Wheels Up Experience (UP)


Market Price (10/2/2026): $3.35 | Market Cap: $121.0 MilSector: Industrials | Industry: Airport Services

Wheels Up Experience (UP)


Market Price (10/2/2026): $3.35
Market Cap: $121.0 Mil
Sector: Industrials
Industry: Airport Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, and Advanced Aviation & Space. Themes include Travel & Leisure Tech, and Advanced Air Mobility.

Key risks
UP key risks include [1] severe financial instability, Show more.

0 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, and Advanced Aviation & Space. Themes include Travel & Leisure Tech, and Advanced Air Mobility.
1 Key risks
UP key risks include [1] severe financial instability, Show more.

UP in ETFs

Weight = UP's share of each fund

VTI0.00%
IWM0.00%
IWN0.30%
VTWO0.00%
SCHA0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

Wheels Up Experience (UP) stock has lost about 65% since 6/30/2026 because of the following key factors:

1. Significant Wider-Than-Expected Net Loss in Fiscal Q2 2026. Wheels Up reported its fiscal Q2 2026 financial results on August 4, 2026, which revealed a net loss of $107.2 million, a substantial increase from the $82.3 million net loss in fiscal Q2 2025. The basic loss per share also deepened to $2.97, compared to $2.35 in the prior year period. This adverse financial performance, alongside a GAAP revenue of $182.0 million (a 4% year-over-year decrease), triggered an approximately 8% decline in the stock price immediately following the earnings announcement.

2. Sustained Negative Operating Income and Free Cash Flow. As of June 30, 2026, Wheels Up continued to face significant financial outflows, reporting a trailing twelve-month operating income of -$245.75 million and negative free cash flow of -$442.47 million. These figures highlight persistent operational inefficiencies and a high cash burn rate, culminating in a working capital deficit of $563.3 million, which raised investor concerns about the company's financial stability and path to profitability.

Show more
Updated on 10/1/2026

Wheels Up Experience (UP) stock has lost about 65% since 6/30/2026 because of the following key factors:

1. Significant Wider-Than-Expected Net Loss in Fiscal Q2 2026. Wheels Up reported its fiscal Q2 2026 financial results on August 4, 2026, which revealed a net loss of $107.2 million, a substantial increase from the $82.3 million net loss in fiscal Q2 2025. The basic loss per share also deepened to $2.97, compared to $2.35 in the prior year period. This adverse financial performance, alongside a GAAP revenue of $182.0 million (a 4% year-over-year decrease), triggered an approximately 8% decline in the stock price immediately following the earnings announcement.

2. Sustained Negative Operating Income and Free Cash Flow. As of June 30, 2026, Wheels Up continued to face significant financial outflows, reporting a trailing twelve-month operating income of -$245.75 million and negative free cash flow of -$442.47 million. These figures highlight persistent operational inefficiencies and a high cash burn rate, culminating in a working capital deficit of $563.3 million, which raised investor concerns about the company's financial stability and path to profitability.

3. Adverse Shift in Private Aviation Market Segment. While the overall business jet activity globally saw a 4% increase in the first half of fiscal 2026, and fractional ownership programs experienced an 11.5% growth in departures, the branded charter segment, which is a key offering for Wheels Up, contracted by 3.1%. This market shift suggests a challenging demand environment for Wheels Up's core services, contributing to its revenue decline and hindering its ability to achieve profitability in a competitive and evolving private aviation landscape.

