Wheels Up Experience Inc. Overview
Wheels Up is a US-centric, Delta-anchored private-aviation platform. It combines a controlled fleet with a broker network of third-party charter operators. Revenue comes from prepaid Membership Funds, pay-as-you-go global charter, group charter, cargo and government missions. Founded in 2013 as an asset-light "Zipcar for private jets" membership model, it scaled through serial acquisitions into one of the largest US operators by flight hours. It then lost more than half its activity during a 2022–2025 retrenchment. Since a Delta-led rescue in 2023, management has sold non-core businesses and consolidated FAA certificates from five to two. It also replaced four legacy jet types with Embraer Phenom 300-series and Bombardier Challenger 300-series aircraft and relaunched a premium Signature Membership. Its differentiator is integration with Delta's loyalty programme, corporate sales force and booking engine. Its central weakness is a balance sheet with negative equity and heavy PIK debt, and the company is still structurally loss-making.
Company's own description (paraphrased from 10-K FY2025)
The company describes itself as a leading global provider of on-demand private aviation. It operates a large, diverse controlled fleet supplemented by a network of safety-vetted charter operators. It delivers service through a membership programme and charter solutions. It presents its long-term Commercial Cooperation Agreement (CCA) with Delta as a first-of-its-kind partnership that lets members move between private and premium commercial travel.
The 10-K FY2025 defines three revenue lines:
Flight revenue: Earned when members use prepaid "Membership Funds" (formerly "Prepaid Blocks") and from on-demand and wholesale charter.
Membership revenue: Fees for access to the controlled fleet.
Other revenue: Activities such as cargo, government and defense solutions, group charter, ancillary fees and residual services.
Business model and revenue model
| Revenue line (FY2025) | USD Mn | % of total | Nature |
|---|---|---|---|
| Flight | 622.7 | 84.5% | Usage-based. Recognised as flights are flown, from prepaid funds (membership) or at-booking payment (charter). |
| Membership | 28.9 | 3.9% | Recurring access fees. Signature carries a monthly fee (USD 500/month per AIN, Sept 2025). |
| Other | 84.9 | 11.5% | Group charter, cargo, defense, ancillary fees. Residual services sold during 2023–2025. |
| Total | 736.5 | 100% | 10-K FY2025 |
Characterization. The model is a hybrid of four things:
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A Part 135 air carrier, operating owned and leased aircraft under two FAA certificates held by Wheels Up Private Jets LLC and Wheels Up Partners LLC.
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An air charter broker and ticket agent under DOT Part 295 rules, sourcing third-party aircraft globally.
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A prepaid-funds model that generates a large customer float. Deferred revenue was about USD 739 million at 31 Dec 2025 against USD 736.5 million of annual revenue.
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A distribution partnership with Delta: corporate cross-selling, SkyMiles Diamond Medallion status for qualifying spend, and booking of Delta commercial flights inside the Wheels Up portal from January 2026.
By revenue type the business is essentially a service business. There is no product sales line of significance, because whole-aircraft sales were de-emphasized after Q1 2024. There is no material software licensing. The company historically sold UP FMS flight-management subscriptions to third parties (10-K FY2022), but this is immaterial today.
Value-chain position
Wheels Up sits at the demand-aggregation and fulfilment layer of private aviation:
Upstream (OEMs and engines): Bombardier, Embraer and Textron airframes; Honeywell, Pratt & Whitney Canada and Rolls-Royce engines. Third-party MRO and factory-authorized pilot training are also upstream.
Midstream: Wheels Up's own Part 135 operations, plus wholesale and retail charter sourcing from independent operators.
Downstream: Direct relationships with high-net-worth individuals, SMEs, large corporates (Custom Enterprise Solutions), group-charter clients (sports teams, tour operators, corporate events), cargo shippers and US government and defense customers.
Customer types and end markets
| Customer type | Evidence / indicator |
|---|---|
| High-net-worth individuals (leisure) | Historically the core. Demand peaks on weekends, holidays and in summer (10-K FY2025). |
| Business and corporate | Corporate Membership Fund sales hit a quarterly record of USD 62 million in Q3 2025, up more than 15% YoY. They were about 49% of all fund sales that quarter (Q3 2025 release; Private Jet Card Comparisons). Corporate flight revenue rose 8% YoY in Q2 2026 (Q2 2026 Investor Letter). |
| Group charter | Groups of 15 or more passengers, sports teams, tour operators (10-K FY2025) |
| Cargo | Now marketed as "Air Partner Cargo", the only remaining use of the Air Partner brand (July 2026 press release) |
| Government and defense | Defense contract revenue rose USD 1.4 million in FY2025 (10-K FY2025) |
| Delta premium customers | Cross-sold through Delta's sales teams; self-booking of Delta flights from January 2026 |
End markets are US private aviation (about 87% of FY2025 revenue) and international charter, mainly UK and Europe through Air Partner (about 13%).
