UP NYSE Air Transportation, Nonscheduled Financials FY2019βFY2025
Wheels Up Experience Inc. had $736M of revenue in fiscal 2025, down 7.0% on the year before. Over five years, revenue changed +1.2% a year on average.
Last close Β· Oct 23, 2026
$3.20
0.3%Hi! I read Wheels Up Experience Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β7.0%
No. Sales fell 7.0% last year.
Does it make a profit?
β39.9%
No. It lost money last year.
Does profit turn into cash?
β35.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Wheels Up Experience Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 4, 2026
Wednesday Β· in 10 days
No past results dates on file yet.
KIRA Β· Wheels Up Experience Inc. had $736M of revenue in fiscal 2025, down 7.0% on the year before. Over five years, revenue changed +1.2% a year on average. Its operating margin was β27.6%, up 5.1Β pts: of every 100 in sales, about β28 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
KIRA Β· Wheels Up Experience Inc. lost $294M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$260M in fiscal 2025, β35.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA Β· Wheels Up Experience Inc. returned $1.6M to shareholders in fiscal 2025. The diluted share count rose 1.2%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Wheels Up Experience Inc. owes $537M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Wheels Up Experience Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $785M | $586M | $264M | $216M | $134M |
| Debt incl. finance leases | $0.0M | $270M | $615M | $761M | $671M |
| Debt / equity | 0.0x | 1.1x | 6.3x | β | β |
| Interest coverage | β21.4x | β74.5x | β10.8x | β4.0x | β2.2x |
| Current ratio | 0.8x | 0.6x | 0.5x | 0.4x | 0.3x |
| Quick ratio | 0.8x | 0.6x | 0.5x | 0.3x | 0.3x |
| 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 | β$202M | β$392M |
| Net debt (β = net cash) | β$785M | β$316M | $351M | $545M | $537M |
KIRA Β· Its return on capital was β110.6%: every 100 invested in the business earned about β111 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
KIRA Β· Wheels Up Experience Inc. passes 3 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 6 / 9 | 2 / 9 | 1 / 9 | 3 / 9 | 3 / 9 |
| Accruals ratio | β | β21.2% | β18.9% | β16.6% | 11.0% | β21.2% | β12.0% |
| Altman Z'' | β | β3.46 | β1.93 | β5.75 | β8.91 | β10.89 | β14.24 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| 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 | β$78.1M | β$63.0M | β$203M | β$560M | β$444M | β$259M | β$203M |
| Interest expense | $29.4M | $23.0M | $9.5M | $7.5M | $41.3M | $65.4M | $90.5M |
| Pretax income | β$107M | β$85.4M | β$197M | β$555M | β$486M | β$338M | β$291M |
| Income tax | $0.0M | $0.0M | $0.1M | $0.2M | $1.4M | $1.2M | $3.5M |
| Net income | β$96.3M | β$78.6M | β$190M | β$555M | β$487M | β$340M | β$294M |
| Net income to common | β$96.3M | β$78.6M | β$190M | β$555M | β$487M | β$340M | β$294M |
| Diluted EPS | β$0.93 | β$0.48 | β$9.28 | β$22.60 | β$3.69 | β$0.49 | β$0.42 |
| Diluted shares | 0.10B | 0.16B | 0.02B | 0.02B | 0.13B | 0.70B | 0.71B |
| Cash flow | |||||||
| Cash from operations | β$24.9M | $210M | $126M | β$231M | β$665M | β$77.9M | β$166M |
| Capital expenditure | $4.1M | $7.1M | $15.2M | $83.6M | $20.2M | $123M | $93.6M |
| Free cash flow | β$29.0M | $203M | $111M | β$314M | β$685M | β$201M | β$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 | β$97.1M | β$7.8M | $75.1M | $0.0M | $0.0M | β |
| Share buybacks | β | $0.0M | $0.0M | $7.7M | $0.0M | $0.5M | $1.6M |
| Dividends and buybacks | β | $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 | β | $211M | $0.0M | $270M | $615M | $761M | $671M |
| Current assets | β | $396M | $933M | $820M | $434M | $332M | $249M |
| Current liabilities | β | $840M | $1.1B | $1.3B | $908M | $917M | $908M |
| Inventory | β | $5.3M | $9.4M | $29.0M | $20.4M | $12.2M | $11.6M |
| Property and equipment, net | β | $323M | $318M | $395M | $338M | $348M | $220M |
| Goodwill | $3.7M | $400M | $437M | $348M | $218M | $217M | $210M |
| Intangible assets | β | $164M | $147M | $142M | $118M | $96.9M | $75.1M |
| Total assets | β | $1.4B | $2.0B | $1.9B | $1.3B | $1.2B | $969M |
| Total liabilities | β | $1.1B | $1.2B | $1.7B | $1.2B | $1.4B | $1.4B |
| Preferred stock | β | $0.0M | β | β | β | β | β |
| Shareholders' equity | β$56.3M | $268M | $730M | $252M | $97.4M | β$202M | β$392M |
| Margins | |||||||
| Gross margin | 11.5% | 8.7% | 6.4% | 2.5% | 1.7% | 7.5% | 10.0% |
| Operating margin | β20.3% | β9.1% | β17.0% | β35.4% | β35.4% | β32.7% | β27.6% |
| EBITDA margin | β10.3% | β3.2% | β14.1% | β32.7% | β32.4% | β25.5% | β19.3% |
| Net margin | β25.0% | β11.3% | β15.9% | β35.1% | β38.9% | β42.9% | β39.9% |
| FCF margin | β7.5% | 29.1% | 9.3% | β19.9% | β54.7% | β25.3% | β35.3% |
| Returns | |||||||
| Return on capital | β | β29.9% | β | β | β78.1% | β59.6% | β110.6% |
| Return on capital employed | β | β12.1% | β24.0% | β96.7% | β108.6% | β107.5% | β332.1% |
| Return on equity | β | β74.3% | β38.1% | β113.1% | β279.1% | β | β |
| Return on assets | β | β5.8% | β11.4% | β28.4% | β30.1% | β27.5% | β27.7% |
| Return on tangible equity | β | β | β130.3% | β | β | β | β |
| Growth | |||||||
| Revenue growth | β | 80.6% | 71.8% | 32.3% | β20.7% | β36.8% | β7.0% |
| FCF growth | β | β | β45.1% | β382.5% | β | β | β |
| Share count change | β | 56.6% | β87.4% | 20.0% | 438.1% | 427.8% | 1.2% |
| Financial health | |||||||
| Debt / equity | β | 0.8x | 0.0x | 1.1x | 6.3x | β | β |
| Interest coverage | β2.7x | β2.7x | β21.4x | β74.5x | β10.8x | β4.0x | β2.2x |
| Current ratio | β | 0.5x | 0.8x | 0.6x | 0.5x | 0.4x | 0.3x |
| Quick ratio | β | 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 | β | 0.0% | 0.0% | β | β | β | β |
| Quality scores | |||||||
| Piotroski F-score | β | β | 6.0 | 2.0 | 1.0 | 3.0 | 3.0 |
| Altman Z'' | β | β3.5 | β1.9 | β5.8 | β8.9 | β10.9 | β14.2 |
| Accruals ratio | β | β21.2% | β18.9% | β16.6% | 11.0% | β21.2% | β12.0% |
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 β not investment advice. Check the original filings before relying on any figure.
