Start here if you're new
what it is
Wheels Up sells private flight access, charter trips, and aircraft services.
how it gets paid
FY 2024 (10-K / Feb 2025 materials): revenue ~$792M, net loss ~$(0.49)/diluted share, gross margin ~0.3%. Segment mix on this page is illustrative—verify against the latest filing before trading.
why growth slowed
FY 2024 revenue fell ~36.8% vs. 2023 in company filings as membership and flight activity reset. Q3 2025 revenue was still down mid-single digits vs. the prior-year quarter.
what just happened
Latest verified quarter in this pass: Q3 2025 ~$185.5M revenue, ~$(0.12) EPS—replacing the prior bad EDGAR scrape ($553M / −$0.38).
At a glance
B balance sheet — gets the job done, barely
-$0.49 fy2024 eps est
~$792M fy2024 revenue (filing)
still loss-making — ignore bogus “27.6% op margin” feeds
1.9 beta
xvary composite: 40/100 — below average
What they do
Wheels Up sells private flight access, charter trips, and aircraft services.
Membership programs mean paid access, not one-off rides. That keeps 12,000 members inside a 1,500-aircraft network. In January 2026, Wheels Up logged 14 straight days without a cancellation and six perfect days during the December holiday week.
How they make money
~$792M
FY 2024 revenue · down ~36.8% vs. 2023 per Wheels Up FY 2024 release
Membership programs
$230M
~37%
Charter services
$280M
~37%
Aircraft management
$140M
~37%
Freight and managed services
$86M
0.0%
The products that matter
private flight services
Charter and member flights
~$792M FY2024 revenue base
This is still the whole story financially. If demand, pricing, or utilization wobble here, there is nowhere else in this snapshot to hide it.
core revenue
membership and management
Aircraft access model
$294.2M annual net loss
The pitch is convenience without ownership. The catch is that a $294.2M net loss says convenience still has not translated into durable profits.
economics unproven
commercial booking layer
Delta app integration
launched january 2026
The app added self-booking for Delta flights in January 2026. Strategically, that broadens the platform pitch. Financially, this snapshot gives you zero adoption or margin data yet. Good idea. Incomplete proof.
catalyst watch
Key numbers
~$792M
FY2024 revenue
That is the last full-year scale in primary materials used here. The business remained heavily loss-making on a GAAP basis.
0.3%
FY2024 gross margin
Company-reported gross margin was ~0.3% for 2024—this is not an operating-margin story yet.
$440M
long debt
Debt is 54% of capital, so lenders matter almost as much as customers.
1,500
aircraft network
A 1,500-plane network makes last-minute bookings easier than owning one lonely jet.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $440M (54% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for UP right now.
source: institutional data · return history unavailable
What just happened
still burning
Q3 2025 (Nov 2025 print): revenue ~$185.5M; net loss ~$(0.12)/share.
FY 2024: ~$792M revenue, $(0.49)/share, ~0.3% gross margin (Wheels Up FY 2024 earnings materials / SEC). Prior $553M / −$0.38 / 198% growth lines were bad data—discarded.
$185.5M
Q3 2025 rev.
−$0.12
Q3 2025 EPS
$(0.49)
FY2024 EPS
how to read it
Quarterly revenue can move with membership and charter mix; the FY 2024 filing anchor is still heavy losses on nearly $800M of sales.
source: Wheels Up FY 2024 results (Feb 2025); Q3 2025 PR (Nov 2025); SEC filings
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
Wheels Up does not have generic stock risk. It has very specific math risk: a sub-$1 share price, heavy debt in filings, a ~37% FY2024 revenue decline vs. 2023, and GAAP losses even after operational fixes.
med
NYSE compliance clock
The stock traded below $1 and the company received a notice from the NYSE. At a current price of $0.76, this is active pressure, not old paperwork.
If listing status stays in doubt, liquidity, perception, and access to capital all get worse together. For a turnaround, that is the wrong trio.
med
Turnaround without top-line proof
Revenue fell 7% for the full year to $736M. One quarter of positive adjusted EBITDAR does not repair a shrinking business on its own.
If sales keep sliding, cost cuts stop looking like efficiency and start looking like managed decline. That is a very different investment case.
med
Debt burden outruns equity value
Long-term debt is $440M, equal to 54% of capital and greater than the roughly $378M market cap. That contrast tells you who has the louder seat at the table.
Weak operating results can turn into financing stress quickly when debt already exceeds the public equity value.
med
Margin cushion is thin
Q4 2025 gross margin was 7.0%. In plain English: there is not much room for fuel, labor, or utilization misses before the quarter starts looking ugly again.
If gross margin stalls around 7.0%, the path from positive adjusted EBITDAR to actual profitability stays narrow and easy to derail.
The measurable pressure points are plain: a $0.76 stock defending its listing, a 7% annual revenue decline, $440M of debt, and a business that still lost $294.2M last year.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Estimated for May 6, 2026. You want to know whether Q4's $36.9M adjusted EBITDAR was a one-quarter cameo or the start of a repeatable trend.
listing risk
NYSE price compliance
At $0.76, the stock is still below the $1 line that triggered the notice. This is a market-structure problem, not just a mood problem.
revenue trend
Can sales stabilize above the $736M base
Expense discipline bought the company some time. The next question is simpler: can revenue stop shrinking after a 7% annual decline.
margin
gross margin after FY2024 reset
You want gross margin to lift off ~0.3% (FY2024 filing) before the story is financially credible on GAAP terms.
Analyst rankings
earnings outlook
still negative
FY2024 EPS is estimated at -$0.49. in human-speak, analysts still do not see a clean profit line yet.
revenue outlook
looking for a bounce
FY2024 revenue is estimated at $792M versus $736M last year. The street wants growth to show up, not just smaller losses.
coverage depth
thin
This snapshot does not have enough target or ranking detail to treat analyst scorecards as a signal. For UP, the filings and the next quarter matter more.
source: institutional data
Institutional activity
institutional ownership data for UP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive