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Wheels Up Experience (UP) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Wheels Up Experience (UP) Q3 2026 earnings results →
Q3 2026 Revenue down 11% year over year to $165M · 54¢ of every $1 of revenue lost · operating margin -30.5%
Wheels Up Experience made $165M in Q3 2026 (-11% Y/Y). Operating margin -30.5%, net loss $89.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $164.8M in Q3 2026, down 11% year over year and down 9% from the previous quarter.
Operating costs exceeded revenue by $50.3M, an operating margin of -30.5%. Total costs fell 13% while revenue fell 11%. The fastest-growing cost line was Other operating costs (+23%). The quarter ended with a net loss of $89.4M, narrower than the previous quarter's $107.2M loss.
Operating cash flow was −$17.1M. Non-cash charges added back $4.6M of depreciation and amortization and $12.3M of share-based compensation. Working capital and other items added $55.5M. Capital expenditures of $54.0M exceeded it, leaving free cash flow of −$71.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $165M | -11% | -30.5% | −$89.4M | −$17.1M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $182M | -4% | -40.9% | −$107M | −$91.6M |
| Q1 2026 | 10-Q | May 11, 2026 | $169M | -5% | -34.0% | −$83.0M | −$99.6M |
| Q4 2025 | 10-K | Mar 10, 2026 | $184M | -10% | -0.9% | −$28.9M | −$18.4M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $185M | -4% | -33.1% | −$83.7M | −$37.1M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $190M | -3% | -31.4% | −$82.3M | −$62.9M |
| Q1 2025 | 10-Q | May 5, 2025 | $178M | -10% | -45.5% | −$99.3M | −$47.9M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Wheels Up Experience
Wheels Up is a leading global provider of on-demand private aviation with a large, diverse aircraft fleet and a network of safety-vetted charter operators, all committed to safety and service. Our offering is delivered through a mix of our membership program and charter solutions that strategically utilize our controlled aircraft fleet and charter operators to deliver a greater range of travel alternatives. In addition, our first-of-its-kind partnership with Delta Air Lines, Inc. (“Delta”) provides our members and customers with a seamless offering across both private and premium commercial travel.
In its own words, from its 10-K, filed Mar 10, 2026.
Wheels Up Experience against its Air Transportation, Nonscheduled peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -11% against the peers' median +13%. Operating margin: -30.5% against the peers' median -43.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| UP Wheels Up Experience | Q3 2026 | $165M | -11% | -30.5% |
| VTOL Bristow Group | Q3 2026 | $438M | +13% | 10.9% |
| FLYX Flyexclusive | Q2 2026 | $111M | +22% | -5.2% |
| SRFM Surf Air Mobility | Q3 2026 | $36.5M | +25% | -43.8% |
| JTAI Jet.AI | Q2 2026 | $5.3M | +139% | -50.4% |
| SOAR Volato Group | Q2 2026 | $965K | -96% | -261.1% |
| CRTD Creatd | Q2 2026 | $174K | -12% | n/m |
Source: Wheels Up Experience 10-Q on SEC EDGAR · CIK 1819516 · Air Transportation, Nonscheduled
Guidance and outlook
13F: who owns UP and who is buying
More on UP
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results