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Side-by-side financial comparison of GCM Grosvenor Inc. (GCMG) 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 $177.1M, roughly 1.0× GCM Grosvenor Inc.). GCM Grosvenor Inc. runs the higher net margin — 32.8% vs -15.7%, a 48.5% gap on every dollar of revenue. On growth, GCM Grosvenor Inc. posted the faster year-over-year revenue change (7.2% vs -10.2%). GCM Grosvenor Inc. produced more free cash flow last quarter ($175.0M vs $-58.3M). Over the past eight quarters, GCM Grosvenor Inc.'s revenue compounded faster (27.5% CAGR vs -3.4%).
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
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.
GCMG vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $177.1M | $183.8M |
| Net Profit | $58.2M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 30.9% | -0.9% |
| Net Margin | 32.8% | -15.7% |
| Revenue YoY | 7.2% | -10.2% |
| Net Profit YoY | 149.2% | 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 | $177.1M | $183.8M | ||
| Q3 25 | $135.0M | $185.5M | ||
| Q2 25 | $119.7M | $189.6M | ||
| Q1 25 | $125.8M | $177.5M | ||
| Q4 24 | $165.3M | $204.8M | ||
| Q3 24 | $122.9M | $193.9M | ||
| Q2 24 | $117.0M | $196.3M | ||
| Q1 24 | $108.9M | $197.1M |
| Q4 25 | $58.2M | $-28.9M | ||
| Q3 25 | $10.5M | $-83.7M | ||
| Q2 25 | $15.4M | $-82.3M | ||
| Q1 25 | $463.0K | $-99.3M | ||
| Q4 24 | $7.6M | $-87.5M | ||
| Q3 24 | $4.2M | $-57.7M | ||
| Q2 24 | $4.8M | $-97.0M | ||
| Q1 24 | $2.1M | $-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 | 30.9% | -0.9% | ||
| Q3 25 | 32.7% | -33.1% | ||
| Q2 25 | 16.1% | -31.4% | ||
| Q1 25 | 12.2% | -45.5% | ||
| Q4 24 | 26.4% | -26.0% | ||
| Q3 24 | 20.3% | -21.6% | ||
| Q2 24 | 17.8% | -40.3% | ||
| Q1 24 | -14.7% | -42.9% |
| Q4 25 | 32.8% | -15.7% | ||
| Q3 25 | 7.8% | -45.1% | ||
| Q2 25 | 12.9% | -43.4% | ||
| Q1 25 | 0.4% | -55.9% | ||
| Q4 24 | 4.6% | -42.7% | ||
| Q3 24 | 3.4% | -29.8% | ||
| Q2 24 | 4.1% | -49.4% | ||
| Q1 24 | 2.0% | -49.4% |
| Q4 25 | $0.23 | $-0.04 | ||
| Q3 25 | $0.16 | $-0.12 | ||
| Q2 25 | $0.05 | $-0.12 | ||
| Q1 25 | $-0.02 | $-0.14 | ||
| Q4 24 | $0.09 | $-0.13 | ||
| Q3 24 | $0.03 | $-0.08 | ||
| Q2 24 | $0.04 | $-0.14 | ||
| Q1 24 | $-0.13 | $-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 | $242.1M | $133.9M |
| Total DebtLower is stronger | $428.4M | $671.3M |
| Stockholders' EquityBook value | $27.0M | $-392.1M |
| Total Assets | $813.8M | $968.8M |
| Debt / EquityLower = less leverage | 15.87× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $242.1M | $133.9M | ||
