Wheels Up Experience (UP) Financials

$5.71 +0.34 (+6.31%)

As of 01:29 PM Eastern

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-101	-161	-145	-81	-97	-97	-58	-88	-99	-82	-84
Consolidated Net Income / (Loss)	-101	-161	-145	-81	-97	-97	-58	-88	-99	-82	-84
Net Income / (Loss) Continuing Operations	-101	-161	-145	-81	-97	-97	-58	-88	-99	-82	-84
Total Pre-Tax Income	-101	-161	-144	-80	-98	-97	-57	-87	-99	-81	-82
Total Operating Income	-97	-153	-129	-65	-85	-79	-42	-55	-81	-60	-61
Total Gross Profit	-1.98	7.16	20	-4.55	-1.16	4.60	27	29	19	16	13
Total Revenue	352	335	320	246	197	196	194	205	178	190	185
Operating Revenue	352	335	320	246	197	196	194	205	178	190	185
Total Cost of Revenue	354	328	300	251	198	192	167	176	158	174	173
Operating Cost of Revenue	354	328	300	251	198	192	167	176	158	174	173
Total Operating Expenses	95	160	149	60	83	84	69	84	100	75	74
Selling, General & Admin Expense	39	40	43	24	36	36	27	38	57	30	32
Marketing Expense	26	23	23	17	21	21	20	21	22	24	22
Research & Development Expense	16	14	20	12	11	11	9.59	9.49	11	9.36	10
Depreciation Expense	14	15	15	14	15	16	12	13	20	13	14
Other Special Charges / (Income)	-0.87	-2.62	-7.84	-5.61	-0.76	0.10	-0.26	1.35	-9.84	-2.18	-4.22
Total Other Income / (Expense), net	-4.03	-7.62	-16	-15	-13	-17	-15	-32	-18	-22	-22
Interest Expense	8.12	8.53	13	16	16	17	16	33	20	22	24
Other Income / (Expense), net	0.27	-0.96	-3.05	0.83	3.38	-0.29	-0.04	0.12	0.30	-0.47	1.83
Income Tax Expense	0.19	-0.02	0.58	0.63	-0.11	0.44	0.41	0.49	0.08	0.96	1.33
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	($3.98)	($6.28)	($3.51)	($0.61)	($0.14)	($0.14)	($0.08)	($0.13)	($0.14)	($0.12)	($0.12)
Weighted Average Basic Shares Outstanding	25.33M	25.57M	41.26M	132.19M	697.98M	697.46M	697.72M	697.71M	698.27M	699.00M	703.81M
Diluted Earnings per Share	($3.98)	($6.28)	($3.51)	($0.61)	($0.14)	($0.14)	($0.08)	($0.13)	($0.14)	($0.12)	($0.12)
Weighted Average Diluted Shares Outstanding	25.33M	25.57M	41.26M	132.19M	697.98M	697.46M	697.72M	697.71M	698.27M	699.00M	703.81M
Weighted Average Basic & Diluted Shares Outstanding	251.61M	25.38M	166.81M	697.32M	697.30M	697.66M	697.81M	698.79M	698.87M	698.80M	721.71M

