ATLANTA /PRNewswire/ — Wheels Up Experience Inc. (NYSE:UP) announced financial results for the second quarter of 2026. Highlights of the quarter, including GAAP results, non-GAAP financial measures and key operating metrics, are on pages three to five 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 of 2026 is included in an Investor Letter that can be found on Wheels Up’s Investor Relations website at https://investors.wheelsup.com.
Second Quarter 2026 Results
- GAAP Revenue of $182.0 million, a reduction of 4% year over year, driven primarily by the disposition of non-core services businesses in 2025. Private jet Flight revenue was flat for the quarter, as demand more than doubled for premium aircraft with the controlled fleet of Phenoms and Challengers expanding from 22 to 40 year over year, offsetting legacy fleet retirements.
- Total Gross Bookings (the total gross spend on private jet flight services, including private jet charter, group charter and cargo services) of $241.8 million, down 8% year over year, primarily reflecting lower U.S. private jet charter volume driven by transitory process and technology inefficiencies from our sales force transformation.
- Gross profit of $9.6 million improved by $7 million versus the prior year period, with results impacted by approximately $5 million of business transformation-related expenses. Net loss of $107 million, or $(2.97) per share, increased by $25 million versus the prior year period, primarily due to a combined $13 million increase in interest expense and aircraft lease costs, along with a $13 million non-cash impairment charge associated with the legacy fleet retirement.
- Adjusted Contribution of $22.5 million, a 2% decline from the prior year period, and Adjusted Contribution Margin of 12.4%, versus 12.2% in the prior year period. The Company estimates approximately 6 points of year-over-year margin pressure came from the prior year sale of non-core services businesses (~4 points) and transitory inefficiencies from the ongoing business transformation (~2 points).
- Adjusted EBITDAR loss of $19.9 million, a 27% improvement compared to the prior year period, driven by the streamlined fleet of Phenoms and Challengers that produced a 20% increase in Utility in the second quarter of 2026.
“Wheels Up made meaningful progress this quarter, completing our fleet modernization, reaching record levels of operational reliability, strengthening our Delta partnership, and building momentum with our Signature Membership,” said George Mattson, Wheels Up Chief Executive Officer. “The entire Wheels Up team is focused on delivering a great experience for our customers while also making the business more efficient, scalable and profitable. With the legacy fleet transition behind us and technology investments like BrokerOS expected to drive growth in our charter business, we enter the second half of the year with increasing confidence in our ability to execute against our plan and create long-term value for shareholders.”
Business Highlights
- Realizing benefits of fleet transformation. Premium Phenom and Challenger jets now comprise 100% of Wheels Up’s active controlled jet fleet. With legacy fleets fully retired as of April, customers now benefit from a consistent premium onboard experience as the Company drives fleet simplification and scale to maximize operating efficiency and fleet profitability.
- Continued commercial momentum. Our Wheels Up Signature Membership program has grown to more than 1,200 members(1) since launch and now represents over 50% of our active member base. Signature members fly more hours at higher rates on average, strengthening our revenue mix and improving visibility into future demand. The Delta partnership also continues to deliver tangible results, most visibly in the corporate channel, which grew more than 8% year over year across our membership and charter offerings combined.
- Maintaining best-in-class operational excellence. Wheels Up achieved a Completion Rate of 99.4% (up nearly 2 points year over year) and On-Time Performance (A-30), or arrival within 30 minutes of the scheduled time, of 86.8% (up more than 6 points year over year). Through the end of July 2026, the Company had recorded 119 Brand Days, or days with a perfect Completion Rate and no cancellations, surpassing its full year goal.
- Leveraging technology in our charter business. Wheels Up announced plans to implement Surf Air Mobility’s Enterprise BrokerOS platform, powered by industry-leading AI technology partner, Palantir. BrokerOS will replace multiple legacy systems and enable enhanced charter solutions for customers and faster, more informed decision-making across the charter booking process.
- Investing in our fleet, including branded liveries and interiors with high-speed, satellite WiFi. Wheels Up’s entire active controlled fleet is now equipped with satellite WiFi, allowing customers to access high-speed, streaming quality internet service on all of its premium Phenom and Challenger aircraft.
