Wheels Up Experience (UP) Q3 FY2026 earnings: revenue $165 million, down 11.2% on the year

Wheels Up Experience Inc. (UP) reported revenue of $165 million for Q3 FY2026, the quarter ended 30 September 2026, down 11.2% on the same quarter a year earlier. Net income was -$89 million, and diluted earnings per share $-2.48. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$165 million

-11.2% on the year · -9.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-30.5%

-33.1% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$89 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$2.48

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Revenue fell 11% year over year: GAAP revenue was $164.8 million, down 11%, with about 3% of the decline attributable to the 2025 disposition of non-core services businesses.
Private jet flight revenue fell 7%: Private jet flight revenue was $143.9 million, down 7%, as Phenom and Challenger revenue rose while legacy fleet revenue fell 44%.
Signature fleet became majority of revenue: Premium fleet revenue made up a majority of private jet flight revenue for the first time since the Signature membership launch.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	165	182	185	-9.5%	-11.2%
Cost of revenue	137	160	173	-14.6%	-20.8%
Gross profit	27.8	21.7	12.6	+28.4%	+120.8%
Gross margin	16.9%	11.9%	6.8%
Research and development	8.9	8.8	10.2	+1.0%	-12.2%
Operating income	-50.3	-74.4	-61.3
Operating margin	-30.5%	-40.9%	-33.1%
Interest expense	39.1	33.0	23.5	+18.8%	+66.5%
Pre-tax income	-89.2	-107	-82.4
Income tax	0.2	-0.1	1.3		-84.7%
Net income	-89.4	-107	-83.7
Net margin	-54.3%	-58.9%	-45.1%
Diluted EPS	-$2.48	-$2.97	-$2.40

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	-17.1	-91.6	-37.1
Capital expenditure	54.0	52.9	23.3	+2.1%	+131.9%
Free cash flow	-71.1	-144	-60.4
Free cash flow margin	-43.1%	-79.4%	-32.6%
Cash from investing	-45.2	-27.9	23.5
Cash from financing	24.9	150	28.9	-83.4%	-13.8%
Depreciation and amortisation	4.6	4.0	5.0	+15.0%	-8.0%
Share-based compensation	12.3	12.5	12.5	-2.1%	-1.8%
Buybacks	0.0	0.0	0.9	-19.6%	-95.9%
Diluted shares, weighted	36m	36m	35m	+0.0%	+2.7%
Shares outstanding at period end	36m	36m	36m	+0.2%	+0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	-637	-560	-375
Non-controlling interest	0.0	0.0	0.0
Redeemable equity	n/a	n/a	0.0
Debt	1,010	919	767	+9.9%	+31.7%
Operating lease liabilities	107	112	46.9	-4.3%	+128.8%
Other liabilities	437	456	534	-4.1%	-18.2%
Total liabilities and equity	917	927	973	-1.1%	-5.8%
Fixed assets	256	223	305	+14.5%	-16.3%
Goodwill	209	209	210	+0.1%	-0.4%
Intangible assets	60.2	65.2	80.1	-7.6%	-24.8%
Cash and equivalents	51.8	86.3	125	-40.0%	-58.7%
Receivables	30.1	28.2	32.4	+7.0%	-7.0%
Inventory	2.1	2.0	9.1	+5.3%	-77.5%
Other assets	308	313	211	-1.7%	+46.0%
Total assets	917	927	973	-1.1%	-5.8%

Questions

What was Wheels Up Experience's revenue in Q3 FY2026?

Wheels Up Experience (UP) reported revenue of $165 million for Q3 FY2026, the quarter ended 30 September 2026, down 11.2% on the same quarter a year earlier.

How much did Wheels Up Experience earn in Q3 FY2026?

Net loss for Q3 FY2026 was $89 million, and the diluted loss per share $2.48.

When did Wheels Up Experience report Q3 FY2026 results?

Wheels Up Experience filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022 †	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	345	326	426	420	408	352	335	320	246	197	196	194	205	178	190	185	184	169	182	165
Cost of revenue	344	333	409	403	396	354	328	300	251	198	192	167	176	158	174	173	157	159	160	137
Gross profit	0.6	-7.1	16.6	17.3	12.6	-2.0	7.2	20.2	-4.5	-1.2	4.6	27.0	28.5	19.1	15.7	12.6	26.3	9.7	21.7	27.8
Gross margin	0%	-2%	4%	4%	3%	-1%	2%	6%	-2%	-1%	2%	14%	14%	11%	8%	7%	14%	6%	12%	17%
R&D	9.8	11.2	14.6	16.6	14.8	15.9	14.4	20.0	11.6	11.1	10.5	9.6	9.5	10.5	9.4	10.2	8.7	8.7	8.8	8.9
Operating income	-131	-92.7	-94.1	-152	-222	-96.7	-153	-129	-64.9	-84.5	-79.2	-41.9	-53.1	-80.8	-59.6	-61.3	-1.7	-57.4	-74.4	-50.3
Operating margin	-38%	-28%	-22%	-36%	-54%	-27%	-46%	-40%	-26%	-43%	-40%	-22%	-26%	-45%	-31%	-33%	-1%	-34%	-41%	-31%
Interest expense	0.0	0.0	0.0	0.0	7.5	8.1	7.7	11.3	14.2	14.6	16.7	16.0	18.1	19.9	22.1	23.5	25.0	25.3	33.0	39.1
Pre-tax income	-76.5	-89.0	-92.4	-149	-225	-101	-161	-144	-80.5	-97.5	-96.5	-57.3	-87.0	-99.2	-81.3	-82.4	-27.7	-82.4	-107	-89.2
Net income	-117	-88.7	-92.8	-149	-225	-101	-161	-145	-81.1	-97.4	-97.0	-57.7	-87.5	-99.3	-82.3	-83.7	-28.9	-83.0	-107	-89.4
Net margin	-34%	-27%	-22%	-35%	-55%	-29%	-48%	-45%	-33%	-49%	-49%	-30%	-43%	-56%	-43%	-45%	-16%	-49%	-59%	-54%
Diluted EPS	-$62.00	-$72.00	-$76.00	-$121.80	-$182.00	-$80.00	-$125.60	-$70.20	-$2.80	-$2.80	-$2.80	-$1.60	-$2.60	-$2.80	-$2.40	-$2.40	-$0.80	-$2.29	-$2.97	-$2.48
Operating cash flow	279	-121	-19.0	-148	57.7	-202	-209	-250	-3.8	-73.8	-27.0	-15.0	37.9	-47.9	-62.9	-37.1	-18.4	-99.6	-91.6	-17.1
Capital expenditure	8.6	66.3	10.1	3.6	3.5	8.8	3.5	0.1	7.9	4.0	5.6	5.1	108	14.7	15.8	23.3	39.9	62.4	52.9	54.0
Free cash flow	270	-188	-29.1	-152	54.1	-211	-213	-250	-11.6	-77.8	-32.6	-20.1	-70.2	-62.6	-78.6	-60.4	-58.3	-162	-144	-71.1
Buybacks	0.0	6.1	0.6	0.7	0.3	0.0	0.0	-0.0	0.0	0.3	0.1	0.1	-0.0	0.1	0.1	0.9	0.5	0.2	0.0	0.0
Shares outstanding	1m	1m	1m	1m	1m	1m	1m	8m	35m	35m	35m	35m	35m	35m	35m	36m	36m	36m	36m	36m
Filing	10-K	10-Q	10-Q	10-Q/A	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.