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Side-by-side financial comparison of Volato Group, Inc. (SOAR) 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 $381.0K, roughly 482.5× Volato Group, Inc.). Volato Group, Inc. runs the higher net margin — 1875.3% vs -15.7%, a 1891.0% gap on every dollar of revenue. On growth, Wheels Up Experience Inc. posted the faster year-over-year revenue change (-10.2% vs -99.0%). Volato Group, Inc. produced more free cash flow last quarter ($-3.0M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -67.7%).
Volato Aeronaves also known as Volato Aeronaves e Compósitos Ltda is a Brazilian aircraft manufacturer.
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.
SOAR vs UP — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $381.0K | $183.8M |
| Net Profit | $7.1M | $-28.9M |
| Gross Margin | 67.7% | 14.3% |
| Operating Margin | -673.0% | -0.9% |
| Net Margin | 1875.3% | -15.7% |
| Revenue YoY | -99.0% | -10.2% |
| Net Profit YoY | 261.1% | 67.0% |
| EPS (diluted) | $1.26 | $-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 | — | $183.8M | ||
| Q3 25 | $381.0K | $185.5M | ||
| Q2 25 | $24.9M | $189.6M | ||
| Q1 25 | $25.5M | $177.5M | ||
| Q4 24 | — | $204.8M | ||
| Q3 24 | $38.5M | $193.9M | ||
| Q2 24 | $181.0K | $196.3M | ||
| Q1 24 | $48.0K | $197.1M |
| Q4 25 | — | $-28.9M | ||
| Q3 25 | $7.1M | $-83.7M | ||
| Q2 25 | $3.6M | $-82.3M | ||
| Q1 25 | $455.0K | $-99.3M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | $-4.4M | $-57.7M | ||
| Q2 24 | $-16.9M | $-97.0M | ||
| Q1 24 | $-17.4M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | 67.7% | 6.8% | ||
| Q2 25 | 15.2% | 8.3% | ||
| Q1 25 | 17.6% | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | 16.6% | 13.9% | ||
| Q2 24 | 81.2% | 2.3% | ||
| Q1 24 | -8.3% | -0.6% |
| Q4 25 | — | -0.9% | ||
| Q3 25 | -673.0% | -33.1% | ||
| Q2 25 | 3.5% | -31.4% | ||
| Q1 25 | 9.9% | -45.5% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | 5.5% | -21.6% | ||
| Q2 24 | -2017.1% | -40.3% | ||
| Q1 24 | -9029.2% | -42.9% |
| Q4 25 | — | -15.7% | ||
| Q3 25 | 1875.3% | -45.1% | ||
| Q2 25 | 14.5% | -43.4% | ||
| Q1 25 | 1.8% | -55.9% | ||
| Q4 24 | — | -42.7% | ||
| Q3 24 | -11.5% | -29.8% | ||
| Q2 24 | -9347.0% | -49.4% | ||
| Q1 24 | -36229.2% | -49.4% |
| Q4 25 | — | $-0.04 | ||
| Q3 25 | $1.26 | $-0.12 | ||
| Q2 25 | $0.75 | $-0.12 | ||
| Q1 25 | $0.03 | $-0.14 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | $-3.76 | $-0.08 | ||
| Q2 24 | $-14.41 | $-0.14 | ||
| Q1 24 | $-14.93 | $-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 | — | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $4.1M | $-392.1M |
| Total Assets | $13.6M | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $133.9M | ||
| Q3 25 | — | $125.3M | ||
| Q2 25 | — | $107.0M | ||
| Q1 25 | — | $171.8M | ||
| Q4 24 | — | $216.4M | ||
| Q3 24 | — | $115.9M | ||
| Q2 24 | — | $141.5M | ||
| Q1 24 | — | $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 | — | $-392.1M | ||
| Q3 25 | $4.1M | $-374.5M | ||
| Q2 25 | $-7.1M | $-347.8M | ||
| Q1 25 | $-15.8M | $-288.1M | ||
| Q4 24 | — | $-202.1M | ||
| Q3 24 | $-19.6M | $-117.7M | ||
| Q2 24 | $-15.0M | $-72.2M | ||
| Q1 24 | $1.7M | $936.0K |
| Q4 25 | — | $968.8M | ||
| Q3 25 | $13.6M | $973.0M | ||
| Q2 25 | $13.0M | $1.0B | ||
| Q1 25 | $23.4M | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $47.9M | $1.0B | ||
| Q2 24 | $65.3M | $1.1B | ||
| Q1 24 | $68.2M | $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 | $-3.0M | $-18.4M |
| Free Cash FlowOCF − Capex | $-3.0M | $-58.3M |
| FCF MarginFCF / Revenue | -799.7% | -31.7% |
| Capex IntensityCapex / Revenue | 18.1% | 21.7% |
| Cash ConversionOCF / Net Profit | -0.42× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.4M | ||
| Q3 25 | $-3.0M | $-37.1M | ||
| Q2 25 | $848.0K | $-62.9M | ||
| Q1 25 | $-312.0K | $-47.9M | ||
| Q4 24 | — | $37.9M | ||
| Q3 24 | $-3.1M | $-16.9M | ||
| Q2 24 | $330.0K | $-25.2M | ||
| Q1 24 | $-7.7M | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | $-3.0M | $-60.4M | ||
| Q2 25 | — | $-78.6M | ||
| Q1 25 | — | $-62.6M | ||
| Q4 24 | — | $-70.2M | ||
| Q3 24 | $-3.2M | $-21.9M | ||
| Q2 24 | $276.0K | $-30.8M | ||
| Q1 24 | $-7.8M | $-77.8M |
| Q4 25 | — | -31.7% | ||
| Q3 25 | -799.7% | -32.6% | ||
| Q2 25 | — | -41.5% | ||
| Q1 25 | — | -35.3% | ||
| Q4 24 | — | -34.3% | ||
| Q3 24 | -8.2% | -11.3% | ||
| Q2 24 | 152.5% | -15.7% | ||
| Q1 24 | -16152.1% | -39.5% |
| Q4 25 | — | 21.7% | ||
| Q3 25 | 18.1% | 12.5% | ||
| Q2 25 | 0.0% | 8.3% | ||
| Q1 25 | 0.0% | 8.3% | ||
| Q4 24 | — | 52.8% | ||
| Q3 24 | 0.1% | 2.6% | ||
| Q2 24 | 29.8% | 2.9% | ||
| Q1 24 | 116.7% | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | -0.42× | — | ||
| Q2 25 | 0.24× | — | ||
| Q1 25 | -0.69× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