Financial Narrative
Basis and conventions:
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Revenue, company-reported gross profit and net loss come from company filings and releases, as compiled from 10-K and earnings data by Private Jet Card Comparisons (May 2026) and from the 10-K FY2025.
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Operating income, balance-sheet and cash-flow lines come from S&P Global Market Intelligence standardized data (via StockAnalysis, updated Aug 2026).
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S&P "gross profit" excludes certain depreciation and other cost-of-revenue items and is materially higher than company-reported gross profit. Both are shown.
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Company-reported FY2025 GAAP loss from operations was USD 203.4M, down 21% YoY. S&P standardized operating loss is USD 228.4M. The difference reflects classification of certain gains and impairments; both are noted.
Income statement
Notes:
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EPS is split-adjusted by S&P for both reverse splits. Company-reported FY2025 EPS was −USD 0.42 pre-split, about −USD 8.40 post-split.
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Interest expense is from XBRL aggregation (edgar.tools). It is largely non-cash PIK on the 2023 Term Loan. Cash interest paid was USD 19.6M in FY2025 and USD 23.6M in FY2024.
Revenue CAGR, derived:
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FY2021–FY2025: −11.4% per year.
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FY2022–FY2025: −22.5% per year.
Margin profile
Commentary.
The five-year arc has three phases:
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Acquisition-fuelled growth (FY2021–FY2022). Revenue rose 32% in FY2022 to USD 1.58B, but at negative gross profit. Net loss reached USD 555.5M, including about USD 180M of asset write-downs per S&P cash-flow data.
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Retrenchment and rescue (FY2023–FY2024). Revenue fell 21% in FY2023 and 37% in FY2024. Drivers were the aircraft-management divestiture, exit of whole-aircraft sales, regionalization of membership and fleet downsizing. Cost per unit improved: S&P gross margin rose from 1.7% to 10.1%.
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Premium transition (FY2025–FY2026). Revenue fell only 7% in FY2025 even as Live Flight Legs fell 11%. Revenue per leg rose 10%. Company Adjusted EBITDA loss narrowed from USD 117.9M to USD 43.5M.
Operating margin nonetheless deteriorated on the S&P basis, from −30.2% to −31.0%. Fixed overhead (technology, sales, G&A) did not shrink with revenue. FY2025 G&A also absorbed a USD 20.2M non-cash right-of-use impairment from vacating the former New York office (10-K FY2025).
Q4 2025 was the first quarter of positive Adjusted EBITDA (USD 32.9M) and Adjusted EBITDAR (USD 36.9M). That quarter benefited from one-time gains on aircraft sale-leasebacks, including an approximately USD 24M gain (Q4 2025 release), so it should not be read as a run-rate.
Quarterly trajectory (most recent six quarters)
Sources: quarterly releases and 10-Qs; Private Jet Card Comparisons quarterly recaps. Q2 2025 Adjusted EBITDAR (USD −27.3M) is as presented for comparison in the Q2 2026 release. Q2 2025 Adjusted EBITDA was not separately captured.
Commentary. 2026 to date has disappointed on the headline. Q2 2026 net loss widened to USD 107.2M (−USD 2.97 per share), and operating loss rose to about USD 74M. Higher interest and aircraft-lease costs, together with about USD 5M of transformation expenses per quarter, offset a 20% gain in fleet Utility.
Operational quality improved sharply in Q2 2026:
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Completion Rate 99.4%.
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On-Time Performance 86.8%, up more than 6 percentage points YoY.
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57 "Brand Days" with zero cancellations, versus 14 a year earlier.
Balance sheet
Source: S&P standardized via StockAnalysis.
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Short-term debt equals the current portion of long-term debt plus current lease liabilities.
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Long-term debt equals long-term debt plus long-term lease liabilities.
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The 2023 Term Loan is carried net of a large discount, because value was allocated to equity issued to lenders. Carrying debt is therefore well below the PIK-accreted principal.
Latest balance sheet (30 Jun 2026, S&P):
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Cash USD 86.3M.
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Total debt incl. leases USD 732.2M.
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Equity −USD 560.3M.
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Working capital −USD 563.3M.
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Current deferred revenue USD 626.9M.
Cash flow
Source: S&P standardized via StockAnalysis. Share repurchases likely reflect withholding for employee equity vesting rather than a buyback programme; no buyback authorization was identified.
Commentary.
FY2021: Positive operating cash flow came from prepaid fund inflows (deferred revenue +USD 279M) during the post-COVID boom.
FY2023: Operating cash burn of USD 665M was driven mainly by deferred-revenue unwind (−USD 348M) as members drew down funds while new sales collapsed. This was the liquidity crisis that required the Delta rescue.
FY2025: Operating cash burn widened to USD 166M. Aggregate capex and aircraft purchases ran above USD 100M, but USD 272M of aircraft sale proceeds (legacy fleet exits plus sale-leasebacks) funded the transition. The company is effectively recycling the legacy fleet's value into premium aircraft.