- Continued lead investor support and completed financings. During the second quarter, the Company closed on two previously announced financial transactions – a new $100 million term loan provided by its lead investor group and a new $68 million aircraft financing facility arranged by a subsidiary of AIP Capital – supporting its multi-year growth plans. Subsequent to the end of the quarter, Delta and the Company extended the availability period for Delta’s $100 million revolving credit facility commitment by an additional two years, to September 20, 2028.
- Actions to improve productivity and efficiency. As previously announced, Wheels Up continues to implement initiatives expected to deliver approximately $70 million or more in annual cash cost savings through operational efficiencies, productivity improvements and overhead reductions. The Company substantially completed these initiatives during the second quarter of 2026 and continues to implement discrete efficiency and cost control opportunities across its business and operations, which are expected to be realized by the end of 2026.
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| (1) | Reflects Wheels Up Signature members and Custom Enterprise Solutions accounts modeled after Wheels Up Signature Membership. |
Financial and Operating Highlights(1)
| Three Months Ended June 30, | |||||
| (in thousands, except Live Flight Legs, Private Jet Gross Bookings per Live Flight Leg, Utility and percentages) | 2026 | 2025 | % Change | ||
| Total Gross Bookings | $ 241,824 | $ 261,948 | (8) % | ||
| Private Jet Gross Bookings | $ 190,690 | $ 208,326 | (8) % | ||
| Live Flight Legs | 8,649 | 11,971 | (28) % | ||
| Private Jet Gross Bookings per Live Flight Leg | $ 22,048 | $ 17,403 | 27 % | ||
| Utility(2) | 49.5 | 41.1 | 20 % | ||
| Completion Rate | 99.4 % | 97.5 % | 2 pp | ||
| On-Time Performance (A-30) | 86.8 % | 80.3 % | 6 pp | ||
| On-Time Performance (D-60) | 94.4 % | 88.8 % | 6 pp | ||
| 3+ Hour Delay Rate | 1.2 % | 2.8 % | (2) pp | ||
| Six Months Ended June 30, | |||||
| 2026 | 2025 | % Change | |||
| Total Gross Bookings | $ 508,991 | $ 503,850 | 1 % | ||
| Private Jet Gross Bookings | $ 383,849 | $ 413,619 | (7) % | ||
| Live Flight Legs | 16,442 | 22,866 | (28) % | ||
| Private Jet Gross Bookings per Live Flight Leg | $ 23,346 | $ 18,089 | 29 % | ||
| Three Months Ended June 30, | |||||||
| (In thousands, except percentages) | 2026 | 2025 | $ Change | % Change | |||
| Revenue | $ 181,999 | $ 189,637 | $ (7,638) | (4) % | |||
| Gross profit | $ 9,565 | $ 2,192 | $ 7,373 | 336 % | |||
| Adjusted Contribution | $ 22,545 | $ 23,070 | $ (526) | (2) % | |||
| Adjusted Contribution Margin | 12.4 % | 12.2 % | N/A | 0.2 pp | |||
| Net loss | $ (107,249) | $ (82,299) | $ (24,950) | (30) % | |||
| Adjusted EBITDA | $ (26,162) | $ (31,218) | $ 5,056 | 16 % | |||
| Adjusted EBITDAR | $ (19,934) | $ (27,300) | $ 7,366 | 27 % | |||
| Six Months Ended June 30, | |||||||
| (In thousands, except percentages) | 2026 | 2025 | $ Change | % Change | |||
| Revenue | $ 350,921 | $ 367,167 | $ (16,246) | (4) % | |||
| Gross profit | $ 7,577 | $ 1,088 | $ 6,489 | 596 % | |||
| Adjusted Contribution | $ 37,319 | $ 45,511 | $ (8,192) | (18) % | |||
| Adjusted Contribution Margin | 10.6 % | 12.4 % | N/A | (2) pp | |||
| Net loss | $ (190,207) | $ (181,612) | $ (8,595) | (5) % | |||
| Adjusted EBITDA | $ (56,716) | $ (61,881) | $ 5,165 | 8 % | |||
| Adjusted EBITDAR | $ (40,726) | $ (52,605) | $ 11,879 | 23 % | |||
| Net cash used in operating activities | $ (191,263) | $ (110,804) | $ (80,459) | (73) % | |||
| __________________ | |
| (1) | For information regarding Wheels Up’s use and definitions of our key operating metrics and non-GAAP financial measures, see “Definitions of Key Operating Metrics,” “Definitions of Non-GAAP Financial Measures,” “Reconciliations of Non-GAAP Financial Measures” and “Update to Non-GAAP Definitions – Adjustments for Accounting Gains and Losses from Aircraft Sales” sections herein. |
| (2) | For the three months ended June 30, 2026, Utility for the Embraer Phenom 300 series, Bombardier Challenger 300 series and legacy fleet aircraft in our controlled fleet were 46.9, 62.5 and 8.0 hours, respectively. For the three months ended June 30, 2025, Utility for the Embraer Phenom 300 series, Bombardier Challenger 300 series and legacy fleet aircraft in our controlled fleet were 49.0, 54.0 and 40.6 hours, respectively. The decline in Utility of our legacy fleet aircraft during the three months ended June 30, 2026 reflects our decision to retire those aircraft from revenue service in April 2026. |
| N/A Not applicable | |
About Wheels Up
