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Side-by-side financial comparison of SPORTSMAN'S WAREHOUSE HOLDINGS, INC. (SPWH) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
SPORTSMAN'S WAREHOUSE HOLDINGS, INC. is the larger business by last-quarter revenue ($331.3M vs $183.8M, roughly 1.8× Wheels Up Experience Inc.). SPORTSMAN'S WAREHOUSE HOLDINGS, INC. runs the higher net margin — 0.0% vs -15.7%, a 15.7% gap on every dollar of revenue. On growth, SPORTSMAN'S WAREHOUSE HOLDINGS, INC. posted the faster year-over-year revenue change (2.2% vs -10.2%). SPORTSMAN'S WAREHOUSE HOLDINGS, INC. produced more free cash flow last quarter ($8.7M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -5.4%).
Sportsman's Warehouse is an American outdoor sporting goods retailer which operates in 29 states across the United States. Sportsman's Warehouse sells apparel, footwear, and gear which caters to sportsmen and sportswomen with interests in hunting, shooting, reloading, camping, fishing, and other outdoor recreational activities.
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.
SPWH vs UP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $331.3M | $183.8M |
| Net Profit | $8.0K | $-28.9M |
| Gross Margin | 32.8% | 14.3% |
| Operating Margin | 1.3% | -0.9% |
| Net Margin | 0.0% | -15.7% |
| Revenue YoY | 2.2% | -10.2% |
| Net Profit YoY | -97.8% | 67.0% |
| EPS (diluted) | $0.00 | $-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 | $331.3M | $183.8M | ||
| Q3 25 | $293.9M | $185.5M | ||
| Q2 25 | $249.1M | $189.6M | ||
| Q1 25 | $340.4M | $177.5M | ||
| Q4 24 | $324.3M | $204.8M | ||
| Q3 24 | $288.7M | $193.9M | ||
| Q2 24 | $244.2M | $196.3M | ||
| Q1 24 | $370.4M | $197.1M |
| Q4 25 | $8.0K | $-28.9M | ||
| Q3 25 | $-7.1M | $-83.7M | ||
| Q2 25 | $-21.3M | $-82.3M | ||
| Q1 25 | $-8.7M | $-99.3M | ||
| Q4 24 | $-364.0K | $-87.5M | ||
| Q3 24 | $-5.9M | $-57.7M | ||
| Q2 24 | $-18.1M | $-97.0M | ||
| Q1 24 | $-8.7M | $-97.4M |
| Q4 25 | 32.8% | 14.3% | ||
| Q3 25 | 32.0% | 6.8% | ||
| Q2 25 | 30.4% | 8.3% | ||
| Q1 25 | 30.4% | 10.8% | ||
| Q4 24 | 31.8% | 13.9% | ||
| Q3 24 | 31.2% | 13.9% | ||
| Q2 24 | 30.2% | 2.3% | ||
| Q1 24 | 26.8% | -0.6% |
| Q4 25 | 1.3% | -0.9% | ||
| Q3 25 | -1.1% | -33.1% | ||
| Q2 25 | -7.9% | -31.4% | ||
| Q1 25 | 1.1% | -45.5% | ||
| Q4 24 | 1.0% | -26.0% | ||
| Q3 24 | -1.5% | -21.6% | ||
| Q2 24 | -8.4% | -40.3% | ||
| Q1 24 | -2.1% | -42.9% |
| Q4 25 | 0.0% | -15.7% | ||
| Q3 25 | -2.4% | -45.1% | ||
| Q2 25 | -8.5% | -43.4% | ||
| Q1 25 | -2.6% | -55.9% | ||
| Q4 24 | -0.1% | -42.7% | ||
| Q3 24 | -2.0% | -29.8% | ||
| Q2 24 | -7.4% | -49.4% | ||
| Q1 24 | -2.4% | -49.4% |
| Q4 25 | $0.00 | $-0.04 | ||
| Q3 25 | $-0.18 | $-0.12 | ||
| Q2 25 | $-0.56 | $-0.12 | ||
| Q1 25 | $-0.22 | $-0.14 | ||
| Q4 24 | $-0.01 | $-0.13 | ||
