ATLANTA /PRNewswire/ — Wheels Up Experience Inc. announced financial results for the second quarter of 2025. Highlights of the quarter, including GAAP results, non-GAAP financial measures and key operating metrics, are on pages two and three and incorporated herein.
Commentary from Wheels Up’s Chief Executive Officer George Mattson about the company’s financial and operating results for the second quarter ended June 30, 2025 is included in an Investor Letter that can be found on Wheels Up’s Investor Relations website at https://investors.wheelsup.com.
Second Quarter 2025 Results
- Revenue of $189.6 million, down 3% year over year
- Total Gross Bookings of $261.9 million, consistent year over year
- Gross profit of $2.2 million, a $13.2 million improvement year over year
- Adjusted Contribution of $23.1 million equating to an Adjusted Contribution Margin of 12.2%, up 4 percentage points year over year
- Net loss of $82.3 million or $(0.12) per share, a 15% improvement year over year
- Adjusted EBITDA loss of $29.0 million, a 22% improvement year over year
- Adjusted EBITDAR loss of $25.1 million, a 13% improvement year over year
“Our top priority has been realigning our product, fleet, and operations to better meet customer demand, while advancing our strategic partnership with Delta. This focused execution has strengthened our financial position and laid a strong foundation for sustained, profitable growth,” said Wheels Up Chief Executive Officer George Mattson. “I’m incredibly proud of how our team has continued to deliver exceptional service and operational excellence, even as we invest in modernizing and simplifying our fleet. As we scale our premium jet offering, deepen our collaboration with Delta, and drive greater productivity and efficiency, we remain committed to transforming our business and delivering the most accessible and flexible portfolio of private aviation solutions in the industry.”
Business highlights
- More profitable flying. Continued progress against the previously announced fleet modernization strategy has resulted in meaningful financial improvement. Gross profit improved approximately $13 million year over year in the second quarter on 33 fewer active aircraft in the controlled fleet at quarter end. Adjusted Contribution Margin increased by over 4 percentage points year over year to 12.2 percent on a 10 percent increase in Utility during the second quarter.
- Progress on fleet modernization. Premium Phenom and Challenger jets comprised approximately 20% of Wheels Up’s controlled fleet at quarter end and the company is expecting to add three Challenger 300 aircraft into revenue service in the third quarter of 2025. As part of streamlining its fleet, the company sold or completed lease returns on 31 legacy aircraft during the first half of 2025 and has retired the Citation CJ3 from revenue service.
- Strong growth in Delta partnership. For the second quarter, corporate membership fund sales exceeded expectations and increased more than 25 percent year over year. Corporate membership fund mix was 45% for the quarter, up 4 points sequentially from the first quarter.
- Actions to improve productivity and efficiency. Wheels Up is in the process of implementing initiatives expected to drive approximately $50 million in annual cash cost savings through the efficiency, productivity and overhead cost reductions associated with our fleet modernization plan and other actions over the next several quarters. The financial impact of these actions is expected to be realized on a rolling basis as they are completed, with the full impact expected to begin in the back half of 2026.
