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Wheels Up Experience cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$71.1M in Q3 2026 · −$436M over twelve months

Operating cash flow−$17.1M
Capital spending−$54.0M
Free cash flow−$71.1M
Cash conversion cycle2 days

Analysis

In Q3 2026, Wheels Up Experience generated −$17.1M of operating cash flow and spent $54.0M on capital projects, leaving free cash flow of −$71.1M. That is $10.7M less than in Q3 2025 (−$60.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$227M; the largest uses were operating cash flow ($227M), capital spending ($209M), other financing ($3.2M); besides operations, cash came from other investing ($235M), net borrowing (+) / repaid (−) ($133M); the cash balance fell by $73.4M.

Operating cash flow was −$17.1M against net income of −$89.4M. The largest differences: deferred revenue −$31.0M, stock-based pay +$12.3M, accrued liabilities +$7.5M.

Its cash conversion cycle was 2 days (receivables 16 + inventory 1 − payables 15).

Free cash flow

Wheels Up Experience: free cash flow by quarterWheels Up Experience: free cash flow by quarter−$70.2MQ4 2024−$62.6MQ1 2025−$78.6MQ2 2025−$60.4MQ3 2025−$58.3MQ4 2025−$162MQ1 2026−$144MQ2 2026−$71.1MQ3 2026
Operating cash flow less capital spending.
Wheels Up Experience: operating cash flow against capital spendingWheels Up Experience: operating cash flow against capital spendingOperating cash flowCapital spending$37.9M$108MQ4 2024−$47.9M$14.7MQ1 2025−$62.9M$15.8MQ2 2025−$37.1M$23.3MQ3 2025−$18.4M$39.9MQ4 2025−$99.6M$62.4MQ1 2026−$91.6M$52.9MQ2 2026−$17.1M$54.0MQ3 2026
Latest (Q3 2026): Operating cash flow −$17.1M, Capital spending $54.0M.

Capital allocation, year by year

Wheels Up Experience: where the cash came from (up) and went (down), by fiscal yearWheels Up Experience: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $126MFY2021: Net borrowing −$214MFY2021: Shares issued $2.1MFY2021: Asset sales $1.3MFY2021: Capital spending −$15.2MFY2021: Acquisitions $7.8M$138MFY2021FY2022: Operating cash flow −$231MFY2022: Net borrowing $259MFY2022: Capital spending −$83.6MFY2022: Acquisitions −$75.1MFY2022: Buybacks −$7.7M$259MFY2022FY2023: Operating cash flow −$665MFY2023: Net borrowing $323MFY2023: Asset sales $13.2MFY2023: Capital spending −$20.2MFY2023: Buybacks −$28K$336MFY2023FY2024: Operating cash flow −$77.9MFY2024: Net borrowing $80.7MFY2024: Asset sales $7.9MFY2024: Capital spending −$123MFY2024: Buybacks −$485K$88.6MFY2024FY2025: Operating cash flow −$166MFY2025: Net borrowing −$144MFY2025: Shares issued $95.0MFY2025: Asset sales $20.7MFY2025: Capital spending −$93.6MFY2025: Buybacks −$1.6M$116MFY2025
Over these 5 years operating cash flow totalled −$1.0B; the largest uses were operating cash flow ($1.1B) and net borrowing ($358M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$51.8M
Debt$1.0B
Net debt$958M
Due within a year$19.0M
Cash runway1 month

Wheels Up Experience is burning cash: its operations consume cash, a free cash flow of −$436M a year at the current rate against $51.8M of cash and investments: a runway of about 1 month; $19.0M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Wheels Up Experience: debt maturities by year (FY2025)Wheels Up Experience: debt maturities by year (FY2025)$19.0MYear 1$20.0MYear 2$512MYear 3$120MYear 4
Principal due in each year as disclosed in the annual report, against $51.8M of cash and investments now.

Where the cash came from and went

Wheels Up Experience: sources (+) and uses (−) of cash, Q3 2026Wheels Up Experience: sources (+) and uses (−) of cash, Q3 2026Capital spending−$54.0MCash drawn (+) / kept (−)$37.7MNet borrowing (+) / repaid (−)$25.9MOperating cash flow−$17.1MOther investing$8.8MOther financing−$902KExchange rates−$368KBuybacks−$37K
Wheels Up Experience: sources (+) and uses (−) of cash, TTM to Q3 2026Wheels Up Experience: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$235MOperating cash flow−$227MCapital spending−$209MNet borrowing (+) / repaid (−)$133MCash drawn (+) / kept (−)$73.4MOther financing−$3.2MBuybacks−$827KExchange rates−$782KAsset & business sales−$204KShares issued−$97K

From profit to cash

Wheels Up Experience: net income to operating cash flow, Q3 2026Wheels Up Experience: net income to operating cash flow, Q3 2026Net income−$89.4MDepreciation & amortization$4.6MStock-based pay$12.3MGains on disposals−$454KOther non-cash$1.8MReceivables−$3.1MInventory$664KPayables−$7.5MAccrued liabilities$7.5MDeferred revenue−$31.0MPrepaid and other assets−$1.4MOther operating capital$399KOperating cash flow−$17.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026161152
Q2 2026151142
Q1 2026154127
Q4 2025146155
Q3 2025186186
Q2 2025197197
Q1 2025197197
Q4 2024149177

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$17.1M−$54.0M−$37K$25.9M—$37.7M−$71.1M
Q2 2026−$91.6M−$52.9M−$46K$153M—−$31.3M−$144M
Q1 2026−$99.6M−$62.4M−$201K$63.7M—$75.8M−$162M
Q4 2025−$18.4M−$39.9M−$543K−$109M−$97K−$8.7M−$58.3M
Q3 2025−$37.1M−$23.3M−$895K−$17.7M—−$14.5M−$60.4M
Q2 2025−$62.9M−$15.8M−$86K−$8.8M—$65.8M−$78.6M
Q1 2025−$47.9M−$14.7M−$109K−$8.6M—$39.4M−$62.6M
Q4 2024$37.9M−$108M$1K$133M—−$97.6M−$70.2M

Wheels Up Experience: income statement and cash flow

Wheels Up Experience, Q3 2026: revenue $165M (-11% year over year), operating margin -30.5%. The chart follows the revenue to costs, profit and cash.

Wheels Up Experience: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.