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	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
Net Change in Cash & Equivalents	-220	-211	86	19	-80	-40	-25	98	-39	-66	15
Net Cash From Operating Activities	-202	-209	-250	-3.79	-74	-27	-15	38	-48	-63	-37
Net Cash From Continuing Operating Activities	-202	-209	-250	-3.79	-74	-27	-15	38	-48	-63	-37
Net Income / (Loss) Continuing Operations	-101	-161	-145	-81	-97	-97	-58	-88	-99	-82	-84
Consolidated Net Income / (Loss)	-101	-161	-145	-81	-97	-97	-58	-88	-99	-82	-84
Depreciation Expense	14	15	15	14	15	16	12	13	20	13	14
Amortization Expense	0.92	0.21	1.27	-2.06	-1.88	0.55	0.31	9.73	1.89	3.80	5.00
Non-Cash Adjustments To Reconcile Net Income	15	69	56	29	21	27	14	50	39	15	23
Changes in Operating Assets and Liabilities, net	-132	-133	-178	36	-11	27	16	53	-10	-13	4.73
Net Cash From Investing Activities	-11	10	38	4.25	20	4.49	1.97	-73	16	3.80	23
Net Cash From Continuing Investing Activities	-11	10	38	4.25	20	4.49	1.97	-73	16	3.80	23
Purchase of Property, Plant & Equipment	-17	-8.39	-3.23	-8.31	-7.56	-9.90	-8.71	-112	-18	-18	-27
Sale of Property, Plant & Equipment	5.70	19	29	14	26	12	9.78	38	33	22	29
Divestitures	0.00	-	13	-	-	2.50	0.90	1.09	-	-	21
Net Cash From Financing Activities	-6.75	-12	302	18	-24	-17	-12	132	-8.69	-8.87	29
Net Cash From Continuing Financing Activities	-6.75	-12	302	18	-24	-17	-12	132	-8.69	-8.87	29
Repayment of Debt	-6.75	-12	-111	-21	-24	-17	-11	-196	-18	-18	-32
Repurchase of Common Equity	0.00	-	-	-0.03	-0.34	-0.07	-0.08	0.00	-0.11	-0.09	-0.90
Issuance of Debt	-	-	-	39	0.00	-	-	327	9.88	9.68	14
Effect of Exchange Rate Changes	-0.09	-0.45	-3.75	0.42	-1.03	-0.15	-0.10	0.82	1.09	2.13	-0.75
Cash Interest Paid	8.10	8.00	7.82	7.48	6.79	6.02	5.42	5.33	5.41	4.50	4.72