| Q3 24 | $-0.16 | $-0.08 | ||
| Q2 24 | $-0.48 | $-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 | $2.2M | $133.9M |
| Total DebtLower is stronger | $44.0M | $671.3M |
| Stockholders' EquityBook value | $209.5M | $-392.1M |
| Total Assets | $913.9M | $968.8M |
| Debt / EquityLower = less leverage | 0.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.2M | $133.9M | ||
| Q3 25 | $1.8M | $125.3M | ||
| Q2 25 | $3.6M | $107.0M | ||
| Q1 25 | $2.8M | $171.8M | ||
| Q4 24 | $2.7M | $216.4M | ||
| Q3 24 | $2.6M | $115.9M | ||
| Q2 24 | $2.2M | $141.5M | ||
| Q1 24 | $3.1M | $180.9M |
| Q4 25 | $44.0M | $671.3M | ||
| Q3 25 | $43.9M | $766.5M | ||
| Q2 25 | $24.1M | $770.5M | ||
| Q1 25 | $24.1M | $765.8M | ||
| Q4 24 | $24.0M | $761.3M | ||
| Q3 24 | $24.0M | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $209.5M | $-392.1M | ||
| Q3 25 | $208.9M | $-374.5M | ||
| Q2 25 | $215.1M | $-347.8M | ||
| Q1 25 | $235.7M | $-288.1M | ||
| Q4 24 | $243.6M | $-202.1M | ||
| Q3 24 | $243.0M | $-117.7M | ||
| Q2 24 | $247.5M | $-72.2M | ||
| Q1 24 | $264.6M | $936.0K |
| Q4 25 | $913.9M | $968.8M | ||
| Q3 25 | $948.9M | $973.0M | ||
| Q2 25 | $929.7M | $1.0B | ||
| Q1 25 | $852.1M | $1.1B | ||
| Q4 24 | $967.7M | $1.2B | ||
| Q3 24 | $901.9M | $1.0B | ||
| Q2 24 | $930.4M | $1.1B | ||
| Q1 24 | $886.2M | $1.2B |
| Q4 25 | 0.21× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | 0.10× | — | ||
| 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 | $16.3M | $-18.4M |
| Free Cash FlowOCF − Capex | $8.7M | $-58.3M |
| FCF MarginFCF / Revenue | 2.6% | -31.7% |
| Capex IntensityCapex / Revenue | 2.3% | 21.7% |
| Cash ConversionOCF / Net Profit | 2038.00× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-39.7M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.3M | $-18.4M | ||
| Q3 25 | $-26.6M | $-37.1M | ||
| Q2 25 | $-60.2M | $-62.9M | ||
| Q1 25 | $52.8M | $-47.9M | ||
| Q4 24 | $-2.5M | $37.9M | ||
| Q3 24 | $18.5M | $-16.9M | ||
| Q2 24 | $-34.6M | $-25.2M | ||
| Q1 24 | $68.9M | $-73.8M |
| Q4 25 | $8.7M | $-58.3M | ||
| Q3 25 | $-33.9M | $-60.4M | ||
| Q2 25 | $-64.0M | $-78.6M | ||
| Q1 25 | $49.6M | $-62.6M | ||
| Q4 24 | $-6.2M | $-70.2M | ||
| Q3 24 | $14.1M | $-21.9M | ||
| Q2 24 | $-38.0M | $-30.8M | ||
| Q1 24 | $60.2M | $-77.8M |
| Q4 25 | 2.6% | -31.7% | ||
| Q3 25 | -11.5% | -32.6% | ||
| Q2 25 | -25.7% | -41.5% | ||
| Q1 25 | 14.6% | -35.3% | ||
| Q4 24 | -1.9% | -34.3% | ||
| Q3 24 | 4.9% | -11.3% | ||
| Q2 24 | -15.5% | -15.7% | ||
| Q1 24 | 16.2% | -39.5% |
| Q4 25 | 2.3% | 21.7% | ||
| Q3 25 | 2.5% | 12.5% | ||
| Q2 25 | 1.5% | 8.3% | ||
| Q1 25 | 1.0% | 8.3% | ||
| Q4 24 | 1.1% | 52.8% | ||
| Q3 24 | 1.5% | 2.6% | ||
| Q2 24 | 1.4% | 2.9% | ||
| Q1 24 | 2.4% | 2.0% |
| Q4 25 | 2038.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