Wheels Up is a leading global provider of on-demand private aviation with a large, diverse fleet and a network of safety-vetted charter operators, all committed to safety and service. Customers access charter and membership programs and premium commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also provides cargo services to a range of clients, including individuals and government organizations, via Air Partner Cargo. With the Wheels Up app and website, members can easily search, book, and fly. For more information, visit www.wheelsup.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements provide current expectations of future circumstances or events based on certain assumptions and include any statement, projection or forecast that does not directly relate to any historical or current fact. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of the control of Wheels Up Experience Inc. (“Wheels Up”, “we”, “us”, “our” or the “Company”), that could cause actual results to differ materially from the results discussed in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding: (i) Wheels Up’s growth plans, market conditions in the private aviation industry and the anticipated success of Wheels Up’s sales efforts and service offerings, including its membership program and charter solutions; (ii) Wheels Up’s ongoing business transformation, including its efforts to scale its premium aircraft fleet, dispose of retired legacy aircraft and implement operational efficiency and cost control initiatives, and its ability to execute such transformation on the timeline that it currently anticipates and realize the anticipated commercial, financial and operational benefits during and after the expected period of transition; (iii) Wheels Up’s ability to achieve its financial goals on the most recent schedule that it has announced; (iv) Wheels Up’s liquidity, working capital levels, future cash flows, debt and capital resources, and its ability to perform under its contractual and debt obligations in the future; (v) the potential benefits or impacts to Wheels Up from strategic actions, including, among others, acquisitions and divestitures, new debt or equity financings, refinancings of existing debt and commercial arrangements; and (vi) the impacts of general economic and geopolitical conditions on Wheels Up’s business and the aviation industry, including due to, among others, changes in interest rates, inflation, foreign currencies, taxes, tariffs and trade policies, domestic and foreign hostilities, government shutdowns or funding changes, and other factors that influence consumer and business spending decisions or cost dynamics. The words “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “future,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward-looking. We have identified certain known material risk factors applicable to Wheels Up under Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 10, 2026, under Part II, Item 1A “Risk Factors” in our Quarterly Report on Form 10-Q for the three months ended March 31, 2026 filed with the SEC on May 11, 2026 and in our other filings with the SEC. It is not always possible for us to predict how new risks and uncertainties that arise from time to time may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, we do not intend to update any of these forward-looking statements after the date of this press release.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures, such as Adjusted EBITDA, Adjusted EBITDAR, Adjusted Contribution and Adjusted Contribution Margin. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should not be considered as an alternative to any performance measures derived in accordance with GAAP. Definitions and reconciliations of non-GAAP financial measures to their most comparable GAAP counterparts are included in the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures,” respectively, in this press release. Wheels Up believes that these non-GAAP financial measures provide useful supplemental information to investors about Wheels Up. However, there are certain limitations related to the use of these non-GAAP financial measures and their nearest GAAP measures, including that they exclude significant expenses that are required to be recorded in Wheels Up’s financial measures under GAAP. Other companies may calculate non-GAAP financial measures differently, or may use other measures to calculate their financial performance, and therefore, Wheels Up’s non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.
For more information on these non-GAAP financial measures, see the sections titled “Definitions of Non-GAAP Financial Measures,” “Reconciliations of Non-GAAP Financial Measures” and “Update to Non-GAAP Definitions – Adjustments for Accounting Gains and Losses from Aircraft Sales” included in this press release.
