NYSE: UP
Wheels Up Experience Inc.CIK 0001819516 · SIC 4522 · Air Transportation, Nonscheduled
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Wheels Up CSO Mark Briffa departing Sept 1; CDO assumes sales leadership on interim basis
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UP: revenue $182.0M, net income -$107.2M. UP completes fleet modernization 18mo early; operating loss widens 25% as membership sales fall
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Wheels Up shareholders approve 3.75M share increase to equity compensation plan
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Wheels Up secures $100M unsecured loan from major shareholders Delta, Cox, and CK Wheels
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Wheels Up closes $68M aircraft financing; Delta extends lock-up on 36% stake to May 2027
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UP: revenue $168.9M, net income -$83.0M. Wheels Up closes material weakness, secures loan commitment, but cash burn doubles
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Wheels Up secures $100M unsecured loan from major shareholders Delta, Cox, and CK Wheels
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Wheels Up retires legacy jet fleets in major modernization push
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Wheels Up executes 1-for-20 reverse stock split, reducing shares from 1.5B to 75M authorized
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UP: revenue $736.5M, net income -$294.2M. Wheels Up raises equity, sells aircraft, cuts debt amid membership decline
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Latest financial statements
From 10-Q filed Aug 5, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(Unaudited, in thousands, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | 181,999 | 189,637 | 350,921 | 367,167 |
| Costs and expenses: | ||||
| Cost of revenue (exclusive of items shown separately below) | 160,314 | 173,955 | 319,510 | 332,379 |
| Technology and development | 8,842 | 9,358 | 17,581 | 19,882 |
| Sales and marketing | 26,747 | 24,385 | 48,930 | 46,546 |
| General and administrative | 31,666 | 30,232 | 58,503 | 87,049 |
| Depreciation and amortization | 12,120 | 13,490 | 23,834 | 33,700 |
| Impairment on legacy fleet retirement | 12,736 | — | 12,736 | — |
| (Gain) on sale of aircraft held for sale | (590) | (2,203) | (3,098) | (8,754) |
| Loss (gain) on disposal of assets, net | 4,555 | 20 | 4,672 | (3,269) |
| Total costs and expenses | 256,390 | 249,237 | 482,668 | 507,533 |
| Loss from operations | (74,391) | (59,600) | (131,747) | (140,366) |
| Other (expense) income | ||||
| Loss on extinguishment of debt | (25) | (22) | (42) | (60) |
| Loss on divestiture | (507) | — | (507) | — |
| Interest income | 566 | 836 | 808 | 1,984 |
| Interest expense | (32,950) | (22,084) | (58,257) | (41,964) |
| Other (expense) income, net | (61) | (470) | (72) | (169) |
| Total other (expense) income | (32,977) | (21,740) | (58,070) | (40,209) |
| Loss before income taxes | (107,368) | (81,340) | (189,817) | (180,575) |
| Income tax benefit (expense) | 119 | (959) | (390) | (1,037) |
| Net loss | (107,249) | (82,299) | (190,207) | (181,612) |
| Less: Net loss attributable to non-controlling interests | — | — | — | — |
| Net loss attributable to Wheels Up Experience Inc. | (107,249) | (82,299) | (190,207) | (181,612) |
| Net loss per share of Class A common stock: | ||||
| Basic and diluted | (2.97) | (2.35) | (5.25) | (5.20) |
| Weighted-average shares of Class A common stock outstanding: | ||||
| Basic and diluted | 36,116,200 | 34,949,848 | 36,196,703 | 34,932,080 |
Condensed Consolidated Balance Sheets (Unaudited)
(Unaudited, in thousands, except share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 86,309 | 133,926 |
| Accounts receivable, net | 28,160 | 24,249 |
| Parts and supplies inventories | 1,952 | 11,586 |
| Aircraft held for sale | 64,391 | 18,463 |
