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Wheels Up Experience Inc.

UP NYSE Air Transportation, Nonscheduled Financials FY2019–FY2025

Last close · Oct 23, 2026

$3.20

0.3%
Compare
Revenue Total sales reported in the income statement.
$736M
7.0% vs prior year
Operating margin Operating income as a share of revenue.
−27.6%
5.1 pts
Net income Profit after all expenses, interest and tax.
−$294M
Free cash flow Cash from operations minus capital spending.
−$260M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−110.6%
51.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$116M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.49 EPS (TTM)

What Wheels Up Experience Inc. does

No business description yet.

Legal name
Wheels Up Experience Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Mar 10, 2026
Accession · CIK
0001628280-26-016512
0001819516

Revenue and margins

Wheels Up Experience Inc. had $736M of revenue in fiscal 2025, down 7.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$260M in fiscal 2025, −35.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Wheels Up Experience Inc. returned $1.6M to shareholders in fiscal 2025. The diluted share count rose 1.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Wheels Up Experience Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $785M$586M$264M$216M$134M
Debt incl. finance leases $0.0M$270M$615M$761M$671M
Debt / equity 0.0x1.1x6.3x——
Interest coverage −21.4x−74.5x−10.8x−4.0x−2.2x
Current ratio 0.8x0.6x0.5x0.4x0.3x
Quick ratio 0.8x0.6x0.5x0.3x0.3x
Total assets $2.0B$1.9B$1.3B$1.2B$969M
Total liabilities $1.2B$1.7B$1.2B$1.4B$1.4B
Shareholders' equity $730M$252M$97.4M−$202M−$392M
Net debt (− = net cash) −$785M−$316M$351M$545M$537M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY19FY20FY21FY22FY23FY24FY25
Net income is positive ✕ ✕ ✕ ✕ ✕ ✕ ✕
Cash from operations is positive ✕ ✓ ✓ ✕ ✕ ✕ ✕
Return on assets rose — — ✕ ✕ ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓ ✓ ✕ ✓ ✓
Debt fell relative to assets — — ✓ ✕ ✕ ✕ ✕
Current ratio rose — — ✓ ✕ ✕ ✕ ✕
Share count didn't rise — ✕ ✓ ✕ ✕ ✕ ✕
Gross margin rose — ✕ ✕ ✕ ✕ ✓ ✓
Revenue rose relative to assets — — ✓ ✓ ✓ ✕ ✓
F-score — / 3— / 56 / 92 / 91 / 93 / 93 / 9
Accruals ratio —−21.2%−18.9%−16.6%11.0%−21.2%−12.0%
Altman Z'' —−3.46−1.93−5.75−8.91−10.89−14.24

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $385M $695M $1.2B $1.6B $1.3B $792M $736M
Gross profit $44.2M $60.2M $76.6M $39.4M $20.8M $59.0M $73.7M
Research and development $14.0M $21.0M $33.6M $57.2M $61.9M $40.7M $38.8M
Operating income −$78.1M −$63.0M −$203M −$560M −$444M −$259M −$203M
Interest expense $29.4M $23.0M $9.5M $7.5M $41.3M $65.4M $90.5M
Pretax income −$107M −$85.4M −$197M −$555M −$486M −$338M −$291M
Income tax $0.0M $0.0M $0.1M $0.2M $1.4M $1.2M $3.5M
Net income −$96.3M −$78.6M −$190M −$555M −$487M −$340M −$294M
Net income to common −$96.3M −$78.6M −$190M −$555M −$487M −$340M −$294M
Diluted EPS −$0.93 −$0.48 −$9.28 −$22.60 −$3.69 −$0.49 −$0.42
Diluted shares 0.10B 0.16B 0.02B 0.02B 0.13B 0.70B 0.71B
Cash flow
Cash from operations −$24.9M $210M $126M −$231M −$665M −$77.9M −$166M
Capital expenditure $4.1M $7.1M $15.2M $83.6M $20.2M $123M $93.6M
Free cash flow −$29.0M $203M $111M −$314M −$685M −$201M −$260M
Depreciation and amortization $38.4M $40.8M $34.3M $43.5M $37.1M $56.5M $61.2M
Stock-based compensation $1.9M $3.3M $49.7M $89.0M $25.6M $46.0M $45.4M
Acquisitions $28.3M −$97.1M −$7.8M $75.1M $0.0M $0.0M —
Share buybacks — $0.0M $0.0M $7.7M $0.0M $0.5M $1.6M
Dividends and buybacks — $0.0M $0.0M $7.7M $0.0M $0.5M $1.6M
Balance sheet
Cash and short-term investments $96.4M $313M $785M $586M $264M $216M $134M
Total debt — $211M $0.0M $270M $615M $761M $671M
Current assets — $396M $933M $820M $434M $332M $249M
Current liabilities — $840M $1.1B $1.3B $908M $917M $908M
Inventory — $5.3M $9.4M $29.0M $20.4M $12.2M $11.6M
Property and equipment, net — $323M $318M $395M $338M $348M $220M
Goodwill $3.7M $400M $437M $348M $218M $217M $210M
Intangible assets — $164M $147M $142M $118M $96.9M $75.1M
Total assets — $1.4B $2.0B $1.9B $1.3B $1.2B $969M
Total liabilities — $1.1B $1.2B $1.7B $1.2B $1.4B $1.4B
Preferred stock — $0.0M — — — — —
Shareholders' equity −$56.3M $268M $730M $252M $97.4M −$202M −$392M
Margins
Gross margin 11.5% 8.7% 6.4% 2.5% 1.7% 7.5% 10.0%
Operating margin −20.3% −9.1% −17.0% −35.4% −35.4% −32.7% −27.6%
EBITDA margin −10.3% −3.2% −14.1% −32.7% −32.4% −25.5% −19.3%
Net margin −25.0% −11.3% −15.9% −35.1% −38.9% −42.9% −39.9%
FCF margin −7.5% 29.1% 9.3% −19.9% −54.7% −25.3% −35.3%
Returns
Return on capital — −29.9% — — −78.1% −59.6% −110.6%
Return on capital employed — −12.1% −24.0% −96.7% −108.6% −107.5% −332.1%
Return on equity — −74.3% −38.1% −113.1% −279.1% — —
Return on assets — −5.8% −11.4% −28.4% −30.1% −27.5% −27.7%
Return on tangible equity — — −130.3% — — — —
Growth
Revenue growth — 80.6% 71.8% 32.3% −20.7% −36.8% −7.0%
FCF growth — — −45.1% −382.5% — — —
Share count change — 56.6% −87.4% 20.0% 438.1% 427.8% 1.2%
Financial health
Debt / equity — 0.8x 0.0x 1.1x 6.3x — —
Interest coverage −2.7x −2.7x −21.4x −74.5x −10.8x −4.0x −2.2x
Current ratio — 0.5x 0.8x 0.6x 0.5x 0.4x 0.3x
Quick ratio — 0.5x 0.8x 0.6x 0.5x 0.3x 0.3x
Capital allocation
Capex / revenue 1.1% 1.0% 1.3% 5.3% 1.6% 15.5% 12.7%
Stock comp / revenue 0.5% 0.5% 4.2% 5.6% 2.0% 5.8% 6.2%
Payouts / FCF — 0.0% 0.0% — — — —
Quality scores
Piotroski F-score — — 6.0 2.0 1.0 3.0 3.0
Altman Z'' — −3.5 −1.9 −5.8 −8.9 −10.9 −14.2
Accruals ratio — −21.2% −18.9% −16.6% 11.0% −21.2% −12.0%

Source: SEC EDGAR XBRL filings (CIK 0001819516). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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