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Side-by-side financial comparison of Fat Brands, Inc (FAT) 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 $140.0M, roughly 1.3× Fat Brands, Inc). Wheels Up Experience Inc. runs the higher net margin — -15.7% vs -41.6%, a 25.9% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -10.2%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
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.
FAT vs UP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $183.8M |
| Net Profit | $-58.2M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | -12.4% | -0.9% |
| Net Margin | -41.6% | -15.7% |
| Revenue YoY | -2.3% | -10.2% |
| Net Profit YoY | -30.1% | 67.0% |
| EPS (diluted) | $-3.39 | $-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 | $140.0M | $185.5M | ||
| Q2 25 | $146.8M | $189.6M | ||
| Q1 25 | $142.0M | $177.5M | ||
| Q4 24 | $145.3M | $204.8M | ||
| Q3 24 | $143.4M | $193.9M | ||
| Q2 24 | $152.0M | $196.3M | ||
| Q1 24 | $152.0M | $197.1M |
| Q4 25 | — | $-28.9M | ||
| Q3 25 | $-58.2M | $-83.7M | ||
| Q2 25 | $-54.2M | $-82.3M | ||
| Q1 25 | $-46.0M | $-99.3M | ||
| Q4 24 | $-67.4M | $-87.5M | ||
| Q3 24 | $-44.8M | $-57.7M | ||
| Q2 24 | $-39.4M | $-97.0M | ||
| Q1 24 | $-38.3M | $-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 | -12.4% | -33.1% | ||
| Q2 25 | -10.6% | -31.4% | ||
| Q1 25 | -6.0% | -45.5% | ||
| Q4 24 | -27.1% | -26.0% | ||
| Q3 24 | -6.2% | -21.6% | ||
| Q2 24 | -1.8% | -40.3% | ||
| Q1 24 | -0.9% | -42.9% |
| Q4 25 | — | -15.7% | ||
| Q3 25 | -41.6% | -45.1% | ||
| Q2 25 | -36.9% | -43.4% | ||
| Q1 25 | -32.4% | -55.9% | ||
| Q4 24 | -46.4% | -42.7% | ||
| Q3 24 | -31.2% | -29.8% | ||
| Q2 24 | -25.9% | -49.4% | ||
| Q1 24 | -25.2% | -49.4% |
| Q4 25 | — | $-0.04 | ||
| Q3 25 | $-3.39 | $-0.12 | ||
| Q2 25 | $-3.17 | $-0.12 | ||
| Q1 25 | $-2.73 | $-0.14 | ||
| Q4 24 | $-4.06 | $-0.13 | ||
| Q3 24 | $-2.74 | $-0.08 | ||
| Q2 24 | $-2.43 | $-0.14 | ||
| Q1 24 | $-2.37 | $-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 | — | $133.9M |
| Total DebtLower is stronger | $1.3B | $671.3M |
| Stockholders' EquityBook value | $-585.8M | $-392.1M |
| Total Assets | $1.2B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $133.9M | ||
| Q3 25 | — | $125.3M | ||
| Q2 25 | — | $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 | $1.3B | $766.5M | ||
| Q2 25 | $1.3B | $770.5M | ||
| Q1 25 | $1.3B | $765.8M | ||
| Q4 24 | $1.3B | $761.3M | ||
| Q3 24 | $1.2B | $596.9M | ||
| Q2 24 | $1.2B | $597.4M | ||
| Q1 24 | $1.2B | $603.2M |
| Q4 25 | — | $-392.1M | ||
| Q3 25 | $-585.8M | $-374.5M | ||
| Q2 25 | $-536.5M | $-347.8M | ||
| Q1 25 | $-493.9M | $-288.1M | ||
| Q4 24 | $-455.7M | $-202.1M | ||
| Q3 24 | $-386.1M | $-117.7M | ||
| Q2 24 | $-338.6M | $-72.2M | ||
| Q1 24 | $-296.8M | $936.0K |
| Q4 25 | — | $968.8M | ||
| Q3 25 | $1.2B | $973.0M | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.4B | $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 | $-14.5M | $-18.4M |
| Free Cash FlowOCF − Capex | $-16.9M | $-58.3M |
| FCF MarginFCF / Revenue | -12.1% | -31.7% |
| Capex IntensityCapex / Revenue | 1.7% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.4M | ||
| Q3 25 | $-14.5M | $-37.1M | ||
| Q2 25 | $-26.9M | $-62.9M | ||
| Q1 25 | $-13.2M | $-47.9M | ||
| Q4 24 | $-10.4M | $37.9M | ||
| Q3 24 | $-3.2M | $-16.9M | ||
| Q2 24 | $-14.2M | $-25.2M | ||
| Q1 24 | $-28.4M | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | $-16.9M | $-60.4M | ||
| Q2 25 | $-29.3M | $-78.6M | ||
| Q1 25 | $-17.8M | $-62.6M | ||
| Q4 24 | $-11.0M | $-70.2M | ||
| Q3 24 | $-11.1M | $-21.9M | ||
| Q2 24 | $-24.4M | $-30.8M | ||
| Q1 24 | $-32.5M | $-77.8M |
| Q4 25 | — | -31.7% | ||
| Q3 25 | -12.1% | -32.6% | ||
| Q2 25 | -20.0% | -41.5% | ||
| Q1 25 | -12.5% | -35.3% | ||
| Q4 24 | -7.6% | -34.3% | ||
| Q3 24 | -7.7% | -11.3% | ||
| Q2 24 | -16.1% | -15.7% | ||
| Q1 24 | -21.4% | -39.5% |
| Q4 25 | — | 21.7% | ||
| Q3 25 | 1.7% | 12.5% | ||
| Q2 25 | 1.6% | 8.3% | ||
| Q1 25 | 3.2% | 8.3% | ||
| Q4 24 | 0.4% | 52.8% | ||
| Q3 24 | 5.5% | 2.6% | ||
| Q2 24 | 6.7% | 2.9% | ||
| Q1 24 | 2.7% | 2.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
UP
Segment breakdown not available.
