UPNYSEAir Transportation, NonscheduledFiscal year ends December 31
Wheels Up Experience Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$3.22−0.24 (-6.94%)
Close on Oct 19, 2026
- Market cap
- $116.29M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
10.0%+1.3 pts over 5 years
Operating margin
-27.6%−18.6 pts over 5 years
Net margin
-39.9%−28.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -7.0% | -22.5% | +1.2% | – | |
| Gross profit | +24.9% | +23.2% | +4.1% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 99.0% | |
| Return on assets | – | – | -27.7% | |
| Current ratio | – | 0.47 | 0.27 | |
| Debt to equity | – | 0.79 | -0.86 | |
| Net debt to EBITDA | – | 5.13× | -1.42× | |
| Interest coverage | – | -2.7× | -2.2× | |
| Inventory turnover | – | – | 55.8× | |
| Capex to revenue | – | 1.0% | 12.7% | |
| Diluted shares | – | 1M | 35M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Wheels Up Experience generated $1.27B from operations and spent $345.23M on capital expenditure, dividends and share buybacks. 97% of that went back into the business.
Generated
$1.27B
Used
$345.23M
Capital expenditure$335.40M97%Dividends$00%Share buybacks$9.83M3%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-39.9%
×Asset turnover0.69×
×Equity multiplier-3.58×
=Return on equity, FY202599.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -39.9% | 0.69× | -3.58× | 99.0% |
| FY2024 | -42.9% | 0.64× | -23.63× | 648.7% |
| FY2023 | -38.9% | 0.77× | 9.27× | -279.1% |
| FY2022 | -35.1% | 0.81× | 3.98× | -113.1% |
| FY2021 | -15.9% | 0.71× | 3.35× | -38.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$294.22M
- Cash generatingOperating cash flow above zero-$166.30M
- Return on assets improvedROA up on the prior year-25.8% → -25.4%
- Earnings backed by cashOperating cash flow above net income-$166.30M vs -$294.22M
- Less leverageLong-term debt to assets fell32.5% → 32.7%
- Better liquidityCurrent ratio rose0.36 → 0.27
- No dilutionShare count did not rise35M → 35M
- Gross margin improvedGross margin up on the prior year7.45% → 10.01%
- More efficientAsset turnover rose0.60 → 0.64