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Side-by-side financial comparison of Wheels Up Experience Inc. (UP) and Bristow Group Inc. (VTOL). Click either name above to swap in a different company.
Bristow Group Inc. is the larger business by last-quarter revenue ($377.3M vs $183.8M, roughly 2.1× Wheels Up Experience Inc.). Bristow Group Inc. runs the higher net margin — 4.9% vs -15.7%, a 20.6% gap on every dollar of revenue. On growth, Bristow Group Inc. posted the faster year-over-year revenue change (6.7% vs -10.2%). Bristow Group Inc. produced more free cash flow last quarter ($47.8M vs $-58.3M). Over the past eight quarters, Bristow Group Inc.'s revenue compounded faster (5.8% 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.
Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.
UP vs VTOL — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $183.8M | $377.3M |
| Net Profit | $-28.9M | $18.4M |
| Gross Margin | 14.3% | — |
| Operating Margin | -0.9% | 8.5% |
| Net Margin | -15.7% | 4.9% |
| Revenue YoY | -10.2% | 6.7% |
| Net Profit YoY | 67.0% | -42.1% |
| EPS (diluted) | $-0.04 | $0.61 |
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 | $377.3M | ||
| Q3 25 | $185.5M | $386.3M | ||
| Q2 25 | $189.6M | $376.4M | ||
| Q1 25 | $177.5M | $350.5M | ||
| Q4 24 | $204.8M | $353.5M | ||
| Q3 24 | $193.9M | $365.1M | ||
| Q2 24 | $196.3M | $359.7M | ||
| Q1 24 | $197.1M | $337.1M |
| Q4 25 | $-28.9M | $18.4M | ||
| Q3 25 | $-83.7M | $51.5M | ||
| Q2 25 | $-82.3M | $31.7M | ||
| Q1 25 | $-99.3M | $27.4M | ||
| Q4 24 | $-87.5M | $31.8M | ||
| Q3 24 | $-57.7M | $28.2M | ||
| Q2 24 | $-97.0M | $28.2M | ||
| Q1 24 | $-97.4M | $6.6M |
| 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% | 8.5% | ||
| Q3 25 | -33.1% | 13.1% | ||
| Q2 25 | -31.4% | 11.3% | ||
| Q1 25 | -45.5% | 9.6% | ||
| Q4 24 | -26.0% | 9.0% | ||
| Q3 24 | -21.6% | 9.1% | ||
| Q2 24 | -40.3% | 12.4% | ||
| Q1 24 | -42.9% | 6.8% |
| Q4 25 | -15.7% | 4.9% | ||
| Q3 25 | -45.1% | 13.3% | ||
| Q2 25 | -43.4% | 8.4% | ||
| Q1 25 | -55.9% | 7.8% | ||
| Q4 24 | -42.7% | 9.0% | ||
| Q3 24 | -29.8% | 7.7% | ||
| Q2 24 | -49.4% | 7.8% | ||
| Q1 24 | -49.4% | 2.0% |
| Q4 25 | $-0.04 | $0.61 | ||
| Q3 25 | $-0.12 | $1.72 | ||
| Q2 25 | $-0.12 | $1.07 | ||
| Q1 25 | $-0.14 | $0.92 | ||
| Q4 24 | $-0.13 | $1.07 | ||
| Q3 24 | $-0.08 | $0.95 | ||
| Q2 24 | $-0.14 | $0.96 | ||
| Q1 24 | $-0.14 | $0.23 |
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 | $286.2M |
| Total DebtLower is stronger | $671.3M | $671.5M |
| Stockholders' EquityBook value | $-392.1M | $1.1B |
| Total Assets | $968.8M | $2.3B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $133.9M | $286.2M | ||
| Q3 25 | $125.3M | $245.5M | ||
| Q2 25 | $107.0M | $251.8M | ||
