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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $141.8M, roughly 1.3× BLACKBERRY Ltd). BLACKBERRY Ltd runs the higher net margin — 9.7% vs -15.7%, a 25.4% gap on every dollar of revenue. On growth, BLACKBERRY Ltd posted the faster year-over-year revenue change (-0.8% vs -10.2%). BLACKBERRY Ltd produced more free cash flow last quarter ($17.4M vs $-58.3M). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs -3.4%).
BlackBerry Limited, formerly Research In Motion (RIM), is a Canadian software company specializing in secure communications and the Internet of Things (IoT). Founded in 1984, it developed the BlackBerry brand of two-way pagers, smartphones, and tablets. The company later transitioned to providing software and services and holds critical software application patents.
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.
BB vs UP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $183.8M |
| Net Profit | $13.7M | $-28.9M |
| Gross Margin | 77.5% | 14.3% |
| Operating Margin | 8.4% | -0.9% |
| Net Margin | 9.7% | -15.7% |
| Revenue YoY | -0.8% | -10.2% |
| Net Profit YoY | 224.5% | 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 | $141.8M | $183.8M | ||
| Q3 25 | $129.6M | $185.5M | ||
| Q2 25 | $121.7M | $189.6M | ||
| Q1 25 | $141.7M | $177.5M | ||
| Q4 24 | $143.6M | $204.8M | ||
| Q3 24 | $126.2M | $193.9M | ||
| Q2 24 | $123.4M | $196.3M | ||
| Q1 24 | $102.1M | $197.1M |
| Q4 25 | $13.7M | $-28.9M | ||
| Q3 25 | $13.3M | $-83.7M | ||
| Q2 25 | $1.9M | $-82.3M | ||
| Q1 25 | $-7.4M | $-99.3M | ||
| Q4 24 | $-10.5M | $-87.5M | ||
| Q3 24 | $-19.7M | $-57.7M | ||
| Q2 24 | $-41.4M | $-97.0M | ||
| Q1 24 | $-56.2M | $-97.4M |
| Q4 25 | 77.5% | 14.3% | ||
| Q3 25 | 74.5% | 6.8% | ||
| Q2 25 | 74.2% | 8.3% | ||
| Q1 25 | 73.5% | 10.8% | ||
| Q4 24 | 78.1% | 13.9% | ||
| Q3 24 | 70.2% | 13.9% | ||
| Q2 24 | 72.9% | 2.3% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | 8.4% | -0.9% | ||
| Q3 25 | 8.9% | -33.1% | ||
| Q2 25 | 1.6% | -31.4% | ||
| Q1 25 | -5.6% | -45.5% | ||
| Q4 24 | 13.6% | -26.0% | ||
| Q3 24 | 1.7% | -21.6% | ||
| Q2 24 | -10.5% | -40.3% | ||
| Q1 24 | 50.0% | -42.9% |
| Q4 25 | 9.7% | -15.7% | ||
| Q3 25 | 10.3% | -45.1% | ||
| Q2 25 | 1.6% | -43.4% | ||
| Q1 25 | -5.2% | -55.9% | ||
| Q4 24 | -7.3% | -42.7% | ||
| Q3 24 | -15.6% | -29.8% | ||
| Q2 24 | -33.5% | -49.4% | ||
| Q1 24 | -55.0% | -49.4% |
| Q4 25 | $0.02 | $-0.04 | ||
| Q3 25 | $0.02 | $-0.12 | ||
| Q2 25 | $0.00 | $-0.12 | ||
| Q1 25 | $-0.01 | $-0.14 | ||
| Q4 24 | $-0.02 | $-0.13 | ||
| Q3 24 | $-0.03 | $-0.08 | ||
| Q2 24 | $-0.07 | $-0.14 | ||
| Q1 24 | $-0.08 | $-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 | $304.2M | $133.9M |
| Total DebtLower is stronger | $196.2M | $671.3M |
| Stockholders' EquityBook value | $741.1M | $-392.1M |
| Total Assets | $1.2B | $968.8M |
| Debt / EquityLower = less leverage | 0.26× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $133.9M | ||
| Q3 25 | $290.5M | $125.3M | ||
| Q2 25 | $306.6M | $107.0M | ||
| Q1 25 | $337.8M | $171.8M | ||
| Q4 24 | $220.0M | $216.4M | ||
| Q3 24 | $211.0M | $115.9M | ||
| Q2 24 | $229.0M | $141.5M | ||
| Q1 24 | $237.1M | $180.9M |
| Q4 25 | $196.2M | $671.3M | ||
| Q3 25 | $195.9M | $766.5M | ||
| Q2 25 | $195.6M | $770.5M | ||
| Q1 25 | $195.3M | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | $194.1M | $603.2M |
| Q4 25 | $741.1M | $-392.1M | ||
| Q3 25 | $725.1M | $-374.5M | ||
| Q2 25 | $725.1M | $-347.8M | ||
| Q1 25 | $719.9M | $-288.1M | ||
| Q4 24 | $725.2M | $-202.1M | ||
| Q3 24 | $732.1M | $-117.7M | ||
| Q2 24 | $742.6M | $-72.2M | ||
| Q1 24 | $775.1M | $936.0K |
| Q4 25 | $1.2B | $968.8M | ||
| Q3 25 | $1.2B | $973.0M | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.4B | $1.2B |
| Q4 25 | 0.26× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.25× | 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 | $18.3M | $-18.4M |
| Free Cash FlowOCF − Capex | $17.4M | $-58.3M |
| FCF MarginFCF / Revenue | 12.3% | -31.7% |
| Capex IntensityCapex / Revenue | 0.6% | 21.7% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $-18.4M | ||
| Q3 25 | $3.9M | $-37.1M | ||
| Q2 25 | $-18.0M | $-62.9M | ||
| Q1 25 | $41.6M | $-47.9M | ||
| Q4 24 | $6.0M | $37.9M | ||
| Q3 24 | $-16.0M | $-16.9M | ||
| Q2 24 | $-15.1M | $-25.2M | ||
| Q1 24 | $-15.5M | $-73.8M |
| Q4 25 | $17.4M | $-58.3M | ||
| Q3 25 | $3.1M | $-60.4M | ||
| Q2 25 | $-18.9M | $-78.6M | ||
| Q1 25 | $41.2M | $-62.6M | ||
| Q4 24 | $5.2M | $-70.2M | ||
| Q3 24 | $-16.5M | $-21.9M | ||
| Q2 24 | $-16.5M | $-30.8M | ||
| Q1 24 | $-17.6M | $-77.8M |
| Q4 25 | 12.3% | -31.7% | ||
| Q3 25 | 2.4% | -32.6% | ||
| Q2 25 | -15.5% | -41.5% | ||
| Q1 25 | 29.1% | -35.3% | ||
| Q4 24 | 3.6% | -34.3% | ||
| Q3 24 | -13.1% | -11.3% | ||
| Q2 24 | -13.4% | -15.7% | ||
| Q1 24 | -17.2% | -39.5% |
| Q4 25 | 0.6% | 21.7% | ||
| Q3 25 | 0.6% | 12.5% | ||
| Q2 25 | 0.7% | 8.3% | ||
| Q1 25 | 0.3% | 8.3% | ||
| Q4 24 | 0.6% | 52.8% | ||
| Q3 24 | 0.4% | 2.6% | ||
| Q2 24 | 1.1% | 2.9% | ||
| Q1 24 | 2.1% | 2.0% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | -9.47× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
UP
Segment breakdown not available.