| Q3 25 | $182.7M | $125.3M | ||
| Q2 25 | $136.3M | $107.0M | ||
| Q1 25 | $94.5M | $171.8M | ||
| Q4 24 | $89.5M | $216.4M | ||
| Q3 24 | $98.4M | $115.9M | ||
| Q2 24 | $73.9M | $141.5M | ||
| Q1 24 | $41.9M | $180.9M |
| Q4 25 | $428.4M | $671.3M | ||
| Q3 25 | $429.3M | $766.5M | ||
| Q2 25 | $430.2M | $770.5M | ||
| Q1 25 | $431.1M | $765.8M | ||
| Q4 24 | $432.0M | $761.3M | ||
| Q3 24 | $432.9M | $596.9M | ||
| Q2 24 | $433.8M | $597.4M | ||
| Q1 24 | $384.0M | $603.2M |
| Q4 25 | $27.0M | $-392.1M | ||
| Q3 25 | $-7.4M | $-374.5M | ||
| Q2 25 | $-12.3M | $-347.8M | ||
| Q1 25 | $-28.3M | $-288.1M | ||
| Q4 24 | $-27.6M | $-202.1M | ||
| Q3 24 | $-31.9M | $-117.7M | ||
| Q2 24 | $-28.5M | $-72.2M | ||
| Q1 24 | $-26.4M | $936.0K |
| Q4 25 | $813.8M | $968.8M | ||
| Q3 25 | $685.9M | $973.0M | ||
| Q2 25 | $636.9M | $1.0B | ||
| Q1 25 | $579.8M | $1.1B | ||
| Q4 24 | $612.7M | $1.2B | ||
| Q3 24 | $575.0M | $1.0B | ||
| Q2 24 | $543.9M | $1.1B | ||
| Q1 24 | $497.3M | $1.2B |
| Q4 25 | 15.87× | — | ||
| 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 | $183.5M | $-18.4M |
| Free Cash FlowOCF − Capex | $175.0M | $-58.3M |
| FCF MarginFCF / Revenue | 98.8% | -31.7% |
| Capex IntensityCapex / Revenue | 4.8% | 21.7% |
| Cash ConversionOCF / Net Profit | 3.16× | — |
| TTM Free Cash FlowTrailing 4 quarters | $326.2M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.5M | $-18.4M | ||
| Q3 25 | $79.8M | $-37.1M | ||
| Q2 25 | $42.0M | $-62.9M | ||
| Q1 25 | $33.3M | $-47.9M | ||
| Q4 24 | $148.8M | $37.9M | ||
| Q3 24 | $69.0M | $-16.9M | ||
| Q2 24 | $17.5M | $-25.2M | ||
| Q1 24 | $24.2M | $-73.8M |
| Q4 25 | $175.0M | $-58.3M | ||
| Q3 25 | $78.3M | $-60.4M | ||
| Q2 25 | $40.8M | $-78.6M | ||
| Q1 25 | $32.1M | $-62.6M | ||
| Q4 24 | $132.0M | $-70.2M | ||
| Q3 24 | $62.2M | $-21.9M | ||
| Q2 24 | $12.8M | $-30.8M | ||
| Q1 24 | $20.0M | $-77.8M |
| Q4 25 | 98.8% | -31.7% | ||
| Q3 25 | 58.0% | -32.6% | ||
| Q2 25 | 34.1% | -41.5% | ||
| Q1 25 | 25.5% | -35.3% | ||
| Q4 24 | 79.9% | -34.3% | ||
| Q3 24 | 50.6% | -11.3% | ||
| Q2 24 | 10.9% | -15.7% | ||
| Q1 24 | 18.4% | -39.5% |
| Q4 25 | 4.8% | 21.7% | ||
| Q3 25 | 1.1% | 12.5% | ||
| Q2 25 | 1.0% | 8.3% | ||
| Q1 25 | 0.9% | 8.3% | ||
| Q4 24 | 10.1% | 52.8% | ||
| Q3 24 | 5.5% | 2.6% | ||
| Q2 24 | 4.0% | 2.9% | ||
| Q1 24 | 3.9% | 2.0% |
| Q4 25 | 3.16× | — | ||
| Q3 25 | 7.61× | — | ||
| Q2 25 | 2.72× | — | ||
| Q1 25 | 71.84× | — | ||
| Q4 24 | 19.54× | — | ||
| Q3 24 | 16.60× | — | ||
| Q2 24 | 3.64× | — | ||
| Q1 24 | 11.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
UP
Segment breakdown not available.
