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Side-by-side financial comparison of JBG SMITH Properties (JBGS) 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 $127.6M, roughly 1.4× JBG SMITH Properties). Wheels Up Experience Inc. runs the higher net margin — -15.7% vs -35.7%, a 20.0% gap on every dollar of revenue. On growth, JBG SMITH Properties posted the faster year-over-year revenue change (-2.5% vs -10.2%). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -6.3%).
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
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.
JBGS vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.6M | $183.8M |
| Net Profit | $-45.5M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | -47.5% | -0.9% |
| Net Margin | -35.7% | -15.7% |
| Revenue YoY | -2.5% | -10.2% |
| Net Profit YoY | 24.0% | 67.0% |
| EPS (diluted) | $-0.76 | $-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 | $127.6M | $183.8M | ||
| Q3 25 | $123.9M | $185.5M | ||
| Q2 25 | $126.5M | $189.6M | ||
| Q1 25 | $120.7M | $177.5M | ||
| Q4 24 | $130.8M | $204.8M | ||
| Q3 24 | $136.0M | $193.9M | ||
| Q2 24 | $135.3M | $196.3M | ||
| Q1 24 | $145.2M | $197.1M |
| Q4 25 | $-45.5M | $-28.9M | ||
| Q3 25 | $-28.6M | $-83.7M | ||
| Q2 25 | $-19.2M | $-82.3M | ||
| Q1 25 | $-45.7M | $-99.3M | ||
| Q4 24 | $-59.9M | $-87.5M | ||
| Q3 24 | $-27.0M | $-57.7M | ||
| Q2 24 | $-24.4M | $-97.0M | ||
| Q1 24 | $-32.3M | $-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 | -47.5% | -0.9% | ||
| Q3 25 | -27.5% | -33.1% | ||
| Q2 25 | -18.4% | -31.4% | ||
| Q1 25 | -44.7% | -45.5% | ||
| Q4 24 | -53.6% | -26.0% | ||
| Q3 24 | -22.4% | -21.6% | ||
| Q2 24 | -24.3% | -40.3% | ||
| Q1 24 | -30.1% | -42.9% |
| Q4 25 | -35.7% | -15.7% | ||
| Q3 25 | -23.1% | -45.1% | ||
| Q2 25 | -15.2% | -43.4% | ||
| Q1 25 | -37.9% | -55.9% | ||
| Q4 24 | -45.8% | -42.7% | ||
| Q3 24 | -19.8% | -29.8% | ||
| Q2 24 | -18.0% | -49.4% | ||
| Q1 24 | -22.2% | -49.4% |
| Q4 25 | $-0.76 | $-0.04 | ||
| Q3 25 | $-0.48 | $-0.12 | ||
| Q2 25 | $-0.29 | $-0.12 | ||
| Q1 25 | $-0.56 | $-0.14 | ||
| Q4 24 | $-0.70 | $-0.13 | ||
| Q3 24 | $-0.32 | $-0.08 | ||
| Q2 24 | $-0.27 | $-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 | $75.3M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $1.2B | $-392.1M |
| Total Assets | $4.4B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.3M | $133.9M | ||
| Q3 25 | $64.4M | $125.3M | ||
| Q2 25 | $61.4M | $107.0M | ||
| Q1 25 | $81.3M | $171.8M | ||
| Q4 24 | $145.8M | $216.4M | ||
| Q3 24 | $137.0M | $115.9M | ||
| Q2 24 | $163.5M | $141.5M | ||
| Q1 24 | $220.5M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $1.2B | $-392.1M | ||
| Q3 25 | $1.2B | $-374.5M | ||
| Q2 25 | $1.3B | $-347.8M | ||
| Q1 25 | $1.6B | $-288.1M | ||
| Q4 24 | $1.8B | $-202.1M | ||
| Q3 24 | $1.9B | $-117.7M | ||
| Q2 24 | $2.0B | $-72.2M | ||
| Q1 24 | $2.1B | $936.0K |
| Q4 25 | $4.4B | $968.8M | ||
| Q3 25 | $4.4B | $973.0M | ||
| Q2 25 | $4.5B | $1.0B | ||
| Q1 25 | $4.7B | $1.1B | ||
| Q4 24 | $5.0B | $1.2B | ||
| Q3 24 | $5.2B | $1.0B | ||
| Q2 24 | $5.3B | $1.1B | ||
| Q1 24 | $5.4B | $1.2B |
| Q4 25 | — | — | ||
| 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 | $73.3M | $-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.
| Q4 25 | $73.3M | $-18.4M | ||
| Q3 25 | $8.9M | $-37.1M | ||
| Q2 25 | $18.8M | $-62.9M | ||
| Q1 25 | $12.9M | $-47.9M | ||
| Q4 24 | $129.4M | $37.9M | ||
| Q3 24 | $26.4M | $-16.9M | ||
| Q2 24 | $23.8M | $-25.2M | ||
| Q1 24 | $37.0M | $-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% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
