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Side-by-side financial comparison of H2O AMERICA (HTO) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $183.8M, roughly 1.1× Wheels Up Experience Inc.). H2O AMERICA runs the higher net margin — 8.1% vs -15.7%, a 23.8% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -10.2%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -3.4%).
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
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.
HTO vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $183.8M |
| Net Profit | $16.2M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 16.6% | -0.9% |
| Net Margin | 8.1% | -15.7% |
| Revenue YoY | 1.5% | -10.2% |
| Net Profit YoY | -29.2% | 67.0% |
| EPS (diluted) | $0.45 | $-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 | $199.4M | $183.8M | ||
| Q3 25 | $243.5M | $185.5M | ||
| Q2 25 | $197.8M | $189.6M | ||
| Q1 25 | $164.9M | $177.5M | ||
| Q4 24 | $196.5M | $204.8M | ||
| Q3 24 | $216.7M | $193.9M | ||
| Q2 24 | $173.1M | $196.3M | ||
| Q1 24 | $150.0M | $197.1M |
| Q4 25 | $16.2M | $-28.9M | ||
| Q3 25 | $45.1M | $-83.7M | ||
| Q2 25 | $24.7M | $-82.3M | ||
| Q1 25 | $16.6M | $-99.3M | ||
| Q4 24 | $22.9M | $-87.5M | ||
| Q3 24 | $38.7M | $-57.7M | ||
| Q2 24 | $20.7M | $-97.0M | ||
| Q1 24 | $11.7M | $-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 | 16.6% | -0.9% | ||
| Q3 25 | 26.5% | -33.1% | ||
| Q2 25 | 22.2% | -31.4% | ||
| Q1 25 | 21.8% | -45.5% | ||
| Q4 24 | 22.2% | -26.0% | ||
| Q3 24 | 26.9% | -21.6% | ||
| Q2 24 | 23.4% | -40.3% | ||
| Q1 24 | 18.6% | -42.9% |
| Q4 25 | 8.1% | -15.7% | ||
| Q3 25 | 18.5% | -45.1% | ||
| Q2 25 | 12.5% | -43.4% | ||
| Q1 25 | 10.0% | -55.9% | ||
| Q4 24 | 11.7% | -42.7% | ||
| Q3 24 | 17.8% | -29.8% | ||
| Q2 24 | 12.0% | -49.4% | ||
| Q1 24 | 7.8% | -49.4% |
| Q4 25 | $0.45 | $-0.04 | ||
| Q3 25 | $1.27 | $-0.12 | ||
| Q2 25 | $0.71 | $-0.12 | ||
| Q1 25 | $0.49 | $-0.14 | ||
| Q4 24 | $0.70 | $-0.13 | ||
| Q3 24 | $1.17 | $-0.08 | ||
| Q2 24 | $0.64 | $-0.14 | ||
| Q1 24 | $0.36 | $-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 | $20.7M | $133.9M |
| Total DebtLower is stronger | $1.9B | $671.3M |
| Stockholders' EquityBook value | $1.5B | $-392.1M |
| Total Assets | $5.1B | $968.8M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $133.9M | ||
| Q3 25 | $11.3M | $125.3M | ||
| Q2 25 | $19.8M | $107.0M | ||
| Q1 25 | $23.7M | $171.8M | ||
| Q4 24 | $11.1M | $216.4M | ||
| Q3 24 | $4.0M | $115.9M | ||
| Q2 24 | $22.8M | $141.5M | ||
| Q1 24 | $4.5M | $180.9M |
| Q4 25 | $1.9B | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | $1.7B | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $1.5B | $-392.1M | ||
| Q3 25 | $1.5B | $-374.5M | ||
| Q2 25 | $1.5B | $-347.8M | ||
| Q1 25 | $1.4B | $-288.1M | ||
| Q4 24 | $1.4B | $-202.1M | ||
| Q3 24 | $1.3B | $-117.7M | ||
| Q2 24 | $1.3B | $-72.2M | ||
| Q1 24 | $1.2B | $936.0K |
| Q4 25 | $5.1B | $968.8M | ||
| Q3 25 | $5.0B | $973.0M | ||
| Q2 25 | $4.8B | $1.0B | ||
| Q1 25 | $4.7B | $1.1B | ||
| Q4 24 | $4.7B | $1.2B | ||
| Q3 24 | $4.6B | $1.0B | ||
| Q2 24 | $4.4B | $1.1B | ||
| Q1 24 | $4.4B | $1.2B |
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| 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 | $63.5M | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-58.3M |
| FCF MarginFCF / Revenue | — | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $-18.4M | ||
| Q3 25 | $77.3M | $-37.1M | ||
| Q2 25 | $60.8M | $-62.9M | ||
| Q1 25 | $43.2M | $-47.9M | ||
| Q4 24 | $41.5M | $37.9M | ||
| Q3 24 | $53.5M | $-16.9M | ||
| Q2 24 | $49.3M | $-25.2M | ||
| Q1 24 | $51.2M | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | — | $-60.4M | ||
| Q2 25 | — | $-78.6M | ||
| Q1 25 | — | $-62.6M | ||
| Q4 24 | — | $-70.2M | ||
| Q3 24 | — | $-21.9M | ||
| Q2 24 | — | $-30.8M | ||
| Q1 24 | — | $-77.8M |
| Q4 25 | — | -31.7% | ||
| Q3 25 | — | -32.6% | ||
| Q2 25 | — | -41.5% | ||
| Q1 25 | — | -35.3% | ||
| Q4 24 | — | -34.3% | ||
| Q3 24 | — | -11.3% | ||
| Q2 24 | — | -15.7% | ||
| Q1 24 | — | -39.5% |
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | — | 52.8% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | — | ||
| Q1 24 | 4.38× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
UP
Segment breakdown not available.