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
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,360	1,981	1,923	1,316	1,158
Total Current Assets	396	933	820	434	332
Cash & Equivalents	313	785	586	264	216
Accounts Receivable	59	87	118	50	32
Inventories, net	5.32	9.41	54	22	12
Prepaid Expenses	19	34	40	56	24
Other Current Assets	-	18	22	42	48
Plant, Property, & Equipment, net	323	318	395	338	348
Total Noncurrent Assets	641	730	709	544	478
Goodwill	400	437	348	218	217
Intangible Assets	164	147	142	118	97
Other Noncurrent Operating Assets	77	146	219	208	164
Total Liabilities & Shareholders' Equity	1,360	1,981	1,923	1,316	1,158
Total Liabilities	1,066	1,245	1,671	1,216	1,354
Total Current Liabilities	840	1,135	1,344	908	917
Short-Term Debt	63	0.00	27	24	32
Accounts Payable	21	44	43	33	30
Accrued Expenses	71	107	149	102	89
Current Deferred Revenue	651	934	1,075	723	749
Other Current Liabilities	34	51	50	25	17
Total Noncurrent Liabilities	226	110	327	309	437
Long-Term Debt	148	0.00	226	235	376
Other Noncurrent Operating Liabilities	76	108	99	73	61
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	0.00	2.48	5.88
Total Equity & Noncontrolling Interests	294	736	252	97	-202
Total Preferred & Common Equity	268	730	252	97	-202
Total Common Equity	268	730	252	97	-202
Common Stock	798	1,451	1,546	1,879	1,922
Retained Earnings	-531	-721	-1,276	-1,763	-2,103
Treasury Stock	-	0.00	-7.69	-7.72	-8.20
Accumulated Other Comprehensive Income / (Loss)	-	0.00	-10	-11	-13
Noncontrolling Interest	26	6.08	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	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	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
Total Assets	1,969	1,748	1,710	1,386	1,328	1,181	1,086	1,043	1,091	1,006	973
Total Current Assets	692	552	603	350	410	333	289	271	299	234	248
Cash & Equivalents	427	285	363	152	245	181	141	116	172	107	125
Accounts Receivable	126	136	108	89	54	52	34	32	42	39	32
Inventories, net	43	51	50	29	26	21	21	23	13	12	9.14
Prepaid Expenses	40	39	47	54	47	43	34	29	32	22	25
Other Current Assets	56	40	35	26	38	36	58	71	40	54	56
Plant, Property, & Equipment, net	389	388	399	401	362	322	287	267	333	318	305
Total Noncurrent Assets	888	808	709	635	556	526	510	505	459	454	419
Goodwill	528	460	350	282	215	218	218	222	219	224	210
Intangible Assets	155	147	136	131	123	112	107	103	92	87	80
Other Noncurrent Operating Assets	205	202	222	223	218	197	185	180	147	142	129
Total Liabilities & Shareholders' Equity	1,969	1,748	1,710	1,386	1,328	1,181	1,086	1,043	1,091	1,006	973
Total Liabilities	1,386	1,300	1,547	1,373	1,182	1,169	1,157	1,157	1,371	1,353	1,348
Total Current Liabilities	1,272	1,194	1,232	1,071	869	879	874	888	925	902	888
Short-Term Debt	-	-	27	27	25	22	21	30	32	32	30
Accounts Payable	62	49	42	52	26	46	42	35	38	35	31
Accrued Expenses	124	129	138	116	101	90	88	94	85	96	101
Current Deferred Revenue	1,039	966	976	829	691	698	702	711	758	727	711
Other Current Liabilities	47	50	49	48	26	23	21	18	13	12	14
Total Noncurrent Liabilities	114	106	316	303	313	291	283	269	445	451	460
Long-Term Debt	-	-	220	210	235	223	219	210	383	391	394
Other Noncurrent Operating Liabilities	112	104	95	93	77	68	65	59	63	60	66
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	11	1.09	3.49	8.22	0.00	0.00
Total Equity & Noncontrolling Interests	583	447	163	13	145	0.94	-72	-118	-288	-348	-375
Total Preferred & Common Equity	583	447	163	13	145	0.94	-72	-118	-288	-348	-375
Total Common Equity	583	447	163	13	145	0.94	-72	-118	-288	-348	-375
Common Stock	1,500	1,522	1,557	1,564	1,849	1,882	1,906	1,911	1,932	1,948	2,009
Retained Earnings	-902	-1,051	-1,377	-1,537	-1,682	-1,861	-1,958	-2,015	-2,202	-2,285	-2,368
Treasury Stock	-6.69	-7.35	-7.69	-7.69	-7.72	-8.06	-8.12	-8.20	-8.31	-8.65	-9.29
Accumulated Other Comprehensive Income / (Loss)	-8.32	-17	-9.13	-5.83	-14	-12	-12	-5.54	-9.56	-3.08	-5.60
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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.04%	-21.26%	-23.86%	-39.65%	-43.98%	-41.42%	-39.42%	-16.87%	-9.93%	-3.39%	-4.34%