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Stock Movement Drivers

Fundamental Drivers

The -62.9% change in UP stock from 6/30/2026 to 10/1/2026 was primarily driven by a -62.5% change in the company's P/S Multiple.
(LTM values as of)630202610012026Change
Stock Price ($)8.973.33-62.9%
Change Contribution By: 
Total Revenues ($ Mil)728720-1.0%
P/S Multiple0.40.2-62.5%
Shares Outstanding (Mil)36360.1%
Cumulative Contribution-62.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/1/2026
ReturnCorrelation
UP-62.9% 
Market (SPY)2.3%33.3%
Sector (XLI)-9.0%24.2%

Fundamental Drivers

The -67.8% change in UP stock from 3/31/2026 to 10/1/2026 was primarily driven by a -67.0% change in the company's P/S Multiple.
(LTM values as of)331202610012026Change
Stock Price ($)10.333.33-67.8%
Change Contribution By: 
Total Revenues ($ Mil)736720-2.2%
P/S Multiple0.50.2-67.0%
Shares Outstanding (Mil)3636-0.1%
Cumulative Contribution-67.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/1/2026
ReturnCorrelation
UP-67.8% 
Market (SPY)17.8%22.3%
Sector (XLI)4.5%12.3%

Fundamental Drivers

The -91.0% change in UP stock from 9/30/2025 to 10/1/2026 was primarily driven by a -90.1% change in the company's P/S Multiple.
(LTM values as of)930202510012026Change
Stock Price ($)36.803.33-91.0%
Change Contribution By: 
Total Revenues ($ Mil)766720-6.0%
P/S Multiple1.70.2-90.1%
Shares Outstanding (Mil)3536-3.2%
Cumulative Contribution-91.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/1/2026
ReturnCorrelation
UP-91.0% 
Market (SPY)15.6%25.4%
Sector (XLI)10.3%22.1%

Fundamental Drivers

The -92.0% change in UP stock from 9/30/2023 to 10/1/2026 was primarily driven by a -96.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)930202310012026Change
Stock Price ($)41.403.33-92.0%
Change Contribution By: 
Total Revenues ($ Mil)1,515720-52.5%
P/S Multiple0.00.2378.1%
Shares Outstanding (Mil)136-96.5%
Cumulative Contribution-92.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/1/2026
ReturnCorrelation
UP-92.0% 
Market (SPY)84.9%23.3%
Sector (XLI)73.0%24.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
UP Return-53%-78%-67%-52%-60%-74%-100%
Peers Return-0%3%-53%-62%-41%-49%-94%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
UP Win Rate25%17%42%42%33%22% 
Peers Win Rate50%67%67%33%36%41% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
UP Max Drawdown-64%-79%-93%-67%-82%-86% 
Peers Max Drawdown -1%-72%-92%-76%-84% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FLYX, SOAR, SRFM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/1/2026 (YTD)

How Low Can It Go

EventUPS&P 500
2025 US Tariff Shock
  % Loss-49.3%-18.8%
  % Gain to Breakeven97.3%23.1%
  Time to Breakeven20 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-47.4%-9.5%
  % Gain to Breakeven90.2%10.5%
  Time to Breakeven25 days24 days

Compare to FLYX, SOAR, SRFM

In The Past

Wheels Up Experience's stock fell -49.3% during the 2025 US Tariff Shock. Such a loss loss requires a 97.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventUPS&P 500
2025 US Tariff Shock
  % Loss-49.3%-18.8%
  % Gain to Breakeven97.3%23.1%
  Time to Breakeven20 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-47.4%-9.5%
  % Gain to Breakeven90.2%10.5%
  Time to Breakeven25 days24 days

Compare to FLYX, SOAR, SRFM

In The Past

Wheels Up Experience's stock fell -49.3% during the 2025 US Tariff Shock. Such a loss loss requires a 97.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Wheels Up Experience (UP)

Wheels Up Experience Inc. (UP) is a premier provider of private aviation services, primarily serving clients across the United States. The company distinguishes itself by offering a comprehensive ecosystem for private air travel, backed by an extensive fleet of approximately 1,500 aircraft.

Its core business revolves around multi-tiered membership programs that grant members access to private flights, alongside on-demand flight services available across various private aircraft cabin categories. Wheels Up also provides a wide array of aviation solutions including aircraft management, retail and wholesale charter services, and whole aircraft acquisitions and sales. Furthermore, the company caters to corporate clients with specialized flight solutions and offers unique experiences through its signature events and special missions capabilities.

