Wheels Up Experience Inc. (UP) Income Statement
UP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsUP revenue and net income
Where UP's revenue goes
2025Each bar shows an amount and its share of revenue. UP kept −39.9% of revenue as net income.
UP profit margins
UP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −7.0% | −22.5% | +1.2% | — |
| Gross profit | −72.0% | — | −22.8% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
UP quarterly EPS vs estimates
Wheels Up Experience beat the analyst EPS estimate in 6 of the last 7 quarters. Next report: November 4, 2026.
UP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $736.5M | $792.1M | $1.25B | $1.58B | $1.19B | $695.0M | $384.9M | $332.1M |
| Cost of revenue | $719.9M | $733.1M | $1.29B | $1.61B | $1.17B | $634.8M | $380.0M | $276.4M |
| Gross profit | $16.6M | $59.0M | −$37.7M | −$26.5M | $22.4M | $60.2M | $4.9M | $55.7M |
| Research & development | $38.8M | $40.7M | $61.9M | $57.2M | $33.6M | $21.0M | $14.0M | $10.2M |
| Sales, general & admin | $233.9M | $221.9M | $234.7M | $300.6M | $193.4M | $64.9M | $69.0M | $55.6M |
| Total operating expenses | $268.8M | $317.8M | $405.8M | $533.5M | $225.7M | $123.2M | $83.0M | $108.2M |
| Operating income | −$252.3M | −$258.8M | −$443.6M | −$560.0M | −$203.3M | −$63.0M | −$78.1M | −$52.0M |
| Interest income | $87.5M | $2.2M | $8.1M | $3.7M | $53,000 | $48,810 | $615,000 | — |
| Interest expense | $90.5M | $65.4M | $41.3M | $7.5M | $9.5M | $23.0M | $29.4M | $0 |
| Income before taxes | −$290.7M | −$338.4M | −$486.0M | −$555.4M | −$197.2M | −$85.4M | −$106.9M | −$83.2M |
| Income taxes | $3.5M | $1.2M | $1.4M | $170,000 | $58,000 | $16.2M | $18.8M | — |
| Net income | −$294.2M | −$339.6M | −$487.4M | −$555.2M | −$190.0M | −$78.6M | −$96.3M | −$83.2M |
| EBITDA | −$139.1M | −$216.5M | −$386.2M | −$481.9M | −$133.5M | −$3.9M | −$38.2M | −$18.8M |
| EPS (diluted) | −$0.41 | −$2.01 | −$129.46 | −$99.78 | −$116.89 | −$0.05 | −$96.27 | — |
| Gross margin | 2.2% | 7.5% | −3.0% | −1.7% | 1.9% | 8.7% | 1.3% | 16.8% |
| Operating margin | −34.3% | −32.7% | −35.4% | −35.4% | −17.0% | −9.1% | −20.3% | −15.7% |
| Net margin | −39.9% | −42.9% | −38.9% | −35.1% | −15.9% | −11.3% | −25.0% | −25.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $182.0M | $168.9M | $183.8M | $185.5M | $189.6M | $177.5M | $204.8M | $193.9M | $196.3M | $197.1M | $246.4M | $320.1M |
| Cost of revenue | $160.3M | $170.9M | $194.5M | $172.9M | $174.0M | $178.6M | $189.3M | $166.9M | $207.3M | $198.3M | $264.4M | $299.9M |
| Gross profit | $21.7M | −$2.0M | −$10.6M | $12.6M | $15.7M | −$1.1M | $15.5M | $27.0M | −$11.0M | −$1.2M | −$18.1M | $20.2M |
| Research & development | $8.8M | $8.7M | $8.7M | $10.2M | $9.4M | $10.5M | $9.5M | $9.6M | $10.5M | $11.1M | $11.6M | $20.0M |
| Sales, general & admin | $58.4M | $49.0M | $26.3M | $54.1M | $54.6M | $56.8M | $59.7M | $47.1M | $57.4M | $57.7M | $23.5M | $65.4M |
| Total operating expenses | $96.3M | $57.3M | $40.0M | $73.9M | $75.3M | $79.7M | $70.6M | $69.0M | $68.1M | $81.4M | $46.9M | $149.2M |
| Operating income | −$74.6M | −$59.3M | −$50.6M | −$61.3M | −$59.6M | −$80.8M | −$55.1M | −$41.9M | −$79.1M | −$82.6M | −$64.9M | −$129.0M |
