Filing Flows › Wheels Up Experience (UP) › Q4 2025
Wheels Up Experience (UP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 10, 2026
Wheels Up Experience (UP) reported revenue of $184M for the fourth quarter 2025 (Q4 2025), -10% from a year earlier and -0.9% from the quarter before. Operating margin was -0.9%, net loss $28.9M (15.7% of revenue).
Wheels Up Experience, Q4 2025: revenue $184M (-10% year over year), operating margin -0.9%, net loss $28.9M, operating cash flow −$18.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $184M | -0.9% | -10% |
| Operating profit | −$1.7M | — | — |
| Net earnings | −$28.9M | — | — |
| Operating cash flow | −$18.4M | — | — |
What changed
Revenue was $183.8M in Q4 2025, down 10% year over year and down 1% from the previous quarter.
Operating costs exceeded revenue by $1.7M, an operating margin of -0.9%. Total costs fell 28% while revenue fell 10%. The quarter ended with a net loss of $28.9M, narrower than the previous quarter's $83.7M loss. Net interest and other expense of $26.0M was the main reason.
Operating cash flow was −$18.4M. Non-cash charges added back $42.9M of depreciation and amortization and $12.0M of share-based compensation. Working capital and other items used $44.3M. Capital expenditures of $39.9M exceeded it, leaving free cash flow of −$58.3M.
Questions
What was Wheels Up Experience's revenue in the fourth quarter 2025?
Wheels Up Experience (UP) reported revenue of $184M for the fourth quarter 2025 (Q4 2025), -10% from a year earlier and -0.9% from the quarter before.
Was Wheels Up Experience profitable in the fourth quarter 2025?
Operating loss was $1.7M (-0.9% of revenue) and net loss $28.9M.