Essentially, Wheels Up targets high-net-worth individuals, corporations, and other entities seeking flexible, convenient, and premium private air travel and comprehensive aviation management services. By integrating diverse offerings from direct flight access to aircraft ownership support, the company positions itself as a holistic provider for sophisticated private aviation needs within its primary U.S. market.

AI Analysis | Feedback

Here are 1-2 brief analogies for Wheels Up Experience (UP):

  • Uber for private jets
  • Amazon for private aviation

AI Analysis | Feedback

  • Multi-tiered membership programs: Offer various levels of access and benefits for private aviation services.
  • On-demand flights: Provide booking for private flights across diverse aircraft categories on short notice.
  • Aircraft management: Comprehensive services for private aircraft owners, including operations, maintenance, and staffing.
  • Retail and wholesale charter: Facilitate booking private aircraft for individual clients and other aviation providers.
  • Whole aircraft acquisitions and sales: Assist clients with the purchase and sale of private jets.
  • Corporate flight solutions: Tailored private aviation services designed for business travel needs.
  • Special missions: Provide private aircraft services for unique, specialized, or complex operational requirements.
  • Signature events and experiences: Curated luxury events and unique travel experiences facilitated by private aviation.
  • Private aviation solutions for commercial travel needs: Offer private jet alternatives for travel requirements typically fulfilled by commercial airlines, especially for corporate clients.

AI Analysis | Feedback

Wheels Up Experience Inc. primarily serves a diverse customer base consisting of both affluent individuals and corporate clients, rather than a few major corporate customers in the traditional sense. Its services cater to those seeking private aviation solutions for various personal and business needs. The major customer categories include:

  • Affluent Individuals and Families: This segment includes high-net-worth individuals and families who prioritize convenience, privacy, and luxury for personal travel, leisure, and lifestyle needs. They are typically users of Wheels Up's multi-tiered membership programs and on-demand flight services.
  • Corporate Clients and Businesses: Corporations and businesses utilize Wheels Up for executive travel, client transportation, team logistics, and other time-sensitive business needs. They often leverage corporate flight solutions, retail charter services, and potentially fractional ownership or aircraft management for their business operations.
  • Aircraft Owners and Other Aviation Operators: Wheels Up provides comprehensive aircraft management services to individuals or entities who own private aircraft, handling operations, maintenance, and crewing. Additionally, the company engages in wholesale charter, serving other charter brokers or aviation operators who may utilize Wheels Up's fleet and services to fulfill their own client demands.

AI Analysis | Feedback

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AI Analysis | Feedback

George Mattson, Chief Executive Officer

George Mattson has served as the Chief Executive Officer of Wheels Up since October 2023. Prior to joining Wheels Up, he spent nearly 20 years as an investment banker at Goldman Sachs, where he was a partner and co-head of the Global Industrials Group, focusing on transportation and airline clients. After leaving Goldman Sachs in 2012, Mr. Mattson became a private investor and corporate board member. He served on the boards of Delta Air Lines and Air France-KLM. Since 2014, he has been the lead investor and Chairman of Tropic Ocean Airways. He also briefly served as President of Star Mountain Capital, a specialized private investment firm, in 2023. Mr. Mattson has made several control equity investments in lower middle-market private industrial companies and successfully raised two special purpose acquisition companies (SPACs) in 2020 and 2021, completing merger transactions for both.

John Verkamp, Chief Financial Officer

John Verkamp was appointed Chief Financial Officer of Wheels Up, effective March 31, 2025. He joined Wheels Up after more than 20 years at General Electric Company (GE) and GE Vernova Inc. During his tenure, he held various financial leadership positions within GE's Aerospace and Vernova organizations, including Vice President and CFO of Gas Power Global Services at GE Vernova, and CFO for Gas Power Commercial and Services and Avio Aero. He also served as Chief Risk Officer at GE Aviation.

