UP earnings analysis
What we found in UP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Q1 2026 revenue fell to $168.9 million, down 5% from $177.5 million in Q1 2025.
- Improved Operating Loss
- Operating loss narrowed by 29% to $57.36 million compared to $80.77 million in Q1 2025.
- Cost Reduction Success
- General & Administrative expenses decreased significantly by 53% year-over-year, from $56.8 million to $26.8 million.
- Membership Growth
- Sold over 800 Wheels Up Signature Memberships, comprising approximately one-third of total membership.
- Fleet Modernization Completion
- Fleet modernization achieved 18 months ahead of schedule, transitioning to premium aircraft models.
- Record Completion Rate
- Achieved a completion rate of 98.9%, up from 96.9% year-over-year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Net Loss
- Reported net loss of $82.96 million for Q1 2026, although improved from $99.31 million in Q1 2025.
- Increased Cash Burn
- Net cash used in operating activities was $99.63 million for the quarter, vs. $47.92 million a year ago.
- Liquidity Concerns
- Working capital deficit reached $689.6 million as of March 31, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-2.29
- Gross margin
- 1.2%
- Operating margin
- -33.9%
- Segment
- Membership Revenue: $6.02M (-35% YoY)
- Segment
- Flight Revenue: $143.54M (-3% YoY)
- Segment
- Other Revenue: $19.37M (-7% YoY)
What they said about what is next.
No explicit guidance provided; management focuses on operational improvements and cost savings for the upcoming quarters.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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