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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) 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 $113.9M, roughly 1.6× Industrial Logistics Properties Trust). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -15.7%, a 14.1% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs -10.2%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-58.3M). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs -3.4%).
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
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.
ILPT vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $183.8M |
| Net Profit | $-1.8M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | -22.1% | -0.9% |
| Net Margin | -1.6% | -15.7% |
| Revenue YoY | 3.1% | -10.2% |
| Net Profit YoY | 92.6% | 67.0% |
| EPS (diluted) | $-0.02 | $-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 | $113.9M | $183.8M | ||
| Q3 25 | $110.9M | $185.5M | ||
| Q2 25 | $112.1M | $189.6M | ||
| Q1 25 | $111.9M | $177.5M | ||
| Q4 24 | $110.5M | $204.8M | ||
| Q3 24 | $108.9M | $193.9M | ||
| Q2 24 | $110.6M | $196.3M | ||
| Q1 24 | $112.2M | $197.1M |
| Q4 25 | $-1.8M | $-28.9M | ||
| Q3 25 | $-21.6M | $-83.7M | ||
| Q2 25 | $-21.3M | $-82.3M | ||
| Q1 25 | $-21.5M | $-99.3M | ||
| Q4 24 | $-24.1M | $-87.5M | ||
| Q3 24 | $-25.0M | $-57.7M | ||
| Q2 24 | $-23.2M | $-97.0M | ||
| Q1 24 | $-23.4M | $-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 | -22.1% | -0.9% | ||
| Q3 25 | -29.4% | -33.1% | ||
| Q2 25 | -30.8% | -31.4% | ||
| Q1 25 | -26.9% | -45.5% | ||
| Q4 24 | -31.1% | -26.0% | ||
| Q3 24 | -33.5% | -21.6% | ||
| Q2 24 | -32.4% | -40.3% | ||
| Q1 24 | -31.7% | -42.9% |
| Q4 25 | -1.6% | -15.7% | ||
| Q3 25 | -19.4% | -45.1% | ||
| Q2 25 | -19.0% | -43.4% | ||
| Q1 25 | -19.2% | -55.9% | ||
| Q4 24 | -21.8% | -42.7% | ||
| Q3 24 | -22.9% | -29.8% | ||
| Q2 24 | -20.9% | -49.4% | ||
| Q1 24 | -20.9% | -49.4% |
| Q4 25 | $-0.02 | $-0.04 | ||
| Q3 25 | $-0.33 | $-0.12 | ||
| Q2 25 | $-0.32 | $-0.12 | ||
| Q1 25 | $-0.33 | $-0.14 | ||
| Q4 24 | $-0.37 | $-0.13 | ||
| Q3 24 | $-0.38 | $-0.08 | ||
| Q2 24 | $-0.35 | $-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 | $94.8M | $133.9M |
| Total DebtLower is stronger | $4.2B | $671.3M |
| Stockholders' EquityBook value | $489.7M | $-392.1M |
| Total Assets | $5.2B | $968.8M |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $133.9M | ||
| Q3 25 | $83.2M | $125.3M | ||
| Q2 25 | $58.6M | $107.0M | ||
| Q1 25 | $108.0M | $171.8M | ||
| Q4 24 | $131.7M | $216.4M | ||
| Q3 24 | $153.9M | $115.9M | ||
| Q2 24 | $146.2M | $141.5M | ||
| Q1 24 | $128.4M | $180.9M |
| Q4 25 | $4.2B | $671.3M | ||
| Q3 25 | $4.2B | $766.5M | ||
| Q2 25 | $4.2B | $770.5M | ||
| Q1 25 | $4.3B | $765.8M | ||
| Q4 24 | $4.3B | $761.3M | ||
| Q3 24 | $4.3B | $596.9M | ||
| Q2 24 | $4.3B | $597.4M | ||
| Q1 24 | $4.3B | $603.2M |
| Q4 25 | $489.7M | $-392.1M | ||
| Q3 25 | $494.1M | $-374.5M | ||
| Q2 25 | $519.1M | $-347.8M | ||
| Q1 25 | $539.5M | $-288.1M | ||
| Q4 24 | $562.0M | $-202.1M | ||
| Q3 24 | $585.9M | $-117.7M | ||
| Q2 24 | $618.3M | $-72.2M | ||
| Q1 24 | $643.2M | $936.0K |
| Q4 25 | $5.2B | $968.8M | ||
| Q3 25 | $5.2B | $973.0M | ||
| Q2 25 | $5.2B | $1.0B | ||
| Q1 25 | $5.4B | $1.1B | ||
| Q4 24 | $5.4B | $1.2B | ||
| Q3 24 | $5.5B | $1.0B | ||
| Q2 24 | $5.5B | $1.1B | ||
| Q1 24 | $5.5B | $1.2B |
| Q4 25 | 8.56× | — | ||
| Q3 25 | 8.49× | — | ||
| Q2 25 | 8.09× | — | ||
| Q1 25 | 7.96× | — | ||
| Q4 24 | 7.65× | — | ||
| Q3 24 | 7.35× | — | ||
| Q2 24 | 6.96× | — | ||
| Q1 24 | 6.70× | 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 | $60.7M | $-18.4M |
| Free Cash FlowOCF − Capex | $42.0M | $-58.3M |
| FCF MarginFCF / Revenue | 36.9% | -31.7% |
| Capex IntensityCapex / Revenue | 16.4% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $-18.4M | ||
| Q3 25 | $22.7M | $-37.1M | ||
| Q2 25 | $18.4M | $-62.9M | ||
| Q1 25 | $11.4M | $-47.9M | ||
| Q4 24 | $2.0M | $37.9M | ||
| Q3 24 | $-3.4M | $-16.9M | ||
| Q2 24 | $10.8M | $-25.2M | ||
| Q1 24 | $8.0M | $-73.8M |
| Q4 25 | $42.0M | $-58.3M | ||
| Q3 25 | $17.6M | $-60.4M | ||
| Q2 25 | $15.2M | $-78.6M | ||
| Q1 25 | $5.0M | $-62.6M | ||
| Q4 24 | $-3.7M | $-70.2M | ||
| Q3 24 | $-5.9M | $-21.9M | ||
| Q2 24 | $9.4M | $-30.8M | ||
| Q1 24 | $5.9M | $-77.8M |
| Q4 25 | 36.9% | -31.7% | ||
| Q3 25 | 15.9% | -32.6% | ||
| Q2 25 | 13.5% | -41.5% | ||
| Q1 25 | 4.5% | -35.3% | ||
| Q4 24 | -3.4% | -34.3% | ||
| Q3 24 | -5.5% | -11.3% | ||
| Q2 24 | 8.5% | -15.7% | ||
| Q1 24 | 5.2% | -39.5% |
| Q4 25 | 16.4% | 21.7% | ||
| Q3 25 | 4.6% | 12.5% | ||
| Q2 25 | 2.9% | 8.3% | ||
| Q1 25 | 5.7% | 8.3% | ||
| Q4 24 | 5.2% | 52.8% | ||
| Q3 24 | 2.3% | 2.6% | ||
| Q2 24 | 1.3% | 2.9% | ||
| Q1 24 | 1.9% | 2.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
