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Side-by-side financial comparison of ADTRAN Holdings, Inc. (ADTN) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
ADTRAN Holdings, Inc. is the larger business by last-quarter revenue ($291.6M vs $183.8M, roughly 1.6× Wheels Up Experience Inc.). ADTRAN Holdings, Inc. runs the higher net margin — -1.2% vs -15.7%, a 14.5% gap on every dollar of revenue. On growth, ADTRAN Holdings, Inc. posted the faster year-over-year revenue change (20.1% vs -10.2%). ADTRAN Holdings, Inc. produced more free cash flow last quarter ($30.6M vs $-58.3M). Over the past eight quarters, ADTRAN Holdings, Inc.'s revenue compounded faster (13.5% CAGR vs -3.4%).
Adtran, Inc. is an American fiber networking and telecommunications company headquartered in Huntsville, Alabama. It is a vendor of both residential and enterprise networking equipment, along with administrative software for network management and deployment. Its customers include communications service providers, governments, enterprises and utilities.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
ADTN vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $291.6M | $183.8M |
| Net Profit | $-3.6M | $-28.9M |
| Gross Margin | 39.0% | 14.3% |
| Operating Margin | 1.5% | -0.9% |
| Net Margin | -1.2% | -15.7% |
| Revenue YoY | 20.1% | -10.2% |
| Net Profit YoY | 92.2% | 67.0% |
| EPS (diluted) | $-0.02 | $-0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $291.6M | $183.8M | ||
| Q3 25 | $279.4M | $185.5M | ||
| Q2 25 | $265.1M | $189.6M | ||
| Q1 25 | $247.7M | $177.5M | ||
| Q4 24 | $242.9M | $204.8M | ||
| Q3 24 | $227.7M | $193.9M | ||
| Q2 24 | $226.0M | $196.3M | ||
| Q1 24 | $226.2M | $197.1M |
| Q4 25 | $-3.6M | $-28.9M | ||
| Q3 25 | $-10.3M | $-83.7M | ||
| Q2 25 | $-20.5M | $-82.3M | ||
| Q1 25 | $-11.3M | $-99.3M | ||
| Q4 24 | $-46.1M | $-87.5M | ||
| Q3 24 | $-33.3M | $-57.7M | ||
| Q2 24 | $-49.7M | $-97.0M | ||
| Q1 24 | $-330.8M | $-97.4M |
| Q4 25 | 39.0% | 14.3% | ||
| Q3 25 | 38.3% | 6.8% | ||
| Q2 25 | 37.3% | 8.3% | ||
| Q1 25 | 38.4% | 10.8% | ||
| Q4 24 | 36.9% | 13.9% | ||
| Q3 24 | 36.5% | 13.9% | ||
| Q2 24 | 36.0% | 2.3% | ||
| Q1 24 | 31.1% | -0.6% |
| Q4 25 | 1.5% | -0.9% | ||
| Q3 25 | -1.0% | -33.1% | ||
| Q2 25 | -5.0% | -31.4% | ||
| Q1 25 | -1.6% | -45.5% | ||
| Q4 24 | -6.9% | -26.0% | ||
| Q3 24 | -11.5% | -21.6% | ||
| Q2 24 | -17.0% | -40.3% | ||
| Q1 24 | -153.1% | -42.9% |
| Q4 25 | -1.2% | -15.7% | ||
| Q3 25 | -3.7% | -45.1% | ||
| Q2 25 | -7.7% | -43.4% | ||
| Q1 25 | -4.5% | -55.9% | ||
| Q4 24 | -19.0% | -42.7% | ||
| Q3 24 | -14.6% | -29.8% | ||
| Q2 24 | -22.0% | -49.4% | ||
| Q1 24 | -146.2% | -49.4% |
| Q4 25 | $-0.02 | $-0.04 | ||
| Q3 25 | $-0.12 | $-0.12 | ||
| Q2 25 | $-0.24 | $-0.12 | ||
| Q1 25 | $-0.14 | $-0.14 | ||
| Q4 24 | $-0.58 | $-0.13 | ||
| Q3 24 | $-0.38 | $-0.08 | ||
| Q2 24 | $-0.63 | $-0.14 | ||
| Q1 24 | $-4.20 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $95.7M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $145.8M | $-392.1M |
| Total Assets | $1.2B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.7M | $133.9M | ||
| Q3 25 | $93.7M | $125.3M | ||
| Q2 25 | $106.3M | $107.0M | ||
| Q1 25 | $101.3M | $171.8M | ||
| Q4 24 | $76.0M | $216.4M | ||
| Q3 24 | $88.5M | $115.9M | ||
| Q2 24 | $111.2M | $141.5M | ||
| Q1 24 | $106.8M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $145.8M | $-392.1M | ||
| Q3 25 | $141.6M | $-374.5M | ||
| Q2 25 | $169.6M | $-347.8M | ||
| Q1 25 | $138.9M | $-288.1M | ||
| Q4 24 | $127.0M | $-202.1M | ||
| Q3 24 | $205.6M | $-117.7M | ||
| Q2 24 | $213.6M | $-72.2M | ||
| Q1 24 | $260.8M | $936.0K |
| Q4 25 | $1.2B | $968.8M | ||
| Q3 25 | $1.2B | $973.0M | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.3B | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $42.2M | $-18.4M |
| Free Cash FlowOCF − Capex | $30.6M | $-58.3M |
| FCF MarginFCF / Revenue | 10.5% | -31.7% |
| Capex IntensityCapex / Revenue | 4.0% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $98.0M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.2M | $-18.4M | ||
| Q3 25 | $12.2M | $-37.1M | ||
| Q2 25 | $32.2M | $-62.9M | ||
| Q1 25 | $43.2M | $-47.9M | ||
| Q4 24 | $2.4M | $37.9M | ||
| Q3 24 | $43.3M | $-16.9M | ||
| Q2 24 | $19.9M | $-25.2M | ||
| Q1 24 | $37.9M | $-73.8M |
| Q4 25 | $30.6M | $-58.3M | ||
| Q3 25 | $4.2M | $-60.4M | ||
| Q2 25 | $27.5M | $-78.6M | ||
| Q1 25 | $35.8M | $-62.6M | ||
| Q4 24 | $-895.0K | $-70.2M | ||
| Q3 24 | $37.1M | $-21.9M | ||
| Q2 24 | $8.4M | $-30.8M | ||
| Q1 24 | $24.4M | $-77.8M |
| Q4 25 | 10.5% | -31.7% | ||
| Q3 25 | 1.5% | -32.6% | ||
| Q2 25 | 10.4% | -41.5% | ||
| Q1 25 | 14.4% | -35.3% | ||
| Q4 24 | -0.4% | -34.3% | ||
| Q3 24 | 16.3% | -11.3% | ||
| Q2 24 | 3.7% | -15.7% | ||
| Q1 24 | 10.8% | -39.5% |
| Q4 25 | 4.0% | 21.7% | ||
| Q3 25 | 2.9% | 12.5% | ||
| Q2 25 | 1.8% | 8.3% | ||
| Q1 25 | 3.0% | 8.3% | ||
| Q4 24 | 1.4% | 52.8% | ||
| Q3 24 | 2.7% | 2.6% | ||
| Q2 24 | 5.1% | 2.9% | ||
| Q1 24 | 6.0% | 2.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
UP
Segment breakdown not available.