TTM to Jun 2026: Free cash flow was −USD 436.9M (S&P), reflecting heavy 2026 aircraft acquisition.
Ratios
Notes:
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ROE and debt-to-equity are not meaningful for FY2024–FY2025 because equity is negative.
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Net debt / EBITDA is not meaningful in any year because EBITDA is negative.
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ROIC: S&P computes TTM ROIC of −89.4% (Sep 2026). A historical series was not computed because invested capital is distorted by negative equity.
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Cash conversion cycle is not meaningful and not disclosed. The business collects cash in advance, so deferred revenue exceeds receivables by roughly 30x.
Trend synthesis. Every solvency indicator deteriorated between FY2021 and FY2025:
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The current ratio fell from 0.82 to 0.27.
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Equity swung from USD +736M to USD −392M, and to −USD 560M by Jun 2026.
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Net cash of USD 670M became net debt of USD 339M, and USD 646M by Jun 2026.
The company's viability depends on three conditions:
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Customers keep prepaying, so deferred revenue stays stable.
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Delta and its co-investors keep providing PIK and secured financing.
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The premium fleet produces positive contribution at scale before the 2028 term-loan maturity.
7. SEGMENTAL AND GEOGRAPHIC REVENUE MAPPING
Revenue by segment × geography is not publicly disclosed. Geographic revenue is reported as United States versus Other (international).
Source: S&P standardized geographic data via StockAnalysis. Individual country figures are rounded. FY2021 revenue was presented as entirely US-classified; the international split is not disclosed.
Country-level detail. Not publicly disclosed. International revenue is generated mainly by Air Partner Limited. Employees outside the US are concentrated in the UK, France, Germany, Italy and the UAE (10-K FY2025).
Fastest-growing and declining regions. International grew in FY2023 (+19.8%, first full year of Air Partner) and FY2025 (+4.0%). It was the only region to grow in FY2025, despite the August 2025 sale of Air Partner's UK-based safety and security units (Baines Simmons, Redline, Kenyon), which reduced services revenue. US revenue declined every year from FY2022. The causes were the divestiture of US aircraft management (FY2023), legacy-fleet downsizing and membership streamlining (FY2024–FY2025), and the 2025 FBO sale. International mix has therefore risen from about 5% to 13% of revenue.
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Revenue Lines
| Revenue line (USD Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Membership revenue (USD Mn) | 90.1 | 82.9 | 57.6 | 28.9 |
Flight revenue (USD Mn) | 1,073.1 | 884.1 | 633.9 | 622.7 |
Aircraft management revenue (USD Mn) | 242.0 | 175.8 | 0 | 0 |
Other revenue (USD Mn) | 174.5 | 110.6 | 100.6 | 84.9 |
Total revenue (USD Mn) | 1,579.8 | 1,253.3 | 792.1 | 736.5 |
YoY growth (%)
| YoY growth (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Membership revenue growth (%) | -8.1 | -30.5 | -49.9 |
Flight revenue growth (%) | -17.6 | -28.3 | -1.8 |
Other revenue growth (%) | -36.6 | -9.0 | -15.6 |
Total revenue growth (%) | -20.7 | -36.8 | -7.0 |
Contribution to total revenue (%)
| Contribution to total revenue (%) | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
Membership share (%) | 5.7 | 6.6 | 7.3 |
Flight share (%) | 67.9 | 70.5 | 80.0 |
Aircraft management share (%) | 15.3 | 14.0 | 0 |
Other share (%) | 11.0 | 8.8 | 12.7 |
Aircraft Family Details
| Aircraft family | Category | Status | Count / note |
|---|---|---|---|
