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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) 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 $173.1M, roughly 1.1× PATHWARD FINANCIAL, INC.). PATHWARD FINANCIAL, INC. runs the higher net margin — 20.3% vs -15.7%, a 36.0% gap on every dollar of revenue. On growth, PATHWARD FINANCIAL, INC. posted the faster year-over-year revenue change (-0.2% vs -10.2%). PATHWARD FINANCIAL, INC. produced more free cash flow last quarter ($104.1M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -18.0%).
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
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.
CASH vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $183.8M |
| Net Profit | $35.2M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 24.6% | -0.9% |
| Net Margin | 20.3% | -15.7% |
| Revenue YoY | -0.2% | -10.2% |
| Net Profit YoY | 11.9% | 67.0% |
| EPS (diluted) | $1.57 | $-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 | $173.1M | $183.8M | ||
| Q3 25 | $186.7M | $185.5M | ||
| Q2 25 | $195.8M | $189.6M | ||
| Q1 25 | $274.8M | $177.5M | ||
| Q4 24 | $182.6M | $204.8M | ||
| Q3 24 | $179.5M | $193.9M | ||
| Q2 24 | $188.6M | $196.3M | ||
| Q1 24 | $257.6M | $197.1M |
| Q4 25 | $35.2M | $-28.9M | ||
| Q3 25 | $38.8M | $-83.7M | ||
| Q2 25 | $42.1M | $-82.3M | ||
| Q1 25 | $75.0M | $-99.3M | ||
| Q4 24 | $30.0M | $-87.5M | ||
| Q3 24 | $33.5M | $-57.7M | ||
| Q2 24 | $44.9M | $-97.0M | ||
| Q1 24 | $69.9M | $-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 | 24.6% | -0.9% | ||
| Q3 25 | 25.9% | -33.1% | ||
| Q2 25 | 24.1% | -31.4% | ||
| Q1 25 | 33.2% | -45.5% | ||
| Q4 24 | 19.8% | -26.0% | ||
| Q3 24 | 20.9% | -21.6% | ||
| Q2 24 | 27.1% | -40.3% | ||
| Q1 24 | 33.8% | -42.9% |
| Q4 25 | 20.3% | -15.7% | ||
| Q3 25 | 20.8% | -45.1% | ||
| Q2 25 | 21.5% | -43.4% | ||
| Q1 25 | 27.3% | -55.9% | ||
| Q4 24 | 16.4% | -42.7% | ||
| Q3 24 | 18.7% | -29.8% | ||
| Q2 24 | 23.8% | -49.4% | ||
| Q1 24 | 27.1% | -49.4% |
| Q4 25 | $1.57 | $-0.04 | ||
| Q3 25 | $1.69 | $-0.12 | ||
| Q2 25 | $1.81 | $-0.12 | ||
| Q1 25 | $3.14 | $-0.14 | ||
| Q4 24 | $1.23 | $-0.13 | ||
| Q3 24 | $1.34 | $-0.08 | ||
| Q2 24 | $1.78 | $-0.14 | ||
| Q1 24 | $2.74 | $-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 | $331.2M | $133.9M |
| Total DebtLower is stronger | $33.5M | $671.3M |
| Stockholders' EquityBook value | $854.5M | $-392.1M |
| Total Assets | $7.6B | $968.8M |
| Debt / EquityLower = less leverage | 0.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $331.2M | $133.9M | ||
| Q3 25 | $120.6M | $125.3M | ||
| Q2 25 | $258.3M | $107.0M | ||
| Q1 25 | $254.2M | $171.8M | ||
