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Side-by-side financial comparison of Piedmont Realty Trust, Inc. (PDM) 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 $142.9M, roughly 1.3× Piedmont Realty Trust, Inc.). Wheels Up Experience Inc. runs the higher net margin — -15.7% vs -30.3%, a 14.6% gap on every dollar of revenue. On growth, Piedmont Realty Trust, Inc. posted the faster year-over-year revenue change (-0.3% vs -10.2%). Over the past eight quarters, Piedmont Realty Trust, Inc.'s revenue compounded faster (-0.6% CAGR vs -3.4%).
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
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.
PDM vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $142.9M | $183.8M |
| Net Profit | $-43.2M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | — | -0.9% |
| Net Margin | -30.3% | -15.7% |
| Revenue YoY | -0.3% | -10.2% |
| Net Profit YoY | -44.3% | 67.0% |
| EPS (diluted) | $-0.34 | $-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 | $142.9M | $183.8M | ||
| Q3 25 | $139.2M | $185.5M | ||
| Q2 25 | $140.3M | $189.6M | ||
| Q1 25 | $142.7M | $177.5M | ||
| Q4 24 | $143.2M | $204.8M | ||
| Q3 24 | $139.3M | $193.9M | ||
| Q2 24 | $143.3M | $196.3M | ||
| Q1 24 | $144.5M | $197.1M |
| Q4 25 | $-43.2M | $-28.9M | ||
| Q3 25 | $-13.5M | $-83.7M | ||
| Q2 25 | $-16.8M | $-82.3M | ||
| Q1 25 | $-10.1M | $-99.3M | ||
| Q4 24 | $-30.0M | $-87.5M | ||
| Q3 24 | $-11.5M | $-57.7M | ||
| Q2 24 | $-9.8M | $-97.0M | ||
| Q1 24 | $-27.8M | $-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 | — | -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 24 | — | -42.9% |
| Q4 25 | -30.3% | -15.7% | ||
| Q3 25 | -9.7% | -45.1% | ||
| Q2 25 | -12.0% | -43.4% | ||
| Q1 25 | -7.1% | -55.9% | ||
| Q4 24 | -20.9% | -42.7% | ||
| Q3 24 | -8.3% | -29.8% | ||
| Q2 24 | -6.8% | -49.4% | ||
| Q1 24 | -19.2% | -49.4% |
| Q4 25 | $-0.34 | $-0.04 | ||
| Q3 25 | $-0.11 | $-0.12 | ||
| Q2 25 | $-0.14 | $-0.12 | ||
| Q1 25 | $-0.08 | $-0.14 | ||
| Q4 24 | $-0.25 | $-0.13 | ||
| Q3 24 | $-0.09 | $-0.08 | ||
| Q2 24 | $-0.08 | $-0.14 | ||
| Q1 24 | $-0.22 | $-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 | $731.0K | $133.9M |
| Total DebtLower is stronger | $2.2B | $671.3M |
| Stockholders' EquityBook value | $1.5B | $-392.1M |
| Total Assets | $4.0B | $968.8M |
| Debt / EquityLower = less leverage | 1.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $731.0K | $133.9M | ||
| Q3 25 | $3.0M | $125.3M | ||
| Q2 25 | $3.3M | $107.0M | ||
| Q1 25 | $2.9M | $171.8M | ||
| Q4 24 | $109.6M | $216.4M | ||
| Q3 24 | $133.6M | $115.9M | ||
| Q2 24 | $138.5M | $141.5M | ||
| Q1 24 | $3.5M | $180.9M |
| Q4 25 | $2.2B | $671.3M | ||
| Q3 25 | $2.2B | $766.5M | ||
| Q2 25 | $2.2B | $770.5M | ||
| Q1 25 | $2.2B | $765.8M | ||
| Q4 24 | $2.2B | $761.3M | ||
| Q3 24 | $2.2B | $596.9M | ||
| Q2 24 | $2.2B | $597.4M | ||
| Q1 24 | $2.1B | $603.2M |
| Q4 25 | $1.5B | $-392.1M | ||
| Q3 25 | $1.5B | $-374.5M | ||
| Q2 25 | $1.5B | $-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 | $4.0B | $968.8M | ||
| Q3 25 | $4.0B | $973.0M | ||
| Q2 25 | $4.0B | $1.0B | ||
| Q1 25 | $4.0B | $1.1B | ||
| Q4 24 | $4.1B | $1.2B | ||
| Q3 24 | $4.1B | $1.0B | ||
| Q2 24 | $4.2B | $1.1B | ||
| Q1 24 | $4.0B | $1.2B |
| Q4 25 | 1.49× | — | ||
| Q3 25 | 1.43× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.40× | — | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 1.34× | — | ||
| Q1 24 | 1.23× | 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 | $140.6M | $-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 | $140.6M | $-18.4M | ||
| Q3 25 | $35.8M | $-37.1M | ||
| Q2 25 | $50.1M | $-62.9M | ||
| Q1 25 | $3.7M | $-47.9M | ||
| Q4 24 | $198.1M | $37.9M | ||
| Q3 24 | $42.9M | $-16.9M | ||
| Q2 24 | $66.8M | $-25.2M | ||
| Q1 24 | $23.4M | $-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.
Revenue Breakdown by Segment
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
UP
Segment breakdown not available.