Embraer Phenom 300 / 300E | Light jet | Core premium type since Nov 2024 (17 from GrandView); largest type in revenue service by Q3 2025 | 21 at 31 Dec 2025 (10-K FY2025). About 26 (20 × 300, 6 × 300E) around May 2026 (ch-aviation). |
Bombardier Challenger 300 / 350 | Super-midsize jet | First into service Apr 2025 | 9 at 31 Dec 2025. About 10 around May 2026 (ch-aviation). |
Phenom + Challenger combined | Premium jets | Scaled from 21 (31 Mar 2025) to 36 (31 Mar 2026) to 40 (30 Jun 2026) | Q1 and Q2 2026 releases. The ch-aviation and company counts differ because of timing. |
Beechcraft/Textron King Air 350i | Turboprop | Retained at smaller scale; moved to dynamic pricing 1 Jan 2026 (secondary) | Count not publicly disclosed post-2025 |
Cessna Citation X | Super-midsize (legacy) | Retired from revenue service by Q2 2026 | 22 at 31 Dec 2025 |
Hawker 400XP | Light (legacy) | Retired | 19 at 31 Dec 2025 |
Citation CJ3 / CJ3+ | Light (legacy) | Retired from revenue service mid-2025 | — |
Citation Excel / XLS | Midsize (legacy) | Retired | — |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 1,194.3 | 1,579.8 | 1,253.3 | 792.1 | 736.5 |
Gross profit, company-reported (USD Mn) | 22.4 | -26.5 | -37.7 | 2.5 | 12.6 |
Gross profit, S&P standardized (USD Mn) | 76.6 | 39.4 | 21.6 | 80.2 | 105.5 |
Operating income, S&P standardized (USD Mn) | -204.6 | -384.4 | -323.8 | -238.9 | -228.4 |
EBITDA, derived as S&P operating income + D&A (USD Mn) | -157.2 | -333.0 | -280.4 | -200.9 | -186.8 |
Adjusted EBITDA, company non-GAAP (USD Mn) | — | — | — | -117.9 | -43.5 |
Pre-tax income, derived from S&P pretax margin (USD Mn) | -197.2 | -555.5 | -486.0 | -338.4 | -290.7 |
Net loss, company-reported (USD Mn) | -197.2 | -555.5 | -487.4 | -339.6 | -294.2 |
EPS basic, split-adjusted (USD) | -185.58 | -451.95 | -73.74 | -9.74 | -8.33 |
EPS diluted, split-adjusted (USD) | -185.58 | -451.95 | -73.74 | -9.74 | -8.33 |
Dividends per share (USD) | 0 | 0 | 0 | 0 | 0 |
Interest expense (USD Mn) | — | 8 | 41 | 65 | 90 |
Margin (%)
| Margin (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin, company-reported (%) | 1.9 | -1.7 | -3.0 | 0.3 | 1.7 |
Gross margin, S&P standardized (%) | 6.4 | 2.5 | 1.7 | 10.1 | 14.3 |
Operating margin, S&P (%) | -17.1 | -24.3 | -25.8 | -30.2 | -31.0 |
EBITDA margin, derived (%) | -13.2 | -21.1 | -22.4 | -25.4 | -25.4 |
Net margin (%) | -16.5 | -35.2 | -38.9 | -42.9 | -39.9 |
Income Statement
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
Revenue (USD Mn) | 177.5 | 189.6 | 185.5 | 183.8 | 168.9 | 182.0 |
Gross profit, company (USD Mn) | -1.1 | 2.2 | -1.3 | 12.8 | -2.0 | 9.6 |
Net loss (USD Mn) | -99.3 | -82.3 | -83.7 | -28.9 | -83.0 | -107.2 |
Adjusted EBITDA (USD Mn) | -24.2 | — | -23.2 | 32.9 | -28.1 | -26.2 |
Adjusted EBITDAR (USD Mn) | -18.8 | -27.3 | -19.7 | 36.9 | -18.3 | -19.9 |
Cash and equivalents, period end (USD Mn) | — | — | — | 133.9 | 54.1 | 86.3 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 1,981.0 | 1,923.0 | 1,316.0 | 1,158.0 | 968.8 |
Cash and equivalents (USD Mn) | 784.6 | 585.9 | 263.9 | 216.4 | 133.9 |
Short-term debt incl. current leases (USD Mn) | 31.6 | 57.0 | 46.9 | 45.7 | 35.9 |
Long-term debt incl. LT leases (USD Mn) | 83.5 | 309.0 | 290.0 | 427.1 | 437.4 |
Total debt incl. leases (USD Mn) | 115.1 | 365.9 | 336.9 | 472.8 | 473.4 |
Net debt (USD Mn) | -669.5 | -219.9 | 73.0 | 256.4 | 339.4 |
Total shareholders' equity (USD Mn) | 736.2 | 251.9 | 97.4 | -202.1 | -392.1 |
Goodwill and intangibles (USD Mn) | 584.4 | 489.9 | 336.0 | 314.0 | 285.0 |
Working capital (USD Mn) | -202.0 | -524.6 | -473.5 | -585.2 | -658.2 |
Deferred revenue, current (USD Mn) | 933.5 | 1,075.0 | 723.3 | 749.4 | 738.9 |
Capital Instruments
| Instrument | Key terms | Status |
|---|---|---|
2023 Term Loan | USD 390.0M original principal from Delta, CK Wheels, Cox and incremental lenders. 10% PIK interest compounded quarterly. Scheduled maturity 20 Sep 2028. First-priority lien on unencumbered assets and junior lien on equipment-note collateral (10-K FY2023; 10-Q Q1 2024). | Outstanding. PIK-accreted principal is not disclosed in extracted data; derived estimate about USD 520M at Sep 2026 and USD 620–640M at maturity. Debtwire projected USD 626M at maturity (3Q23 credit report). |
