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Side-by-side financial comparison of TREX CO INC (TREX) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
TREX CO INC is the larger business by last-quarter revenue ($343.4M vs $183.8M, roughly 1.9× Wheels Up Experience Inc.). TREX CO INC runs the higher net margin — 17.9% vs -15.7%, a 33.6% gap on every dollar of revenue. On growth, TREX CO INC posted the faster year-over-year revenue change (1.0% vs -10.2%). Wheels Up Experience Inc. produced more free cash flow last quarter ($-58.3M vs $-143.4M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -4.5%).
Trex Company, Inc. is a manufacturer of wood-alternative composite decking, residential railing, and other outdoor items made from recycled materials. Its headquarters is in Winchester, Virginia.
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.
TREX vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $343.4M | $183.8M |
| Net Profit | $61.4M | $-28.9M |
| Gross Margin | 40.5% | 14.3% |
| Operating Margin | 24.3% | -0.9% |
| Net Margin | 17.9% | -15.7% |
| Revenue YoY | 1.0% | -10.2% |
| Net Profit YoY | 1.6% | 67.0% |
| EPS (diluted) | $0.58 | $-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 | $343.4M | — | ||
| Q4 25 | $161.1M | $183.8M | ||
| Q3 25 | $285.3M | $185.5M | ||
| Q2 25 | $387.8M | $189.6M | ||
| Q1 25 | $340.0M | $177.5M | ||
| Q4 24 | $167.6M | $204.8M | ||
| Q3 24 | $233.7M | $193.9M | ||
| Q2 24 | $376.5M | $196.3M |
| Q1 26 | $61.4M | — | ||
| Q4 25 | $2.3M | $-28.9M | ||
| Q3 25 | $51.8M | $-83.7M | ||
| Q2 25 | $75.9M | $-82.3M | ||
| Q1 25 | $60.4M | $-99.3M | ||
| Q4 24 | $9.8M | $-87.5M | ||
| Q3 24 | $40.6M | $-57.7M | ||
| Q2 24 | $87.0M | $-97.0M |
| Q1 26 | 40.5% | — | ||
| Q4 25 | 30.2% | 14.3% | ||
| Q3 25 | 40.5% | 6.8% | ||
| Q2 25 | 40.8% | 8.3% | ||
| Q1 25 | 40.5% | 10.8% | ||
| Q4 24 | 32.7% | 13.9% | ||
| Q3 24 | 39.9% | 13.9% | ||
| Q2 24 | 44.7% | 2.3% |
| Q1 26 | 24.3% | — | ||
| Q4 25 | 2.2% | -0.9% | ||
| Q3 25 | 24.7% | -33.1% | ||
| Q2 25 | 26.4% | -31.4% | ||
| Q1 25 | 24.0% | -45.5% | ||
| Q4 24 | 9.2% | -26.0% | ||
| Q3 24 | 23.2% | -21.6% | ||
| Q2 24 | 31.1% | -40.3% |
| Q1 26 | 17.9% | — | ||
| Q4 25 | 1.4% | -15.7% | ||
| Q3 25 | 18.1% | -45.1% | ||
| Q2 25 | 19.6% | -43.4% | ||
| Q1 25 | 17.8% | -55.9% | ||
| Q4 24 | 5.8% | -42.7% | ||
| Q3 24 | 17.4% | -29.8% | ||
| Q2 24 | 23.1% | -49.4% |
| Q1 26 | $0.58 | — | ||
| Q4 25 | $0.03 | $-0.04 | ||
| Q3 25 | $0.48 | $-0.12 | ||
| Q2 25 | $0.71 | $-0.12 | ||
| Q1 25 | $0.56 | $-0.14 | ||
| Q4 24 | $0.10 | $-0.13 | ||
| Q3 24 | $0.37 | $-0.08 | ||
| Q2 24 | $0.80 | $-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 | $4.5M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $995.8M | $-392.1M |
| Total Assets | $1.7B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $4.5M | — | ||
| Q4 25 | $3.8M | $133.9M | ||
| Q3 25 | $11.4M | $125.3M | ||
| Q2 25 | $5.5M | $107.0M | ||
| Q1 25 | $5.0M | $171.8M | ||
| Q4 24 | $1.3M | $216.4M | ||
| Q3 24 | $12.8M | $115.9M | ||
| Q2 24 | $1.2M | $141.5M |
| Q1 26 | — | — | ||
| 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 26 | $995.8M | — | ||
| Q4 25 | $1.0B | $-392.1M | ||
| Q3 25 | $1.0B | $-374.5M | ||
| Q2 25 | $989.3M | $-347.8M | ||
| Q1 25 | $910.1M | $-288.1M | ||
| Q4 24 | $850.1M | $-202.1M | ||
| Q3 24 | $887.9M | $-117.7M | ||
| Q2 24 | $894.9M | $-72.2M |
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.5B | $968.8M | ||
| Q3 25 | $1.5B | $973.0M | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.3B | $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 | $-118.4M | $-18.4M |
| Free Cash FlowOCF − Capex | $-143.4M | $-58.3M |
| FCF MarginFCF / Revenue | -41.8% | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | -1.93× | — |
| TTM Free Cash FlowTrailing 4 quarters | $224.6M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-118.4M | — | ||
| Q4 25 | $65.5M | $-18.4M | ||
| Q3 25 | $196.9M | $-37.1M | ||
| Q2 25 | $249.8M | $-62.9M | ||
| Q1 25 | $-154.0M | $-47.9M | ||
| Q4 24 | $-8.5M | $37.9M | ||
| Q3 24 | $132.8M | $-16.9M | ||
| Q2 24 | $193.7M | $-25.2M |
| Q1 26 | $-143.4M | — | ||
| Q4 25 | $22.1M | $-58.3M | ||
| Q3 25 | $142.9M | $-60.4M | ||
| Q2 25 | $203.0M | $-78.6M | ||
| Q1 25 | $-233.5M | $-62.6M | ||
| Q4 24 | $-89.3M | $-70.2M | ||
| Q3 24 | $54.5M | $-21.9M | ||
| Q2 24 | $158.2M | $-30.8M |
| Q1 26 | -41.8% | — | ||
| Q4 25 | 13.7% | -31.7% | ||
| Q3 25 | 50.1% | -32.6% | ||
| Q2 25 | 52.3% | -41.5% | ||
| Q1 25 | -68.7% | -35.3% | ||
| Q4 24 | -53.3% | -34.3% | ||
| Q3 24 | 23.3% | -11.3% | ||
| Q2 24 | 42.0% | -15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 26.9% | 21.7% | ||
| Q3 25 | 18.9% | 12.5% | ||
| Q2 25 | 12.1% | 8.3% | ||
| Q1 25 | 23.4% | 8.3% | ||
| Q4 24 | 48.2% | 52.8% | ||
| Q3 24 | 33.5% | 2.6% | ||
| Q2 24 | 9.4% | 2.9% |
| Q1 26 | -1.93× | — | ||
| Q4 25 | 28.45× | — | ||
| Q3 25 | 3.80× | — | ||
| Q2 25 | 3.29× | — | ||
| Q1 25 | -2.55× | — | ||
| Q4 24 | -0.87× | — | ||
| Q3 24 | 3.27× | — | ||
| Q2 24 | 2.23× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