Dave Holtz, Chief Operating Officer

Dave Holtz serves as the Chief Operating Officer of Wheels Up. He joined the company in March 2022, initially as Chairman of Operations, where he led the establishment of the Member Operations Center. Before his time at Wheels Up, Mr. Holtz had a distinguished career of over 40 years at Delta Air Lines, including a decade as Senior Vice President of its Operations and Customer Center.

Mark Briffa, Chief Sales Officer

Mark Briffa became the Chief Sales Officer of Wheels Up in June 2025, a role that unifies global sales across Membership and Charter offerings. He previously held executive roles at Wheels Up, including EVP, Charter and CEO of Air Partner. Mr. Briffa was the Chief Executive Officer and a board member of Air Partner prior to Wheels Up's acquisition of the company in April 2022. He brings over 30 years of experience in the aviation sector.

Meaghan Wells, Chief Growth Officer

Meaghan Wells was appointed Chief Growth Officer for Wheels Up in June 2025, a new role designed to unify key growth functions. She joined Wheels Up in November 2024 as EVP, Enterprise Strategy and Planning. Prior to joining Wheels Up, Ms. Wells held a leadership role at Vista Global, where her focus was on strategic finance and mergers and acquisitions (M&A) to drive growth.

AI Analysis | Feedback

The key risks to Wheels Up Experience Inc. (UP) are primarily centered around its financial viability, market dynamics, and operational execution.

  1. Inability to Achieve and Sustain Profitability and Positive Cash Flow: Wheels Up has a consistent history of net losses and negative cash flow, raising significant concerns about its long-term financial health. For instance, the company reported a substantial net loss of $339.6 million in 2024, alongside a 36.8% decrease in revenue, primarily due to a reduction in active members and live flight legs. In the first nine months of 2025 alone, the net loss was approximately $265.3 million. Despite efforts to streamline operations and cut costs, the company continues to face challenges in generating consistent profits and positive cash flow, which could necessitate further capital infusions or impact its ability to operate effectively.
  2. Fluctuating Demand and Intense Competition in a Sensitive Market: The private aviation industry is highly competitive and susceptible to broader economic conditions and shifts in consumer behavior. Wheels Up is exposed to variations in demand for its services, which directly influence membership growth and flight utilization. The company has experienced declines in active members and flight activity, which negatively impacts revenue. Additionally, the business is exposed to market risks, such as volatile fuel costs, which are a significant component of its operating expenses and can affect both demand and profit margins.
  3. Operational Challenges and Workforce Shortages: Wheels Up faces inherent operational risks, including its reliance on a limited number of aircraft manufacturers and third-party service providers, which can lead to increased costs and potential disruptions in service. Furthermore, the company contends with industry-wide challenges in attracting and retaining a qualified workforce, particularly pilots, due to shortages and stringent qualification standards. Past issues with pilot shortages, mechanical delays, and other supply constraints have adversely affected the company's operational efficiency and bottom line, leading to flight delays, cancellations, and deferred bookings.

AI Analysis | Feedback

The emergence of Urban Air Mobility (UAM) services, leveraging Electric Vertical Take-off and Landing (eVTOL) aircraft, poses a clear emerging threat. Companies like Joby Aviation and Archer Aviation are rapidly progressing towards commercialization of eVTOL aircraft, aiming to offer cost-effective, point-to-point air travel for shorter distances, potentially bypassing traditional airports. This technology could disrupt Wheels Up's short-to-mid range private flight services and membership programs by offering a significantly cheaper, more sustainable, and potentially more convenient alternative for regional travel, similar to how ride-sharing services disrupted traditional taxis.

AI Analysis | Feedback

Wheels Up Experience Inc. operates in the private aviation sector, offering a range of services including multi-tiered membership programs, on-demand flights, and aircraft management. The addressable markets for these key services are primarily within the United States and North America.

