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Side-by-side financial comparison of Kennedy-Wilson Holdings, Inc. (KW) 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 $120.6M, roughly 1.5× Kennedy-Wilson Holdings, Inc.). Kennedy-Wilson Holdings, Inc. runs the higher net margin — 48.1% vs -15.7%, a 63.8% gap on every dollar of revenue. On growth, Wheels Up Experience Inc. posted the faster year-over-year revenue change (-10.2% vs -11.0%). Kennedy-Wilson Holdings, Inc. produced more free cash flow last quarter ($-55.2M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -6.0%).
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
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.
KW vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $120.6M | $183.8M |
| Net Profit | $58.0M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 57.3% | -0.9% |
| Net Margin | 48.1% | -15.7% |
| Revenue YoY | -11.0% | -10.2% |
| Net Profit YoY | 32.7% | 67.0% |
| EPS (diluted) | $0.22 | $-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 | $120.6M | $183.8M | ||
| Q3 25 | $116.4M | $185.5M | ||
| Q2 25 | $135.7M | $189.6M | ||
| Q1 25 | $128.3M | $177.5M | ||
| Q4 24 | $135.5M | $204.8M | ||
| Q3 24 | $127.5M | $193.9M | ||
| Q2 24 | $132.0M | $196.3M | ||
| Q1 24 | $136.4M | $197.1M |
| Q4 25 | $58.0M | $-28.9M | ||
| Q3 25 | $-10.2M | $-83.7M | ||
| Q2 25 | $5.6M | $-82.3M | ||
| Q1 25 | $-29.6M | $-99.3M | ||
| Q4 24 | $43.7M | $-87.5M | ||
| Q3 24 | $-66.8M | $-57.7M | ||
| Q2 24 | $-48.3M | $-97.0M | ||
| Q1 24 | $37.7M | $-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 | 57.3% | -0.9% | ||
| Q3 25 | -6.2% | -33.1% | ||
| Q2 25 | 7.4% | -31.4% | ||
| Q1 25 | -26.9% | -45.5% | ||
| Q4 24 | 36.7% | -26.0% | ||
| Q3 24 | -60.8% | -21.6% | ||
| Q2 24 | -45.5% | -40.3% | ||
| Q1 24 | 47.2% | -42.9% |
| Q4 25 | 48.1% | -15.7% | ||
| Q3 25 | -8.8% | -45.1% | ||
| Q2 25 | 4.1% | -43.4% | ||
| Q1 25 | -23.1% | -55.9% | ||
| Q4 24 | 32.3% | -42.7% | ||
| Q3 24 | -52.4% | -29.8% | ||
| Q2 24 | -36.6% | -49.4% | ||
| Q1 24 | 27.6% | -49.4% |
| Q4 25 | $0.22 | $-0.04 | ||
| Q3 25 | $-0.15 | $-0.12 | ||
| Q2 25 | $-0.05 | $-0.12 | ||
| Q1 25 | $-0.30 | $-0.14 | ||
| Q4 24 | $0.24 | $-0.13 | ||
| Q3 24 | $-0.56 | $-0.08 | ||
| Q2 24 | $-0.43 | $-0.14 | ||
| Q1 24 | $0.19 | $-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 | $184.5M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $1.5B | $-392.1M |
| Total Assets | $6.6B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $184.5M | $133.9M | ||
| Q3 25 | $382.6M | $125.3M | ||
| Q2 25 | $309.1M | $107.0M | ||
| Q1 25 | $356.6M | $171.8M | ||
| Q4 24 | $217.5M | $216.4M | ||
| Q3 24 | $367.1M | $115.9M | ||
| Q2 24 | $366.5M | $141.5M | ||
| Q1 24 | $541.9M | $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 | $1.5B | $-392.1M | ||
| Q3 25 | $1.5B | $-374.5M | ||
| Q2 25 | $1.6B | $-347.8M | ||
| Q1 25 | $1.6B | $-288.1M | ||
| Q4 24 | $1.6B | $-202.1M | ||
| Q3 24 | $1.6B | $-117.7M | ||
| Q2 24 | $1.7B | $-72.2M | ||
| Q1 24 | $1.7B | $936.0K |
| Q4 25 | $6.6B | $968.8M | ||
| Q3 25 | $6.7B | $973.0M | ||
| Q2 25 | $6.8B | $1.0B | ||
| Q1 25 | $7.2B | $1.1B | ||
| Q4 24 | $7.0B | $1.2B | ||
| Q3 24 | $7.4B | $1.0B | ||
| Q2 24 | $7.5B | $1.1B | ||
| Q1 24 | $7.7B | $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 | $11.4M | $-18.4M |
| Free Cash FlowOCF − Capex | $-55.2M | $-58.3M |
| FCF MarginFCF / Revenue | -45.8% | -31.7% |
| Capex IntensityCapex / Revenue | 55.2% | 21.7% |
| Cash ConversionOCF / Net Profit | 0.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-103.5M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.4M | $-18.4M | ||
| Q3 25 | $-7.6M | $-37.1M | ||
| Q2 25 | $42.0M | $-62.9M | ||
| Q1 25 | $-51.9M | $-47.9M | ||
| Q4 24 | $55.1M | $37.9M | ||
| Q3 24 | $-5.6M | $-16.9M | ||
| Q2 24 | $36.7M | $-25.2M | ||
| Q1 24 | $-5.6M | $-73.8M |
| Q4 25 | $-55.2M | $-58.3M | ||
| Q3 25 | $-18.0M | $-60.4M | ||
| Q2 25 | $29.4M | $-78.6M | ||
| Q1 25 | $-59.7M | $-62.6M | ||
| Q4 24 | $-76.5M | $-70.2M | ||
| Q3 24 | $-27.7M | $-21.9M | ||
| Q2 24 | $-500.0K | $-30.8M | ||
| Q1 24 | $-57.1M | $-77.8M |
| Q4 25 | -45.8% | -31.7% | ||
| Q3 25 | -15.5% | -32.6% | ||
| Q2 25 | 21.7% | -41.5% | ||
| Q1 25 | -46.5% | -35.3% | ||
| Q4 24 | -56.5% | -34.3% | ||
| Q3 24 | -21.7% | -11.3% | ||
| Q2 24 | -0.4% | -15.7% | ||
| Q1 24 | -41.9% | -39.5% |
| Q4 25 | 55.2% | 21.7% | ||
| Q3 25 | 8.9% | 12.5% | ||
| Q2 25 | 9.3% | 8.3% | ||
| Q1 25 | 6.1% | 8.3% | ||
| Q4 24 | 97.1% | 52.8% | ||
| Q3 24 | 17.3% | 2.6% | ||
| Q2 24 | 28.2% | 2.9% | ||
| Q1 24 | 37.8% | 2.0% |
| Q4 25 | 0.20× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 7.50× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.15× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
UP
Segment breakdown not available.