EBITDA Growth	-8.19%	-80.70%	13.47%	73.67%	16.33%	54.41%	74.76%	38.91%	13.74%	32.31%	-39.37%
EBIT Growth	-8.15%	-65.81%	11.83%	70.84%	15.64%	48.46%	68.27%	14.24%	0.87%	24.29%	-42.00%
NOPAT Growth	-4.24%	-62.54%	14.94%	70.69%	14.55%	48.24%	67.50%	15.14%	4.47%	24.61%	-46.53%
Net Income Growth	-13.28%	-73.13%	2.70%	63.93%	3.44%	39.62%	60.13%	-7.92%	-1.97%	15.13%	-45.03%
EPS Growth	-13.28%	-65.26%	42.36%	93.33%	96.48%	97.77%	97.72%	78.69%	0.00%	14.29%	-50.00%
Operating Cash Flow Growth	-67.04%	-1,003.37%	-68.61%	-106.58%	63.56%	87.10%	93.98%	1,100.42%	35.06%	-149.90%	-120.20%
Free Cash Flow Firm Growth	-42.82%	-166.21%	-781.42%	-80.31%	-894.95%	130.49%	236.61%	127.61%	164.68%	15.80%	-65.16%
Invested Capital Growth	-62.35%	-37.38%	-0.55%	217.73%	60.29%	-72.10%	-94.07%	-104.84%	-149.09%	-217.13%	-895.72%
Revenue Q/Q Growth	-13.83%	-4.76%	-4.48%	-23.02%	-20.00%	-0.41%	-1.21%	5.63%	-13.32%	6.82%	-2.19%
EBITDA Q/Q Growth	59.48%	-71.09%	16.80%	54.36%	-20.52%	6.77%	53.94%	-10.45%	-81.50%	26.70%	5.15%
EBIT Q/Q Growth	56.15%	-59.73%	14.22%	51.47%	-20.11%	2.41%	47.19%	-31.17%	-46.40%	25.35%	0.94%
NOPAT Q/Q Growth	56.37%	-58.29%	15.68%	49.68%	-27.22%	4.11%	47.05%	-31.37%	-46.62%	26.21%	-2.91%
Net Income Q/Q Growth	55.15%	-59.21%	9.83%	43.99%	-20.07%	0.43%	40.47%	-51.63%	-13.45%	17.13%	-1.74%
EPS Q/Q Growth	55.15%	-57.79%	44.11%	82.62%	77.05%	0.00%	42.86%	-62.50%	-7.69%	14.29%	0.00%
Operating Cash Flow Q/Q Growth	-451.21%	-3.31%	-19.43%	98.48%	-1,846.56%	63.43%	44.31%	352.32%	-226.36%	-31.21%	40.96%
Free Cash Flow Firm Q/Q Growth	108.86%	-549.62%	-82.98%	-147.38%	60.94%	117.25%	719.75%	-50.00%	-7.05%	-69.41%	145.13%
Invested Capital Q/Q Growth	158.74%	105.74%	65.10%	-40.99%	-20.03%	-64.19%	-64.92%	-148.17%	-711.33%	14.56%	-138.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-0.56%	2.14%	6.30%	-1.84%	-0.59%	2.34%	13.95%	13.94%	10.76%	8.27%	6.80%
EBITDA Margin	-23.03%	-41.37%	-36.03%	-21.37%	-34.39%	-32.20%	-15.01%	-15.70%	-32.87%	-22.56%	-21.87%
Operating Margin	-27.47%	-45.66%	-40.31%	-26.35%	-41.90%	-40.34%	-21.62%	-26.90%	-45.49%	-31.43%	-33.07%
EBIT Margin	-27.40%	-45.95%	-41.26%	-26.01%	-41.25%	-40.42%	-21.61%	-26.84%	-45.32%	-31.68%	-32.08%
Profit (Net Income) Margin	-28.67%	-47.93%	-45.25%	-32.92%	-49.41%	-49.40%	-29.77%	-42.74%	-55.94%	-43.40%	-45.14%
Tax Burden Percent	100.19%	99.99%	100.40%	100.79%	99.88%	100.46%	100.71%	100.57%	100.08%	101.18%	101.62%
Interest Burden Percent	104.46%	104.33%	109.22%	125.59%	119.93%	121.66%	136.81%	158.37%	123.33%	135.41%	138.47%
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)	-356.31%	-382.42%	-247.25%	-3,229.51%	-522.19%	-434.55%	-147.95%	-329.79%	-1,271.62%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-346.14%	-351.16%	-206.82%	-3,208.37%	-368.72%	-479.95%	-188.63%	-382.23%	-1,299.51%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	273.57%	201.80%	94.11%	3,077.82%	108.69%	1,508.06%	-847.38%	740.98%	1,487.09%	0.00%	0.00%
Return on Equity (ROE)	-82.74%	-180.62%	-153.14%	-151.70%	-413.49%	1,073.51%	-995.33%	411.20%	215.46%	156.10%	144.41%
Cash Return on Invested Capital (CROIC)	-364.85%	-298.23%	-259.59%	-511.65%	-533.55%	-286.40%	-42.83%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-24.47%	-41.51%	-37.97%	-20.13%	-31.34%	-31.39%	-15.20%	-17.18%	-30.82%	-23.19%	-24.11%
Return on Assets (ROA)	-25.61%	-43.30%	-41.64%	-25.48%	-37.54%	-38.36%	-20.94%	-27.37%	-38.04%	-31.78%	-33.92%
Return on Common Equity (ROCE)	-82.45%	-180.62%	-153.14%	-150.63%	-387.80%	1,093.66%	-883.62%	446.86%	230.81%	156.51%	145.44%
Return on Equity Simple (ROE_SIMPLE)	-347.68%	-4,955.19%	-434.58%	0.00%	0.00%	582.51%	283.18%	0.00%	118.55%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-68	-107	-90	-45	-58	-55	-29	-39	-57	-42	-43
NOPAT Margin	-19.23%	-31.96%	-28.21%	-18.44%	-29.33%	-28.24%	-15.14%	-18.83%	-31.85%	-22.00%	-23.15%
Net Nonoperating Expense Percent (NNEP)	-10.16%	-31.26%	-40.42%	-21.14%	-153.47%	45.40%	40.68%	52.44%	27.89%	19.60%	19.32%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-12.75%	-	-	-	-18.72%	-44.76%	-55.53%	-86.97%