Addressable Market Sizes for Wheels Up Experience Inc.'s Main Products and Services:

  • Private Aviation Services (Multi-tiered membership programs and on-demand flights): The American private jet charter market, which encompasses on-demand flights and membership programs, is estimated to be approximately $28.9 billion in 2025. North America is a dominant region in the broader private aircraft market and the air charter services market. The private jet charter services market in North America accounted for 81.93% of the global revenue in 2025.
  • Aircraft Management Services: The North American market for aircraft management services was approximately $1.82 billion in 2023. This is based on North America accounting for roughly 35% of the global aircraft management service market, which was valued at approximately $5.2 billion in 2023.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Wheels Up Experience (UP) over the next 2-3 years:
  1. Fleet Modernization and Expansion: Wheels Up is actively pursuing a long-term strategy to standardize and expand its fleet, focusing on Bombardier Challenger 300 series and Embraer Phenom 300-series aircraft. This modernization aims to meet anticipated demand and enhance the customer experience, directly supporting increased flight capacity and revenue generation. The company plans to materially expand these fleets in 2026 to address demand.
  2. Growth of Signature Membership: The recently launched Wheels Up Signature Membership, introduced in September 2025, is a key driver for future revenue. This premium membership offers guaranteed access to the modernized Phenom and Challenger fleets, and the company is strategically shifting new sales towards this product to increase its mix of higher-margin premium members.
  3. Expansion in Corporate and International Charter Services: Wheels Up expects to drive revenue growth through increased engagement with corporate customers and the expansion of its international charter business. The company has seen strength in corporate block sales, partly attributed to its partnership with Delta Air Lines. Growth in international charter trips also indicates increasing customer confidence in Wheels Up's global capabilities.

AI Analysis | Feedback

Share Repurchases

  • Wheels Up Experience conducted share repurchases of $485,000 in 2024 and $28,000 in 2023.
  • The company announced an Equity Buyback program for $10 million worth of its shares on May 1, 2025.

Share Issuance

  • In Q2 2021, Wheels Up went public through a SPAC merger with Aspirational Consumer Lifestyle Corp., a transaction that generated up to $790 million in cash proceeds, including a $550 million Private Investment in Public Equity (PIPE) and $240 million from the SPAC's trust account.
  • As part of a $500 million credit facility in August/September 2023, Wheels Up issued new Class A common stock to lenders (Delta Air Lines, Certares, Knighthead, and Cox), resulting in these lenders owning approximately 95% of the company's pro forma equity on a fully diluted basis.
  • As of March 9, 2026, 671,239,941 shares of common stock were issued to lenders under the credit agreement.

Inbound Investments

  • Wheels Up received up to $790 million in cash proceeds from its SPAC merger in February 2021, including a $550 million PIPE from institutional investors.
  • In August/September 2023, Delta Air Lines, Certares, and Knighthead, joined by Cox Enterprises, provided a $500 million credit facility to Wheels Up, structured as a term loan and a revolving liquidity facility.

Outbound Investments

  • Wheels Up acquired Mountain Aviation in January 2021 and Air Partner for $114 million in January 2022.
  • In February 2022, the company acquired Alante Air for $107 million.
  • In August 2025, Wheels Up divested three non-core services businesses (Baines Simmons, Kenyon International Emergency Services, and Redline Assured Security) to TrustFlight for $20 million.

Capital Expenditures

  • Wheels Up initiated a capital-intensive fleet modernization strategy in October 2024, aiming to transition its jet fleet to Embraer Phenom 300 series and Bombardier Challenger 300 series aircraft, with completion targeted by year-end 2026.
  • To support this modernization, in October 2024, the company secured a new five-year, up to $332 million senior secured revolving credit facility from Bank of America, intended to refinance existing aircraft debt and fund aircraft acquisitions, including 17 Phenom 300/300E jets from GrandView Aviation for $105 million.
  • In December 2025, Wheels Up executed a $105 million sale-and-leaseback transaction for 10 business jets, using approximately $65 million of the proceeds to repay debt and the remaining $40 million to strengthen its balance sheet for further aircraft acquisitions planned for 2026.

