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Wheels Up Experience Inc., a private aviation provider, reported three-month revenue of $181,999 thousand for the period ended June 30, 2026, slightly below 2025, and a net loss of $107,249 thousand versus $82,299 thousand a year earlier. For the six-month period, revenue was $350,921 thousand with a net loss of $190,207 thousand.
Total assets were $926,566 thousand, including cash and cash equivalents of $86,309 thousand and restricted cash of $33,766 thousand. Total debt principal reached $919,106 thousand, while stockholders’ equity was a deficit of $560,300 thousand. Deferred revenue, largely prepaid flights and memberships, was $626,891 thousand, expected to be recognized mainly through 2027.
During the quarter the company accelerated retirement of legacy aircraft, recording a $12,736 thousand impairment and increasing aircraft held for sale. It also executed a 1-for-20 reverse stock split, reducing authorized common shares from 1.5 billion to 75.0 million, with fractional shares settled in cash.
Wheels Up Experience Inc. extended its relationship with Delta Air Lines by signing Amendment No. 5 to the 2023 Credit Agreement, which keeps Delta’s $100.0 million revolving credit facility available for draws for two additional years, to September 20, 2028. The amendment leaves Delta’s commitment amount, covenants, collateral, and other key terms unchanged. As of July 31, 2026, Delta beneficially owned about 36.3% of Wheels Up’s Class A common stock, with voting rights capped so that shares above 29.9% are treated as neutral for voting, and the amendment was unanimously approved by the disinterested, independent directors.
For the quarter ended June 30, 2026, Wheels Up reported GAAP revenue of $182.0 million, down 4% year over year, reflecting the prior divestiture of non-core services while private jet flight revenue was flat. Gross profit rose to $9.6 million from $2.2 million, but net loss widened to $107 million (–$2.97 per share), mainly from higher interest and aircraft lease costs and a $12.7 million non-cash impairment tied to legacy fleet retirement. Adjusted Contribution was $22.5 million with a 12.4% margin, while Adjusted EBITDAR loss improved to $19.9 million from $27.3 million. For the first half, net cash used in operating activities was $191.3 million, and cash, cash equivalents and restricted cash totaled $120.1 million against total debt of over $600 million and negative equity of $560.3 million.
Operationally, Wheels Up completed its fleet modernization, making premium Embraer Phenom 300 and Bombardier Challenger 300 jets 100% of its active controlled fleet as of April 2026. Second-quarter Total Gross Bookings were $241.8 million, down 8% year over year, while Live Flight Legs fell 28%; however, Private Jet Gross Bookings per Live Flight Leg increased 27% to $22,048. Reliability reached new highs, with a 99.4% Completion Rate, 86.8% On-Time Performance (A-30) and a 3+ Hour Delay Rate of 1.2%. The Wheels Up Signature Membership program exceeded 1,200 members and now represents more than half of the active member base, with these members generally flying more hours at higher rates.
CK Wheels LLC, a ten percent owner of Wheels Up Experience Inc., reported open-market sales of common stock. On June 18, 2026, it sold 27,524 shares at an average price of $8.05 per share. On June 23, 2026, it sold 100 shares at $7.00 per share. After these transactions, CK Wheels LLC holds 12,870,254 shares of Wheels Up common stock.
CK Wheels LLC, a 10% owner of Wheels Up Experience Inc., reported open-market sales totaling 10,582 shares of Common Stock over three days at prices between $8.07 and $8.52 per share. After these transactions, it holds 12,897,878 shares.
Wheels Up Experience Inc. Chief Sales Officer Mark Briffa reported an open-market sale of 1,017 shares of Class A common stock at $7.50 per share. This was a straightforward stock sale, and he continued to hold 80,083 shares directly after the transaction.
Wheels Up Experience Inc. director Gregory L. Summe reported an acquisition of 24,305 restricted stock units (RSUs) of Class A common stock under the company’s 2021 Long-Term Incentive Plan, as amended. These RSUs will settle in shares of Class A common stock upon vesting, if at all.
The RSUs vest in four equal quarterly installments on September 9, 2026, December 9, 2026, March 9, 2027, and the earlier of June 9, 2027 or the next annual stockholder meeting after that date, subject to his continued service. Following this grant, Summe holds 36,090 shares. All amounts reflect a 1-for-20 reverse stock split effective April 24, 2026.
Moak Donald Lee reported acquisition or exercise transactions in this Form 4 filing.
Wheels Up Experience Inc. director Donald Lee Moak reported receiving an equity-based compensation award. He was granted 24,305 restricted stock units (RSUs) of Class A common stock, which increased his directly held equity to 33,326 shares as reflected in the filing.
The RSUs were granted under the company’s 2021 Long-Term Incentive Plan, as amended, and will be settled in Class A common shares only if they vest. Vesting occurs in four equal quarterly installments on September 9, 2026, December 9, 2026, March 9, 2027, and June 9, 2027 or the next annual shareholder meeting date after June 9, 2027, subject to his continued service. The reported amounts reflect a prior 1-for-20 reverse stock split effective April 24, 2026.
FARAH ROGER N reported acquisition or exercise transactions in this Form 4 filing.
Wheels Up Experience Inc. director Roger N. Farah received an equity award of 24,305 restricted stock units (RSUs) of Class A common stock. The grant was made under the company’s 2021 Long-Term Incentive Plan pursuant to Rule 16b-3(d).
The RSUs will settle in Class A shares upon vesting, if at all. Vesting occurs in four equal quarterly installments on September 9, 2026, December 9, 2026, March 9, 2027, and June 9, 2027 or the date of the next annual stockholder meeting after June 9, 2027, subject to Farah’s continued service.
Wheels Up Experience Inc. director Roger N. Farah has filed an initial Form 3, which is the first beneficial ownership report required for company insiders.
The filing does not report any buy or sell transactions and does not list any share or derivative holdings for Farah as of this statement.
Wheels Up Experience Inc. reported results from its 2026 Annual Meeting of Stockholders held on June 9, 2026. Stockholders approved an amendment to the 2021 Long-Term Incentive Plan, increasing the Class A common stock available for awards from 3,007,484 to 6,757,484 shares and extending the plan’s termination date to March 31, 2036. All four Class II director nominees were elected to serve until the 2029 annual meeting, and stockholders approved, on a non-binding basis, executive compensation for 2025. They also ratified, on a non-binding basis, the appointment of Grant Thornton LLP as independent registered public accounting firm for 2026. About 92.6% of shares outstanding and entitled to vote were represented, providing a strong quorum.