Delta Revolving Credit Facility | USD 100.0M from Delta; 10% PIK if drawn. Availability extended to 20 Sep 2026 (Apr 2025) and then to 20 Sep 2028 (Aug 2026). | Drawn status at 30 Jun 2026 not publicly disclosed in extracted data. The Q3 2025 liquidity of USD 225M included the undrawn revolver. |
2024 Revolving Equipment Notes Facility | Up to USD 332.0M EETC structure. Bank of America sole lead arranger. Delta credit support (effectively a guarantee). Reborrowing until 13 Nov 2027; maturity 13 Nov 2029. Loan-to-value and average-age covenants and interest reserves (10-K FY2024 / FY2025). | Outstanding. About USD 65M repaid from Dec 2025 sale-leaseback proceeds (AIN). Upsized in Q2 2026 with an AIP Capital-arranged mezzanine tranche (USD 68M facility). |
2026 Term Loan | USD 100M initial from Delta-led lead investors, plus up to USD 100M incremental capacity. Matures at the earliest of 29 May 2029 or 91 days before the 2023 Term Loan maturity (8-K, 1 Jun 2026). | Closed 29 May 2026 |
Aircraft operating leases | Including 10 aircraft from the Dec 2025 sale-leaseback; return-condition obligations | Long-term lease liabilities rose from USD 50.8M (FY2024) to USD 121.1M (FY2025) |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 126.5 | -230.7 | -665.3 | -77.9 | -166.3 |
Capital expenditures (USD Mn) | -46.9 | -123.7 | -24.4 | -125.2 | -105.4 |
Free cash flow (USD Mn) | 79.6 | -354.4 | -689.7 | -203.1 | -271.7 |
Proceeds from sale of PP&E (USD Mn) | 13.6 | 51.2 | 68.3 | 85.6 | 271.6 |
Dividends paid (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Share repurchases (USD Mn) | 0 | 7.7 | 0.03 | 0.5 | 1.6 |
Stock-based compensation (USD Mn) | 49.7 | 89.0 | 25.6 | 46.0 | 45.4 |
Change in deferred revenue (USD Mn) | 278.8 | 103.3 | -348.4 | 25.4 | -13.0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%) | -26.8 | -220.5 | -500.4 | — | — |
ROA, year-end assets (%) | -10.0 | -28.9 | -37.0 | -29.3 | -30.4 |
Current ratio (x) | 0.82 | 0.61 | 0.48 | 0.36 | 0.27 |
Debt to equity (x) | 0.16 | 1.45 | 3.46 | — | — |
Interest coverage, EBIT / interest expense (x) | — | -48.0 | -7.9 | -3.7 | -2.5 |
Asset turnover, revenue / year-end assets (x) | 0.60 | 0.82 | 0.95 | 0.68 | 0.76 |
Income Statement (Annual)
| Region | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
United States revenue (USD Mn) | 1,499.5 | 1,157.1 | 700.3 | 641.0 |
International (Other) revenue (USD Mn) | 80.3 | 96.2 | 91.8 | 95.5 |
Total revenue (USD Mn) | 1,579.8 | 1,253.3 | 792.1 | 736.5 |
Growth / mix (%)
| Growth / mix (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
United States revenue growth (%) | -22.8 | -39.5 | -8.5 |
International revenue growth (%) | 19.8 | -4.6 | 4.0 |
International share of revenue (%) | 7.7 | 11.6 | 13.0 |
Capital Markets
| Item | Value | Source / basis |
|---|---|---|
Last price captured | USD 3.47 (close, 6 Oct 2026) | StockAnalysis |
Post-split opening reference | USD 7.99 open on 27 Apr 2026; USD 6.24 close same day | Private Jet Card Comparisons |
Recent peak | About USD 9.09–9.11 (late May to early Jul 2026) | StockAnalysis daily history |
1-year performance | About −92% (52-week change −92.42% as of 16 Sep 2026) | S&P via StockAnalysis |
3-year performance | About −95% or worse (approximate, derived from split-adjusted history) | Approximation |
5-year performance (from Oct 2021) | About −99.7% or worse (approximate, derived; two reverse splits totalling 1-for-200) | Approximation |
Beta (5Y) | 2.10 | S&P |
Shares outstanding | 36.28M | S&P, Sep 2026 |
Short interest | 908,402 shares (2.5% of shares outstanding; about 16% of float); 8.9 days to cover | S&P, Sep 2026 |
Valuation Multiples
| Multiple | Wheels Up | flyExclusive | Surf Air Mobility |
|---|---|---|---|
P/E (x) | n/m (losses) | n/m | n/m |