Peer Outperformance in Airport Services

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Share of Airport Services constituents that UP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
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insufficient peer history
3Y
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insufficient peer history
5Y
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insufficient peer history
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Median price return by industry across the Industrials sector, ranked by 5Y. Airport Services is UP's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 19 15.7%207.1%203.4% FIX 2222% · STRL 2110% · AGX 830%
Electrical Components & Equipment 16 32.9%107.7%114.9% POWL 2384% · BE 1403% · VRT 908%
Trading Companies & Distributors 10 7.5%72.3%106.7% DXPE 493% · AIT 286% · WCC 220%
Construction Machinery & Heavy Transportation Equipment 13 3.2%45.0%101.1% CAT 363% · ALSN 249% · WAB 234%
Aerospace & Defense 24 -2.8%65.0%96.0% ATI 1004% · HWM 614% · MOG-A 417%
Industrial Conglomerates 5 9.0%55.7%70.5% CSW 128% · DD 72% · CSL 70%
Diversified Support Services 10 9.4%35.8%51.6% CXW 266% · CACI 137% · CTAS 112%
Industrial Machinery & Supplies & Components 41 12.0%56.8%51.2% CRS 1087% · MLI 530% · NPO 268%
Rail Transportation 3 18.5%58.9%51.1% CSX 64% · UNP 51% · NSC 41%
Cargo Ground Transportation 12 40.8%9.5%40.0% XPO 265% · R 213% · ARCB 57%
Office Services & Supplies 6 12.6%34.8%37.0% PBI 169% · TILE 125% · HNI 45%
Air Freight & Logistics 6 17.9%12.4%30.7% CHRW 100% · FDX 78% · EXPD 71%
Environmental & Facilities Services 8 -6.6%39.8%30.2% GEO 316% · CLH 191% · RSG 82%
Building Products 24 -13.9%5.4%27.1% GFF 346% · TT 180% · JCI 143%
Agricultural & Farm Machinery 5 22.9%16.4%3.5% DE 108% · TTC 8% · AGCO 3%
Passenger Ground Transportation 3 -30.3%44.7%-8.4% UBER 44% · CAR -8% · LYFT -73%
Passenger Airlines 8 18.3%35.6%-26.3% UAL 118% · DAL 92% · SKYW 88%
Data Processing & Outsourced Services 6 -34.8%-14.1%-27.1% EXLS 44% · BR 6% · G -22%
Research & Consulting Services 7 -26.6%-20.3%-34.9% FCN 5% · BAH -4% · VRSK -13%
Human Resource & Employment Services 10 6.8%-10.9%-43.5% ADP 46% · KFY 7% · PAYX 2%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

UPFLYXSOARSRFMMedian
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Growth & Margins

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Valuation

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Returns

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Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Flights, net of discounts and incentives6236348841,073874
Other859111117526
Memberships2958839070
Aircraft management010176242225
Total7367921,2531,5801,194


Price Behavior

Price Behavior
Market Price$3.33 
Market Cap ($ Bil)0.1 
First Trading Date11/13/2020 
Distance from 52W High-92.0% 
   50 Days200 Days
DMA Price$4.66$8.84
DMA Trenddowndown
Distance from DMA-28.6%-62.3%
 3M1YR
Volatility71.5%122.3%
Downside Capture590.71438.26
Upside Capture-13.1793.51
Correlation (SPY)32.5%25.1%
UP Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta3.722.302.142.102.391.87
Up Beta8.050.722.561.791.650.97
Down Beta6.574.351.481.072.321.45
Up Capture102%53%-28%58%78%848%
Bmk +ve Days6162766132424
Stock +ve Days7142252104337
Down Capture607%507%413%292%188%113%
Bmk -ve Days16263760120328
Stock -ve Days15284173146400

