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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) 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 $165.3M, roughly 1.1× INDEPENDENCE REALTY TRUST, INC.). On growth, INDEPENDENCE REALTY TRUST, INC. posted the faster year-over-year revenue change (2.5% vs -10.2%). Over the past eight quarters, INDEPENDENCE REALTY TRUST, INC.'s revenue compounded faster (2.2% CAGR vs -3.4%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
IRT vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $183.8M |
| Net Profit | — | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | — | -0.9% |
| Net Margin | — | -15.7% |
| Revenue YoY | 2.5% | -10.2% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | $0.00 | $-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.
| Q1 26 | $165.3M | — | ||
| Q4 25 | $167.1M | $183.8M | ||
| Q3 25 | $167.1M | $185.5M | ||
| Q2 25 | $162.2M | $189.6M | ||
| Q1 25 | $161.2M | $177.5M | ||
| Q4 24 | $161.0M | $204.8M | ||
| Q3 24 | $160.1M | $193.9M | ||
| Q2 24 | $158.4M | $196.3M |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | $-28.9M | ||
| Q3 25 | $6.9M | $-83.7M | ||
| Q2 25 | $8.0M | $-82.3M | ||
| Q1 25 | $8.4M | $-99.3M | ||
| Q4 24 | $-1.0M | $-87.5M | ||
| Q3 24 | $12.4M | $-57.7M | ||
| Q2 24 | $10.4M | $-97.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | -0.9% | ||
| Q3 25 | — | -33.1% | ||
| Q2 25 | — | -31.4% | ||
| Q1 25 | — | -45.5% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | — | -21.6% | ||
| Q2 24 | — | -40.3% |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | -15.7% | ||
| Q3 25 | 4.1% | -45.1% | ||
| Q2 25 | 5.0% | -43.4% | ||
| Q1 25 | 5.2% | -55.9% | ||
| Q4 24 | -0.6% | -42.7% | ||
| Q3 24 | 7.7% | -29.8% | ||
| Q2 24 | 6.5% | -49.4% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | $-0.04 | ||
| Q3 25 | $0.03 | $-0.12 | ||
| Q2 25 | $0.03 | $-0.12 | ||
| Q1 25 | $0.04 | $-0.14 | ||
| Q4 24 | $-0.01 | $-0.13 | ||
| Q3 24 | $0.05 | $-0.08 | ||
| Q2 24 | $0.05 | $-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 | $23.3M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $3.4B | $-392.1M |
| Total Assets | $6.1B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | — | ||
| Q4 25 | $23.6M | $133.9M | ||
| Q3 25 | $23.3M | $125.3M | ||
| Q2 25 | $19.5M | $107.0M | ||
| Q1 25 | $29.1M | $171.8M | ||
| Q4 24 | $21.2M | $216.4M | ||
| Q3 24 | $17.6M | $115.9M | ||
| Q2 24 | $21.0M | $141.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $671.3M | ||
| Q3 25 | $2.3B | $766.5M | ||
| Q2 25 | $2.2B | $770.5M | ||
| Q1 25 | $2.3B | $765.8M | ||
| Q4 24 | $2.3B | $761.3M | ||
| Q3 24 | $2.3B | $596.9M | ||
| Q2 24 | $2.3B | $597.4M |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.5B | $-392.1M | ||
| Q3 25 | $3.5B | $-374.5M | ||
| Q2 25 | $3.4B | $-347.8M | ||
| Q1 25 | $3.5B | $-288.1M | ||
| Q4 24 | $3.4B | $-202.1M | ||
| Q3 24 | $3.4B | $-117.7M | ||
| Q2 24 | $3.4B | $-72.2M |
| Q1 26 | $6.1B | — | ||
| Q4 25 | $6.0B | $968.8M | ||
| Q3 25 | $6.1B | $973.0M | ||
| Q2 25 | $6.0B | $1.0B | ||
| Q1 25 | $6.0B | $1.1B | ||
| Q4 24 | $6.1B | $1.2B | ||
| Q3 24 | $5.9B | $1.0B | ||
| Q2 24 | $5.9B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.66× | — |
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 | — | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-58.3M |
| FCF MarginFCF / Revenue | — | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $282.1M | $-18.4M | ||
| Q3 25 | $79.3M | $-37.1M | ||
| Q2 25 | $82.2M | $-62.9M | ||
| Q1 25 | $60.4M | $-47.9M | ||
| Q4 24 | $259.8M | $37.9M | ||
| Q3 24 | $69.2M | $-16.9M | ||
| Q2 24 | $83.0M | $-25.2M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 8.48× | — | ||
| Q3 25 | 11.51× | — | ||
| Q2 25 | 10.22× | — | ||
| Q1 25 | 7.23× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.60× | — | ||
| Q2 24 | 8.02× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
UP
Segment breakdown not available.
