01	-4.05	-5.00	-4.54	-2.57	-1.67	-4.04	-2.72	-2.53	-2.27
NOPAT to Interest Expense	-12.56	-6.84	-2.87	-3.56	-3.17	-1.80	-1.17	-2.84	-1.89	-1.82	-1.59
EBIT Less CapEx to Interest Expense	-16.77	-8.06	-3.67	-3.87	-4.43	-2.50	-3.90	-3.29	-2.55	-2.41	-3.79
NOPAT Less CapEx to Interest Expense	-11.28	-4.90	-2.49	-2.42	-3.06	-1.73	-3.40	-2.09	-1.72	-1.71	-3.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-1.22%	-1.12%	-0.01%	-4.56%	-5.26%	-6.66%	-0.14%	-0.08%	-0.08%	-0.31%	0.00%

Financials Breakdown Chart

Key Financial Trends

Wheels Up Experience (NYSE: UP) shows a company that is still deeply unprofitable, but there are some signs of operational improvement in 2025 versus 2024. Revenue held relatively steady quarter to quarter, gross margins improved from the very weak levels seen in 2024, and the company generated positive investing cash flow in Q3 2025 and Q1 2024 from asset sales. However, the business is still burning a lot of cash, carrying a large debt load, and has a negative equity position on the balance sheet.

Gross profit improved in 2025 compared with the weak 2024 base. In Q1 2026, gross profit was $9.7 million on $168.9 million of revenue, versus $19.1 million on $177.5 million in Q1 2025 and a loss of gross profit in Q1 2024.
Operating cash flow improved meaningfully from the 2024 trough. Q1 2026 operating cash flow was -$99.6 million, better than the -$202.5 million in Q1 2024 and -$47.9 million in Q1 2023, though still negative.
The company has shown it can generate cash from asset sales. Q1 2026 included $25.6 million from asset sales, and Q3 2025 included $49.7 million from sales/divestitures, helping partially offset losses and capex.
Cash on hand remains meaningful despite the burn. Wheels Up ended Q1 2026 with $54.1 million in cash and equivalents.
Revenue has been fairly stable around the high-$100 million to low-$200 million quarterly range in 2024–2026, suggesting the top line has not collapsed even as profitability remains poor.
The company’s deferred revenue is very large, which can support future revenue recognition, but it also reflects a large obligation to deliver service. Current deferred revenue was $687.6 million in Q1 2026.
Depreciation and amortization remain substantial non-cash add-backs, indicating the asset base is still expensive to maintain. In Q1 2026, depreciation was $11.7 million and amortization was $9.0 million.
Debt financing is still part of the funding mix. In Q1 2026, Wheels Up issued $100.7 million of debt while repaying $37.1 million.
The share count has been extremely volatile across periods, which makes per-share comparisons harder and can dilute existing shareholders over time.
Wheels Up remains unprofitable. Q1 2026 net loss was $83.0 million, following losses of $83.7 million in Q3 2025, $82.3 million in Q2 2025, and $99.3 million in Q1 2025.
Operating income has been negative for every period shown, including Q1 2026 at -$57.4 million and Q1 2025 at -$80.8 million.
Cash flow from operations is consistently negative, signaling the core business still does not fund itself.
The balance sheet is heavily leveraged. In Q1 2026, total liabilities were $1.38 billion versus negative total equity of $465.7 million.
Short-term obligations are large relative to liquidity. Q1 2026 current liabilities were $854.4 million, far above cash of $54.1 million.
Interest expense is a major drag. Q1 2026 interest expense was $25.3 million, consuming a large portion of gross profit and worsening pre-tax losses.
Historically, the company has needed major financing support and asset sales just to manage cash, which increases execution and dilution risk for shareholders.

Bottom line: Wheels Up has made some progress on gross profit and cash management, but the company is still in a high-risk turnaround phase. Investors should focus on whether revenue can stabilize, operating losses can narrow more sustainably, and cash burn can come down without relying on repeated debt issuance or asset sales.

07/14/26 03:01 AM ETAI Generated. May Contain Errors.

Wheels Up Experience Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Wheels Up Experience's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

Wheels Up Experience's net income appears to be on an upward trend, with a most recent value of -$339.64 million in 2024, rising from -$106.87 million in 2019. The previous period was -$487.39 million in 2023. Find out what analysts predict for Wheels Up Experience in the coming months.

Wheels Up Experience's total operating income in 2024 was -$258.79 million, based on the following breakdown:

Total Gross Profit: $59.03 million
Total Operating Expenses: $317.82 million

Over the last 5 years, Wheels Up Experience's total revenue changed from $384.91 million in 2019 to $792.10 million in 2024, a change of 105.8%.

Wheels Up Experience's total liabilities were at $1.36 billion at the end of 2025, a 0.5% increase from 2024, and a 27.6% increase since 2020.

In the past 5 years, Wheels Up Experience's cash and equivalents has ranged from $133.93 million in 2025 to $784.57 million in 2021, and is currently $133.93 million as of their latest financial filing in 2025.

Over the last 5 years, Wheels Up Experience's book value per share changed from 0.00 in 2019 to -0.29 in 2024, a change of -29.0%.

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Financial statements for NYSE:UP last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Wheels Up Experience (UP) Financials

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Wheels Up Experience (UP) Financials

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Quarterly Metrics And Ratios for Wheels Up Experience

Financials Breakdown Chart

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Wheels Up Experience Financials - Frequently Asked Questions

When does Wheels Up Experience's fiscal year end?

How has Wheels Up Experience's net income changed over the last 5 years?

What is Wheels Up Experience's operating income?

How has Wheels Up Experience's revenue changed over the last 5 years?

How much debt does Wheels Up Experience have?

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How has Wheels Up Experience's book value per share changed over the last 5 years?

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