ATLANTA /PRNewswire/ — Wheels Up Experience Inc. (NYSE:UP) announced financial results for the third quarter of 2026. Highlights of the quarter, including GAAP results, non-GAAP financial measures and key operating metrics, are on pages three and four and incorporated herein.
Commentary from Wheels Up’s Chief Executive Officer George Mattson about the Company’s financial and operating results for the third 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.
Third Quarter 2026 Results
- GAAP Revenue of $164.8 million, a reduction of 11% year-over-year, ~3% of which was attributable to the disposition of non-core services businesses in third quarter of 2025.
- Private Jet Flight revenue of $143.9 million declined by 7% for the quarter as premium Phenom and Challenger fleet revenue increased by 120%, outpacing 79% growth in those fleet types from 24 to 43 aircraft year-over-year, while legacy fleet revenue declined by 44% as the company winds down its legacy programs.
- Total Gross Bookings (the total gross spend on private jet flight services, including private jet charter, group charter and cargo services) of $225.4 million was down 15% year-over-year, primarily reflecting lower group charter, cargo and on-demand charter volume.
- Gross profit of $15.2 million improved by $16 million versus the prior year period, with results impacted by approximately $3 million of business transformation-related expenses. Net loss of $89.4 million, or $(2.48) per share, increased by approximately $6 million versus the prior year period.
- Adjusted Contribution of $27.0 million, a 15% improvement from the prior year period, and Adjusted Contribution Margin of 16.4%, versus 12.7% in the prior year period. The Company estimates approximately 3 points of year-over-year margin pressure came from the prior year sale of non-core services businesses (~1 point) and transitory inefficiencies from the ongoing business transformation (~2 points).
- Adjusted EBITDAR loss of $13.2 million, a 44% improvement compared to the prior year period, primarily driven by a more streamlined fleet of Phenoms and Challengers that produced a 31% increase in Utility in the third quarter of 2026 compared to the prior year period and the impact of efficiency, productivity and cost reduction initiatives implemented over the last several quarters.
“The third quarter marked an important inflection point for Wheels Up as the strategic actions we took earlier this year began to translate into stronger commercial and operational performance,” said George Mattson, Wheels Up Chief Executive Officer. “Signature revenue and memberships surpassed legacy revenue and memberships for the first time, demand for our premium fleet continued to scale, Adjusted Contribution Margin improved significantly despite transitory headwinds from the wind-down of legacy programs, and we delivered improvement across all operational performance metrics. As we look ahead to 2027, we are focused on completing the full sunset of legacy membership programs and continuing to scale the Wheels Up Signature Membership, expanding high-quality revenue, improving productivity, maximizing the value driven by our premium fleet, and deepening our strategic partnership with Delta Air Lines to support long-term profitable growth.”
Business Highlights
- Continued to invest in the premium fleet transition. Today, Wheels Up announced a landmark order for six factory-new Embraer Phenom 300E aircraft, expected to be delivered in the third and fourth quarters of 2027, to help ensure planned capacity keeps pace with expected demand from members and customers.
- Secured an additional $100 million revolving credit facility commitment from Delta. Today, Wheels Up announced that Delta Air Lines has committed an additional $100 million revolving credit facility to the company, expanding its financial support to help accelerate the impact of Wheels Up’s ongoing business transformation.
- Reached an inflection point in the strategic product transition. The Wheels Up Signature Membership program has grown to more than 1,500 members(1), a 130% increase year to date through September, while legacy memberships have declined by 62% following the announced wind-down of legacy programs and fleet in April.
- Maintained best-in-class operational excellence. Wheels Up achieved a Completion Rate of 99.3% (up ~1 point year-over-year) and On-Time Performance (A-30), or arrival within 30 minutes of the scheduled time, of 86.4% (up nearly 4 points year-over-year). Through the end of September 2026, the Company had recorded 163 Brand Days, or days with a perfect Completion Rate and no operational cancellations.
- Received recognition from customers on the exceptional performance and customer experience. Wheels Up was honored as the sixth ranked airline in the United States in the 2026 Condé Nast Traveler Readers’ Choice Awards.
- Evolved the brand identity to reflect progress made on Wheels Up’s business transformation. Launched The Right Way to Fly in early October, a refreshed brand campaign that reflects the differentiated customer value proposition, operational reliability, service and premium experience increasingly associated with the Wheels Up platform.
- Developed an industry-aligned sustainability solution for customers. In September, Wheels Up announced that an enhanced Sustainable Aviation Fuel (SAF) program will be its primary sustainability offering, replacing the previous carbon offsetting program. SAF is widely viewed as one of the most effective solutions currently available for reducing aviation emissions. Wheels Up’s SAF program is made possible by the partnership with Delta, which provides access to its SAF supply through an on-demand book-and-claim system, regardless of operator or departure airport.
