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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
ASHFORD HOSPITALITY TRUST INC is the larger business by last-quarter revenue ($259.0M vs $183.8M, roughly 1.4× Wheels Up Experience Inc.). Wheels Up Experience Inc. runs the higher net margin — -15.7% vs -26.8%, a 11.1% gap on every dollar of revenue. On growth, ASHFORD HOSPITALITY TRUST INC posted the faster year-over-year revenue change (-6.0% vs -10.2%). Wheels Up Experience Inc. produced more free cash flow last quarter ($-58.3M vs $-86.8M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -7.7%).
Ashford Hospitality Trust Inc is a U.S.-headquartered real estate investment trust focused on upper-upscale full-service hotel properties across key U.S. urban, suburban and resort markets. Its portfolio holds assets under top global hospitality brands, serving business and leisure travelers, with a focus on long-term value growth and stable shareholder returns.
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.
AHT vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $183.8M |
| Net Profit | $-69.3M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | -2.6% | -0.9% |
| Net Margin | -26.8% | -15.7% |
| Revenue YoY | -6.0% | -10.2% |
| Net Profit YoY | 44.2% | 67.0% |
| EPS (diluted) | $-12.85 | $-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 | $259.0M | $183.8M | ||
| Q3 25 | $266.1M | $185.5M | ||
| Q2 25 | $302.0M | $189.6M | ||
| Q1 25 | $277.4M | $177.5M | ||
| Q4 24 | $275.5M | $204.8M | ||
| Q3 24 | $276.6M | $193.9M | ||
| Q2 24 | $316.5M | $196.3M | ||
| Q1 24 | $303.9M | $197.1M |
| Q4 25 | $-69.3M | $-28.9M | ||
| Q3 25 | $-60.1M | $-83.7M | ||
| Q2 25 | $-30.4M | $-82.3M | ||
| Q1 25 | $-20.0M | $-99.3M | ||
| Q4 24 | $-124.2M | $-87.5M | ||
| Q3 24 | $-57.9M | $-57.7M | ||
| Q2 24 | $50.3M | $-97.0M | ||
| Q1 24 | $71.6M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | -2.6% | -0.9% | ||
| Q3 25 | 4.6% | -33.1% | ||
| Q2 25 | 16.3% | -31.4% | ||
| Q1 25 | 22.2% | -45.5% | ||
| Q4 24 | -17.8% | -26.0% | ||
| Q3 24 | 7.3% | -21.6% | ||
| Q2 24 | 42.8% | -40.3% | ||
| Q1 24 | 50.2% | -42.9% |
| Q4 25 | -26.8% | -15.7% | ||
| Q3 25 | -22.6% | -45.1% | ||
| Q2 25 | -10.1% | -43.4% | ||
| Q1 25 | -7.2% | -55.9% | ||
| Q4 24 | -45.1% | -42.7% | ||
| Q3 24 | -20.9% | -29.8% | ||
| Q2 24 | 15.9% | -49.4% | ||
| Q1 24 | 23.5% | -49.4% |
| Q4 25 | $-12.85 | $-0.04 | ||
| Q3 25 | $-11.35 | $-0.12 | ||
| Q2 25 | $-6.88 | $-0.12 | ||
| Q1 25 | $-4.91 | $-0.14 | ||
| Q4 24 | $-13.64 | $-0.13 | ||
| Q3 24 | $-12.39 | $-0.08 | ||
| Q2 24 | $2.50 | $-0.14 | ||
| Q1 24 | $5.99 | $-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 | $66.1M | $133.9M |
