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Dec 31, 2025
Wheels Up Q4 2025 Earnings Report
Wheels Up reported a significant improvement in net loss and achieved its first-ever positive Adjusted EBITDAR, driven by fleet transition and cost reduction initiatives, with operational reliability reaching record levels.
Key Takeaways
Wheels Up Experience Inc. announced its fourth quarter 2025 financial results, highlighting a substantial 67% year-over-year improvement in net loss to $28.875 million and achieving a positive Adjusted EBITDAR of $36.908 million, a significant turnaround from the previous year. The company's operational reliability reached record levels with a 99% completion rate and 91% on-time performance (D-60). Revenue for the quarter was $183.842 million, a 10% decrease year-over-year, primarily due to discontinued membership programs and divestitures. The company also reported a positive Adjusted EBITDA of $32.928 million.
Net loss significantly improved by 67% year-over-year, reaching $28.875 million, driven by a stronger mix of profitable flying and cost reductions.
Achieved first-ever positive Adjusted EBITDAR of $36.908 million and Adjusted EBITDA of $32.928 million, both improving by over $40 million year-over-year.
Operational reliability reached record levels with a 99% completion rate and 91% on-time performance (D-60), providing a best-in-class customer experience.
Fleet modernization is on track for completion ahead of schedule, with approximately 40% of the controlled jet fleet comprising premium Phenom and Challenger jets, and a strategic sale-leaseback transaction generating $30 million in net cash proceeds.
Revenue by Segment
Forward Guidance
Wheels Up expects to complete its membership program and fleet transition in 2026, fully aligning products, services, and operations with its strategy. The company anticipates sustainable, profitable growth through a modernized fleet, a stronger mix of corporate and high-value customers, continued operational and cost discipline, and its Delta partnership.
Positive Outlook
- Completion of membership program and fleet transition in 2026.
- Anticipated alignment of products, services, and operations with strategic goals.
- Expectation of sustainable, profitable growth.
- Modernized fleet and stronger mix of corporate and high-value customers.
- Continued operational and cost discipline, leveraging unique competitive advantages from Delta partnership.
Challenges Ahead
- Potential impacts of general economic and geopolitical conditions, including fluctuations in interest rates, inflation, and foreign currencies.
- Risks associated with government shutdowns or funding changes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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