Wheels Up Experience Inc. (NYSE: UP) has reported its financial results for the fourth quarter of 2025, showcasing significant improvements in various key metrics compared to the same period in 2024.
In the fourth quarter of 2025, private jet flight revenue experienced a 4% sequential increase from the third quarter and remained flat year-over-year. However, total revenue of $184 million was flat sequentially and down 10% year-over-year, attributed to discontinued membership programs, lower group charter sales, and the divestiture of non-core services businesses in the third quarter of 2025.
The net loss for the fourth quarter of 2025 amounted to $29 million, marking a 67% year-over-year improvement. This improvement was driven by a stronger mix of profitable membership and charter flying, the exit of unprofitable fleets, early progress toward a $70 million annual run-rate cost reduction target, and one-time gains from aircraft sale-leaseback transactions.
The positive adjusted EBITDA of $33 million and adjusted EBITDAR of $37 million both saw improvements of more than $40 million year-over-year.
Moreover, the company reported a gross profit of $13 million, with the year-over-year result pressured by approximately $9 million of non-recurring fleet modernization expenses. Adjusted contribution amounted to $35 million, with an adjusted contribution margin of 19.1%, roughly flat versus the prior year period, impacted by transitory inefficiencies associated with fleet modernization.
In terms of liquidity, Wheels Up reported quarter-end liquidity of $234 million, including $134 million of cash and cash equivalents, and the company’s undrawn $100 million revolving credit facility.
Looking at operational metrics, the company achieved a completion rate of 99%, up 1 point year-over-year, and on-time performance (d-60) of 91%, up 4 points from the prior period. It achieved 24 brand days in the quarter, days with a perfect completion rate and no cancellations, including six out of the seven busiest days during the Christmas holiday period.
During the same quarter, the company's total gross bookings amounted to $269,024, reflecting a 14% decrease from the fourth quarter of 2024. Private jet gross bookings were $210,590, down 1% year-over-year.
For the year ended December 31, 2025, the company reported total gross bookings of $1,039,501, remaining relatively unchanged from the previous year. Private jet gross bookings amounted to $833,904, showing a 3% increase from the previous year.
Following these announcements, the company's shares moved 5.78%, and are now trading at a price of $0.9839. If you want to know more, read the company's complete 8-K report here.