EV/EBITDA (x) | n/m (negative EBITDA) | n/m | n/m |
EV/Sales, TTM (x) | About 1.07 | 0.86 | 1.85 |
P/Sales, TTM (x) | About 0.17 | 0.33 | 1.24 |
P/B (x) | n/m (negative equity) | n/m (negative equity) | n/m (negative equity) |
Maturing Instrument by Year
| Year | Maturing instrument | Amount |
|---|---|---|
| 2026 | Delta revolver availability (originally 20 Sep 2026) | Extended to 20 Sep 2028 |
| 2027 | Revolving Equipment Notes reborrowing period ends 13 Nov 2027 | Availability (not a maturity) |
2028 (about June) | 2026 Term Loan springing maturity (91 days before 2023 Term Loan) | USD 100M plus any incremental |
20 Sep 2028 | 2023 Term Loan (10% PIK) | USD 390M original principal plus capitalized PIK (about USD 620–640M estimated at maturity) |
20 Sep 2028 | Delta Revolving Credit Facility | Up to USD 100M if drawn |
29 May 2029 | 2026 Term Loan stated maturity | Superseded by springing date unless the 2023 Term Loan is extended |
13 Nov 2029 | Revolving Equipment Notes Facility | Outstanding balance not captured; facility up to USD 332M plus AIP tranche |
Catalyst / Monitorable Details
| Catalyst / monitorable | Timing | What to watch |
|---|---|---|
Q3 2026 results | About 4 Nov 2026 (estimated) | Full savings run-rate; Adjusted EBITDA trajectory; charter volume post-BrokerOS; cash balance |
Q4 Membership Fund sales season | Q4 2026 | Historically the strongest quarter for fund purchases; Signature sales; deferred revenue stabilization above about USD 650–700M |
Premium fleet count | Ongoing | Progress toward doubling; owned versus leased mix; use of the USD 100M term-loan accordion |
Liquidity | Quarterly | Cash versus Q2 2026 USD 86M; revolver drawings; equipment-note loan-to-value compliance |
CK Wheels / Cox stake actions | Any time | Block sales, transfers or a strategic transaction |
flyExclusive litigation (North Carolina) | 2026–2027 | Rulings on motion to dismiss and counterclaims; settlement value |
Securities litigation | 2026–2027 | Whether any investigation becomes a filed complaint |
Delta lock-up expiry | 22 May 2027 | Extension or monetization signals |
2028 refinancing dialogue | 2,027 | Term-loan extension, conversion or recapitalization terms |
NYSE compliance | Ongoing | Share price, market cap and equity standards |
Executive Leadership
Executive Leadership Team
| Name | Title | Tenure | Prior roles | Education | Age |
|---|---|---|---|---|---|
George N. Mattson | Chief Executive Officer and Director | CEO since 2 Oct 2023; director since Sep 2023 | About 20 years at Goldman Sachs (partner; co-head Global Industrials, Investment Banking, to 2012). Delta board 2012–2023; Air France-KLM board 2017–2021. Brief stint as President of Star Mountain Capital (2023). IBM sales and marketing (1987–1993). Current director of Xos, Inc. | BS Electrical Engineering, Duke; MBA, Wharton | 60 (DEF 14A 2026) |
John Verkamp | Chief Financial Officer | Since 31 Mar 2025 | CFO, GE Vernova Gas Power Global Services (2023–2025). Various GE Vernova and GE Aerospace finance roles, including CFO of Avio Aero and Chief Risk Officer / Commercial Finance at GE Aviation. | BS Finance and Accounting, Indiana University Kelley | 45 at appointment (CFO Dive, Mar 2025) |
Matthew Knopf | Chief Legal Officer | Not specified in extracted data | — | — | 68 (DEF 14A 2025) |
Mark Briffa | Chief Sales Officer (NEO for FY2025) | CSO since 17 Jun 2025 | CEO of Air Partner (board member since 2006) and EVP Charter at Wheels Up | — | Born 1964 (Yahoo profile; secondary) |
Meaghan Wells | Chief Growth Officer | Since 17 Jun 2025 (joined Nov 2024 as EVP Enterprise Planning and Strategy) | Vista Global | — | — |
Kristen Lauria | Chief Marketing Officer (expanded to include customer experience) | Expanded role since Jun 2025 | — | — | — |
David Godsman | Chief Digital Officer | Per Form 4 filings | — | — | — |
Eric Cabezas | SVP Finance (Interim CFO Aug 2024–Mar 2025) | SVP Finance since Feb 2019 | — | — | — |
“—” = not publicly disclosed.
