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Volato vs Wheels Up Experience: revenue, profit, margins and growth compared

Volato brought in $78.6M of revenue in fiscal 2025, Wheels Up Experience $736.5M in fiscal 2025. Revenue changed by +101.1% at Volato and -7.0% at Wheels Up Experience on the year before, so Volato grew faster. Volato kept 6.6% of its revenue as net profit, Wheels Up Experience -39.9%. Free cash flow was $3.3M at Volato and -$259.9M at Wheels Up Experience.

Side by side, latest fiscal year

SOARUP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$78.6M$736.5M
Revenue growth+101.1%-7.0%
Net income$5.2M-$294.2M
Net margin6.6%-39.9%
Free cash flow$3.3M-$259.9M
Free cash flow margin4.2%-35.3%
Earnings per share (diluted)$1.18-$0.42
Cash$0$133.9M
Debtn/a$671.3M
Price to earnings0.3n/a
Market value$18.9M$129.9M
Dividend yieldn/an/a
Rank by revenue in sector#775 of 1065 · Consumer discretionary#535 of 1065 · Consumer discretionary

Over the years

Revenue
SOAR FY2022: $96.7MSOAR FY2023: $35.6MSOAR FY2024: $39.1MSOAR FY2025: $78.6MUP FY2019: $384.9MUP FY2020: $695MUP FY2021: $1.2BUP FY2022: $1.6BUP FY2023: $1.3BUP FY2024: $792.1MUP FY2025: $736.5MFY19FY20FY21FY22FY23FY24FY25
SOAR $78.6MUP $736.5M
Net income
SOAR FY2022: -$9.4MSOAR FY2023: -$52.8MSOAR FY2024: -$40.6MSOAR FY2025: $5.2MUP FY2019: -$96.3MUP FY2020: -$78.6MUP FY2021: -$190MUP FY2022: -$555.2MUP FY2023: -$487.4MUP FY2024: -$339.6MUP FY2025: -$294.2MFY19FY20FY21FY22FY23FY24FY25
SOAR $5.2MUP -$294.2M
Net margin
SOAR FY2022: -9.7%SOAR FY2023: -148.5%SOAR FY2024: -104.0%SOAR FY2025: 6.6%UP FY2019: -25.0%UP FY2020: -11.3%UP FY2021: -15.9%UP FY2022: -35.1%UP FY2023: -38.9%UP FY2024: -42.9%UP FY2025: -39.9%FY19FY20FY21FY22FY23FY24FY25
SOAR 6.6%UP -39.9%
Revenue growth
SOAR FY2023: -63.2%SOAR FY2024: +9.8%SOAR FY2025: +101.1%UP FY2020: +80.6%UP FY2021: +71.8%UP FY2022: +32.3%UP FY2023: -20.7%UP FY2024: -36.8%UP FY2025: -7.0%FY20FY21FY22FY23FY24FY25
SOAR +101.1%UP -7.0%
Free cash flow
SOAR FY2022: -$21.7MSOAR FY2023: -$31MSOAR FY2024: -$17.1MSOAR FY2025: $3.3MUP FY2019: -$29MUP FY2020: $202.5MUP FY2021: $111.3MUP FY2022: -$314.2MUP FY2023: -$685.5MUP FY2024: -$200.7MUP FY2025: -$259.9MFY19FY20FY21FY22FY23FY24FY25
SOAR $3.3MUP -$259.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Volato and Wheels Up Experience

Which is bigger by revenue, Volato or Wheels Up Experience?

Wheels Up Experience is bigger by revenue: $736.5M in fiscal 2025, against $78.6M for Volato in fiscal 2025.

Which keeps more of its revenue as profit, Volato or Wheels Up Experience?

Volato had a net margin of 6.6% in fiscal 2025; Wheels Up Experience had -39.9% in fiscal 2025.

Which grew revenue faster, Volato or Wheels Up Experience?

In their latest fiscal years revenue changed by +101.1% at Volato and -7.0% at Wheels Up Experience.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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