| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 182.00 | 7.7% | 4.0% |
| Total Income | 182.00 | 7.7% | 4.0% |
| Expenditure | 256.39 | 13.3% | 2.9% |
| PBT | -107.37 | 30.2% | 32.0% |
| Net Profit | -107.25 | 29.3% | 30.3% |
| OPM | -40.87% | 6.92pp | 9.45pp |
| NPM | -58.93% | 9.82pp | 15.53pp |
| EPS | -2.97 | 29.7% | 2375.0% |
Wheels Up Announces Second Quarter 2026 Results
04 Aug 2026 · 4 Aug, 4:37 pm
Summary
Wheels Up reported second quarter 2026 results, with GAAP Revenue at $182.0 million, down 4% year over year, largely due to business dispositions. While Total Gross Bookings declined 8% to $241.8 million, impacted by sales force transformation inefficiencies, the company saw significant improvements in gross profit and a 27% reduction in Adjusted EBITDAR loss. Management highlighted progress in fleet modernization, operational reliability, and strengthening the Delta partnership, expressing confidence in executing their plan and creating long-term value.
Key Highlights
- 1
Wheels Up announced financial results for the second quarter of 2026, highlighting progress in fleet modernization, operational reliability, and partnership strengthening.
- 2
GAAP Revenue for Q2 2026 was $182.0 million, a 4% reduction year over year, primarily due to the disposition of non-core services businesses in 2025.
- 3
Private jet Flight revenue remained flat for the quarter, as demand for premium aircraft doubled, offsetting legacy fleet retirements.
- 4
Total Gross Bookings for Q2 2026 were $241.8 million, down 8% year over year, impacted by lower U.S. private jet charter volume due to sales force transformation inefficiencies.
- 5
Gross profit improved significantly to $9.6 million from $2.2 million in the prior year period, despite approximately $5 million in business transformation-related expenses.
- 6
Adjusted EBITDAR loss improved by 27% to $19.9 million compared to the prior year period, driven by a streamlined fleet.
- 7
The company achieved a Completion Rate of 99.4% and On-Time Performance (A-30) of 86.8% in Q2 2026, marking new industry reliability milestones.
Management Comments
George Mattson
Wheels Up made meaningful progress this quarter, completing our fleet modernization, reaching record levels of operational reliability, strengthening our Delta partnership, and building momentum with our Signature Membership. The entire Wheels Up team is focused on delivering a great experience for our customers while also making the business more efficient, scalable and profitable. With the legacy fleet transition behind us and technology investments like BrokerOS expected to drive growth in our charter business, we enter the second half of the year with increasing confidence in our ability to execute against our plan and create long-term value for shareholders.
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