vs
Side-by-side financial comparison of FLYEXCLUSIVE INC. (FLYX) 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 $92.1M, roughly 2.0× FLYEXCLUSIVE INC.). FLYEXCLUSIVE INC. runs the higher net margin — -4.6% vs -15.7%, a 11.1% gap on every dollar of revenue. On growth, FLYEXCLUSIVE INC. posted the faster year-over-year revenue change (19.8% vs -10.2%). FLYEXCLUSIVE INC. produced more free cash flow last quarter ($-11.0M vs $-58.3M). Over the past eight quarters, FLYEXCLUSIVE INC.'s revenue compounded faster (21.9% CAGR vs -3.4%).
FLYEXCLUSIVE INC. is a U.S.-headquartered private aviation services provider that offers private jet charter, aircraft management, maintenance repair, and fractional ownership programs. It primarily serves high-net-worth individuals, corporate clients, and government entities across North America, delivering personalized on-demand air travel solutions prioritizing safety and convenience.
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.
FLYX vs UP — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $92.1M | $183.8M |
| Net Profit | $-4.3M | $-28.9M |
| Gross Margin | 13.7% | 14.3% |
| Operating Margin | -12.3% | -0.9% |
| Net Margin | -4.6% | -15.7% |
| Revenue YoY | 19.8% | -10.2% |
| Net Profit YoY | 32.0% | 67.0% |
| EPS (diluted) | $-0.25 | $-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 | $92.1M | $185.5M | ||
| Q2 25 | $91.3M | $189.6M | ||
| Q1 25 | $88.1M | $177.5M | ||
| Q4 24 | — | $204.8M | ||
| Q3 24 | $76.9M | $193.9M | ||
| Q2 24 | $79.0M | $196.3M | ||
| Q1 24 | $80.0M | $197.1M |
| Q4 25 | — | $-28.9M | ||
| Q3 25 | $-4.3M | $-83.7M | ||
| Q2 25 | $-4.8M | $-82.3M | ||
| Q1 25 | $-5.4M | $-99.3M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | $-6.3M | $-57.7M | ||
| Q2 24 | $-5.2M | $-97.0M | ||
| Q1 24 | $-5.8M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | 13.7% | 6.8% | ||
| Q2 25 | 15.0% | 8.3% | ||
| Q1 25 | 12.8% | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | 11.3% | 13.9% | ||
| Q2 24 | 7.9% | 2.3% | ||
| Q1 24 | 7.2% | -0.6% |
| Q4 25 | — | -0.9% | ||
| Q3 25 | -12.3% | -33.1% | ||
| Q2 25 | -13.5% | -31.4% | ||
| Q1 25 | -16.7% | -45.5% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | -27.2% | -21.6% | ||
| Q2 24 | -27.6% | -40.3% | ||
| Q1 24 | -34.3% | -42.9% |
| Q4 25 | — | -15.7% | ||
| Q3 25 | -4.6% | -45.1% | ||
| Q2 25 | -5.2% | -43.4% | ||
| Q1 25 | -6.2% | -55.9% | ||
| Q4 24 | — | -42.7% | ||
| Q3 24 | -8.2% | -29.8% | ||
| Q2 24 | -6.5% | -49.4% | ||
| Q1 24 | -7.3% | -49.4% |
| Q4 25 | — | $-0.04 | ||
| Q3 25 | $-0.25 | $-0.12 | ||
| Q2 25 | $-0.26 | $-0.12 | ||
| Q1 25 | $-0.30 | $-0.14 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | $-0.32 | $-0.08 | ||
| Q2 24 | $-0.32 | $-0.14 | ||
| Q1 24 | $-0.35 | $-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 | $18.7M | $133.9M |
| Total DebtLower is stronger | $123.9M | $671.3M |
| Stockholders' EquityBook value | $-434.2M | $-392.1M |
| Total Assets | $448.1M | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $133.9M | ||
| Q3 25 | $18.7M | $125.3M | ||
| Q2 25 | $15.8M | $107.0M | ||
| Q1 25 | $14.7M | $171.8M | ||
| Q4 24 | — | $216.4M | ||
| Q3 24 | $18.7M | $115.9M | ||
| Q2 24 | $9.3M | $141.5M | ||
| Q1 24 | $5.3M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | $123.9M | $766.5M | ||
| Q2 25 | $111.6M | $770.5M | ||
| Q1 25 | $121.6M | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | $197.9M | $596.9M | ||
| Q2 24 | $206.3M | $597.4M | ||
| Q1 24 | $209.4M | $603.2M |
| Q4 25 | — | $-392.1M | ||
| Q3 25 | $-434.2M | $-374.5M | ||
| Q2 25 | $-261.4M | $-347.8M | ||
| Q1 25 | $-281.5M | $-288.1M | ||
| Q4 24 | — | $-202.1M | ||
| Q3 24 | $-192.0M | $-117.7M | ||
| Q2 24 | $-149.7M | $-72.2M | ||
| Q1 24 | $-149.5M | $936.0K |
| Q4 25 | — | $968.8M | ||
| Q3 25 | $448.1M | $973.0M | ||
| Q2 25 | $443.4M | $1.0B | ||
| Q1 25 | $466.8M | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $487.1M | $1.0B | ||
| Q2 24 | $494.7M | $1.1B | ||
| Q1 24 | $524.1M | $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 | $-209.0K | $-18.4M |
| Free Cash FlowOCF − Capex | $-11.0M | $-58.3M |
| FCF MarginFCF / Revenue | -12.0% | -31.7% |
| Capex IntensityCapex / Revenue | 11.7% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-51.0M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.4M | ||
| Q3 25 | $-209.0K | $-37.1M | ||
| Q2 25 | $363.0K | $-62.9M | ||
| Q1 25 | $-10.5M | $-47.9M | ||
| Q4 24 | — | $37.9M | ||
| Q3 24 | $-12.3M | $-16.9M | ||
| Q2 24 | $-16.2M | $-25.2M | ||
| Q1 24 | $-26.0M | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | $-11.0M | $-60.4M | ||
| Q2 25 | $353.0K | $-78.6M | ||
| Q1 25 | $-14.6M | $-62.6M | ||
| Q4 24 | — | $-70.2M | ||
| Q3 24 | $-25.7M | $-21.9M | ||
| Q2 24 | $-26.6M | $-30.8M | ||
| Q1 24 | $-64.5M | $-77.8M |
| Q4 25 | — | -31.7% | ||
| Q3 25 | -12.0% | -32.6% | ||
| Q2 25 | 0.4% | -41.5% | ||
| Q1 25 | -16.5% | -35.3% | ||
| Q4 24 | — | -34.3% | ||
| Q3 24 | -33.5% | -11.3% | ||
| Q2 24 | -33.7% | -15.7% | ||
| Q1 24 | -80.6% | -39.5% |
| Q4 25 | — | 21.7% | ||
| Q3 25 | 11.7% | 12.5% | ||
| Q2 25 | 0.0% | 8.3% | ||
| Q1 25 | 4.7% | 8.3% | ||
| Q4 24 | — | 52.8% | ||
| Q3 24 | 17.5% | 2.6% | ||
| Q2 24 | 13.2% | 2.9% | ||
| Q1 24 | 48.2% | 2.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
