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Side-by-side financial comparison of Wheels Up Experience Inc. (UP) and VARONIS SYSTEMS INC (VRNS). 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 $173.1M, roughly 1.1× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -10.2%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-58.3M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% 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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
UP vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.8M | $173.1M |
| Net Profit | $-28.9M | — |
| Gross Margin | 14.3% | 76.0% |
| Operating Margin | -0.9% | -1.7% |
| Net Margin | -15.7% | — |
| Revenue YoY | -10.2% | 26.9% |
| Net Profit YoY | 67.0% | — |
| EPS (diluted) | $-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 | — | $173.1M | ||
| Q4 25 | $183.8M | $173.4M | ||
| Q3 25 | $185.5M | $161.6M | ||
| Q2 25 | $189.6M | $152.2M | ||
| Q1 25 | $177.5M | $136.4M | ||
| Q4 24 | $204.8M | $158.5M | ||
| Q3 24 | $193.9M | $148.1M | ||
| Q2 24 | $196.3M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-28.9M | $-27.8M | ||
| Q3 25 | $-83.7M | $-29.9M | ||
| Q2 25 | $-82.3M | $-35.8M | ||
| Q1 25 | $-99.3M | $-35.8M | ||
| Q4 24 | $-87.5M | $-13.0M | ||
| Q3 24 | $-57.7M | $-18.3M | ||
| Q2 24 | $-97.0M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 14.3% | 78.9% | ||
| Q3 25 | 6.8% | 78.2% | ||
| Q2 25 | 8.3% | 79.5% | ||
| Q1 25 | 10.8% | 78.7% | ||
| Q4 24 | 13.9% | 83.6% | ||
| Q3 24 | 13.9% | 83.8% | ||
| Q2 24 | 2.3% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -0.9% | -17.5% | ||
| Q3 25 | -33.1% | -22.2% | ||
| Q2 25 | -31.4% | -24.0% | ||
| Q1 25 | -45.5% | -32.1% | ||
| Q4 24 | -26.0% | -11.1% | ||
| Q3 24 | -21.6% | -16.0% | ||
| Q2 24 | -40.3% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -15.7% | -16.0% | ||
| Q3 25 | -45.1% | -18.5% | ||
| Q2 25 | -43.4% | -23.5% | ||
| Q1 25 | -55.9% | -26.2% | ||
| Q4 24 | -42.7% | -8.2% | ||
| Q3 24 | -29.8% | -12.4% | ||
| Q2 24 | -49.4% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.04 | $-0.23 | ||
| Q3 25 | $-0.12 | $-0.26 | ||
| Q2 25 | $-0.12 | $-0.32 | ||
| Q1 25 | $-0.14 | $-0.32 | ||
| Q4 24 | $-0.13 | $-0.12 | ||
| Q3 24 | $-0.08 | $-0.16 | ||
| Q2 24 | $-0.14 | $-0.21 |
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 | $179.3M |
| Total DebtLower is stronger | $671.3M | — |
| Stockholders' EquityBook value | $-392.1M | $453.5M |
| Total Assets | $968.8M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $133.9M | $883.7M | ||
| Q3 25 | $125.3M | $671.3M | ||
| Q2 25 | $107.0M | $770.9M | ||
| Q1 25 | $171.8M | $567.6M | ||
| Q4 24 | $216.4M | $529.0M | ||
| Q3 24 | $115.9M | $844.8M | ||
| Q2 24 | $141.5M | $582.5M |
| 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 | — | $453.5M | ||
| Q4 25 | $-392.1M | $598.7M | ||
| Q3 25 | $-374.5M | $604.8M | ||
| Q2 25 | $-347.8M | $341.5M | ||
| Q1 25 | $-288.1M | $367.7M | ||
| Q4 24 | $-202.1M | $455.7M | ||
| Q3 24 | $-117.7M | $428.6M | ||
| Q2 24 | $-72.2M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $968.8M | $1.8B | ||
| Q3 25 | $973.0M | $1.7B | ||
| Q2 25 | $1.0B | $1.6B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.0B | $1.5B | ||
| Q2 24 | $1.1B | $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 | $-18.4M | $55.0M |
| Free Cash FlowOCF − Capex | $-58.3M | $49.0M |
| FCF MarginFCF / Revenue | -31.7% | 28.3% |
| Capex IntensityCapex / Revenue | 21.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-259.9M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-18.4M | $24.7M | ||
| Q3 25 | $-37.1M | $33.4M | ||
| Q2 25 | $-62.9M | $21.3M | ||
| Q1 25 | $-47.9M | $68.0M | ||
| Q4 24 | $37.9M | $24.3M | ||
| Q3 24 | $-16.9M | $22.5M | ||
| Q2 24 | $-25.2M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-58.3M | $20.7M | ||
| Q3 25 | $-60.4M | $30.4M | ||
| Q2 25 | $-78.6M | $18.0M | ||
| Q1 25 | $-62.6M | $65.7M | ||
| Q4 24 | $-70.2M | $19.9M | ||
| Q3 24 | $-21.9M | $21.3M | ||
| Q2 24 | $-30.8M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -31.7% | 12.0% | ||
| Q3 25 | -32.6% | 18.8% | ||
| Q2 25 | -41.5% | 11.8% | ||
| Q1 25 | -35.3% | 48.1% | ||
| Q4 24 | -34.3% | 12.6% | ||
| Q3 24 | -11.3% | 14.4% | ||
| Q2 24 | -15.7% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 2.3% | ||
| Q3 25 | 12.5% | 1.8% | ||
| Q2 25 | 8.3% | 2.2% | ||
| Q1 25 | 8.3% | 1.7% | ||
| Q4 24 | 52.8% | 2.7% | ||
| Q3 24 | 2.6% | 0.8% | ||
| Q2 24 | 2.9% | 0.6% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UP
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
