Wheels UP Experience WTS (WSUPW) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WSUPW SEC filings page.
Wheels UP Experience WTS (WSUPW) reported $727.9M in revenue over the twelve months to Mar 31, 2026, down 5.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings.
Margins are improving even as the business shrinks, but losses and liabilities exceeding assets keep financing central to its operations.
Revenue contracted41.2% from FY2023 to FY2025 while gross margin reached10.0% , indicating better economics per dollar of sales rather than broad-based growth. Yet operating margin remained -27.6%, so the gross-profit improvement is still being absorbed by overhead and other operating costs.
Assets fell
Operating cash flow was
Financial Health Signals
We do not publish a peer-relative financial health score for Wheels UP Experience WTS, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Wheels UP Experience WTS passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Wheels UP Experience WTS reported a net loss of $294.2M while operations used $166.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Wheels UP Experience WTS reported an operating loss of $203.4M against $90.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Wheels UP Experience WTS generated $168.9M in revenue in Q1 2026. This represents a decrease of 4.8% from the same quarter a year earlier. Against the prior quarter it is down 8.1%.
Wheels UP Experience WTS's EBITDA was -$53.8M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 230.6%.
Wheels UP Experience WTS reported a net loss of $83.0M in Q1 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Wheels UP Experience WTS earned -$2.29 per diluted share (EPS) in Q1 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
Wheels UP Experience WTS recorded an outflow of $162.0M in free cash flow in Q1 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Wheels UP Experience WTS held $54.1M in cash against $400.3M in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Wheels UP Experience WTS's gross margin was 5.8% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 5.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.6 percentage points.
Wheels UP Experience WTS's operating margin was -34.0% in Q1 2026, reflecting core business profitability. This is up 11.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 33.0 percentage points.
Wheels UP Experience WTS's net profit margin was -49.1% in Q1 2026, showing the share of revenue converted to profit. This is up 6.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 33.4 percentage points.
Not reported for Q1 2026.
Capital Allocation
Wheels UP Experience WTS invested $8.7M in research and development in Q1 2026. This represents a decrease of 17.0% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.
Wheels UP Experience WTS spent $201K on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 84.4% from the same quarter a year earlier. Against the prior quarter it is down 63.0%.
Wheels UP Experience WTS invested $62.4M in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 324.1% from the same quarter a year earlier. Against the prior quarter it is up 56.3%.
WSUPW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'25Filing | Q1'2510-Q | Q4'24Filing | Q3'2410-Q | Q2'24Filing |
|---|---|---|---|---|---|---|---|---|
| Revenue | $168.9M-4.8% | $183.8M-10.2% | $185.5M-4.3% | $189.6M-3.4% | $177.5M-9.9% | $204.8M-16.9% | $193.9M-39.4% | $196.3M-41.4% |
| Cost of Revenue | $159.2M+0.5% | $157.5M-10.6% | $172.9M+3.6% | $174.0M-9.3% | $158.4M-20.1% | $176.3M-29.8% | $166.9M-44.4% | $191.7M-41.5% |
| Gross Profit | $9.7M-49.1% | $26.3M-7.7% | $12.6M-53.4% | $15.7M+241.3% | $19.1Mn/m | $28.5Mn/m | $27.0M+34.0% | $4.6M-35.8% |
| R&D Expenses | $8.7M-17.0% | $8.7M-8.2% | $10.2M+6.0% | $9.4M-11.1% | $10.5M-5.0% | $9.5M-18.3% | $9.6M-51.9% | $10.5M-27.0% |
