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Side-by-side financial comparison of Wheels Up Experience Inc. (UP) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $183.8M, roughly 1.6× Wheels Up Experience Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -15.7%, a 22.0% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs -10.2%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $-58.3M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs -3.4%).
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.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
UP vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.8M | $296.1M |
| Net Profit | $-28.9M | $18.6M |
| Gross Margin | 14.3% | — |
| Operating Margin | -0.9% | 6.4% |
| Net Margin | -15.7% | 6.3% |
| Revenue YoY | -10.2% | 35.2% |
| Net Profit YoY | 67.0% | 776.4% |
| EPS (diluted) | $-0.04 | $0.20 |
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 | $296.1M | ||
| Q3 25 | $185.5M | $277.1M | ||
| Q2 25 | $189.6M | $257.3M | ||
| Q1 25 | $177.5M | $213.4M | ||
| Q4 24 | $204.8M | $219.0M | ||
| Q3 24 | $193.9M | $162.1M | ||
| Q2 24 | $196.3M | $127.6M | ||
| Q1 24 | $197.1M | $127.8M |
| Q4 25 | $-28.9M | $18.6M | ||
| Q3 25 | $-83.7M | $31.8M | ||
| Q2 25 | $-82.3M | $5.6M | ||
| Q1 25 | $-99.3M | $-2.4M | ||
| Q4 24 | $-87.5M | $-2.8M | ||
| Q3 24 | $-57.7M | $-6.8M | ||
| Q2 24 | $-97.0M | $-54.5M | ||
| Q1 24 | $-97.4M | $-64.6M |
| 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% | 6.4% | ||
| Q3 25 | -33.1% | 8.5% | ||
| Q2 25 | -31.4% | 1.8% | ||
| Q1 25 | -45.5% | -2.1% | ||
| Q4 24 | -26.0% | -2.2% | ||
| Q3 24 | -21.6% | -27.8% | ||
| Q2 24 | -40.3% | -43.5% | ||
| Q1 24 | -42.9% | -52.8% |
| Q4 25 | -15.7% | 6.3% | ||
| Q3 25 | -45.1% | 11.5% | ||
| Q2 25 | -43.4% | 2.2% | ||
| Q1 25 | -55.9% | -1.1% | ||
| Q4 24 | -42.7% | -1.3% | ||
| Q3 24 | -29.8% | -4.2% | ||
| Q2 24 | -49.4% | -42.7% | ||
| Q1 24 | -49.4% | -50.5% |
| Q4 25 | $-0.04 | $0.20 | ||
| Q3 25 | $-0.12 | $0.23 | ||
| Q2 25 | $-0.12 | $0.05 | ||
| Q1 25 | $-0.14 | $-0.03 | ||
| Q4 24 | $-0.13 | $-0.01 | ||
| Q3 24 | $-0.08 | $-0.07 | ||
| Q2 24 | $-0.14 | $-0.62 | ||
| Q1 24 | $-0.14 | $-0.74 |
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 | $652.4M |
| Total DebtLower is stronger | $671.3M | — |
| Stockholders' EquityBook value | $-392.1M | $798.8M |
| Total Assets | $968.8M | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $133.9M | $652.4M | ||
| Q3 25 | $125.3M | $489.8M | ||
| Q2 25 | $107.0M | $395.9M | ||
| Q1 25 | $171.8M | $599.8M | ||
| Q4 24 | $216.4M | $788.4M | ||
| 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 | $798.8M | ||
| Q3 25 | $-374.5M | $743.7M | ||
| Q2 25 | $-347.8M | $722.0M | ||
| Q1 25 | $-288.1M | $676.6M | ||
| Q4 24 | $-202.1M | $633.2M | ||
| Q3 24 | $-117.7M | $595.5M | ||
| Q2 24 | $-72.2M | $594.7M | ||
| Q1 24 | $936.0K | $612.8M |
| Q4 25 | $968.8M | $3.0B | ||
| Q3 25 | $973.0M | $2.9B | ||
| Q2 25 | $1.0B | $2.5B | ||
| Q1 25 | $1.1B | $2.3B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $1.0B | $1.8B | ||
| Q2 24 | $1.1B | $1.8B | ||
| Q1 24 | $1.2B | $1.9B |
| 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 | $-18.4M | $108.6M |
| Free Cash FlowOCF − Capex | $-58.3M | $108.4M |
| FCF MarginFCF / Revenue | -31.7% | 36.6% |
| Capex IntensityCapex / Revenue | 21.7% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $-259.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $108.6M | ||
| Q3 25 | $-37.1M | $-122.6M | ||
| Q2 25 | $-62.9M | $-120.2M | ||
| Q1 25 | $-47.9M | $-13.5M | ||
| Q4 24 | $37.9M | $-110.9M | ||
| Q3 24 | $-16.9M | $179.3M | ||
| Q2 24 | $-25.2M | $65.3M | ||
| Q1 24 | $-73.8M | $52.6M |
| Q4 25 | $-58.3M | $108.4M | ||
| Q3 25 | $-60.4M | $-122.7M | ||
| Q2 25 | $-78.6M | $-120.3M | ||
| Q1 25 | $-62.6M | — | ||
| Q4 24 | $-70.2M | — | ||
| Q3 24 | $-21.9M | $179.2M | ||
| Q2 24 | $-30.8M | $65.3M | ||
| Q1 24 | $-77.8M | $51.9M |
| Q4 25 | -31.7% | 36.6% | ||
| Q3 25 | -32.6% | -44.3% | ||
| Q2 25 | -41.5% | -46.7% | ||
| Q1 25 | -35.3% | — | ||
| Q4 24 | -34.3% | — | ||
| Q3 24 | -11.3% | 110.5% | ||
| Q2 24 | -15.7% | 51.1% | ||
| Q1 24 | -39.5% | 40.6% |
| Q4 25 | 21.7% | 0.1% | ||
| Q3 25 | 12.5% | 0.0% | ||
| Q2 25 | 8.3% | 0.0% | ||
| Q1 25 | 8.3% | 0.0% | ||
| Q4 24 | 52.8% | 0.0% | ||
| Q3 24 | 2.6% | 0.1% | ||
| Q2 24 | 2.9% | 0.0% | ||
| Q1 24 | 2.0% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UP
Segment breakdown not available.
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