| Prepaid expenses | 20,574 | 27,091 |
| Other current assets | 20,540 | 34,042 |
| Total current assets | 221,926 | 249,357 |
| Property and equipment, net | 223,267 | 219,729 |
| Operating lease right-of-use assets | 104,927 | 111,886 |
| Goodwill | 208,786 | 209,897 |
| Intangible assets, net | 65,153 | 75,102 |
| Restricted cash | 33,766 | 30,577 |
| Other non-current assets | 68,741 | 72,266 |
| Total assets | 926,566 | 968,814 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Current maturities of long-term debt | 21,070 | 19,039 |
| Accounts payable | 26,590 | 20,443 |
| Accrued expenses | 81,791 | 104,010 |
| Deferred revenue, current | 626,891 | 738,852 |
| Other current liabilities | 28,917 | 25,212 |
| Total current liabilities | 785,259 | 907,556 |
| Long-term debt, net | 581,184 | 316,358 |
| Operating lease liabilities, non-current | 112,158 | 121,067 |
| Other non-current liabilities | 8,265 | 15,934 |
| Total liabilities | 1,486,866 | 1,360,915 |
| Commitments and contingencies (Note 12) | ||
| Equity: | ||
| Common Stock, $0.0001 par value; 75,000,000 authorized; 36,370,076 and 36,179,503 issued and 36,270,704 and 36,100,887 shares outstanding as of June 30, 2026 and December 31, 2025, respectively | 4 | 4 |
| Additional paid-in capital | 2,044,408 | 2,020,477 |
| Accumulated deficit | (2,587,319) | (2,397,112) |
| Accumulated other comprehensive loss | (7,308) | (5,633) |
| Treasury stock, at cost, 99,372 and 78,616 shares, respectively | (10,084) | (9,836) |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Unaudited, in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net loss | (190,207) | (181,612) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 23,834 | 33,700 |
| Equity-based compensation | 23,931 | 20,956 |
| Payment-in-kind interest | 31,551 | 26,492 |
| Amortization of deferred financing costs and debt discount | 21,292 | 5,694 |
| Reserve for excess and obsolete inventory | 4,984 | — |
| Impairment on legacy fleet retirement | 12,736 | — |
| Gain on sale of aircraft held for sale | (7,464) | (9,429) |
| Loss (gain) on disposal of assets, net | 4,730 | (3,148) |
| Impairment of right-of-use assets | — | 20,218 |
| Other | 2,963 | (705) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (4,062) | (4,965) |
| Parts and supplies inventories | 4,651 | (857) |
| Prepaid expenses | 9,199 | 1,686 |
| Other non-current assets | 3,465 | 2,095 |
| Accounts payable | 6,269 | 4,748 |
| Accrued expenses | (23,622) | 2,731 |
| Deferred revenue | (114,861) | (24,915) |
| Other assets and liabilities | (649) | (3,493) |
| Net cash used in operating activities | (191,260) | (110,804) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (115,215) | (30,465) |
| Capitalized software development costs | (3,583) | (5,893) |
| Proceeds from sale of divested business, net | (204) | |
| Proceeds from sale of aircraft held for sale, net | 52,481 | 55,122 |
| Other | — | 1,150 |
| Net cash (used in) provided by investing activities | (66,521) | 19,914 |
| Cash flows from financing activities: | ||
| Purchase of shares for treasury | (247) | (195) |
| Proceeds from long-term debt | 353,114 | 19,551 |
| Repayments of long-term debt | (136,879) | (36,898) |
| Payment of debt issuance costs | (2,222) | (18) |
| Net cash provided by (used in) financing activities | 213,766 | (17,560) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (413) | 3,224 |
| Net decrease in cash, cash equivalents and restricted cash | (44,428) | (105,226) |
| Cash, cash equivalents and restricted cash, beginning of period | 164,503 | 246,468 |
| Cash, cash equivalents and restricted cash, end of period | 120,075 | 141,242 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | 6,212 | 9,905 |
Amounts as printed on the EDGAR/iXBRL face — (Unaudited, in thousands, except share and per share data); (Unaudited, in thousands, except share data); (Unaudited, in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