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Side-by-side financial comparison of Confluent, Inc. (CFLT) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Confluent, Inc. is the larger business by last-quarter revenue ($314.8M vs $183.8M, roughly 1.7× Wheels Up Experience Inc.). Wheels Up Experience Inc. runs the higher net margin — -15.7% vs -25.2%, a 9.5% gap on every dollar of revenue. On growth, Confluent, Inc. posted the faster year-over-year revenue change (20.5% vs -10.2%). Confluent, Inc. produced more free cash flow last quarter ($41.7M vs $-58.3M). Over the past eight quarters, Confluent, Inc.'s revenue compounded faster (20.4% CAGR vs -3.4%).
Confluent, Inc. is an American technology company headquartered in Mountain View, California. Confluent was founded by Jay Kreps, Jun Rao and Neha Narkhede on September 23, 2014, in order to commercialize an open-source streaming platform Apache Kafka, created by the same founders while working at LinkedIn in 2008 as a B2B infrastructure company. Confluent's products are the Confluent Cloud, Confluent Platform, Connectors, Apache Flink, Stream Governance and Confluent Hub.
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.
CFLT vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $314.8M | $183.8M |
| Net Profit | $-79.2M | $-28.9M |
| Gross Margin | 74.7% | 14.3% |
| Operating Margin | -31.5% | -0.9% |
| Net Margin | -25.2% | -15.7% |
| Revenue YoY | 20.5% | -10.2% |
| Net Profit YoY | 10.0% | 67.0% |
| EPS (diluted) | $-0.23 | $-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 | $314.8M | $183.8M | ||
| Q3 25 | $298.5M | $185.5M | ||
| Q2 25 | $282.3M | $189.6M | ||
| Q1 25 | $271.1M | $177.5M | ||
| Q4 24 | $261.2M | $204.8M | ||
| Q3 24 | $250.2M | $193.9M | ||
| Q2 24 | $235.0M | $196.3M | ||
| Q1 24 | $217.2M | $197.1M |
| Q4 25 | $-79.2M | $-28.9M | ||
| Q3 25 | $-66.5M | $-83.7M | ||
| Q2 25 | $-82.0M | $-82.3M | ||
| Q1 25 | $-67.6M | $-99.3M | ||
| Q4 24 | $-88.1M | $-87.5M | ||
| Q3 24 | $-74.1M | $-57.7M | ||
| Q2 24 | $-89.9M | $-97.0M | ||
| Q1 24 | $-93.0M | $-97.4M |
| Q4 25 | 74.7% | 14.3% | ||
| Q3 25 | 74.2% | 6.8% | ||
| Q2 25 | 73.7% | 8.3% | ||
| Q1 25 | 74.5% | 10.8% | ||
| Q4 24 | 74.1% | 13.9% | ||
| Q3 24 | 74.5% | 13.9% | ||
| Q2 24 | 72.3% | 2.3% | ||
| Q1 24 | 71.8% | -0.6% |
| Q4 25 | -31.5% | -0.9% | ||
| Q3 25 | -27.9% | -33.1% | ||
| Q2 25 | -34.2% | -31.4% | ||
| Q1 25 | -37.3% | -45.5% | ||
| Q4 24 | -40.5% | -26.0% | ||
| Q3 24 | -37.4% | -21.6% | ||
| Q2 24 | -46.1% | -40.3% | ||
| Q1 24 | -51.3% | -42.9% |
| Q4 25 | -25.2% | -15.7% | ||
| Q3 25 | -22.3% | -45.1% | ||
| Q2 25 | -29.0% | -43.4% | ||
| Q1 25 | -24.9% | -55.9% | ||
| Q4 24 | -33.7% | -42.7% | ||
| Q3 24 | -29.6% | -29.8% | ||
| Q2 24 | -38.3% | -49.4% | ||
| Q1 24 | -42.8% | -49.4% |
| Q4 25 | $-0.23 | $-0.04 | ||
| Q3 25 | $-0.19 | $-0.12 | ||
| Q2 25 | $-0.24 | $-0.12 | ||
| Q1 25 | $-0.20 | $-0.14 | ||
| Q4 24 | $-0.26 | $-0.13 | ||
| Q3 24 | $-0.23 | $-0.08 | ||
| Q2 24 | $-0.28 | $-0.14 | ||
