| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 168.92 | 4.8% |
| Total Income | 168.92 | 4.8% |
| Expenditure | 226.28 | 12.4% |
| PBT | -82.45 | 16.9% |
| Net Profit | -82.96 | 16.5% |
| OPM | -33.95% | 11.54pp |
| NPM | -49.11% | 6.83pp |
| EPS | -2.29 | 1535.7% |
Wheels Up Reports Q1 2026 Revenue of $168.9 Million, Down 5% Y-o-Y
12 May 2026 · 12 May, 2:08 am
Summary
Wheels Up Experience Inc. announced its financial results for the first quarter of 2026, reporting GAAP revenue of $168.9 million, down 5% year over year. Total Gross Bookings increased by 10% to $267.2 million, driven by charter business growth. The company's net loss was $83.0 million, or $(2.29) per share. Wheels Up completed its fleet modernization ahead of schedule and secured additional financing commitments to fund its multi-year growth plan.
Key Highlights
- 1
GAAP Revenue was $168.9 million, a decrease of 5% year over year.
- 2
Total Gross Bookings increased by 10% year over year to $267.2 million, driven by growth in the charter businesses.
- 3
The company reported a gross loss of $2.0 million, impacted by approximately $5.0 million of fleet modernization expenses.
- 4
Adjusted EBITDAR loss improved by 3% year over year to $18.3 million.
- 5
The company completed its fleet modernization 18 months ahead of schedule, with premium Phenom and Challenger jets now comprising 100% of the controlled jet fleet.
- 6
Phenom and Challenger revenue more than doubled year over year as the owned and leased fleet expanded from 21 to 36 aircraft.
- 7
Wheels Up achieved a Completion Rate of 99% and On-Time Performance (A-30) of 81%.
Management Comments
George Mattson
“The start of 2026 marked a clear inflection point for Wheels Up, as we completed the transition from our legacy programs and fleet to our Signature Program supported by a premium jet fleet comprised exclusively of the most in-demand and efficient aircraft in the industry. “With the operation performing at record levels and the complexity of the fleet transition largely behind us — more than a year ahead of schedule — we’re focused on driving consistency, efficiency and responsible, profitable growth by increasing demand across both programmatic and charter flights, investing in an exceptional customer experience, and scaling the benefits of our one-of-a-kind strategic partnership with Delta.” “The continued backing of our investors - led by Delta Air Lines - along with the additional new support from AIP Capital, provides the investment capital needed to execute our growth plan and reflects confidence in the progress we’re making to build a strong and sustainable business.”
Ed Bastian
“Since our strategic investment in 2023, the Wheels Up team has driven operational excellence, transformed its offering, strengthened the foundation of the company, and set the stage to accelerate their progress,” “With their fleet transition complete 18 months ahead of schedule, the company’s momentum continues to build, and this new financing reflects our confidence in the path ahead for our partnership.”
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