| Q4 24 | $597.4M | $216.4M | ||
| Q3 24 | $158.3M | $115.9M | ||
| Q2 24 | $298.9M | $141.5M | ||
| Q1 24 | $347.9M | $180.9M |
| Q4 25 | $33.5M | $671.3M | ||
| Q3 25 | $33.5M | $766.5M | ||
| Q2 25 | $33.4M | $770.5M | ||
| Q1 25 | $33.4M | $765.8M | ||
| Q4 24 | $33.4M | $761.3M | ||
| Q3 24 | $33.4M | $596.9M | ||
| Q2 24 | $33.3M | $597.4M | ||
| Q1 24 | $33.4M | $603.2M |
| Q4 25 | $854.5M | $-392.1M | ||
| Q3 25 | $858.0M | $-374.5M | ||
| Q2 25 | $819.0M | $-347.8M | ||
| Q1 25 | $814.7M | $-288.1M | ||
| Q4 24 | $758.3M | $-202.1M | ||
| Q3 24 | $822.5M | $-117.7M | ||
| Q2 24 | $748.4M | $-72.2M | ||
| Q1 24 | $719.5M | $936.0K |
| Q4 25 | $7.6B | $968.8M | ||
| Q3 25 | $7.2B | $973.0M | ||
| Q2 25 | $7.2B | $1.0B | ||
| Q1 25 | $7.0B | $1.1B | ||
| Q4 24 | $7.6B | $1.2B | ||
| Q3 24 | $7.5B | $1.0B | ||
| Q2 24 | $7.5B | $1.1B | ||
| Q1 24 | $7.4B | $1.2B |
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — | ||
| Q1 24 | 0.05× | 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 | $108.3M | $-18.4M |
| Free Cash FlowOCF − Capex | $104.1M | $-58.3M |
| FCF MarginFCF / Revenue | 60.1% | -31.7% |
| Capex IntensityCapex / Revenue | 2.4% | 21.7% |
| Cash ConversionOCF / Net Profit | 3.08× | — |
| TTM Free Cash FlowTrailing 4 quarters | $616.8M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.3M | $-18.4M | ||
| Q3 25 | $303.7M | $-37.1M | ||
| Q2 25 | $30.4M | $-62.9M | ||
| Q1 25 | $188.3M | $-47.9M | ||
| Q4 24 | $-71.7M | $37.9M | ||
| Q3 24 | $143.1M | $-16.9M | ||
| Q2 24 | $113.2M | $-25.2M | ||
| Q1 24 | $203.0M | $-73.8M |
| Q4 25 | $104.1M | $-58.3M | ||
| Q3 25 | $300.3M | $-60.4M | ||
| Q2 25 | $27.7M | $-78.6M | ||
| Q1 25 | $184.7M | $-62.6M | ||
| Q4 24 | $-73.8M | $-70.2M | ||
| Q3 24 | $138.8M | $-21.9M | ||
| Q2 24 | $111.0M | $-30.8M | ||
| Q1 24 | $201.3M | $-77.8M |
| Q4 25 | 60.1% | -31.7% | ||
| Q3 25 | 160.9% | -32.6% | ||
| Q2 25 | 14.1% | -41.5% | ||
| Q1 25 | 67.2% | -35.3% | ||
| Q4 24 | -40.4% | -34.3% | ||
| Q3 24 | 77.3% | -11.3% | ||
| Q2 24 | 58.8% | -15.7% | ||
| Q1 24 | 78.1% | -39.5% |
| Q4 25 | 2.4% | 21.7% | ||
| Q3 25 | 1.8% | 12.5% | ||
| Q2 25 | 1.4% | 8.3% | ||
| Q1 25 | 1.3% | 8.3% | ||
| Q4 24 | 1.1% | 52.8% | ||
| Q3 24 | 2.4% | 2.6% | ||
| Q2 24 | 1.2% | 2.9% | ||
| Q1 24 | 0.7% | 2.0% |
| Q4 25 | 3.08× | — | ||
| Q3 25 | 7.83× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | — | ||
| Q3 24 | 4.27× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.90× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CASH
| Consumer | $103.0M | 59% |
| Payment Card And Deposit Fees | $30.1M | 17% |
| Other | $24.2M | 14% |
| Rental Income | $11.6M | 7% |
| Commercial | $4.2M | 2% |
UP
Segment breakdown not available.