| Q1 24 | $-0.30 | $-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 | $347.2M | $133.9M |
| Total DebtLower is stronger | $1.1B | $671.3M |
| Stockholders' EquityBook value | $1.2B | $-392.1M |
| Total Assets | $3.0B | $968.8M |
| Debt / EquityLower = less leverage | 0.94× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $347.2M | $133.9M | ||
| Q3 25 | $298.5M | $125.3M | ||
| Q2 25 | $295.6M | $107.0M | ||
| Q1 25 | $278.6M | $171.8M | ||
| Q4 24 | $386.0M | $216.4M | ||
| Q3 24 | $322.6M | $115.9M | ||
| Q2 24 | $311.3M | $141.5M | ||
| Q1 24 | $336.4M | $180.9M |
| Q4 25 | $1.1B | $671.3M | ||
| Q3 25 | $1.1B | $766.5M | ||
| Q2 25 | $1.1B | $770.5M | ||
| Q1 25 | $1.1B | $765.8M | ||
| Q4 24 | $1.1B | $761.3M | ||
| Q3 24 | $1.1B | $596.9M | ||
| Q2 24 | $1.1B | $597.4M | ||
| Q1 24 | $1.1B | $603.2M |
| Q4 25 | $1.2B | $-392.1M | ||
| Q3 25 | $1.1B | $-374.5M | ||
| Q2 25 | $1.1B | $-347.8M | ||
| Q1 25 | $1.0B | $-288.1M | ||
| Q4 24 | $961.2M | $-202.1M | ||
| Q3 24 | $934.3M | $-117.7M | ||
| Q2 24 | $873.9M | $-72.2M | ||
| Q1 24 | $845.2M | $936.0K |
| Q4 25 | $3.0B | $968.8M | ||
| Q3 25 | $2.9B | $973.0M | ||
| Q2 25 | $2.8B | $1.0B | ||
| Q1 25 | $2.7B | $1.1B | ||
| Q4 24 | $2.7B | $1.2B | ||
| Q3 24 | $2.6B | $1.0B | ||
| Q2 24 | $2.5B | $1.1B | ||
| Q1 24 | $2.4B | $1.2B |
| Q4 25 | 0.94× | — | ||
| Q3 25 | 0.98× | — | ||
| Q2 25 | 1.03× | — | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | 1.14× | — | ||
| Q3 24 | 1.17× | — | ||
| Q2 24 | 1.25× | — | ||
| Q1 24 | 1.29× | 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 | $42.1M | $-18.4M |
| Free Cash FlowOCF − Capex | $41.7M | $-58.3M |
| FCF MarginFCF / Revenue | 13.2% | -31.7% |
| Capex IntensityCapex / Revenue | 0.1% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $60.7M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.1M | $-18.4M | ||
| Q3 25 | $30.8M | $-37.1M | ||
| Q2 25 | $18.1M | $-62.9M | ||
| Q1 25 | $-26.8M | $-47.9M | ||
| Q4 24 | $35.2M | $37.9M | ||
| Q3 24 | $15.6M | $-16.9M | ||
| Q2 24 | $8.6M | $-25.2M | ||
| Q1 24 | $-26.0M | $-73.8M |
| Q4 25 | $41.7M | $-58.3M | ||
| Q3 25 | $30.0M | $-60.4M | ||
| Q2 25 | $17.2M | $-78.6M | ||
| Q1 25 | $-28.2M | $-62.6M | ||
| Q4 24 | $34.5M | $-70.2M | ||
| Q3 24 | $15.0M | $-21.9M | ||
| Q2 24 | $7.5M | $-30.8M | ||
| Q1 24 | $-26.1M | $-77.8M |
| Q4 25 | 13.2% | -31.7% | ||
| Q3 25 | 10.0% | -32.6% | ||
| Q2 25 | 6.1% | -41.5% | ||
| Q1 25 | -10.4% | -35.3% | ||
| Q4 24 | 13.2% | -34.3% | ||
| Q3 24 | 6.0% | -11.3% | ||
| Q2 24 | 3.2% | -15.7% | ||
| Q1 24 | -12.0% | -39.5% |
| Q4 25 | 0.1% | 21.7% | ||
| Q3 25 | 0.3% | 12.5% | ||
| Q2 25 | 0.3% | 8.3% | ||
| Q1 25 | 0.5% | 8.3% | ||
| Q4 24 | 0.3% | 52.8% | ||
| Q3 24 | 0.2% | 2.6% | ||
| Q2 24 | 0.5% | 2.9% | ||
| Q1 24 | 0.1% | 2.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CFLT
| Confluent Cloud | $169.4M | 54% |
| Post Contract Customer Support | $93.8M | 30% |
| License | $38.4M | 12% |
| Services | $13.2M | 4% |
UP
Segment breakdown not available.