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with UP
UP-91.0%122.1%-1.40-
Sector ETF (XLI)10.3%17.3%0.4022.1%
Equity (SPY)15.7%13.0%0.8525.4%
Gold (GLD)7.7%29.6%0.2513.8%
Commodities (DBC)43.7%20.8%1.64-3.2%
Real Estate (VNQ)1.2%13.6%-0.1615.6%
Bitcoin (BTCUSD)-27.0%44.5%-0.5822.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with UP
UP-70.3%121.3%-0.41-
Sector ETF (XLI)12.5%17.6%0.5426.9%
Equity (SPY)13.0%17.2%0.5726.7%
Gold (GLD)18.6%18.9%0.808.3%
Commodities (DBC)10.3%19.6%0.408.2%
Real Estate (VNQ)0.4%18.9%-0.0822.2%
Bitcoin (BTCUSD)13.2%52.3%0.4316.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with UP
UP-47.9%113.4%-0.43-
Sector ETF (XLI)13.2%20.0%0.5825.5%
Equity (SPY)15.3%17.9%0.7225.6%
Gold (GLD)11.6%16.4%0.588.2%
Commodities (DBC)8.2%18.1%0.377.9%
Real Estate (VNQ)4.4%20.7%0.1721.3%
Bitcoin (BTCUSD)63.9%66.2%1.0414.0%

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Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity1.0 Mil
Short Interest: % Change Since 83120264.8%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest7.8 days
Basic Shares Quantity36.1 Mil
Short % of Basic Shares2.6%

Earnings Returns History

Updated 9/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/2026-8.0%-15.8%-30.6%
5/11/2026-2.7%9.1%34.1%
2/19/2026-12.4%-8.2%-20.2%
11/5/2025-5.5%-2.4%-52.4%
8/7/20250.0%4.4%46.0%
5/1/2025-3.5%1.7%13.9%
3/11/20255.6%2.8%-24.9%
11/7/2024-6.0%0.0%-1.4%
...
SUMMARY STATS   
# Positive795
# Negative141216
Median Positive4.7%3.3%34.1%
Median Negative-8.4%-7.5%-22.6%
Max Positive10.2%21.5%87.3%
Max Negative-21.0%-38.6%-56.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/2026-8.0%-15.8%-30.6%
5/11/2026-2.7%9.1%34.1%
2/19/2026-12.4%-8.2%-20.2%
11/5/2025-5.5%-2.4%-52.4%
8/7/20250.0%4.4%46.0%
5/1/2025-3.5%1.7%13.9%
3/11/20255.6%2.8%-24.9%
11/7/2024-6.0%0.0%-1.4%
8/8/2024-9.7%7.6%-8.6%
5/9/2024-3.1%21.5%-9.9%
3/7/2024-12.4%-6.9%-3.3%
11/9/2023-5.7%-0.7%32.9%
8/14/20236.3%2.8%87.3%
5/9/2023-21.0%-38.6%-42.8%
3/9/2023-10.4%-24.2%-56.5%
11/9/20224.7%-6.7%-31.3%
8/11/202210.2%-3.9%-31.4%
5/12/20223.3%3.3%-19.2%
3/10/2022-8.8%-10.3%-11.7%
11/10/2021-20.1%-24.8%-40.5%
8/12/20210.7%-6.4%-11.4%
SUMMARY STATS   
# Positive795
# Negative141216
Median Positive4.7%3.3%34.1%
Median Negative-8.4%-7.5%-22.6%
Max Positive10.2%21.5%87.3%
Max Negative-21.0%-38.6%-56.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/11/202610-Q
12/31/202503/10/202610-K
09/30/202511/05/202510-Q
06/30/202508/07/202510-Q
03/31/202505/05/202510-Q
12/31/202403/11/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/07/202410-K
09/30/202311/09/202310-Q
06/30/202308/14/202310-Q
03/31/202305/09/202310-Q
12/31/202203/31/202310-K
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/11/202610-Q
12/31/202503/10/202610-K
09/30/202511/05/202510-Q
06/30/202508/07/202510-Q
03/31/202505/05/202510-Q
12/31/202403/11/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/07/202410-K
09/30/202311/09/202310-Q
06/30/202308/14/202310-Q
03/31/202305/09/202310-Q
12/31/202203/31/202310-K
09/30/202211/09/202210-Q
06/30/202208/11/202210-Q
03/31/202205/13/202210-Q
12/31/202103/10/202210-K
09/30/202111/10/202110-Q
06/30/202108/19/202110-Q