| Total DebtLower is stronger | $2.5B | $671.3M |
| Stockholders' EquityBook value | $-626.4M | $-392.1M |
| Total Assets | $2.8B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $133.9M | ||
| Q3 25 | $81.9M | $125.3M | ||
| Q2 25 | $100.0M | $107.0M | ||
| Q1 25 | $85.8M | $171.8M | ||
| Q4 24 | $112.9M | $216.4M | ||
| Q3 24 | $119.7M | $115.9M | ||
| Q2 24 | $121.8M | $141.5M | ||
| Q1 24 | $111.1M | $180.9M |
| Q4 25 | $2.5B | $671.3M | ||
| Q3 25 | $2.6B | $766.5M | ||
| Q2 25 | $2.6B | $770.5M | ||
| Q1 25 | $2.7B | $765.8M | ||
| Q4 24 | $2.6B | $761.3M | ||
| Q3 24 | $2.7B | $596.9M | ||
| Q2 24 | $2.8B | $597.4M | ||
| Q1 24 | $2.9B | $603.2M |
| Q4 25 | $-626.4M | $-392.1M | ||
| Q3 25 | $-548.7M | $-374.5M | ||
| Q2 25 | $-485.5M | $-347.8M | ||
| Q1 25 | $-446.1M | $-288.1M | ||
| Q4 24 | $-419.2M | $-202.1M | ||
| Q3 24 | $-288.4M | $-117.7M | ||
| Q2 24 | $-225.9M | $-72.2M | ||
| Q1 24 | $-276.8M | $936.0K |
| Q4 25 | $2.8B | $968.8M | ||
| Q3 25 | $3.0B | $973.0M | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $3.1B | $1.1B | ||
| Q4 24 | $3.2B | $1.2B | ||
| Q3 24 | $3.3B | $1.0B | ||
| Q2 24 | $3.3B | $1.1B | ||
| Q1 24 | $3.5B | $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 | $-15.7M | $-18.4M |
| Free Cash FlowOCF − Capex | $-86.8M | $-58.3M |
| FCF MarginFCF / Revenue | -33.5% | -31.7% |
| Capex IntensityCapex / Revenue | 27.5% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $-18.4M | ||
| Q3 25 | $5.5M | $-37.1M | ||
| Q2 25 | $16.3M | $-62.9M | ||
| Q1 25 | $-25.0M | $-47.9M | ||
| Q4 24 | $-23.6M | $37.9M | ||
| Q3 24 | $795.0K | $-16.9M | ||
| Q2 24 | $8.0M | $-25.2M | ||
| Q1 24 | $-46.5M | $-73.8M |
| Q4 25 | $-86.8M | $-58.3M | ||
| Q3 25 | $-226.0K | $-60.4M | ||
| Q2 25 | $-3.6M | $-78.6M | ||
| Q1 25 | $-44.8M | $-62.6M | ||
| Q4 24 | $-131.6M | $-70.2M | ||
| Q3 24 | $-21.8M | $-21.9M | ||
| Q2 24 | $-22.9M | $-30.8M | ||
| Q1 24 | $-80.4M | $-77.8M |
| Q4 25 | -33.5% | -31.7% | ||
| Q3 25 | -0.1% | -32.6% | ||
| Q2 25 | -1.2% | -41.5% | ||
| Q1 25 | -16.2% | -35.3% | ||
| Q4 24 | -47.8% | -34.3% | ||
| Q3 24 | -7.9% | -11.3% | ||
| Q2 24 | -7.2% | -15.7% | ||
| Q1 24 | -26.5% | -39.5% |
| Q4 25 | 27.5% | 21.7% | ||
| Q3 25 | 2.1% | 12.5% | ||
| Q2 25 | 6.6% | 8.3% | ||
| Q1 25 | 7.2% | 8.3% | ||
| Q4 24 | 39.2% | 52.8% | ||
| Q3 24 | 8.2% | 2.6% | ||
| Q2 24 | 9.8% | 2.9% | ||
| Q1 24 | 11.2% | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | -0.65× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHT
| Occupancy | $190.2M | 73% |
| Food And Beverage | $51.8M | 20% |
| Hotel Other | $16.6M | 6% |
UP
Segment breakdown not available.
