NYSE$UP

Wheels Up Experience Inc · Q4 2025 earnings

Q4 2025 earnings · · Before market open · Investor relations

Briefing

Wheels Up reported Q4 2025, revenue of $184M, net loss of $29M.

For Q4 2025, Wheels Up reported revenue of $184M, a net loss of $29M. Management discusses segment performance, capital allocation, and outlook in the earnings release.

  • Revenue $184M.
  • Net loss $29M.
  • Wheels Up highlights liquidity, operations, and 2026 priorities.

Headline financials

Total Revenue

$184M

Previous: $205M-10.2%
EPS (adj)

-$0.04

Previous: -$0.13+69.2%
Total Gross Bookings

$269M

No prior period
Private Jet Gross Bookings

$211M

No prior period
Live Flight Legs

10.2K

No prior period
Private Jet Gross Bookings per Live Flight Leg

$20.6K

No prior period
Utility

41

Previous: 41.1-0.2%
Completion Rate

99.0%

Previous: 98.0%+1.0%
On-Time Performance (D-60)

91.0%

Previous: 87.0%+4.6%
Adjusted EBITDA

$32.9M

Previous: -$11.3M+391.2%
Adjusted Contribution

$35.1M

Previous: $39.6M-11.5%
Adjusted Contribution Margin

19.1%

Previous: 19.3%-1.0%
Adjusted EBITDAR

$36.9M

Previous: -$3.17M+1262.8%
Net Income

-$29M

Previous: -$87.5M+66.9%
Operating Income

-$1.71M

Previous: -$55.1M+96.9%
Gross Profit

$12.8M

Previous: $15.5M-17.3%

Revenue & EPS history

Wheels Up · Revenue · Quarterly

$184M

Q4 2025-10.2%vs Q4 2024
Beat estimate in 3 of 10 quarters(30%)
ActualEstimate

Revenue by segment

Wheels Up · $267M total across 3 segments · Q3 2023

  • Flight
    $215M-23.0%
  • Other
    $31.6M-47.5%
  • Membership
    $20.6M-8.0%

Forward guidance

The release discusses Wheels Up's outlook for upcoming periods, including capital allocation, operating priorities, and market risks, without relying solely on numeric EPS bridges.

Tailwinds

  • Wheels Up cites operational execution and demand trends supporting the outlook.
  • Balance sheet and liquidity actions aim to fund growth and returns.

Headwinds

  • GAAP profitability remained under pressure in Q4 2025.
  • Macro, pricing, and input-cost volatility could pressure margins.
  • Segment mix and one-time items may affect quarter-to-quarter comparability.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

-3.5%

Avg return

Earnings day

-5.9%

Avg return

5 days after

-6.8%

Avg return

30 days after

36%

8 / 22 earnings

Positive

+34.8%

Q2 2023

Best reaction

-36.2%

Q1 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+2.8%-16.6%+13.8%
Q4 2025-12.4%-6.1%-28.3%
Q3 2025+5.1%+3.3%-49.6%
Q1 2025-3.5%-7.8%+13.9%
Q4 2024+5.6%+1.9%-25.2%
Q3 2024-7.4%-6.5%-1.4%
Q2 2024-4.9%-9.2%-8.6%
Q1 2024+0.9%+20.2%-9.9%
Q4 2023-12.0%-10.5%-3.3%
Q3 2023-10.0%-10.7%+32.9%
Q2 2023+34.8%+18.8%+137.5%
Q1 2023-36.2%-42.8%-39.4%
Q4 2022-12.2%-24.3%-29.1%
Q3 2022-3.7%-8.0%-36.8%
Q2 2022+10.2%+4.7%-32.5%
Q1 2022+11.7%+21.2%-2.3%
Q4 2021-11.4%-12.0%-11.7%
Q4 2019-11.4%-12.0%-11.7%
Q3 2021-20.9%-20.9%-42.5%
Q2 2021-3.2%-10.2%-11.4%
Q1 2021+0.0%+0.0%-0.1%
Q4 2020+0.4%-2.3%-4.4%
Q3 2020
Q2 2020
Q1 2020

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