vs
Side-by-side financial comparison of Leslie's, Inc. (LESL) 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 $147.1M, roughly 1.2× Leslie's, Inc.). Wheels Up Experience Inc. runs the higher net margin — -15.7% vs -56.4%, a 40.7% gap on every dollar of revenue. On growth, Wheels Up Experience Inc. posted the faster year-over-year revenue change (-10.2% vs -16.0%). Wheels Up Experience Inc. produced more free cash flow last quarter ($-58.3M vs $-85.5M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -11.7%).
Leslie's, Inc., operating as Leslie's Swimming Pool Supplies, is the largest retailer of swimming pool supplies and related products. The company is headquartered in Phoenix, Arizona, and has a particularly strong retail presence in Arizona, California, Florida, Georgia and 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.
LESL vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.1M | $183.8M |
| Net Profit | $-83.0M | $-28.9M |
| Gross Margin | 18.4% | 14.3% |
| Operating Margin | -46.7% | -0.9% |
| Net Margin | -56.4% | -15.7% |
| Revenue YoY | -16.0% | -10.2% |
| Net Profit YoY | -86.2% | 67.0% |
| EPS (diluted) | $-8.92 | $-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 | $147.1M | — | ||
| Q4 25 | $389.2M | $183.8M | ||
| Q3 25 | — | $185.5M | ||
| Q2 25 | $500.3M | $189.6M | ||
| Q1 25 | $177.1M | $177.5M | ||
| Q4 24 | $175.2M | $204.8M | ||
| Q3 24 | $397.9M | $193.9M | ||
| Q2 24 | $569.6M | $196.3M |
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-162.8M | $-28.9M | ||
| Q3 25 | — | $-83.7M | ||
| Q2 25 | $21.7M | $-82.3M | ||
| Q1 25 | $-51.3M | $-99.3M | ||
| Q4 24 | $-44.6M | $-87.5M | ||
| Q3 24 | $-9.9M | $-57.7M | ||
| Q2 24 | $60.6M | $-97.0M |
| Q1 26 | 18.4% | — | ||
| Q4 25 | 38.6% | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | 39.6% | 8.3% | ||
| Q1 25 | 24.8% | 10.8% | ||
| Q4 24 | 27.2% | 13.9% | ||
| Q3 24 | 36.0% | 13.9% | ||
| Q2 24 | 40.2% | 2.3% |
| Q1 26 | -46.7% | — | ||
| Q4 25 | -38.6% | -0.9% | ||
| Q3 25 | — | -33.1% | ||
| Q2 25 | 13.7% | -31.4% | ||
| Q1 25 | -27.3% | -45.5% | ||
| Q4 24 | -22.7% | -26.0% | ||
| Q3 24 | 6.6% | -21.6% | ||
| Q2 24 | 17.2% | -40.3% |
| Q1 26 | -56.4% | — | ||
| Q4 25 | -41.8% | -15.7% | ||
| Q3 25 | — | -45.1% | ||
| Q2 25 | 4.3% | -43.4% | ||
| Q1 25 | -29.0% | -55.9% | ||
| Q4 24 | -25.4% | -42.7% | ||
| Q3 24 | -2.5% | -29.8% | ||
| Q2 24 | 10.6% | -49.4% |
| Q1 26 | $-8.92 | — | ||
| Q4 25 | $-20.59 | $-0.04 | ||
| Q3 25 | — | $-0.12 | ||
| Q2 25 | $0.12 | $-0.12 | ||
| Q1 25 | $-0.28 | $-0.14 | ||
| Q4 24 | $-4.82 | $-0.13 | ||
| Q3 24 | $-2.46 | $-0.08 | ||
| Q2 24 | $0.33 | $-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 | $3.6M | $133.9M |
| Total DebtLower is stronger | $781.6M | $671.3M |
| Stockholders' EquityBook value | $-489.9M | $-392.1M |
| Total Assets | $649.4M | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.6M | — | ||
| Q4 25 | $64.3M | $133.9M | ||
| Q3 25 | — | $125.3M | ||
| Q2 25 | $42.7M | $107.0M | ||
| Q1 25 | $17.3M | $171.8M | ||
| Q4 24 | $11.6M | $216.4M | ||
| Q3 24 | $108.5M | $115.9M | ||
| Q2 24 | $74.4M | $141.5M |
| Q1 26 | $781.6M | — | ||
| Q4 25 | $756.6M | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | $776.6M | $770.5M | ||
| Q1 25 | $858.1M | $765.8M | ||
| Q4 24 | $796.6M | $761.3M | ||
| Q3 24 | $783.7M | $596.9M | ||
| Q2 24 | $783.7M | $597.4M |
| Q1 26 | $-489.9M | — | ||
| Q4 25 | $-408.0M | $-392.1M | ||
| Q3 25 | — | $-374.5M | ||
| Q2 25 | $-246.2M | $-347.8M | ||
| Q1 25 | $-269.5M | $-288.1M | ||
| Q4 24 | $-220.0M | $-202.1M | ||
| Q3 24 | $-177.1M | $-117.7M | ||
| Q2 24 | $-168.2M | $-72.2M |
| Q1 26 | $649.4M | — | ||
| Q4 25 | $741.5M | $968.8M | ||
| Q3 25 | — | $973.0M | ||
| Q2 25 | $989.5M | $1.0B | ||
| Q1 25 | $1.0B | $1.1B | ||
| Q4 24 | $967.0M | $1.2B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $1.1B | $1.1B |
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 | $-81.1M | $-18.4M |
| Free Cash FlowOCF − Capex | $-85.5M | $-58.3M |
| FCF MarginFCF / Revenue | -58.1% | -31.7% |
| Capex IntensityCapex / Revenue | 2.9% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-81.1M | — | ||
| Q4 25 | $48.2M | $-18.4M | ||
| Q3 25 | — | $-37.1M | ||
| Q2 25 | $114.9M | $-62.9M | ||
| Q1 25 | $-49.2M | $-47.9M | ||
| Q4 24 | $-105.1M | $37.9M | ||
| Q3 24 | $47.1M | $-16.9M | ||
| Q2 24 | $175.5M | $-25.2M |
| Q1 26 | $-85.5M | — | ||
| Q4 25 | $41.8M | $-58.3M | ||
| Q3 25 | — | $-60.4M | ||
| Q2 25 | $107.1M | $-78.6M | ||
| Q1 25 | $-55.8M | $-62.6M | ||
| Q4 24 | $-109.8M | $-70.2M | ||
| Q3 24 | $34.1M | $-21.9M | ||
| Q2 24 | $165.2M | $-30.8M |
| Q1 26 | -58.1% | — | ||
| Q4 25 | 10.7% | -31.7% | ||
| Q3 25 | — | -32.6% | ||
| Q2 25 | 21.4% | -41.5% | ||
| Q1 25 | -31.5% | -35.3% | ||
| Q4 24 | -62.6% | -34.3% | ||
| Q3 24 | 8.6% | -11.3% | ||
| Q2 24 | 29.0% | -15.7% |
| Q1 26 | 2.9% | — | ||
| Q4 25 | 1.7% | 21.7% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | 1.6% | 8.3% | ||
| Q1 25 | 3.7% | 8.3% | ||
| Q4 24 | 2.7% | 52.8% | ||
| Q3 24 | 3.2% | 2.6% | ||
| Q2 24 | 1.8% | 2.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.29× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.89× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
