vs
Side-by-side financial comparison of Wheels Up Experience Inc. (UP) and UPWORK, INC (UPWK). Click either name above to swap in a different company.
UPWORK, INC is the larger business by last-quarter revenue ($198.4M vs $183.8M, roughly 1.1× Wheels Up Experience Inc.). UPWORK, INC runs the higher net margin — 7.9% vs -15.7%, a 23.6% gap on every dollar of revenue. On growth, UPWORK, INC posted the faster year-over-year revenue change (3.6% vs -10.2%). UPWORK, INC produced more free cash flow last quarter ($63.2M vs $-58.3M). Over the past eight quarters, UPWORK, INC's revenue compounded faster (1.9% 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.
Upwork Inc. is an American freelancing platform headquartered in Santa Clara and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015.
UP vs UPWK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.8M | $198.4M |
| Net Profit | $-28.9M | $15.6M |
| Gross Margin | 14.3% | 78.0% |
| Operating Margin | -0.9% | 14.3% |
| Net Margin | -15.7% | 7.9% |
| Revenue YoY | -10.2% | 3.6% |
| Net Profit YoY | 67.0% | -89.4% |
| EPS (diluted) | $-0.04 | $0.12 |
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 | $198.4M | ||
| Q3 25 | $185.5M | $201.7M | ||
| Q2 25 | $189.6M | $194.9M | ||
| Q1 25 | $177.5M | $192.7M | ||
| Q4 24 | $204.8M | $191.5M | ||
| Q3 24 | $193.9M | $193.8M | ||
| Q2 24 | $196.3M | $193.1M | ||
| Q1 24 | $197.1M | $190.9M |
| Q4 25 | $-28.9M | $15.6M | ||
| Q3 25 | $-83.7M | $29.3M | ||
| Q2 25 | $-82.3M | $32.7M | ||
| Q1 25 | $-99.3M | $37.7M | ||
| Q4 24 | $-87.5M | $147.2M | ||
| Q3 24 | $-57.7M | $27.8M | ||
| Q2 24 | $-97.0M | $22.2M | ||
| Q1 24 | $-97.4M | $18.4M |
| Q4 25 | 14.3% | 78.0% | ||
| Q3 25 | 6.8% | 77.3% | ||
| Q2 25 | 8.3% | 77.7% | ||
| Q1 25 | 10.8% | 78.3% | ||
| Q4 24 | 13.9% | 77.7% | ||
| Q3 24 | 13.9% | 77.6% | ||
| Q2 24 | 2.3% | 77.3% | ||
| Q1 24 | -0.6% | 76.9% |
| Q4 25 | -0.9% | 14.3% | ||
| Q3 25 | -33.1% | 14.8% | ||
| Q2 25 | -31.4% | 16.7% | ||
| Q1 25 | -45.5% | 20.1% | ||
| Q4 24 | -26.0% | 7.1% | ||
| Q3 24 | -21.6% | 10.7% | ||
| Q2 24 | -40.3% | 9.2% | ||
| Q1 24 | -42.9% | 6.8% |
| Q4 25 | -15.7% | 7.9% | ||
| Q3 25 | -45.1% | 14.5% | ||
| Q2 25 | -43.4% | 16.8% | ||
| Q1 25 | -55.9% | 19.6% | ||
| Q4 24 | -42.7% | 76.9% | ||
| Q3 24 | -29.8% | 14.3% | ||
| Q2 24 | -49.4% | 11.5% | ||
| Q1 24 | -49.4% | 9.7% |
| Q4 25 | $-0.04 | $0.12 | ||
| Q3 25 | $-0.12 | $0.21 | ||
| Q2 25 | $-0.12 | $0.24 | ||
| Q1 25 | $-0.14 | $0.27 | ||
| Q4 24 | $-0.13 | $1.02 | ||
| Q3 24 | $-0.08 | $0.20 | ||
| Q2 24 | $-0.14 | $0.17 | ||
| Q1 24 | $-0.14 | $0.13 |
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 | $672.8M |