| SG&A Expenses | $26.8M-52.8% | $26.3M-31.5% | $32.0M+18.2% | $30.2M-15.9% | $56.8M+56.8% | $38.4M+62.9% | $27.1M-36.9% | $35.9M-10.3% |
| Operating Income | -$57.4Mn/m | -$1.7Mn/m | -$61.3Mn/m | -$59.6Mn/m | -$80.8Mn/m | -$53.3Mn/m | -$41.9Mn/m | -$79.1Mn/m |
| EBITDA | -$53.8Mn/m | $41.2Mn/m | -$56.3Mn/m | -$55.0Mn/m | -$72.1Mn/m | -$11.2Mn/m | -$38.2Mn/m | -$74.6Mn/m |
| Interest Expense | $25.3M+27.3% | $25.0M+38.2% | $23.5M+46.6% | $22.1M+32.5% | $19.9M+36.6% | $18.1M+27.2% | $16.0M+42.5% | $16.7M+117.6% |
| Income Tax | $509K+552.6% | $1.1M+129.6% | $1.3M+228.9% | $959K+117.5% | $78Kn/m | $494K-21.8% | $405K-30.1% | $441Kn/m |
| Net Income | -$83.0Mn/m | -$28.9Mn/m | -$83.7Mn/m | -$82.3Mn/m | -$99.3Mn/m | -$87.5Mn/m | -$57.7Mn/m | -$97.0Mn/m |
| EPS (Basic) | -$2.29n/m | N/A | -$0.12n/m | -$0.12n/m | -$2.84 | N/A | -$0.08 | -$0.14 |
| EPS (Diluted) | -$2.29n/m | N/A | -$0.12n/m | -$0.12n/m | -$2.84 | N/A | -$0.08 | -$0.14 |
| Diluted Shares (Avg) | 36M+3.5% | N/A | 704M+0.9% | 699M+0.2% | 35M | N/A | 698M | 697M |
WSUPW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'25Filing | Q1'2510-Q | Q4'24Filing | Q3'2410-Q | Q2'24Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $916.2M-16.0% | $968.8M-16.3% | $973.0M-6.7% | $1.0B-7.4% | $1.1B-7.6% | $1.2B-12.0% | $1.0B-21.4% | $1.1B-21.6% |
| Current Assets | $164.8M-44.9% | $249.4M-24.9% | $248.3M-8.5% | $233.7M-19.1% | $298.8M-10.2% | $332.1M-23.5% | $271.3M-33.8% | $288.8M-17.5% |
| Cash & Equivalents | $54.1M-68.5% | $133.9M-38.1% | $125.3M+8.1% | $107.0M-24.4% | $171.8M-5.0% | $216.4M-18.0% | $115.9M-52.7% | $141.5M-6.8% |
| Inventory | $2.2M-82.6% | $11.6M-4.9% | $9.1M-59.4% | $12.2M-42.7% | $12.7M-38.1% | $12.2M-40.3% | $22.5M-6.0% | $21.2M-9.3% |
| Accounts Receivable | $32.3M-22.7% | $24.2M-25.0% | $32.4M+1.1% | $38.7M+13.8% | $41.8M-1.2% | $32.3M-15.4% | $32.0M-31.5% | $34.0M-60.2% |
| Goodwill | $208.7M-4.9% | $209.9M-3.3% | $209.9M-5.6% | $224.4M+3.1% | $219.5M+0.9% | $217.0M-0.5% | $222.5M+3.6% | $217.7M-22.9% |
| Total Liabilities | $1.4B+0.8% | $1.4B+0.5% | $1.3B+16.4% | $1.4B+16.9% | $1.4B+17.2% | $1.4B+11.4% | $1.2B-2.1% | $1.2B-15.7% |
| Current Liabilities | $854.4M-7.7% | $907.6M-1.1% | $887.5M-0.1% | $902.2M+3.2% | $925.4M+5.3% | $917.3M+1.1% | $888.4M+2.2% | $874.1M-18.4% |
| Non-Current Liabilities | $527.6M+18.4% | $453.4M+3.8% | $460.0M+71.1% | $451.3M+59.3% | $445.5M+53.2% | $437.0M+41.6% | $268.9M-14.2% | $283.2M-6.4% |
| Long-Term Debt | $400.3M+4.6% | $316.4M-15.9% | $393.6M+87.8% | $391.3M+79.0% | $382.8M+71.8% | $376.3M+60.1% | $209.6M-11.0% | $218.6M+4.1% |
| Total Equity | -$465.7Mn/m | -$392.1Mn/m | -$374.5Mn/m | -$347.8Mn/m | -$288.1M-30880.6% | -$202.1M-307.5% | -$117.7M-181.0% | -$72.2M-662.9% |
| Retained Earnings | -$2.5Bn/m | -$2.4Bn/m | -$2.4Bn/m | -$2.3Bn/m | -$2.2Bn/m | -$2.1Bn/m | -$2.0Bn/m | -$2.0Bn/m |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
WSUPW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'25Filing | Q1'2510-Q | Q4'24Filing | Q3'2410-Q | Q2'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$99.6Mn/m | -$18.4M-148.4% | -$37.1Mn/m | -$62.9Mn/m | -$47.9Mn/m | $37.9Mn/m | -$16.9Mn/m | -$25.2Mn/m |
| Depreciation & Amortization | $3.6M-58.6% | $42.9M+1.7% | $5.0M+35.1% | $4.6M+2.2% | $8.7M+40.3% | $42.1M+150.9% | $3.7M-33.9% | $4.5M-21.1% |
| Stock-Based Compensation | $11.4M-10.1% | N/A | $12.5M+58.5% | $8.3M-41.9% | $12.7M+12.9% | N/A | $7.9M+124.8% | $14.3M+116.1% |
| Capital Expenditures | $62.4M+324.1% | $39.9M-63.1% | $23.3M+357.9% | $15.8M+180.9% | $14.7M+265.6% | $108.1M+1276.0% | $5.1M+4479.3% | $5.6M+62.6% |
| Free Cash Flow | -$162.0Mn/m | -$58.3Mn/m | -$60.4Mn/m | -$78.6Mn/m | -$62.6Mn/m | -$70.2Mn/m | -$21.9Mn/m | -$30.8Mn/m |
| Investing Cash Flow | -$38.7M-339.9% | $137.0Mn/m | $23.5M+1094.4% | $3.8M-15.3% | $16.1M-17.8% | -$72.7M-1811.1% | $2.0M-94.8% | $4.5M-55.6% |
| Financing Cash Flow | $63.4Mn/m | -$109.9M-183.5% | $28.9Mn/m | -$8.9Mn/m | -$8.7Mn/m | $131.6M+640.2% | -$11.6M-103.8% | -$17.1Mn/m |