Board & Management Changes
| Date | Change | Context |
|---|---|---|
May 2023 | Founder Kenny Dichter departed as CEO | Liquidity crisis preceding the Delta rescue |
2 Oct 2023 | George Mattson named CEO | Delta-aligned leadership following the Sep 2023 recapitalization |
Aug 2024 | CFO Todd Smith departed for a new role; Eric Cabezas named interim CFO | CFO Dive, Mar 2025 |
31 Mar 2025 | John Verkamp joined as CFO | Base salary USD 550,000; target bonus 100% of salary; 20 annual flight hours on King Air 350i (8-K Mar 2025; CFO Dive) |
17–19 Jun 2025 | Briffa promoted to Chief Sales Officer; Wells to Chief Growth Officer; Lauria's remit expanded; Chief Commercial Officer Dave Harvey departed (adviser through Aug 2025) | Unification of membership and charter sales (8-K Jun 2025) |
Board of Directors
| Director | Class / term ends | Designated by | Independent | Committees | Principal occupation | Age |
|---|---|---|---|---|---|---|
Adam Zirkin (Chair) | I / 2028 | CK Wheels | Yes | Compensation (Chair); Safety & Security | Partner, Knighthead Capital | 46 |
Dwight James | I / 2028 | Delta | No | — | SVP Customer Engagement & Loyalty, Delta; CEO Delta Vacations | 52 |
Thomas Klein | I / 2028 | CK Wheels | Yes | NESG (Chair) | Senior MD, Certares; former CEO of Sabre | 63 |
Erik Snell | I / 2028 | Delta | No | — | EVP and CFO, Delta (from Apr 2026); former President, Delta Private Jets | 49 |
Andrew Davis | II / 2029 | Cox (CIH) | Yes | Audit (Chair; financial expert) | SVP Strategy and Investments, Cox Enterprises | 48 |
Roger Farah | II / 2029 | Independent (elected Jun 2026, replacing Timothy Armstrong) | Yes | Expected to take Armstrong's Audit and NESG seats | Former Chair of Tiffany; former President/COO of Ralph Lauren; director of CVS Health and Progressive | 73 |
George Mattson | II / 2029 | CEO seat | No | — | CEO, Wheels Up | 60 |
Gregory Summe | II / 2029 | Independent | Yes | Audit; Compensation | Managing Partner, Glen Capital; Chair of Avantor and Grail; former CEO of PerkinElmer | 69 |
Alain Bellemare | III / 2027 | Delta | No | Safety & Security | President–International, Delta; Chair, Delta TechOps; former CEO of Bombardier | 64 |
Adam Cantor | III / 2027 | CK Wheels | Yes | NESG | Partner, Knighthead Capital | 41 |
Zachary Lazar | III / 2027 | CK Wheels | Yes | Compensation | MD, Certares | 35 |
Lee Moak | III / 2027 | Delta | Yes | Audit; Safety & Security (Chair) | CEO, Intrepid LLC; former ALPA President; former Delta 767 captain | 69 |
Major Shareholders
| Holder | Stake | Basis / notes |
|---|---|---|
Delta Air Lines, Inc. | About 36.4% (10 Apr 2026); 36.3% (29 May 2026) | Shares above 29.9% of votes cast are voted as "neutral" shares. Locked up through 22 May 2027. |
CK Wheels LLC (Certares and Knighthead affiliates) | About 35.6% (10 Apr 2026) | Voting capped at 24.9% under US airline citizenship rules (49 USC 40102(a)(15)). Lock-up extension through 22 May 2026; no further extension was announced (Private Jet Card Comparisons, May 2026). |
Cox Investment Holdings (CIH) | Not captured in this research | Board designation right of one seat; holding at least 30% of its issued shares |
Whitebox Multi-Strategy Partners | About 1.8% | Non-US; voting capped at 0.595% |
Whitebox Relative Value Partners | About 1.1% | Non-US; voting capped at 0.362% |
Pandora Select Partners | About 0.1% | Non-US; voting capped at 0.043% |
Whitebox GT Fund, Kore Fund Ltd. | Not captured | Incremental term lenders under the Investor Rights Agreement |
Institutions (aggregate) | 9.36% | S&P, Sep 2026 |
Insiders, directors and officers (aggregate) | 0.71% | S&P, Sep 2026 |
Targets & Commitments
| Initiative | Announced | Description | Status / target |
|---|---|---|---|
Fleet modernization | Oct 2024 | Consolidate from Citation CJ3, Citation X, Citation Excel/XLS and Hawker 400XP to Phenom 300-series and Challenger 300-series; keep a smaller King Air fleet | Completed for jets about 30 Apr 2026, ahead of mid-2027 plan. Plan to "nearly double" premium fleet in 2026 (AIN, Mar 2026). Premium jets 22 → 40 YoY by 30 Jun 2026. |
Signature Membership | Sep 2025 | Premium programme on Phenom and Challenger fleet with Fixed and Dynamic plans | More than 1,200 Signature and CES members, over 50% of programmatic members (Q2 2026) |
Cost and productivity programme | Aug 2025 (USD 50M); raised Nov 2025 | About USD 70M+ of annual run-rate cash cost savings versus a Q2 2025 baseline | Full run-rate expected by Q3 2026; actions "substantially completed" in Q2 2026 (Q2 2026 release) |