Cost of Revenue to Revenue	100.56%	97.86%	93.70%	101.84%	100.59%	97.66%	86.05%	86.06%	89.24%	91.73%	93.20%
SG&A Expenses to Revenue	11.20%	11.96%	13.39%	9.55%	18.39%	18.31%	13.95%	18.72%	32.00%	15.94%	17.24%
R&D to Revenue	4.51%	4.31%	6.24%	4.71%	5.62%	5.36%	4.95%	4.63%	5.93%	4.93%	5.48%
Operating Expenses to Revenue	26.91%	47.80%	46.61%	24.50%	41.31%	42.69%	35.57%	40.83%	56.26%	39.70%	39.87%
Earnings before Interest and Taxes (EBIT)	-96	-154	-132	-64	-81	-79	-42	-55	-80	-60	-60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-81	-139	-115	-53	-68	-63	-29	-32	-58	-43	-41
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.97	2.30	0.36	5.87	2,138.15	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)	0.10	0.02	0.04	0.46	1.82	1.37	2.03	1.45	0.91	0.98	1.70
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)	0.91	1.17	0.42	6.00	27.32	52.08	190.19	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.03	0.08	0.05	0.45	1.89	1.48	2.18	1.70	1.24	1.39	2.09
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	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.52	18.45	1.79	2.59	20.75	-3.37	-2.10	-2.08	-1.48	-1.22	-1.13
Long-Term Debt to Equity	1.35	16.39	1.62	2.35	18.86	-3.08	-1.84	-1.92	-1.37	-1.13	-1.05
Financial Leverage	-0.79	-0.57	-0.46	-0.96	-0.29	-3.14	4.49	-1.94	-1.14	-0.99	-0.86
Leverage Ratio	4.35	5.63	5.19	9.21	16.52	-42.45	76.33	-25.68	-8.48	-5.00	-4.13
Compound Leverage Factor	4.54	5.88	5.67	11.56	19.82	-51.65	104.43	-40.66	-10.45	-6.76	-5.71
Debt to Total Capital	60.26%	94.86%	64.22%	72.18%	95.40%	142.12%	191.01%	192.64%	308.03%	562.89%	858.68%
Short-Term Debt to Total Capital	6.58%	10.63%	6.22%	6.69%	8.67%	12.54%	23.95%	14.99%	23.53%	41.99%	61.46%
Long-Term Debt to Total Capital	53.68%	84.23%	58.00%	65.49%	86.73%	129.58%	167.06%	177.65%	284.50%	520.90%	797.22%
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%	0.00%	0.69%	4.23%	0.65%	2.78%	2.78%	6.11%	0.00%	0.00%
Common Equity to Total Capital	39.74%	5.14%	35.78%	27.13%	0.36%	-42.77%	-93.79%	-95.41%	-214.14%	-462.89%	-758.68%
Debt to EBITDA	-0.50	-0.43	-0.49	-0.67	-0.65	-0.80	-1.13	-2.12	-2.27	-2.60	-2.44
Net Debt to EBITDA	0.24	-0.15	-0.03	0.01	-0.17	-0.33	-0.58	-1.00	-1.33	-1.94	-1.72
Long-Term Debt to EBITDA	-0.45	-0.38	-0.44	-0.61	-0.60	-0.73	-0.99	-1.96	-2.09	-2.41	-2.26
Debt to NOPAT	-0.63	-0.54	-0.62	-0.83	-0.82	-0.96	-1.27	-2.25	-2.32	-2.56	-2.37
Net Debt to NOPAT	0.29	-0.19	-0.04	0.02	-0.21	-0.39	-0.66	-1.06	-1.36	-1.92	-1.67
Long-Term Debt to NOPAT	-0.56	-0.48	-0.56	-0.76	-0.74	-0.88	-1.11	-2.08	-2.14	-2.37	-2.20
Altman Z-Score	-0.75	-1.44	-1.42	-1.23	-1.03	-1.84	-1.87	-2.11	-2.74	-3.08	-3.05
Noncontrolling Interest Sharing Ratio	0.34%	0.00%	0.00%	0.70%	6.21%	-1.88%	11.22%	-8.67%	-7.12%	-0.26%	-0.71%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.49	0.33	0.47	0.48	0.38	0.33	0.31	0.36	0.32	0.26	0.28
Quick Ratio	0.38	0.23	0.34	0.35	0.26	0.20	0.17	0.27	0.23	0.16	0.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	11	-49	-89	-221	-86	15	122	61	57	17	43
Operating Cash Flow to CapEx	-1,834.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	51.44%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	1.34	-5.73	-6.78	-13.99	-5.31	0.85	7.48	1.85	2.85	0.79	1.81
Operating Cash Flow to Interest Expense	-24.94	-24.53	-18.93	-0.24	-4.54	-1.54	-0.92	1.15	-2.41	-2.84	-1.58
Operating Cash Flow Less CapEx to Interest Expense	-26.30	-23.25	-16.99	0.15	-3.41	-1.43	-0.86	-1.09	-1.65	-2.67	-1.46
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.89	0.90	0.92	0.77	0.76	0.78	0.70	0.64	0.68	0.73	0.75
Accounts Receivable Turnover	16.50	14.07	14.86	14.95	13.79	15.58	19.33	19.03	16.54	21.07	23.52
Inventory Turnover	52.59	41.34	35.58	32.40	30.66	37.59	33.25	42.57	41.66	40.44	43.02
Fixed Asset Turnover	4.12	3.83	3.77	3.42	3.05	2.79	2.65	2.31	2.36	2.53	2.65
Accounts Payable Turnover	33.32	25.96	36.96	32.38	24.50	20.01	26.67	23.29	16.59	17.48	20.70
Days Sales Outstanding (DSO)	22.12	25.93	24.57	24.42	26.46	23.43	18.88	19.18	22.07	17.33	15.52
Days Inventory Outstanding (DIO)	6.94	8.83	10.26	11.27	11.91	9.71	10.98	8.57	8.76	9.02	8.48
