Wheels Up Experience Inc. reported a revenue of $736.5 million for the fiscal year ending December 31, 2025, a decrease of 7% from $792.1 million in 2024. The company experienced a net loss of $294.2 million, an improvement from the previous year's loss of $339.6 million. The decline in revenue was primarily attributed to a 50% drop in membership revenue, which fell to $28.9 million from $57.6 million, and a slight decrease in flight revenue, which totaled $622.7 million compared to $633.9 million in 2024. The company noted that the reduction in membership revenue was due to a decrease in member count as it streamlined its offerings.
In terms of operational metrics, Wheels Up reported a total of 44,694 live flight legs in 2025, down 11% from 50,116 in 2024. However, the average gross spend per live flight leg increased by 15% to $18,658, reflecting a shift towards larger and premium jets. The company also reported a utility rate of 41.0% for its aircraft, consistent with the previous year, and an on-time performance rate of 91%, up from 87% in 2024.
Strategically, Wheels Up has been executing a multi-year business transformation, which includes a fleet modernization strategy aimed at transitioning from older aircraft models to a more efficient fleet consisting of Bombardier Challenger 300 series and Embraer Phenom 300 series aircraft. As of December 31, 2025, approximately 40% of its controlled jet fleet consisted of these premium jets. The company anticipates completing this fleet transition by the end of 2026, ahead of its original mid-2027 estimate. Additionally, Wheels Up launched its Signature Membership program in September 2025, which is expected to attract higher spending, more frequent flyers.
Wheels Up's employee headcount stood at 1,250 as of December 31, 2025, with approximately 80% based in the U.S. The company has been actively managing costs, achieving a reduction in total costs and expenses by 11% year-over-year. The company expects to realize approximately $70 million in annual cash cost savings from ongoing efficiency and productivity initiatives. Looking ahead, Wheels Up aims to leverage its partnership with Delta Air Lines to enhance its service offerings and expand its customer base, while also focusing on improving operational efficiency and profitability.
About Wheels Up Experience Inc.
Wheels Up Experience Inc. provides on-demand private aviation services through membership programs and global charter solutions. It operates a controlled fleet and partners with third-party operators to offer flexible, high-quality private jet travel for individuals and businesses worldwide. The company emphasizes safety, fleet modernization, and strategic partnerships, notably with Delta Air Lines, to deliver tailored, seamless travel experiences and leverage industry scale for long-term growth.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.