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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) 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 $121.4M, roughly 1.5× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs -15.7%, a 53.9% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (11.7% vs -10.2%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (7.1% CAGR vs -3.4%).
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
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.
BNL vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $183.8M |
| Net Profit | $46.4M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 52.2% | -0.9% |
| Net Margin | 38.2% | -15.7% |
| Revenue YoY | 11.7% | -10.2% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | $0.24 | $-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 | $121.4M | — | ||
| Q4 25 | $118.3M | $183.8M | ||
| Q3 25 | $114.2M | $185.5M | ||
| Q2 25 | $113.0M | $189.6M | ||
| Q1 25 | $108.7M | $177.5M | ||
| Q4 24 | $112.1M | $204.8M | ||
| Q3 24 | $108.4M | $193.9M | ||
| Q2 24 | $105.9M | $196.3M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $-28.9M | ||
| Q3 25 | $26.5M | $-83.7M | ||
| Q2 25 | $20.2M | $-82.3M | ||
| Q1 25 | $16.7M | $-99.3M | ||
| Q4 24 | $26.4M | $-87.5M | ||
| Q3 24 | $35.6M | $-57.7M | ||
| Q2 24 | $35.3M | $-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 | 52.2% | — | ||
| Q4 25 | — | -0.9% | ||
| Q3 25 | — | -33.1% | ||
| Q2 25 | — | -31.4% | ||
| Q1 25 | — | -45.5% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | — | -21.6% | ||
| Q2 24 | — | -40.3% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | -15.7% | ||
| Q3 25 | 23.2% | -45.1% | ||
| Q2 25 | 17.8% | -43.4% | ||
| Q1 25 | 15.4% | -55.9% | ||
| Q4 24 | 23.5% | -42.7% | ||
| Q3 24 | 32.8% | -29.8% | ||
| Q2 24 | 33.4% | -49.4% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $-0.04 | ||
| Q3 25 | $0.14 | $-0.12 | ||
| Q2 25 | $0.10 | $-0.12 | ||
| Q1 25 | $0.09 | $-0.14 | ||
| Q4 24 | $0.13 | $-0.13 | ||
| Q3 24 | $0.19 | $-0.08 | ||
| Q2 24 | $0.19 | $-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 | $20.3M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $3.0B | $-392.1M |
| Total Assets | $5.8B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $133.9M | ||
| Q3 25 | $82.0M | $125.3M | ||
| Q2 25 | $20.8M | $107.0M | ||
| Q1 25 | $9.6M | $171.8M | ||
| Q4 24 | $14.8M | $216.4M | ||
| Q3 24 | $9.0M | $115.9M | ||
| Q2 24 | $18.3M | $141.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $671.3M | ||
| Q3 25 | $2.4B | $766.5M | ||
| Q2 25 | $2.1B | $770.5M | ||
| Q1 25 | $2.0B | $765.8M | ||
| Q4 24 | $1.9B | $761.3M | ||
| Q3 24 | $2.0B | $596.9M | ||
| Q2 24 | $1.9B | $597.4M |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $-392.1M | ||
| Q3 25 | $2.9B | $-374.5M | ||
| Q2 25 | $2.9B | $-347.8M | ||
| Q1 25 | $2.9B | $-288.1M | ||
| Q4 24 | $3.0B | $-202.1M | ||
| Q3 24 | $3.0B | $-117.7M | ||
| Q2 24 | $3.1B | $-72.2M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $968.8M | ||
| Q3 25 | $5.5B | $973.0M | ||
| Q2 25 | $5.3B | $1.0B | ||
| Q1 25 | $5.2B | $1.1B | ||
| Q4 24 | $5.2B | $1.2B | ||
| Q3 24 | $5.3B | $1.0B | ||
| Q2 24 | $5.3B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.62× | — |
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 | — | $-18.4M |
| 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.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $-18.4M | ||
| Q3 25 | $64.2M | $-37.1M | ||
| Q2 25 | $79.3M | $-62.9M | ||
| Q1 25 | $71.5M | $-47.9M | ||
| Q4 24 | $276.3M | $37.9M | ||
| Q3 24 | $67.3M | $-16.9M | ||
| Q2 24 | $74.2M | $-25.2M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $-58.3M | ||
| Q3 25 | $58.0M | $-60.4M | ||
| Q2 25 | $76.7M | $-78.6M | ||
| Q1 25 | $57.1M | $-62.6M | ||
| Q4 24 | $259.5M | $-70.2M | ||
| Q3 24 | $60.3M | $-21.9M | ||
| Q2 24 | $74.0M | $-30.8M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | -31.7% | ||
| Q3 25 | 50.8% | -32.6% | ||
| Q2 25 | 67.9% | -41.5% | ||
| Q1 25 | 52.5% | -35.3% | ||
| Q4 24 | 231.4% | -34.3% | ||
| Q3 24 | 55.6% | -11.3% | ||
| Q2 24 | 69.9% | -15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | 21.7% | ||
| Q3 25 | 5.4% | 12.5% | ||
| Q2 25 | 2.3% | 8.3% | ||
| Q1 25 | 13.2% | 8.3% | ||
| Q4 24 | 15.0% | 52.8% | ||
| Q3 24 | 6.5% | 2.6% | ||
| Q2 24 | 0.2% | 2.9% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | — | ||
| Q3 25 | 2.43× | — | ||
| Q2 25 | 3.93× | — | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | — | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 2.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
