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Side-by-side financial comparison of Webull Corp (BULL) 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 $131.5M, roughly 1.4× Webull Corp). Wheels Up Experience Inc. runs the higher net margin — -15.7% vs -21.5%, a 5.8% gap on every dollar of revenue. On growth, Webull Corp posted the faster year-over-year revenue change (46.3% vs -10.2%). Webull Corp produced more free cash flow last quarter ($271.7M vs $-58.3M).
Webull Corporation, often stylized as simply Webull, is a US-based financial services holding company headquartered in St. Petersburg, Florida. It provides an electronic trading platform of the same name.
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.
BULL vs UP — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $131.5M | $183.8M |
| Net Profit | $-28.3M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | -16.3% | -0.9% |
| Net Margin | -21.5% | -15.7% |
| Revenue YoY | 46.3% | -10.2% |
| Net Profit YoY | -144.3% | 67.0% |
| EPS (diluted) | — | $-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 | — | $183.8M | ||
| Q3 25 | — | $185.5M | ||
| Q2 25 | $131.5M | $189.6M | ||
| Q1 25 | — | $177.5M | ||
| Q4 24 | — | $204.8M | ||
| Q3 24 | — | $193.9M | ||
| Q2 24 | $89.9M | $196.3M | ||
| Q1 24 | — | $197.1M |
| Q4 25 | — | $-28.9M | ||
| Q3 25 | — | $-83.7M | ||
| Q2 25 | $-28.3M | $-82.3M | ||
| Q1 25 | — | $-99.3M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | — | $-57.7M | ||
| Q2 24 | $-11.6M | $-97.0M | ||
| Q1 24 | — | $-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 | — | -0.9% | ||
| Q3 25 | — | -33.1% | ||
| Q2 25 | -16.3% | -31.4% | ||
| Q1 25 | — | -45.5% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | — | -21.6% | ||
| Q2 24 | -11.4% | -40.3% | ||
| Q1 24 | — | -42.9% |
| Q4 25 | — | -15.7% | ||
| Q3 25 | — | -45.1% | ||
| Q2 25 | -21.5% | -43.4% | ||
| Q1 25 | — | -55.9% | ||
| Q4 24 | — | -42.7% | ||
| Q3 24 | — | -29.8% | ||
| Q2 24 | -12.9% | -49.4% | ||
| Q1 24 | — | -49.4% |
| Q4 25 | — | $-0.04 | ||
| Q3 25 | — | $-0.12 | ||
| Q2 25 | — | $-0.12 | ||
| Q1 25 | — | $-0.14 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $-0.14 | ||
| Q1 24 | — | $-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 | $476.7M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $751.6M | $-392.1M |
| Total Assets | $2.6B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $133.9M | ||
| Q3 25 | — | $125.3M | ||
| Q2 25 | $476.7M | $107.0M | ||
| Q1 25 | — | $171.8M | ||
| Q4 24 | — | $216.4M | ||
| Q3 24 | — | $115.9M | ||
| Q2 24 | — | $141.5M | ||
| Q1 24 | — | $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 | — | $-392.1M | ||
| Q3 25 | — | $-374.5M | ||
| Q2 25 | $751.6M | $-347.8M | ||
| Q1 25 | — | $-288.1M | ||
| Q4 24 | — | $-202.1M | ||
| Q3 24 | — | $-117.7M | ||
| Q2 24 | $-2.9B | $-72.2M | ||
| Q1 24 | — | $936.0K |
| Q4 25 | — | $968.8M | ||
| Q3 25 | — | $973.0M | ||
| Q2 25 | $2.6B | $1.0B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $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 | $272.1M | $-18.4M |
| Free Cash FlowOCF − Capex | $271.7M | $-58.3M |
| FCF MarginFCF / Revenue | 206.6% | -31.7% |
| Capex IntensityCapex / Revenue | 0.3% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.4M | ||
| Q3 25 | — | $-37.1M | ||
| Q2 25 | $272.1M | $-62.9M | ||
| Q1 25 | — | $-47.9M | ||
| Q4 24 | — | $37.9M | ||
| Q3 24 | — | $-16.9M | ||
| Q2 24 | — | $-25.2M | ||
| Q1 24 | — | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | — | $-60.4M | ||
| Q2 25 | $271.7M | $-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 | 206.6% | -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 | 0.3% | 8.3% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | — | 52.8% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