| Total DebtLower is stronger | $671.3M | $359.8M |
| Stockholders' EquityBook value | $-392.1M | $630.3M |
| Total Assets | $968.8M | $1.3B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $133.9M | $672.8M | ||
| Q3 25 | $125.3M | $643.1M | ||
| Q2 25 | $107.0M | $634.6M | ||
| Q1 25 | $171.8M | $622.1M | ||
| Q4 24 | $216.4M | $622.1M | ||
| Q3 24 | $115.9M | $601.2M | ||
| Q2 24 | $141.5M | $497.7M | ||
| Q1 24 | $180.9M | $490.6M |
| Q4 25 | $671.3M | $359.8M | ||
| Q3 25 | $766.5M | $359.3M | ||
| Q2 25 | $770.5M | — | ||
| Q1 25 | $765.8M | — | ||
| Q4 24 | $761.3M | $357.9M | ||
| Q3 24 | $596.9M | — | ||
| Q2 24 | $597.4M | — | ||
| Q1 24 | $603.2M | — |
| Q4 25 | $-392.1M | $630.3M | ||
| Q3 25 | $-374.5M | $628.1M | ||
| Q2 25 | $-347.8M | $608.7M | ||
| Q1 25 | $-288.1M | $594.3M | ||
| Q4 24 | $-202.1M | $575.4M | ||
| Q3 24 | $-117.7M | $411.2M | ||
| Q2 24 | $-72.2M | $361.1M | ||
| Q1 24 | $936.0K | $348.9M |
| Q4 25 | $968.8M | $1.3B | ||
| Q3 25 | $973.0M | $1.3B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $1.1B | $1.0B | ||
| Q1 24 | $1.2B | $1.0B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.62× | ||
| 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 | $63.7M |
| Free Cash FlowOCF − Capex | $-58.3M | $63.2M |
| FCF MarginFCF / Revenue | -31.7% | 31.9% |
| Capex IntensityCapex / Revenue | 21.7% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 4.07× |
| TTM Free Cash FlowTrailing 4 quarters | $-259.9M | $242.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $63.7M | ||
| Q3 25 | $-37.1M | $75.1M | ||
| Q2 25 | $-62.9M | $72.5M | ||
| Q1 25 | $-47.9M | $37.0M | ||
| Q4 24 | $37.9M | $38.6M | ||
| Q3 24 | $-16.9M | $61.0M | ||
| Q2 24 | $-25.2M | $39.2M | ||
| Q1 24 | $-73.8M | $14.8M |
| Q4 25 | $-58.3M | $63.2M | ||
| Q3 25 | $-60.4M | $74.6M | ||
| Q2 25 | $-78.6M | $70.1M | ||
| Q1 25 | $-62.6M | $34.5M | ||
| Q4 24 | $-70.2M | $37.0M | ||
| Q3 24 | $-21.9M | $59.8M | ||
| Q2 24 | $-30.8M | $38.6M | ||
| Q1 24 | $-77.8M | $14.6M |
| Q4 25 | -31.7% | 31.9% | ||
| Q3 25 | -32.6% | 37.0% | ||
| Q2 25 | -41.5% | 36.0% | ||
| Q1 25 | -35.3% | 17.9% | ||
| Q4 24 | -34.3% | 19.3% | ||
| Q3 24 | -11.3% | 30.8% | ||
| Q2 24 | -15.7% | 20.0% | ||
| Q1 24 | -39.5% | 7.7% |
| Q4 25 | 21.7% | 0.2% | ||
| Q3 25 | 12.5% | 0.2% | ||
| Q2 25 | 8.3% | 1.2% | ||
| Q1 25 | 8.3% | 1.3% | ||
| Q4 24 | 52.8% | 0.8% | ||
| Q3 24 | 2.6% | 0.6% | ||
| Q2 24 | 2.9% | 0.3% | ||
| Q1 24 | 2.0% | 0.1% |
| Q4 25 | — | 4.07× | ||
| Q3 25 | — | 2.56× | ||
| Q2 25 | — | 2.22× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 2.20× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 0.80× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
