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Surf Air Mobility vs Wheels Up Experience: revenue, profit, margins and growth compared

Surf Air Mobility brought in $106.6M of revenue in fiscal 2025, Wheels Up Experience $736.5M in fiscal 2025. Revenue changed by -10.8% at Surf Air Mobility and -7.0% at Wheels Up Experience on the year before, so Wheels Up Experience grew faster. Surf Air Mobility kept -103.8% of its revenue as net profit, Wheels Up Experience -39.9%. Free cash flow was -$70.1M at Surf Air Mobility and -$259.9M at Wheels Up Experience.

Side by side, latest fiscal year

SRFMUP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$106.6M$736.5M
Revenue growth-10.8%-7.0%
Net income-$110.6M-$294.2M
Net margin-103.8%-39.9%
Free cash flow-$70.1M-$259.9M
Free cash flow margin-65.8%-35.3%
Earnings per share (diluted)-$3.15-$0.42
Cash$12.7M$133.9M
Debt$17.1M$671.3M
Price to earningsn/an/a
Market value$137.2M$136.8M
Dividend yieldn/an/a
Rank by revenue in sector#686 of 778 · Consumer discretionary#510 of 778 · Consumer discretionary

Over the years

Revenue
SRFM FY2023: $20.3MSRFM FY2023: $60.5MSRFM FY2024: $119.4MSRFM FY2025: $106.6MUP FY2019: $384.9MUP FY2020: $695MUP FY2021: $1.2BUP FY2022: $1.6BUP FY2023: $1.3BUP FY2024: $792.1MUP FY2025: $736.5MFY19FY20FY21FY22FY23FY24FY25
SRFM $106.6MUP $736.5M
Net income
SRFM FY2023: -$74.4MSRFM FY2023: -$250.7MSRFM FY2024: -$74.9MSRFM FY2025: -$110.6MUP FY2019: -$96.3MUP FY2020: -$78.6MUP FY2021: -$190MUP FY2022: -$555.2MUP FY2023: -$487.4MUP FY2024: -$339.6MUP FY2025: -$294.2MFY19FY20FY21FY22FY23FY24FY25
SRFM -$110.6MUP -$294.2M
Net margin
SRFM FY2023: -366.8%SRFM FY2023: -414.3%SRFM FY2024: -62.7%SRFM FY2025: -103.8%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
SRFM -103.8%UP -39.9%
Revenue growth
SRFM FY2023: +198.4%SRFM FY2024: +97.4%SRFM FY2025: -10.8%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
SRFM -10.8%UP -7.0%
Free cash flow
SRFM FY2023: -$28.1MSRFM FY2023: -$72MSRFM FY2024: -$66.1MSRFM FY2025: -$70.1MUP FY2019: -$29MUP FY2020: $202.5MUP FY2021: $111.3MUP FY2022: -$314.2MUP FY2023: -$685.5MUP FY2024: -$200.7MUP FY2025: -$259.9MFY19FY20FY21FY22FY23FY24FY25
SRFM -$70.1MUP -$259.9M

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

Questions about Surf Air Mobility and Wheels Up Experience

Which is bigger by revenue, Surf Air Mobility or Wheels Up Experience?

Wheels Up Experience is bigger by revenue: $736.5M in fiscal 2025, against $106.6M for Surf Air Mobility in fiscal 2025.

Which keeps more of its revenue as profit, Surf Air Mobility or Wheels Up Experience?

Surf Air Mobility had a net margin of -103.8% in fiscal 2025; Wheels Up Experience had -39.9% in fiscal 2025.

Which grew revenue faster, Surf Air Mobility or Wheels Up Experience?

In their latest fiscal years revenue changed by -10.8% at Surf Air Mobility 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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