10-K · March 10, 2026
Wheels Up (UP) is executing a multi-year transformation focused on fleet modernization (transitioning to Bombardier Challenger 300 and Embraer Phenom 300 series) and a revamped Signature membership launched September…
Earnings analysis · 10-Q
UP earnings analysis
Filed May 11, 2026 · Our reading of the company's report
The latest report
Wheels Up reported a significant decline in its Q1 2026 financial performance, with revenue decreasing to $168.9 million, a 5% drop compared to Q1 2025. The company also reported a far worse loss at $82.96 million,…
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Wheels Up reported a significant decline in its Q1 2026 financial performance, with revenue decreasing to $168.9 million, a 5% drop compared to Q1 2025. The company also reported a far worse loss at $82.96 million, reflecting a 16% improvement year-over-year. Management emphasized the impact of their fleet modernization efforts, a shift towards premium membership offerings, and ongoing cost reduction strategies, despite the challenges of cash burn and operational efficiency.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.29
What stood out
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Revenue Decline
Q1 2026 revenue fell to $168.9 million, down 5% from $177.5 million in Q1 2025.
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Improved Operating Loss
Operating loss narrowed by 29% to $57.36 million compared to $80.77 million in Q1 2025.
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Cost Reduction Success
General & Administrative expenses decreased significantly by 53% year-over-year, from $56.8 million to $26.8 million.
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Membership Growth
Sold over 800 Wheels Up Signature Memberships, comprising approximately one-third of total membership.
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Fleet Modernization Completion
Fleet modernization achieved 18 months ahead of schedule, transitioning to premium aircraft models.
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Record Completion Rate
Achieved a completion rate of 98.9%, up from 96.9% year-over-year.
What to watch
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High Net Loss
Reported net loss of $82.96 million for Q1 2026, although improved from $99.31 million in Q1 2025.
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Increased Cash Burn
Net cash used in operating activities was $99.63 million for the quarter, vs. $47.92 million a year ago.
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Liquidity Concerns
Working capital deficit reached $689.6 million as of March 31, 2026.
Management's outlook
No explicit guidance provided; management focuses on operational improvements and cost savings for the upcoming quarters.
Earlier filings 4
10-Q · November 7, 2024
Wheels Up reported third-quarter revenue of $193.9M and GAAP diluted loss per share of $(0.08). Gross margin improved materially to ~14.0% while operating loss narrowed to $(41.9M) from $(129.0M) a year earlier; however…
10-Q · August 8, 2024
Wheels Up reported revenue of $196,285,000 and GAAP diluted loss per share of $(0.14) for the quarter ended June 30, 2024. Revenue and most operating line items declined materially year-over-year (Q2 2024 revenue…
10-Q · August 14, 2023
Wheels Up reported Q2 revenue of $335.062M, down $90.45M (−21.3% YoY) and down $16.75M (−4.8% vs Q1). The company recorded a Q2 operating loss of $152.987M (operating margin −45.7%) and net loss per share of $(6.28),…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.