Wheels Up Experience Inc. Reports Decline in Revenue and Increased Net Loss for Q2 2026

Wheels Up Experience Inc. reported a decline in financial performance for the second quarter of 2026, with total revenue reaching $181.999 million, a decrease of 4% from $189.637 million in the same period last year. The company experienced a net loss of $107.249 million, compared to a loss of $82.299 million in the prior year, reflecting a 30% increase in losses. For the first half of 2026, revenue totaled $350.921 million, down from $367.167 million in the first half of 2025, while the net loss for the period was $190.207 million, a 5% increase from $181.612 million.

The company noted significant changes in its operational metrics, including a 28% decrease in Live Flight Legs, which fell to 8,649 from 11,971 year-over-year. This decline was partially offset by a 27% increase in Private Jet Gross Bookings per Live Flight Leg, which rose to $22,048. The decrease in revenue was attributed to a reduction in membership revenue, driven by a decrease in total members as the company streamlined its offerings and shifted less frequent flyers to charter services. Additionally, the company reported a $12.736 million impairment charge related to the retirement of its legacy fleet.

Strategically, Wheels Up has focused on modernizing its fleet, completing the transition to premium Bombardier Challenger 300 and Embraer Phenom 300 series aircraft ahead of schedule. The company aims to grow its premium fleet to approximately 50 aircraft by the end of 2026. As part of its cost reduction initiatives, Wheels Up expects to achieve annual cash savings of $70 million, having already implemented several efficiency measures. The company also announced a reverse stock split effective April 24, 2026, which reduced the number of authorized shares from 1.5 billion to 75 million.

Operationally, Wheels Up's customer base has grown to over 1,200 members, with the Wheels Up Signature Membership program representing more than 50% of its active member base. The company has also extended its partnership with Delta Air Lines, enhancing its offerings to members. As of June 30, 2026, Wheels Up had 40 premium aircraft in its controlled fleet, reflecting its commitment to scaling operations and improving service quality.

Looking ahead, Wheels Up anticipates that the full impact of its cost-saving measures will be realized by the end of 2026. The company plans to continue focusing on its premium offerings and charter solutions while managing its liquidity needs through a combination of cash reserves, operational cash flows, and potential financing arrangements. The company reported cash and cash equivalents of $86.309 million and restricted cash of $33.766 million as of June 30, 2026, alongside a working capital deficit of $563.3 million.