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Side-by-side financial comparison of APPFOLIO INC (APPF) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $183.8M, roughly 1.4× Wheels Up Experience Inc.). APPFOLIO INC runs the higher net margin — 16.2% vs -15.7%, a 31.9% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs -10.2%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs -3.4%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
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.
APPF vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $183.8M |
| Net Profit | $42.4M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 19.4% | -0.9% |
| Net Margin | 16.2% | -15.7% |
| Revenue YoY | 20.4% | -10.2% |
| Net Profit YoY | 35.2% | 67.0% |
| EPS (diluted) | $1.18 | $-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.
| Q1 26 | $262.2M | — | ||
| Q4 25 | $248.2M | $183.8M | ||
| Q3 25 | $249.4M | $185.5M | ||
| Q2 25 | $235.6M | $189.6M | ||
| Q1 25 | $217.7M | $177.5M | ||
| Q4 24 | $203.7M | $204.8M | ||
| Q3 24 | $205.7M | $193.9M | ||
| Q2 24 | $197.4M | $196.3M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $-28.9M | ||
| Q3 25 | $33.6M | $-83.7M | ||
| Q2 25 | $36.0M | $-82.3M | ||
| Q1 25 | $31.4M | $-99.3M | ||
| Q4 24 | $102.7M | $-87.5M | ||
| Q3 24 | $33.0M | $-57.7M | ||
| Q2 24 | $29.7M | $-97.0M |
| Q1 26 | — | — | ||
| 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 26 | 19.4% | — | ||
| Q4 25 | 17.6% | -0.9% | ||
| Q3 25 | 14.1% | -33.1% | ||
| Q2 25 | 17.2% | -31.4% | ||
| Q1 25 | 15.5% | -45.5% | ||
| Q4 24 | 11.3% | -26.0% | ||
| Q3 24 | 20.7% | -21.6% | ||
| Q2 24 | 18.3% | -40.3% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | -15.7% | ||
| Q3 25 | 13.5% | -45.1% | ||
| Q2 25 | 15.3% | -43.4% | ||
| Q1 25 | 14.4% | -55.9% | ||
| Q4 24 | 50.4% | -42.7% | ||
| Q3 24 | 16.0% | -29.8% | ||
| Q2 24 | 15.0% | -49.4% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $-0.04 | ||
| Q3 25 | $0.93 | $-0.12 | ||
| Q2 25 | $0.99 | $-0.12 | ||
| Q1 25 | $0.86 | $-0.14 | ||
| Q4 24 | $2.79 | $-0.13 | ||
| Q3 24 | $0.90 | $-0.08 | ||
| Q2 24 | $0.81 | $-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 | $147.4M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $470.2M | $-392.1M |
| Total Assets | $580.6M | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $133.9M | ||
| Q3 25 | $76.1M | $125.3M | ||
| Q2 25 | $73.5M | $107.0M | ||
| Q1 25 | $56.9M | $171.8M | ||
| Q4 24 | $42.5M | $216.4M | ||
| Q3 24 | $62.4M | $115.9M | ||
| Q2 24 | $59.6M | $141.5M |
| Q1 26 | — | — | ||
| 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 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $-392.1M | ||
| Q3 25 | $498.9M | $-374.5M | ||
| Q2 25 | $455.6M | $-347.8M | ||
| Q1 25 | $462.1M | $-288.1M | ||
| Q4 24 | $519.3M | $-202.1M | ||
| Q3 24 | $412.8M | $-117.7M | ||
| Q2 24 | $371.4M | $-72.2M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $968.8M | ||
| Q3 25 | $640.5M | $973.0M | ||
| Q2 25 | $567.4M | $1.0B | ||
| Q1 25 | $564.7M | $1.1B | ||
| Q4 24 | $626.7M | $1.2B | ||
| Q3 24 | $523.3M | $1.0B | ||
| Q2 24 | $479.3M | $1.1B |
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 | $34.3M | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-58.3M |
| FCF MarginFCF / Revenue | — | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $-18.4M | ||
| Q3 25 | $86.0M | $-37.1M | ||
| Q2 25 | $52.6M | $-62.9M | ||
| Q1 25 | $38.5M | $-47.9M | ||
| Q4 24 | $36.6M | $37.9M | ||
| Q3 24 | $57.8M | $-16.9M | ||
| Q2 24 | $50.9M | $-25.2M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $-58.3M | ||
| Q3 25 | $84.7M | $-60.4M | ||
| Q2 25 | $52.4M | $-78.6M | ||
| Q1 25 | $38.2M | $-62.6M | ||
| Q4 24 | $36.4M | $-70.2M | ||
| Q3 24 | $57.4M | $-21.9M | ||
| Q2 24 | $50.8M | $-30.8M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | -31.7% | ||
| Q3 25 | 34.0% | -32.6% | ||
| Q2 25 | 22.2% | -41.5% | ||
| Q1 25 | 17.6% | -35.3% | ||
| Q4 24 | 17.9% | -34.3% | ||
| Q3 24 | 27.9% | -11.3% | ||
| Q2 24 | 25.8% | -15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 21.7% | ||
| Q3 25 | 0.5% | 12.5% | ||
| Q2 25 | 0.1% | 8.3% | ||
| Q1 25 | 0.1% | 8.3% | ||
| Q4 24 | 0.1% | 52.8% | ||
| Q3 24 | 0.2% | 2.6% | ||
| Q2 24 | 0.0% | 2.9% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
UP
Segment breakdown not available.
