Wheels Up Experience (UP) Q4 2025 earnings summary

Executive summary

• Net loss improved 67% year-over-year to $29 million, driven by a stronger revenue mix, cost reductions, and one-time gains from aircraft sale-leasebacks.

• Achieved first-ever positive Adjusted EBITDAR of $37 million and Adjusted EBITDA of $33 million, both improving by over $40 million year-over-year.

• Operational reliability reached record levels, with a 99% completion rate and 91% on-time performance, up 1 and 4 points year-over-year, respectively.

• Fleet modernization and the launch of Signature Membership and Delta partnership advanced commercial momentum.

Financial highlights

• Total revenue for Q4 2025 was $184 million, flat sequentially but down 10% year-over-year due to discontinued programs and divestitures.

• Gross profit for Q4 was $13 million, pressured by $9 million in non-recurring fleet modernization expenses.

• Adjusted Contribution Margin was 19.1%, roughly flat year-over-year, with fleet modernization inefficiencies impacting margin by 3.5 points.

• Q4 net loss per share improved to $(0.04) from $(0.13) year-over-year.

• Year-end liquidity stood at $234 million, including $134 million in cash and a $100 million undrawn credit facility.

Outlook and guidance

• Fleet transition expected to complete by year-end 2026, ahead of the original mid-2027 timeline.

• Continued focus on cost discipline, operational reliability, and leveraging the Delta partnership to drive sustainable, profitable growth.