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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) 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 $152.8M, roughly 1.2× Riot Platforms, Inc.). Wheels Up Experience Inc. runs the higher net margin — -15.7% vs -452.0%, a 436.3% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -10.2%). Wheels Up Experience Inc. produced more free cash flow last quarter ($-58.3M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -3.4%).
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
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.
RIOT vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $183.8M |
| Net Profit | $-690.7M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | -447.9% | -0.9% |
| Net Margin | -452.0% | -15.7% |
| Revenue YoY | 7.2% | -10.2% |
| Net Profit YoY | -606.3% | 67.0% |
| EPS (diluted) | $-1.89 | $-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 | $152.8M | $183.8M | ||
| Q3 25 | $180.2M | $185.5M | ||
| Q2 25 | $153.0M | $189.6M | ||
| Q1 25 | $161.4M | $177.5M | ||
| Q4 24 | $142.6M | $204.8M | ||
| Q3 24 | $84.8M | $193.9M | ||
| Q2 24 | $70.0M | $196.3M | ||
| Q1 24 | $79.3M | $197.1M |
| Q4 25 | $-690.7M | $-28.9M | ||
| Q3 25 | $104.5M | $-83.7M | ||
| Q2 25 | $219.5M | $-82.3M | ||
| Q1 25 | $-296.4M | $-99.3M | ||
| Q4 24 | $136.4M | $-87.5M | ||
| Q3 24 | $-154.4M | $-57.7M | ||
| Q2 24 | $-84.4M | $-97.0M | ||
| Q1 24 | $211.8M | $-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 | -447.9% | -0.9% | ||
| Q3 25 | 44.4% | -33.1% | ||
| Q2 25 | — | -31.4% | ||
| Q1 25 | -144.9% | -45.5% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | -143.3% | -21.6% | ||
| Q2 24 | -167.2% | -40.3% | ||
| Q1 24 | — | -42.9% |
| Q4 25 | -452.0% | -15.7% | ||
| Q3 25 | 58.0% | -45.1% | ||
| Q2 25 | 143.4% | -43.4% | ||
| Q1 25 | -183.6% | -55.9% | ||
| Q4 24 | 95.7% | -42.7% | ||
| Q3 24 | -182.1% | -29.8% | ||
| Q2 24 | -120.6% | -49.4% | ||
| Q1 24 | 267.1% | -49.4% |
| Q4 25 | $-1.89 | $-0.04 | ||
| Q3 25 | $0.26 | $-0.12 | ||
| Q2 25 | $0.58 | $-0.12 | ||
| Q1 25 | $-0.90 | $-0.14 | ||
| Q4 24 | $0.39 | $-0.13 | ||
| Q3 24 | $-0.54 | $-0.08 | ||
| Q2 24 | $-0.32 | $-0.14 | ||
| Q1 24 | $0.51 | $-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 | $233.5M | $133.9M |
| Total DebtLower is stronger | $840.8M | $671.3M |
| Stockholders' EquityBook value | $2.9B | $-392.1M |
| Total Assets | $3.9B | $968.8M |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | $133.9M | ||
| Q3 25 | $330.7M | $125.3M | ||
| Q2 25 | $255.4M | $107.0M | ||
| Q1 25 | $163.7M | $171.8M | ||
| Q4 24 | $277.9M | $216.4M | ||
| Q3 24 | $355.7M | $115.9M | ||
| Q2 24 | $481.2M | $141.5M | ||
| Q1 24 | $688.5M | $180.9M |
| Q4 25 | $840.8M | $671.3M | ||
| Q3 25 | $5.3M | $766.5M | ||
| Q2 25 | $5.3M | $770.5M | ||
| Q1 25 | $5.3M | $765.8M | ||
| Q4 24 | $584.6M | $761.3M | ||
| Q3 24 | $5.7M | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $2.9B | $-392.1M | ||
| Q3 25 | $3.5B | $-374.5M | ||
| Q2 25 | $3.3B | $-347.8M | ||
| Q1 25 | $2.9B | $-288.1M | ||
| Q4 24 | $3.1B | $-202.1M | ||
| Q3 24 | $2.7B | $-117.7M | ||
| Q2 24 | $2.6B | $-72.2M | ||
| Q1 24 | $2.5B | $936.0K |
| Q4 25 | $3.9B | $968.8M | ||
| Q3 25 | $4.5B | $973.0M | ||
| Q2 25 | $4.3B | $1.0B | ||
| Q1 25 | $3.7B | $1.1B | ||
| Q4 24 | $3.9B | $1.2B | ||
| Q3 24 | $2.9B | $1.0B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.6B | $1.2B |
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.19× | — | ||
| Q3 24 | 0.00× | — | ||
| 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 | $-572.9M | $-18.4M |
| Free Cash FlowOCF − Capex | $-774.3M | $-58.3M |
| FCF MarginFCF / Revenue | -506.6% | -31.7% |
| Capex IntensityCapex / Revenue | 131.8% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | $-18.4M | ||
| Q3 25 | $-114.0M | $-37.1M | ||
| Q2 25 | $-231.3M | $-62.9M | ||
| Q1 25 | $-122.1M | $-47.9M | ||
| Q4 24 | $-255.1M | $37.9M | ||
| Q3 24 | $-56.3M | $-16.9M | ||
| Q2 24 | $-42.5M | $-25.2M | ||
| Q1 24 | $-57.9M | $-73.8M |
| Q4 25 | $-774.3M | $-58.3M | ||
| Q3 25 | $-139.7M | $-60.4M | ||
| Q2 25 | $-291.7M | $-78.6M | ||
| Q1 25 | $-154.9M | $-62.6M | ||
| Q4 24 | $-495.4M | $-70.2M | ||
| Q3 24 | $-127.6M | $-21.9M | ||
| Q2 24 | $-96.1M | $-30.8M | ||
| Q1 24 | $-115.2M | $-77.8M |
| Q4 25 | -506.6% | -31.7% | ||
| Q3 25 | -77.5% | -32.6% | ||
| Q2 25 | -190.7% | -41.5% | ||
| Q1 25 | -96.0% | -35.3% | ||
| Q4 24 | -347.5% | -34.3% | ||
| Q3 24 | -150.5% | -11.3% | ||
| Q2 24 | -137.2% | -15.7% | ||
| Q1 24 | -145.2% | -39.5% |
| Q4 25 | 131.8% | 21.7% | ||
| Q3 25 | 14.3% | 12.5% | ||
| Q2 25 | 39.5% | 8.3% | ||
| Q1 25 | 20.4% | 8.3% | ||
| Q4 24 | 168.6% | 52.8% | ||
| Q3 24 | 84.1% | 2.6% | ||
| Q2 24 | 76.5% | 2.9% | ||
| Q1 24 | 72.3% | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.27× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
UP
Segment breakdown not available.