Days Payable Outstanding (DPO)	10.96	14.06	9.88	11.27	14.90	18.24	13.68	15.67	22.00	20.88	17.63
Cash Conversion Cycle (CCC)	18.10	20.70	24.95	24.41	23.47	14.90	16.18	12.09	8.83	5.47	6.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	47	98	161	95	76	27	9.55	-4.60	-37	-32	-76
Invested Capital Turnover	18.53	11.97	8.76	175.11	17.80	15.39	9.77	17.52	39.93	-328.57	-22.81
Increase / (Decrease) in Invested Capital	-79	-58	-0.89	176	29	-70	-152	-100	-113	-59	-86
Enterprise Value (EV)	43	114	68	570	2,076	1,417	1,816	1,349	957	1,064	1,584
Market Capitalization	159	29	53	572	2,001	1,318	1,688	1,151	706	748	1,286
Book Value per Share	$0.66	$0.05	$5.72	$0.58	$0.00	($0.10)	($0.17)	($0.29)	($0.41)	($0.50)	($0.54)
Tangible Book Value per Share	($1.31)	($1.59)	($7.58)	($1.43)	($0.47)	($0.57)	($0.63)	($0.74)	($0.86)	($0.94)	($0.95)
Total Capital	411	249	406	359	257	169	125	212	135	75	49
Total Debt	247	237	261	259	245	240	240	408	414	423	424
Total Long-Term Debt	220	210	235	235	223	219	210	376	383	391	394
Net Debt	-116	85	16	-4.84	64	98	124	192	243	316	299
Capital Expenditures (CapEx)	11	-11	-26	-6.09	-18	-1.97	-1.07	74	-15	-3.80	-2.78
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-965	-846	-679	-713	-704	-706	-703	-770	-767	-744	-734
Debt-free Net Working Capital (DFNWC)	-602	-694	-434	-449	-524	-564	-587	-553	-595	-637	-609
Net Working Capital (NWC)	-629	-721	-459	-473	-546	-585	-617	-585	-627	-669	-639
Net Nonoperating Expense (NNE)	33	54	55	36	40	42	28	49	43	41	41
Net Nonoperating Obligations (NNO)	-116	85	16	-4.84	64	98	124	192	243	316	299
Total Depreciation and Amortization (D&A)	15	15	17	11	14	16	13	23	22	17	19
Debt-free, Cash-free Net Working Capital to Revenue	-60.07%	-55.83%	-47.97%	-56.92%	-64.12%	-73.52%	-84.32%	-97.20%	-99.26%	-97.14%	-96.93%
Debt-free Net Working Capital to Revenue	-37.46%	-45.82%	-30.67%	-35.86%	-47.66%	-58.78%	-70.42%	-69.87%	-77.01%	-83.17%	-80.39%
Net Working Capital to Revenue	-39.14%	-47.57%	-32.45%	-37.78%	-49.68%	-60.98%	-74.02%	-73.88%	-81.11%	-87.29%	-84.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($4.00)	($6.28)	($3.51)	($0.61)	($0.14)	($0.14)	($0.08)	($0.13)	($0.14)	($0.12)	($0.12)
Adjusted Weighted Average Basic Shares Outstanding	25.33M	25.57M	41.26M	132.19M	697.98M	697.46M	697.72M	697.71M	698.27M	699.00M	703.81M
Adjusted Diluted Earnings per Share	($4.00)	($6.28)	($3.51)	($0.61)	($0.14)	($0.14)	($0.08)	($0.13)	($0.14)	($0.12)	($0.12)
Adjusted Weighted Average Diluted Shares Outstanding	25.33M	25.57M	41.26M	132.19M	697.98M	697.46M	697.72M	697.71M	698.27M	699.00M	703.81M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.61)	$0.00	$0.00	$0.00	($0.13)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	25.16M	25.38M	166.81M	697.32M	697.30M	697.66M	697.81M	698.79M	698.87M	698.80M	721.71M
Normalized Net Operating Profit after Tax (NOPAT)	-68	-60	-56	-49	-60	-55	-29	-38	-63	-43	-46
Normalized NOPAT Margin	-19.40%	-17.88%	-17.64%	-20.04%	-30.30%	-28.16%	-15.21%	-18.36%	-35.73%	-22.81%	-24.74%
Pre Tax Income Margin	-28.62%	-47.93%	-45.06%	-32.67%	-49.47%	-49.18%	-29.56%	-42.50%	-55.90%	-42.89%	-44.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-11.87	-18.05	-10.01	-4.05	-5.00	-4.54	-2.57	-1.67	-4.04	-2.72	-2.53
NOPAT to Interest Expense	-8.33	-12.56	-6.84	-2.87	-3.56	-3.17	-1.80	-1.17	-2.84	-1.89	-1.82
EBIT Less CapEx to Interest Expense	-13.23	-16.77	-8.06	-3.67	-3.87	-4.43	-2.50	-3.90	-3.29	-2.55	-2.41
NOPAT Less CapEx to Interest Expense	-9.69	-11.28	-4.90	-2.49	-2.42	-3.06	-1.73	-3.40	-2.09	-1.72	-1.71
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	-1.46%	-1.22%	-1.12%	-0.01%	-4.56%	-5.26%	-6.66%	-0.14%	-0.08%	-0.08%	-0.31%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor‑oriented take on Wheels Up Experience (NYSE: UP) using the latest quarterly data (Q3 2025 and the prior four quarters) across the balance sheet, income statement, and cash flow statement. The focus is on trends over the last four years and what they could mean for liquidity, profitability, and financial risk.

