UP · XBRL financial data
Wheels Up Experience financial statements, every fiscal year
The same tables from 6 filings, lined up. Matched by XBRL tag: renamed lines keep their history.
How these numbers work
- Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
- Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
- * marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
- 0 means a filing states zero; a dash (—) means no filing states that number.
- “year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
- Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
- Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
- Shares outstanding come from each filing's cover page, as of the date printed there.
- Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.
Income statement
CSVFiscal years (UP's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | †Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Revenue from contracts with customers | 695 | 1,194 | 1,580 | 1,253 | 792 | 736 |
| Cost of revenue | 635 | 1,118 | 1,540 | 1,233 | 733 | 663 |
| Research and development | 21 | 34 | 57 | 62 | 41 | 39 |
| General and administrative | 65 | 113 | 184 | 146 | 138 | 145 |
| Operating income (loss) | (63) | (203) | (560) | (444) | (259) | (203) |
| Interest expense | 23 | 10 | 8 | 41 | 65 | 90 |
| Other income (expense) | 0 | 0 | (1) | (1) | (1) | (1) |
| Income tax expense (benefit) | 0 | 0 | 0 | 1 | 1 | 4 |
| Net income (loss) | (79) | (190) | (555) | (487) | (340) | (294) |
| Earnings per share, basic‡ USD per share | (96.00) | (186.00) | (452.00) | (73.80) | (9.80) | (8.40) |
| Earnings per share, diluted‡ USD per share | (96.00) | (186.00) | (452.00) | (73.80) | (9.80) | (8.40) |
| Weighted average shares, basic‡ millions of shares | 1 | 1 | 1 | 7 | 35 | 35 |
| Weighted average shares, diluted‡ millions of shares | 1 | 1 | 1 | 7 | 35 | 35 |
- ‡ Per-share figures and share counts are adjusted for the 1-for-10 stock split (June 2023); filings made before it reported them unadjusted.
- ‡ Per-share figures and share counts are adjusted for the 1-for-20 stock split (April 2026); filings made before it reported them unadjusted.
- † Share count changed about 28x in the period ending 2023-12-31, likely a stock split with no split ratio in the XBRL data; figures before that column are not adjusted.
Balance sheet
CSVFiscal years (UP's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | †Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 1 | 785 | 586 | 264 | 216 | 134 |
| Accounts receivable | 50 | 79 | 112 | 38 | 32 | 24 |
| Inventory | 5 | 9 | 29 | 20 | 12 | 12 |
| Prepaid and other current assets | 19 | 52 | 13 | — | — | — |
| Total current assets | 1 | 933 | 820 | 434 | 332 | 249 |
| Property and equipment, net | 323 | 318 | 395 | 338 | 348 | 220 |
| Right-of-use asset | 64 | 109 | 107 | 69 | 57 | 112 |
| Goodwill | 400 | 437 | 348 | 218 | 217 | 210 |
| Total assets | 241 | 1,981 | 1,923 | 1,316 | 1,158 | 969 |
| Accounts payable | 21 | 44 | 43 | 33 | 30 | 20 |
| Accrued liabilities | 71 | 107 | 149 | 102 | 89 | 104 |
| Current portion of long-term debt | 63 | 0 | 27 | 24 | 32 | 19 |
| Total current liabilities | 1 | 1,135 | 1,344 | 908 | 917 | 908 |
| Long-term debt | 148 | 0 | 226 | 235 | 376 | 316 |
| Lease liability, non-current | 56 | 83 | 83 | 55 | 51 | 121 |
| Total liabilities | 23 | 1,245 | 1,671 | 1,216 | 1,354 | 1,361 |
| Accumulated deficit | (2) | (721) | (1,276) | (1,763) | (2,103) | (2,397) |
| Total stockholders' equity | 5 | 730 | 252 | 97 | (202) | (392) |
| Total liabilities and equity | 241 | 1,981 | 1,923 | 1,316 | 1,158 | 969 |
| Common shares outstanding (cover page)‡ millions of shares | 1 | 1 | 1 | 35 | 35 | 36 |
- ‡ Per-share figures and share counts are adjusted for the 1-for-10 stock split (June 2023); filings made before it reported them unadjusted.
- ‡ Per-share figures and share counts are adjusted for the 1-for-20 stock split (April 2026); filings made before it reported them unadjusted.
- † Share count changed about 28x in the period ending 2023-12-31, likely a stock split with no split ratio in the XBRL data; figures before that column are not adjusted.
Cash flows
CSVFiscal years (UP's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | †Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Net income (loss) | (79) | (190) | (555) | (487) | (340) | (294) |
| Stock-based compensation | 3 | 50 | 89 | 26 | 46 | 45 |
| Depreciation and amortization | 41 | 34 | 44 | 37 | — | — |
| Net cash from operating activities | 210 | 126 | (231) | (665) | (78) | (166) |
| Purchases of property and equipment | 7 | 15 | 84 | 20 | 123 | 94 |
| Net cash from investing activities | 82 | (39) | (175) | 41 | (47) | 180 |
| Proceeds from issuing common stock | — | — | — | — | — | 48 |
| Share repurchases | 0 | 0 | 8 | 0 | 0 | 2 |
| Proceeds from long-term debt | 1 | 0 | 259 | 382 | 327 | 66 |
| Repayments of long-term debt | 63 | 214 | 0 | 60 | 246 | 210 |
| Net cash from financing activities | (63) | 374 | 245 | 301 | 79 | (99) |
| Net change in cash | 228 | 462 | (167) | (327) | (46) | (82) |
- † Share count changed about 28x in the period ending 2023-12-31, likely a stock split with no split ratio in the XBRL data; figures before that column are not adjusted.
Compare with peers
SIC 4522 and related industry codes, similar size; rows marked “added: same SIC” fill a short list. Each row is the latest quarter reported.
How peers are chosen
- SIC 4522 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
- Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
- Fewer than three companies fall in that range, so the list adds same-SIC (4522) companies nearest in public float, each marked “added: same SIC”.
- Runway shows only for companies burning cash with under $10B of public float.
- * marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.
- A cell reading “not reported” means the filings give no figure for that quarter alone.
| Company | Cash ($M) | Revenue, quarter ($M) | Operating cash flow, quarter ($M) | Shares outstanding | Runway | Quarter |
|---|---|---|---|---|---|---|
| Wheels Up Experience | 86 | 182 | (92)* | 36.3M | 0.9 quarters | 10-QJun 30, 2026 |
| Surf Air Mobility | 18 | not reported | (1.2)* | 119.1M | 16.0 quarters | 10-QJun 30, 2026 |
| Bristow Groupadded: same SIC | 312 | 412 | 41* | 29.6M | — | 10-QJun 30, 2026 |
| Flyexclusiveadded: same SIC | 14 | 111 | 2.7* | 49.9M | — | 10-QJun 30, 2026 |
| Jet.AIadded: same SIC | 11 | 5.3 | (2.7)* | 3.6M | 4.0 quarters | 10-QJun 30, 2026 |
| Volato Groupadded: same SIC | 0 | 0.2 | (0.3)* | 53.6M | — | 10-QJun 30, 2026 |
| Creatdadded: same SIC | 0.3 | 0.2 | not reported | 3.3M | — | 10-QJun 30, 2026 |
| Star Jets Internationaladded: same SIC | not reported | not reported | not reported | not reported | — | — |
Not investment advice. Not affiliated with the U.S. SEC.