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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) 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 $114.9M, roughly 1.6× DULUTH HOLDINGS INC.). DULUTH HOLDINGS INC. runs the higher net margin — -8.8% vs -15.7%, a 6.9% gap on every dollar of revenue. On growth, DULUTH HOLDINGS INC. posted the faster year-over-year revenue change (-9.6% vs -10.2%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
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.
DLTH vs UP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $183.8M |
| Net Profit | $-10.1M | $-28.9M |
| Gross Margin | 53.8% | 14.3% |
| Operating Margin | -7.7% | -0.9% |
| Net Margin | -8.8% | -15.7% |
| Revenue YoY | -9.6% | -10.2% |
| Net Profit YoY | 64.6% | 67.0% |
| EPS (diluted) | $-0.29 | $-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 | $114.9M | $183.8M | ||
| Q3 25 | $131.7M | $185.5M | ||
| Q2 25 | $102.7M | $189.6M | ||
| Q1 25 | $241.3M | $177.5M | ||
| Q4 24 | $127.1M | $204.8M | ||
| Q3 24 | $141.6M | $193.9M | ||
| Q2 24 | $116.7M | $196.3M | ||
| Q1 24 | $245.6M | $197.1M |
| Q4 25 | $-10.1M | $-28.9M | ||
| Q3 25 | $1.3M | $-83.7M | ||
| Q2 25 | $-15.3M | $-82.3M | ||
| Q1 25 | $-5.6M | $-99.3M | ||
| Q4 24 | $-28.2M | $-87.5M | ||
| Q3 24 | $-2.0M | $-57.7M | ||
| Q2 24 | $-7.9M | $-97.0M | ||
| Q1 24 | $6.4M | $-97.4M |
| Q4 25 | 53.8% | 14.3% | ||
| Q3 25 | 54.7% | 6.8% | ||
| Q2 25 | 52.0% | 8.3% | ||
| Q1 25 | 44.1% | 10.8% | ||
| Q4 24 | 52.3% | 13.9% | ||
| Q3 24 | 52.3% | 13.9% | ||
| Q2 24 | 52.8% | 2.3% | ||
| Q1 24 | 48.2% | -0.6% |
| Q4 25 | -7.7% | -0.9% | ||
| Q3 25 | 1.8% | -33.1% | ||
| Q2 25 | -12.0% | -31.4% | ||
| Q1 25 | -1.8% | -45.5% | ||
| Q4 24 | -17.4% | -26.0% | ||
| Q3 24 | -1.1% | -21.6% | ||
| Q2 24 | -7.7% | -40.3% | ||
| Q1 24 | 3.6% | -42.9% |
| Q4 25 | -8.8% | -15.7% | ||
| Q3 25 | 1.0% | -45.1% | ||
| Q2 25 | -14.9% | -43.4% | ||
| Q1 25 | -2.3% | -55.9% | ||
| Q4 24 | -22.2% | -42.7% | ||
| Q3 24 | -1.4% | -29.8% | ||
| Q2 24 | -6.7% | -49.4% | ||
| Q1 24 | 2.6% | -49.4% |
| Q4 25 | $-0.29 | $-0.04 | ||
| Q3 25 | $0.04 | $-0.12 | ||
| Q2 25 | $-0.45 | $-0.12 | ||
| Q1 25 | $-0.17 | $-0.14 | ||
| Q4 24 | $-0.84 | $-0.13 | ||
| Q3 24 | $-0.06 | $-0.08 | ||
| Q2 24 | $-0.24 | $-0.14 | ||
| Q1 24 | $0.20 | $-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 | $8.2M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $160.6M | $-392.1M |
| Total Assets | $468.0M | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $133.9M | ||
| Q3 25 | $5.7M | $125.3M | ||
| Q2 25 | $8.6M | $107.0M | ||
| Q1 25 | $3.3M | $171.8M | ||
| Q4 24 | $9.3M | $216.4M | ||
| Q3 24 | $9.8M | $115.9M | ||
| Q2 24 | $6.8M | $141.5M | ||
| Q1 24 | $32.2M | $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 | $160.6M | $-392.1M | ||
| Q3 25 | $170.0M | $-374.5M | ||
| Q2 25 | $167.9M | $-347.8M | ||
| Q1 25 | $182.7M | $-288.1M | ||
| Q4 24 | $188.1M | $-202.1M | ||
| Q3 24 | $215.7M | $-117.7M | ||
| Q2 24 | $218.4M | $-72.2M | ||
| Q1 24 | $222.8M | $936.0K |
| Q4 25 | $468.0M | $968.8M | ||
| Q3 25 | $433.8M | $973.0M | ||
| Q2 25 | $463.7M | $1.0B | ||
| Q1 25 | $452.4M | $1.1B | ||
| Q4 24 | $533.1M | $1.2B | ||
| Q3 24 | $488.6M | $1.0B | ||
| Q2 24 | $471.4M | $1.1B | ||
| Q1 24 | $491.2M | $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 | $-6.7M | $-18.4M |
| Free Cash FlowOCF − Capex | $-8.9M | $-58.3M |
| FCF MarginFCF / Revenue | -7.8% | -31.7% |
| Capex IntensityCapex / Revenue | 2.0% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $-18.4M | ||
| Q3 25 | $32.0M | $-37.1M | ||
| Q2 25 | $-56.5M | $-62.9M | ||
| Q1 25 | $41.2M | $-47.9M | ||
| Q4 24 | $-41.1M | $37.9M | ||
| Q3 24 | $16.6M | $-16.9M | ||
| Q2 24 | $-33.7M | $-25.2M | ||
| Q1 24 | $69.7M | $-73.8M |
| Q4 25 | $-8.9M | $-58.3M | ||
| Q3 25 | $29.8M | $-60.4M | ||
| Q2 25 | $-57.8M | $-78.6M | ||
| Q1 25 | $38.7M | $-62.6M | ||
| Q4 24 | $-43.7M | $-70.2M | ||
| Q3 24 | $15.0M | $-21.9M | ||
| Q2 24 | $-35.2M | $-30.8M | ||
| Q1 24 | $60.6M | $-77.8M |
| Q4 25 | -7.8% | -31.7% | ||
| Q3 25 | 22.6% | -32.6% | ||
| Q2 25 | -56.3% | -41.5% | ||
| Q1 25 | 16.0% | -35.3% | ||
| Q4 24 | -34.4% | -34.3% | ||
| Q3 24 | 10.6% | -11.3% | ||
| Q2 24 | -30.2% | -15.7% | ||
| Q1 24 | 24.7% | -39.5% |
| Q4 25 | 2.0% | 21.7% | ||
| Q3 25 | 1.7% | 12.5% | ||
| Q2 25 | 1.3% | 8.3% | ||
| Q1 25 | 1.0% | 8.3% | ||
| Q4 24 | 2.1% | 52.8% | ||
| Q3 24 | 1.2% | 2.6% | ||
| Q2 24 | 1.3% | 2.9% | ||
| Q1 24 | 3.7% | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.86× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
UP
Segment breakdown not available.