Liquidity remains manageable despite losses: Wheels Up ended Q3 2025 with $125.33 million in cash and equivalents, providing a cushion amid ongoing cash burn.
Positive near-term financing and asset‑based liquidity in parts of 2025: Net cash from financing activities in Q3 2025 was $28.94 million, and net cash from investing activities rose to $23.47 million, aided by asset sales/divestitures.
Recent cash flow mix showed some improvement versus early 2025: Q4 2024 produced positive cash flow from operations ($37.93 million), indicating intermittent operating cash generation prior to the Q1–Q3 2025 stretch.
Top-line has been volatile and generally lower in 2023–2025: Operating revenue in Q3 2025 was $185.49 million, versus about $193.90 million in Q3 2024 and roughly $204.82 million in Q4 2024, with a noticeable step down from peak COVID/initial reopen levels.
Leverage and debt levels remain high, with a large long‑term debt base: Long-term debt around $393–394 million shows continued leverage; short-term debt is roughly $30–31 million in recent quarters.
Sustained net losses and negative equity: Q3 2025 shows a consolidated net loss of $83.73 million, and total equity (including noncontrolling interests) remains negative (Total Equity & Noncontrolling Interests of about −$374.5 million), signaling a heavy accumulated deficit and weak book value.
Operating cash flow is generally negative in 2025: Net cash from continuing operating activities in Q3 2025 was −$37.12 million, continuing the trend of cash burn outside the one-off Q4 2024 improvement.
Revenue and earnings momentum have not yet turned: Net income attributable to common shareholders in Q3 2025 was −$83.73 million, consistent with ongoing losses and negative cash flow from operations, contributing to declining earnings power.
Asset and equity mix points to structural balance-sheet stress: Total assets hovered around the $1.0B range (Q3 2025: $973.00 million) while total liabilities remained high (around $1.35B) and equity stayed negative, highlighting continued balance-sheet fragility.

