Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Wheels Up Experience Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
385
695
1,194
1,580
1,253
792
736
Cost of revenue
341
635
1,118
1,540
1,233
733
663
Gross profit
44.2
60.2
76.6
39.4
20.8
59
73.7
Research and development
14
21
33.6
57.2
61.9
40.7
38.8
Selling and marketing
40.6
55.1
80.1
117
88.8
84.3
88.6
General and administrative
28.4
64.9
113
184
146
138
145
Operating income
-78.1
-63
-203
-560
-444
-259
-203
Interest expense
29.4
23
9.52
7.52
41.3
65.4
90.5
Other non-operating income
-28.7
-22.4
6.11
4.63
-42.4
-79.6
-87.3
Pre-tax income
-107
-85.4
-197
-555
-486
-338
-291
Income tax
0
0
0.06
0.17
1.38
1.23
3.5
Net income to minority interests
-10.6
-6.76
-7.21
-0.39
0
Net income
-96.3
-78.6
-190
-555
-487
-340
-294
EBITDA
-39.7
-22.2
-169
-517
-406
-202
-142
EPS, basic
-9.28
-4.79
-9.28
-22.60
-3.69
-0.49
-0.42
EPS, diluted
-9.28
-4.79
-9.28
-22.60
-3.69
-0.49
-0.42
Shares, basic (weighted)
10.4
16.3
20.5
24.6
132
698
706
Shares, diluted (weighted)
10.4
16.3
20.5
24.6
132
698
706
Balance sheet
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
96.4
313
785
586
264
216
134
Receivables
50.4
79.4
112
38.2
32.3
24.2
Inventory
5.32
9.41
29
20.4
12.2
11.6
Other current assets
18.8
11.7
13.3
11.9
10.8
34
Total current assets
396
933
820
434
332
249
Property, plant and equipment
323
318
395
338
348
220
Lease right-of-use assets
64.5
109
107
68.9
56.9
112
Goodwill
3.73
400
437
348
218
217
210
Intangible assets
164
147
142
118
96.9
75.1
Other non-current assets
0.85
35.1
78.2
111
76.7
72.3
Total assets
1,360
1,981
1,923
1,316
1,158
969
Accounts payable
20.9
43.7
43.2
33
30
20.4
Accrued liabilities
71.4
107
149
102
89.5
104
Deferred revenue
651
934
1,075
723
749
739
Short-term debt
62.7
0
27
24
31.7
19
Total current liabilities
840
1,135
1,344
908
917
908
Long-term debt
148
0
226
235
376
316
Lease liabilities
56.4
83.5
82.8
55
50.8
121
Other non-current liabilities
3.42
0.03
3.52
6.98
0.49
15.9
Total liabilities
1,066
1,245
1,671
1,216
1,354
1,361
Total debt
211
0
270
615
761
671
Paid-in capital
798
1,451
1,546
1,879
1,922
2,020
Retained earnings
-531
-721
-1,276
-1,763
-2,103
-2,397
Treasury stock
0
-7.69
-7.72
-8.2
-9.84
Other comprehensive income
0
-10.1
-10.7
-12.7
-5.63
Shareholders' equity
268
730
252
97.4
-202
-392
Minority interests
26
6.08
0
0
0
0
Total equity
-56.3
294
736
252
97.4
-202
-392
Total liabilities and equity
1,360
1,981
1,923
1,316
1,158
969
Shares outstanding
17
246
24.9
697
698
36.1
Cash flow statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-107
-85.4
-197
-556
-487
-340
-294
Depreciation and amortization
38.4
40.8
34.3
43.5
37.1
56.5
61.2
Stock-based compensation
1.88
3.34
49.7
89
25.6
46
45.4
Deferred income tax
0
0
-0.02
-0.13
-0.76
-1.5
-1.21
Change in receivables
1.41
14.5
-21.9
-23.9
30.1
2.79
2.53
Change in inventory
-0.07
-0.64
-3.42
-21.7
4.69
2.86
-3.17
Change in payables
6.73
-13.9
13.1
-9.7
-8.09
-2.88
-9.25
Cash from operations
-24.9
210
126
-231
-665
-77.9
-166
Capital expenditures
-4.15
-7.11
-15.2
-83.6
-20.2
-123
-93.6
Acquisitions
-28.3
97.1
7.84
-75.1
0
0
Purchases of investments
-2.48
0
0
Sales and maturities of investments
12
0
0
Cash from investing
-41.3
81.6
-38.7
-175
40.9
-46.7
180
Debt issued
0
0.76
0
259
382
327
65.7
Debt repaid
-37.7
-63.5
-214
0
-59.5
-246
-210
Stock issued
0
0
2.11
0
0
0
47.5
Share buybacks
0
0
-7.69
-0.03
-0.49
-1.63
Cash from financing
87.4
-62.8
374
245
301
78.7
-98.5
Exchange rate effect
0
0
-5.42
-3.87
-0.45
2.48
Net change in cash
21.2
228
462
-167
-327
-46.4
-82
Free cash flow
-29
203
111
-314
-685
-201
-260
Interest paid
28.4
21.7
11.7
0
31.4
23.6
19.6
Income taxes paid
2.97
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.77 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
9.8%
Gross profit / revenue.
Operating margin
-27.0%
Operating income / revenue.
EBITDA margin
-23.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-41.6%
Pre-tax income / revenue.
Net margin
-42.0%
Net income / revenue.
FCF margin
-59.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-34.3%
Cash from operations / revenue.
Return on assets (ROA)
-32.7%
Net income / average total assets.
Return on invested capital (ROIC)
-56.5%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
5.1%
Research and development expense / revenue.
Stock-based pay / revenue
6.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
24.8%
Capital expenditures / revenue.
D&A / revenue
3.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-7.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-22.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
1.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
24.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
23.2%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
4.1%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-16.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-20.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-6.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
1.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
206.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
112.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.28x
Current assets / current liabilities.
Quick ratio
0.15x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.11x
(Cash + short-term investments) / current liabilities.
Debt / assets
99.2%
Total debt / total assets.
Liabilities / assets
160.5%
Total liabilities / total assets.
Net debt
$832.8M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$8.38
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$19.94
Revenue / diluted weighted shares.
FCF per share
-$11.77
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$6.83
Cash from operations / diluted weighted shares.
Book value per share
-$15.45
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.19x
Market cap / revenue.
EV/Sales
1.35x
Enterprise value / revenue.
FCF yield
-310.9%
Free cash flow / market cap.
Earnings yield
-221.4%
Net income / market cap (the inverse of P/E).
Shareholder yield
1.2%
(Dividends paid + share buybacks) / market cap.
What was Wheels Up Experience Inc.'s revenue in fiscal 2025?
Wheels Up Experience Inc. reported revenue of $736.5M for fiscal 2025, 7% lower than the year before.
Was Wheels Up Experience Inc. profitable in fiscal 2025?
No. It reported a net loss of $294.2M.
How much free cash flow did Wheels Up Experience Inc. generate in fiscal 2025?
Cash from operations of $166.3M minus capital expenditures of $93.6M left free cash flow of -$259.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.