| Dividends Paid | $0n/m | N/A | N/A | N/A | $0n/m | $0n/m | $0n/m | $0n/m |
| Share Buybacks | $201K+84.4% | $543K | $895K+991.5% | $86K+30.3% | $109K-67.8% | N/A | $82Kn/m | $66Kn/m |
WSUPW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'25Filing | Q1'2510-Q | Q4'24Filing | Q3'2410-Q | Q2'24Filing |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.8%-5.0pp | 14.3%+0.4pp | 6.8%-7.2pp | 8.3%+5.9pp | 10.8%+11.3pp | 13.9%+15.8pp | 14.0%+7.7pp | 2.3%+0.2pp |
| Operating Margin | -34.0%+11.5pp | -0.9%+25.1pp | -33.1%-11.5pp | -31.4%+8.8pp | -45.5%-2.6pp | -26.0%+0.3pp | -21.6%+18.7pp | -40.3%+5.4pp |
| Net Margin | -49.1%+6.8pp | -15.7%+27.0pp | -45.1%-15.4pp | -43.4%+6.0pp | -55.9%-6.5pp | -42.7%-9.8pp | -29.8%+15.5pp | -49.4%-1.5pp |
| Return on Assets | -9.0%+0.1pp | -3.0%+4.6pp | -8.6%-3.1pp | -8.2%+0.8pp | -9.1%-0.9pp | -7.6%-1.4pp | -5.5%+5.4pp | -8.9%+2.7pp |
| Current Ratio | 0.19-0.1x | 0.27-0.1x | 0.280.0x | 0.26-0.1x | 0.32-0.1x | 0.36-0.1x | 0.31-0.2x | 0.330.0x |
| Asset Turnover | 0.180.0x | 0.190.0x | 0.190.0x | 0.190.0x | 0.160.0x | 0.180.0x | 0.19-0.1x | 0.18-0.1x |
| FCF Margin | -95.9%-60.6pp | -31.7%+2.6pp | -32.6%-21.2pp | -41.5%-25.8pp | -35.3%+4.2pp | -34.3%-29.5pp | -11.3%+66.8pp | -15.7%+47.8pp |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, Liabilities-to-Equity.
Note: Shareholder equity is negative (-$392.1M), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.27), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where Wheels UP Experience WTS Ranks
Frequently Asked Questions
Wheels UP Experience WTS (WSUPW) reported $736.5M in total revenue for fiscal year 2025. This represents a -7.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Wheels UP Experience WTS (WSUPW) revenue declined by 7.0% year-over-year, from $792.1M to $736.5M in fiscal year 2025.
No, Wheels UP Experience WTS (WSUPW) reported a net loss of $277.9M over the trailing 12 months to March 31, 2026. In fiscal year 2025 it reported a net loss of $294.2M, with a net profit margin of -40.0%.
Wheels UP Experience WTS (WSUPW) had EBITDA of -$142.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Wheels UP Experience WTS (WSUPW) had $133.9M in cash and equivalents against $316.4M in long-term debt.
Wheels UP Experience WTS (WSUPW) had a gross margin of 10.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Wheels UP Experience WTS (WSUPW) had an operating margin of -27.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Wheels UP Experience WTS (WSUPW) had a net profit margin of -40.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Wheels UP Experience WTS (WSUPW) recorded an outflow of $259.9M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Wheels UP Experience WTS (WSUPW) recorded an outflow of $166.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Wheels UP Experience WTS (WSUPW) had $968.8M in total assets as of fiscal year 2025, including both current and long-term assets.
Wheels UP Experience WTS (WSUPW) invested $93.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Wheels UP Experience WTS (WSUPW) invested $38.8M in research and development during fiscal year 2025.
Wheels UP Experience WTS (WSUPW) had a current ratio of 0.27 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Wheels UP Experience WTS (WSUPW) had a return on assets of -30.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Wheels UP Experience WTS (WSUPW) has negative shareholder equity of -$392.1M as of fiscal year 2025, so no debt-to-equity or liabilities-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
Wheels UP Experience WTS (WSUPW) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Wheels UP Experience WTS (WSUPW) reported a net loss of $294.2M while operations used $166.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Wheels UP Experience WTS (WSUPW) reported an operating loss of $203.4M against $90.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.