Takeaway: Wheels Up’s latest quarter confirms a cash‑burning business with meaningful liquidity via financing and asset sales, but with persistent losses and negative equity. The company has shown some quarterly cash‑flow upside (notably Q4 2024), yet sustaining positive operating cash flow remains a key overhang for long‑term financial health. Investors should watch for signs of sustained revenue stabilization, improving gross margins, or a meaningful reduction in leverage to shift the risk profile meaningfully.

05/14/26 11:41 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 fiscal year ends in December. Their fiscal 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. Check out Wheels Up Experience's forecast to explore projected trends and price targets.

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 $1.35 billion at the end of 2024, a 11.4% increase from 2023, and a 27.0% increase since 2020.

In the past 4 years, Wheels Up Experience's cash and equivalents has ranged from $216.43 million in 2024 to $784.57 million in 2021, and is currently $216.43 million as of their latest financial filing in 2024.

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 11/14/2025 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

Annual Income Statements for Wheels Up Experience

Quarterly Income Statements for Wheels Up Experience

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Quarterly Cash Flow Statements for Wheels Up Experience

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Quarterly Balance Sheets for Wheels Up Experience

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Quarterly Metrics And Ratios for Wheels Up Experience

Financials Breakdown Chart

Key Financial Trends

Wheels Up Experience Financials - Frequently Asked Questions

When does Wheels Up Experience's financial 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?

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