Commercial integration | 2025–2026 | Single concierge team across membership, charter, group and hybrid Delta itineraries; global consolidation of sales force (Q1 2026) | Transitional inefficiencies flagged in Q2 2026 charter volume |
Delta digital integration | Dec 2025 | Self-booking of Delta flights in the Wheels Up portal (launched Jan 2026) | Live |
Charter technology (BrokerOS) | Jun 2026 | Surf Air Mobility / Palantir broker platform | Rollout in H2 2026; expected to lift lead conversion and broker productivity |
Connectivity | Dec 2025 | Gogo Galileo HDX satellite Wi-Fi across Phenom and Challenger fleets | First Phenom in service Dec 2025; Challenger conversion from early 2026 |
Portfolio pruning | 2023–2025 | Divest aircraft management, FBO and safety/security consulting | Completed |
Brand simplification | 2,026 | Retire Air Partner brand except cargo | Completed in Q2 2026 |
Capital structure | Nov 2024–Aug 2026 | Equipment-note refinancing (USD 332M), sale-leaseback (about USD 105M), 2026 Term Loan (USD 100M plus USD 100M accordion), AIP mezzanine (USD 68M), revolver extension to 2028, 1-for-20 reverse split | Completed |
Sustainability | Ongoing | Fleet renewal (more fuel-efficient aircraft), carbon offset fee, SAF attribute purchases via Delta | No quantified targets disclosed |
Competitive Landscape
Key Competitors
| Competitor | Model overlap | Scale indicator | Relative positioning versus Wheels Up |
|---|---|---|---|
NetJets (Berkshire Hathaway) | Fractional, jet card, charter (Executive Jet Management) | Largest operator; about 1,970 flight hours per day in 2025 (about 719,000 annualized, derived; Argus via Private Jet Card Comparisons) | Dominant; about 57% of fractional traffic (WingX, Oct 2025). Revenue not separately disclosed. |
Flexjet (Directional Aviation; L Catterton about 20%) | Fractional, lease, jet card, charter (Sentient Jet, FXAir, PrivateFly) | 284,533 hours in 2025 (+19.6%); USD 800M raise at about USD 4B valuation (Jul 2025); 182-aircraft Embraer order | Over 3x Wheels Up's hours; well-capitalized; overlapping fleet types (Phenom 300E, Challenger 3500) |
Vista Global (VistaJet, XO, Jet Edge) | Subscription, membership, charter brokerage | 117,423 hours in 2025 (#3) | Global subscription leader; competes in brokerage and membership |
flyExclusive (NYSE American: FLYX) | Jet card, fractional, wholesale charter | 73,080 hours in 2025; FY2025 revenue USD 375.9M (+15%) | Closing on Wheels Up's #4 rank; counterparty in GRP litigation |
Surf Air Mobility (NYSE: SRFM) | On-demand charter, jet card, scheduled commuter | FY2025 revenue USD 106.6M | Smaller; now also Wheels Up's technology vendor |
PlaneSense | Fractional (PC-12, PC-24) | Hours +6,042 in 2025 | Regional fractional |
Jet Linx | Jet card and management | Top-10 operator | Base-centric model |
Airshare | Fractional and management (bought Wheels Up's management arm) | Hours +85% in 2024 | Former Wheels Up assets |
Nicholas Air | Membership and fractional | Not consistently in Argus rankings | Membership competitor |
Solairus Aviation | Management and charter | Hours +4,099 in 2025 | Management-led charter |
Magellan Jets, Sentient Jet (Flexjet) | Jet cards (broker model) | — | Compete for prepaid card dollars |
“—” = not publicly disclosed.
Peer Comparison
| Operator | 2025 flight hours | YoY change | Rank |
|---|---|---|---|
NetJets | About 719,000 (derived from 1,970 per day) | About +53,700 hours | 1 |
Flexjet | 284,533 | +19.6% | 2 |
Vista Global | 117,423 | Not captured | 3 |
Wheels Up | 82,318 | -14.42% (largest decline in top 30) | 4 |
flyExclusive | 73,080 | Not captured | 5 |
Peer Comparison FY2025
| Metric | Wheels Up | flyExclusive | Surf Air Mobility | Flexjet (private) |
|---|---|---|---|---|
Revenue (USD Mn) | 736.5 | 375.9 | 106.6 | About 2,600 (12 months to Sept, year not specified; dated, secondary) |
Revenue growth (%) | -7.0 | 15 | -10.8 | — |
Net margin (%) | -39.9 | -17.9 | -103.7 | — |
Adjusted EBITDA (USD Mn) | -43.5 | -7.0 | -41.7 | — |
Technology / R&D intensity (% of revenue) | 5.3 | — | 9.7 (USD 10.3M tech and development) | — |
EV / TTM sales (x) | About 1.07 | 0.86 | 1.85 | — |
Market cap (USD Mn) | About 126 (6 Oct 2026) | 134.8 (9 Oct 2026) | 137.3 (25 Sep 2026) | About 4,000 valuation (Jul 2025) |
“—” = not publicly disclosed.