| Interest income | $566,000 | $242,000 | $24.6M | $631,000 | $836,000 | $1.1M | $922,000 | $907,000 | $285,000 | $56,000 | $31,000 | $404,000 |
| Interest expense | $33.0M | $25.3M | $25.0M | $23.5M | $22.1M | $19.9M | $18.1M | $16.0M | $16.7M | $14.6M | $14.2M | $11.3M |
| Income before taxes | −$107.3M | −$82.4M | −$27.7M | −$82.4M | −$81.3M | −$99.2M | −$87.0M | −$57.3M | −$96.5M | −$97.5M | −$80.5M | −$144.2M |
| Income taxes | $119,000 | $509,000 | $1.1M | $1.3M | $959,000 | $78,000 | $494,000 | $405,000 | $441,000 | −$114,000 | $632,000 | $579,000 |
| Net income | −$107.2M | −$83.0M | −$28.9M | −$83.7M | −$82.3M | −$99.3M | −$87.5M | −$57.7M | −$97.0M | −$97.4M | −$81.1M | −$144.8M |
| EBITDA | −$62.3M | −$45.4M | $10.8M | −$45.0M | −$45.8M | −$59.1M | −$55.9M | −$28.8M | −$64.3M | −$67.6M | −$52.8M | −$117.5M |
| EPS (diluted) | −$2.62 | −$2.29 | −$0.04 | −$0.12 | −$0.11 | −$0.14 | −$0.13 | −$1.60 | −$0.14 | −$0.14 | −$0.12 | −$21.72 |
| Gross margin | 11.9% | −1.2% | −5.8% | 6.8% | 8.3% | −0.6% | 7.6% | 13.9% | −5.6% | −0.6% | −7.3% | 6.3% |
| Operating margin | −41.0% | −35.1% | −27.5% | −33.1% | −31.4% | −45.5% | −26.9% | −21.6% | −40.3% | −41.9% | −26.3% | −40.3% |
| Net margin | −58.9% | −49.1% | −15.7% | −45.1% | −43.4% | −55.9% | −42.7% | −29.8% | −49.4% | −49.4% | −32.9% | −45.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in UP's financial statements (latest annual report filed March 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
UP financial results
In fiscal year 2025 (ended December 31, 2025), Wheels Up Experience reported revenue of $736.5 million, down 7.0% from the year before. It had a net loss of $294.2 million, a net profit margin of −39.9%. Diluted earnings per share came to −$0.41. Over five years revenue grew at an average rate of 1.2% a year.
See the UP stock overview for the latest quote and news, or the UP chart for price history and technical indicators.
UP income statement FAQ
What is Wheels Up Experience's annual revenue?
Wheels Up Experience reported total revenue of $736.5 million for fiscal year 2025, which ended on December 31, 2025. That was down 7.0% from $792.1 million the previous year.
Is Wheels Up Experience profitable?
No. Wheels Up Experience reported a net loss of $294.2 million in fiscal 2025, a net profit margin of −39.9%; its operating margin was −34.3%.
What is Wheels Up Experience's gross margin?
Wheels Up Experience's gross margin was 2.2% in fiscal 2025: for every $100 of revenue, Wheels Up Experience kept $2 after the direct cost of its products and services.
How much does Wheels Up Experience spend on research and development?
Wheels Up Experience spent $38.8 million on research and development in fiscal 2025, 5.3% of revenue.
How fast is Wheels Up Experience growing?
Revenue grew 1.2% a year on average over the last five fiscal years, from $695.0 million to $736.5 million.
What are Wheels Up Experience's earnings per share?
Wheels Up Experience earned $-0.41 per diluted share in fiscal 2025, compared with $-2.01 a year earlier.
When will Wheels Up Experience report its next earnings?
Wheels Up Experience is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Wheels Up Experience's fiscal year end?
Wheels Up Experience's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 10, 2026.