Recent Forward Guidance

Updated 10/1/2026

Latest: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Annual Cash Cost SavingsReported 70.00 Mil 0 AffirmedGuidance: 70.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Incremental LiquidityReported 165.00 Mil    
2026 Annual Cash Cost SavingsReported 70.00 Mil    

Q4 2025 Earnings Reported 2/19/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Fleet Transformation CompletionReported      
2026 Premium Jet Fleet Livery and Interior CompletionReported 0.5    
2026 Fleet Wi-Fi InstallationReported 1    

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Annual Run-Rate Cost SavingsReported 70.00 Mil 40.0% RaisedGuidance: 50.00 Mil for 2026
2026 Adjusted EBITDARReported      

Insider Activity

Updated 9/11/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wells, Meaghan DanielleChief Growth OfficerDirectSell90920264.399234,052265,481Form
2Ck, Wheels Llc DirectSell90120264.619,36343,16359,288,708Form
3Wells, Meaghan DanielleChief Growth OfficerDirectSell81220265.414,35823,577333,770Form
4Ck, Wheels Llc DirectSell62320267.0010070090,091,778Form
5Ck, Wheels Llc DirectSell62320268.0527,524221,568103,606,350Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wells, Meaghan DanielleChief Growth OfficerDirectSell90920264.399234,052265,481Form
2Ck, Wheels Llc DirectSell90120264.619,36343,16359,288,708Form
3Wells, Meaghan DanielleChief Growth OfficerDirectSell81220265.414,35823,577333,770Form
4Ck, Wheels Llc DirectSell62320267.0010070090,091,778Form
5Ck, Wheels Llc DirectSell62320268.0527,524221,568103,606,350Form
6Ck, Wheels Llc DirectSell61720268.075,30942,844104,085,875Form
7Ck, Wheels Llc DirectSell61720268.154,02132,771105,160,974Form
8Ck, Wheels Llc DirectSell61720268.521,25210,667109,969,412Form
9Briffa, MarkChief Sales OfficerDirectSell61220267.501,0177,628600,622Form
10Mattson, George NChief Executive OfficerDirectBuy52020265.561,4758,201154,518Form
11Mattson, George NChief Executive OfficerDirectBuy51520265.1310,02951,449135,001Form
12Mattson, George NChief Executive OfficerDirectBuy51520265.481,3047,14689,253Form
13Briffa, MarkChief Sales OfficerDirectSell51520264.993,80418,982409,195Form
14Mattson, George NChief Executive OfficerDirectBuy51520265.3014,98379,41079,410Form
15Briffa, MarkChief Sales OfficerDirectSell110720251.2386,813106,7801,066,004Form
16Wells, Meaghan DanielleChief Growth OfficerDirectSell110720251.2247,93158,476642,551Form
17Briffa, MarkChief Sales OfficerDirectSell91120252.189,90421,5912,290,022Form
18Holtz, David LChief Operating OfficerDirectSell90320252.9236,318106,0492,786,422Form

Investor Activity (13F)

Updated Oct 2, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Delta Air Lines, Inc.$136.2 Mil36.0%3Hold13F
Knighthead Capital Management, LLC$133.3 Mil13.5%3Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Delta Air Lines, Inc.$136.2 Mil36.0%3Hold13F
Knighthead Capital Management, LLC$133.3 Mil13.5%3Hold13F
Core Cache Last Updated: 10/1/2026