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Side-by-side financial comparison of Bandwidth Inc. (BAND) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Bandwidth Inc. is the larger business by last-quarter revenue ($207.7M vs $183.8M, roughly 1.1× Wheels Up Experience Inc.). On growth, Bandwidth Inc. posted the faster year-over-year revenue change (-1.1% vs -10.2%). Over the past eight quarters, Bandwidth Inc.'s revenue compounded faster (10.2% CAGR vs -3.4%).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
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.
BAND vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $207.7M | $183.8M |
| Net Profit | — | $-28.9M |
| Gross Margin | 37.6% | 14.3% |
| Operating Margin | -1.9% | -0.9% |
| Net Margin | — | -15.7% |
| Revenue YoY | -1.1% | -10.2% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | $-0.10 | $-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 | $207.7M | $183.8M | ||
| Q3 25 | $191.9M | $185.5M | ||
| Q2 25 | $180.0M | $189.6M | ||
| Q1 25 | $174.2M | $177.5M | ||
| Q4 24 | $210.0M | $204.8M | ||
| Q3 24 | $193.9M | $193.9M | ||
| Q2 24 | $173.6M | $196.3M | ||
| Q1 24 | $171.0M | $197.1M |
| Q4 25 | — | $-28.9M | ||
| Q3 25 | $-1.2M | $-83.7M | ||
| Q2 25 | $-4.9M | $-82.3M | ||
| Q1 25 | $-3.7M | $-99.3M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | $413.0K | $-57.7M | ||
| Q2 24 | $4.1M | $-97.0M | ||
| Q1 24 | $-9.2M | $-97.4M |
| Q4 25 | 37.6% | 14.3% | ||
| Q3 25 | 38.5% | 6.8% | ||
| Q2 25 | 39.8% | 8.3% | ||
| Q1 25 | 41.0% | 10.8% | ||
| Q4 24 | 36.4% | 13.9% | ||
| Q3 24 | 37.7% | 13.9% | ||
| Q2 24 | 37.3% | 2.3% | ||
| Q1 24 | 38.3% | -0.6% |
| Q4 25 | -1.9% | -0.9% | ||
| Q3 25 | -1.0% | -33.1% | ||
| Q2 25 | -2.1% | -31.4% | ||
| Q1 25 | -2.7% | -45.5% | ||
| Q4 24 | -1.3% | -26.0% | ||
| Q3 24 | -0.5% | -21.6% | ||
| Q2 24 | -3.5% | -40.3% | ||
| Q1 24 | -6.1% | -42.9% |
| Q4 25 | — | -15.7% | ||
| Q3 25 | -0.6% | -45.1% | ||
| Q2 25 | -2.7% | -43.4% | ||
| Q1 25 | -2.1% | -55.9% | ||
| Q4 24 | — | -42.7% | ||
| Q3 24 | 0.2% | -29.8% | ||
| Q2 24 | 2.3% | -49.4% | ||
| Q1 24 | -5.4% | -49.4% |
| Q4 25 | $-0.10 | $-0.04 | ||
| Q3 25 | $-0.04 | $-0.12 | ||
| Q2 25 | $-0.16 | $-0.12 | ||
| Q1 25 | $-0.13 | $-0.14 | ||
| Q4 24 | $0.27 | $-0.13 | ||
| Q3 24 | $0.01 | $-0.08 | ||
| Q2 24 | $-0.17 | $-0.14 | ||
| Q1 24 | $-0.35 | $-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 | $111.3M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $400.0M | $-392.1M |
| Total Assets | $1.1B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $111.3M | $133.9M | ||
| Q3 25 | $80.4M | $125.3M | ||
| Q2 25 | $68.1M | $107.0M | ||
| Q1 25 | $41.7M | $171.8M | ||
| Q4 24 | $83.8M | $216.4M | ||
| Q3 24 | $79.9M | $115.9M | ||
| Q2 24 | $76.4M | $141.5M | ||
| Q1 24 | $147.2M | $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 | $400.0M | $-392.1M | ||
| Q3 25 | $392.7M | $-374.5M | ||
| Q2 25 | $384.5M | $-347.8M | ||
| Q1 25 | $345.4M | $-288.1M | ||
| Q4 24 | $312.5M | $-202.1M | ||
| Q3 24 | $336.6M | $-117.7M | ||
| Q2 24 | $307.4M | $-72.2M | ||
| Q1 24 | $298.2M | $936.0K |
| Q4 25 | $1.1B | $968.8M | ||
| Q3 25 | $1.0B | $973.0M | ||
| Q2 25 | $1.0B | $1.0B | ||
| Q1 25 | $964.4M | $1.1B | ||
| Q4 24 | $989.2M | $1.2B | ||
| Q3 24 | $1.0B | $1.0B | ||
| Q2 24 | $1.0B | $1.1B | ||
| Q1 24 | $1.1B | $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 | $38.6M | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-58.3M |
| FCF MarginFCF / Revenue | — | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $38.6M | $-18.4M | ||
| Q3 25 | $22.2M | $-37.1M | ||
| Q2 25 | $31.7M | $-62.9M | ||
| Q1 25 | $-3.1M | $-47.9M | ||
| Q4 24 | $36.5M | $37.9M | ||
| Q3 24 | $20.5M | $-16.9M | ||
| Q2 24 | $24.4M | $-25.2M | ||
| Q1 24 | $2.5M | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | — | $-60.4M | ||
| Q2 25 | — | $-78.6M | ||
| Q1 25 | — | $-62.6M | ||
| Q4 24 | — | $-70.2M | ||
| Q3 24 | — | $-21.9M | ||
| Q2 24 | — | $-30.8M | ||
| Q1 24 | — | $-77.8M |
| Q4 25 | — | -31.7% | ||
| Q3 25 | — | -32.6% | ||
| Q2 25 | — | -41.5% | ||
| Q1 25 | — | -35.3% | ||
| Q4 24 | — | -34.3% | ||
| Q3 24 | — | -11.3% | ||
| Q2 24 | — | -15.7% | ||
| Q1 24 | — | -39.5% |
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | — | 52.8% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 49.55× | — | ||
| Q2 24 | 6.03× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAND
| Messaging Surcharges | $192.4M | 93% |
| Other | $15.2M | 7% |
UP
Segment breakdown not available.
