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Side-by-side financial comparison of IHS Holding Ltd (IHS) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
IHS Holding Ltd is the larger business by last-quarter revenue ($254.0M vs $183.8M, roughly 1.4× Wheels Up Experience Inc.). On growth, IHS Holding Ltd posted the faster year-over-year revenue change (0.1% vs -10.2%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $183.8M |
| Net Profit | — | $-28.9M |
| Gross Margin | 83.6% | 14.3% |
| Operating Margin | — | -0.9% |
| Net Margin | — | -15.7% |
| Revenue YoY | 0.1% | -10.2% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | — | $-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 | $254.0M | $183.8M | ||
| Q3 25 | $455.1M | $185.5M | ||
| Q2 25 | $433.3M | $189.6M | ||
| Q1 25 | $439.6M | $177.5M | ||
| Q4 24 | $253.8M | $204.8M | ||
| Q3 24 | $420.3M | $193.9M | ||
| Q2 24 | $435.4M | $196.3M | ||
| Q1 24 | $417.7M | $197.1M |
| Q4 25 | — | $-28.9M | ||
| Q3 25 | $147.4M | $-83.7M | ||
| Q2 25 | $32.3M | $-82.3M | ||
| Q1 25 | $30.7M | $-99.3M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | $-205.7M | $-57.7M | ||
| Q2 24 | $-124.3M | $-97.0M | ||
| Q1 24 | $-1.6B | $-97.4M |
| Q4 25 | 83.6% | 14.3% | ||
| Q3 25 | 47.5% | 6.8% | ||
| Q2 25 | 51.3% | 8.3% | ||
| Q1 25 | 51.4% | 10.8% | ||
| Q4 24 | 72.1% | 13.9% | ||
| Q3 24 | 52.0% | 13.9% | ||
| Q2 24 | 52.5% | 2.3% | ||
| Q1 24 | 39.1% | -0.6% |
| Q4 25 | — | -0.9% | ||
| Q3 25 | 35.1% | -33.1% | ||
| Q2 25 | 33.8% | -31.4% | ||
| Q1 25 | 37.1% | -45.5% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | 29.9% | -21.6% | ||
| Q2 24 | 34.0% | -40.3% | ||
| Q1 24 | -1.7% | -42.9% |
| Q4 25 | — | -15.7% | ||
| Q3 25 | 32.4% | -45.1% | ||
| Q2 25 | 7.5% | -43.4% | ||
| Q1 25 | 7.0% | -55.9% | ||
| Q4 24 | — | -42.7% | ||
| Q3 24 | -48.9% | -29.8% | ||
| Q2 24 | -28.5% | -49.4% | ||
| Q1 24 | -372.8% | -49.4% |
| Q4 25 | — | $-0.04 | ||
| Q3 25 | $0.44 | $-0.12 | ||
| Q2 25 | $0.10 | $-0.12 | ||
| Q1 25 | $0.10 | $-0.14 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | $-0.61 | $-0.08 | ||
| Q2 24 | $-0.36 | $-0.14 | ||
| Q1 24 | $-4.67 | $-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 | $825.7M | $133.9M |
| Total DebtLower is stronger | $3.1B | $671.3M |
| Stockholders' EquityBook value | $-89.8M | $-392.1M |
| Total Assets | $4.5B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $133.9M | ||
| Q3 25 | $647.6M | $125.3M | ||
| Q2 25 | $531.8M | $107.0M | ||
| Q1 25 | $629.0M | $171.8M | ||
| Q4 24 | $578.0M | $216.4M | ||
| Q3 24 | $397.5M | $115.9M | ||
| Q2 24 | $445.7M | $141.5M | ||
| Q1 24 | $333.2M | $180.9M |
| Q4 25 | $3.1B | $671.3M | ||
| Q3 25 | $3.3B | $766.5M | ||
| Q2 25 | $3.2B | $770.5M | ||
| Q1 25 | $3.4B | $765.8M | ||
| Q4 24 | $3.3B | $761.3M | ||
| Q3 24 | $3.5B | $596.9M | ||
| Q2 24 | $3.6B | $597.4M | ||
| Q1 24 | $3.5B | $603.2M |
| Q4 25 | $-89.8M | $-392.1M | ||
| Q3 25 | $38.1M | $-374.5M | ||
| Q2 25 | $-98.4M | $-347.8M | ||
| Q1 25 | $-184.4M | $-288.1M | ||
| Q4 24 | $-314.4M | $-202.1M | ||
| Q3 24 | $-284.7M | $-117.7M | ||
| Q2 24 | $-308.3M | $-72.2M | ||
| Q1 24 | $-163.2M | $936.0K |
| Q4 25 | $4.5B | $968.8M | ||
| Q3 25 | $4.7B | $973.0M | ||
| Q2 25 | $4.5B | $1.0B | ||
| Q1 25 | $4.4B | $1.1B | ||
| Q4 24 | $4.2B | $1.2B | ||
| Q3 24 | $4.6B | $1.0B | ||
| Q2 24 | $4.5B | $1.1B | ||
| Q1 24 | $4.6B | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| 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 | $246.9M | $-18.4M |
| Free Cash FlowOCF − Capex | $178.6M | $-58.3M |
| FCF MarginFCF / Revenue | 70.3% | -31.7% |
| Capex IntensityCapex / Revenue | 26.9% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $-18.4M | ||
| Q3 25 | $251.3M | $-37.1M | ||
| Q2 25 | $237.7M | $-62.9M | ||
| Q1 25 | $200.3M | $-47.9M | ||
| Q4 24 | $344.4M | $37.9M | ||
| Q3 24 | $174.5M | $-16.9M | ||
| Q2 24 | $134.7M | $-25.2M | ||
| Q1 24 | $75.8M | $-73.8M |
| Q4 25 | $178.6M | $-58.3M | ||
| Q3 25 | $189.2M | $-60.4M | ||
| Q2 25 | $197.7M | $-78.6M | ||
| Q1 25 | $153.2M | $-62.6M | ||
| Q4 24 | $282.9M | $-70.2M | ||
| Q3 24 | $122.3M | $-21.9M | ||
| Q2 24 | $74.2M | $-30.8M | ||
| Q1 24 | $14.8M | $-77.8M |
| Q4 25 | 70.3% | -31.7% | ||
| Q3 25 | 41.6% | -32.6% | ||
| Q2 25 | 45.6% | -41.5% | ||
| Q1 25 | 34.8% | -35.3% | ||
| Q4 24 | 111.5% | -34.3% | ||
| Q3 24 | 29.1% | -11.3% | ||
| Q2 24 | 17.0% | -15.7% | ||
| Q1 24 | 3.5% | -39.5% |
| Q4 25 | 26.9% | 21.7% | ||
| Q3 25 | 13.6% | 12.5% | ||
| Q2 25 | 9.2% | 8.3% | ||
| Q1 25 | 10.7% | 8.3% | ||
| Q4 24 | 24.2% | 52.8% | ||
| Q3 24 | 12.4% | 2.6% | ||
| Q2 24 | 13.9% | 2.9% | ||
| Q1 24 | 14.6% | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 7.36× | — | ||
| Q1 25 | 6.52× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