| Q1 25 | $171.8M | $191.1M | ||
| Q4 24 | $216.4M | $247.5M | ||
| Q3 24 | $115.9M | $200.3M | ||
| Q2 24 | $141.5M | $178.6M | ||
| Q1 24 | $180.9M | $140.6M |
| Q4 25 | $671.3M | $671.5M | ||
| Q3 25 | $766.5M | $675.0M | ||
| Q2 25 | $770.5M | $705.2M | ||
| Q1 25 | $765.8M | $701.9M | ||
| Q4 24 | $761.3M | $689.8M | ||
| Q3 24 | $596.9M | $629.1M | ||
| Q2 24 | $597.4M | $594.2M | ||
| Q1 24 | $603.2M | $544.1M |
| Q4 25 | $-392.1M | $1.1B | ||
| Q3 25 | $-374.5M | $1.0B | ||
| Q2 25 | $-347.8M | $984.4M | ||
| Q1 25 | $-288.1M | $931.7M | ||
| Q4 24 | $-202.1M | $891.7M | ||
| Q3 24 | $-117.7M | $899.2M | ||
| Q2 24 | $-72.2M | $849.1M | ||
| Q1 24 | $936.0K | $820.7M |
| Q4 25 | $968.8M | $2.3B | ||
| Q3 25 | $973.0M | $2.3B | ||
| Q2 25 | $1.0B | $2.3B | ||
| Q1 25 | $1.1B | $2.2B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.0B | $2.1B | ||
| Q2 24 | $1.1B | $2.0B | ||
| Q1 24 | $1.2B | $1.9B |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.77× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | 644.43× | 0.66× |
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 | $76.9M |
| Free Cash FlowOCF − Capex | $-58.3M | $47.8M |
| FCF MarginFCF / Revenue | -31.7% | 12.7% |
| Capex IntensityCapex / Revenue | 21.7% | 7.7% |
| Cash ConversionOCF / Net Profit | — | 4.17× |
| TTM Free Cash FlowTrailing 4 quarters | $-259.9M | $56.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $76.9M | ||
| Q3 25 | $-37.1M | $23.1M | ||
| Q2 25 | $-62.9M | $99.0M | ||
| Q1 25 | $-47.9M | $-603.0K | ||
| Q4 24 | $37.9M | $51.1M | ||
| Q3 24 | $-16.9M | $66.0M | ||
| Q2 24 | $-25.2M | $33.7M | ||
| Q1 24 | $-73.8M | $26.7M |
| Q4 25 | $-58.3M | $47.8M | ||
| Q3 25 | $-60.4M | $-6.2M | ||
| Q2 25 | $-78.6M | $67.4M | ||
| Q1 25 | $-62.6M | $-52.7M | ||
| Q4 24 | $-70.2M | $-32.4M | ||
| Q3 24 | $-21.9M | $9.0M | ||
| Q2 24 | $-30.8M | $-16.7M | ||
| Q1 24 | $-77.8M | $-37.9M |
| Q4 25 | -31.7% | 12.7% | ||
| Q3 25 | -32.6% | -1.6% | ||
| Q2 25 | -41.5% | 17.9% | ||
| Q1 25 | -35.3% | -15.0% | ||
| Q4 24 | -34.3% | -9.2% | ||
| Q3 24 | -11.3% | 2.5% | ||
| Q2 24 | -15.7% | -4.6% | ||
| Q1 24 | -39.5% | -11.2% |
| Q4 25 | 21.7% | 7.7% | ||
| Q3 25 | 12.5% | 7.6% | ||
| Q2 25 | 8.3% | 8.4% | ||
| Q1 25 | 8.3% | 14.9% | ||
| Q4 24 | 52.8% | 23.6% | ||
| Q3 24 | 2.6% | 15.6% | ||
| Q2 24 | 2.9% | 14.0% | ||
| Q1 24 | 2.0% | 19.2% |
| Q4 25 | — | 4.17× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 3.12× | ||
| Q1 25 | — | -0.02× | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | 2.34× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 4.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UP
Segment breakdown not available.
VTOL
| Offshore Energy Services | $247.5M | 66% |
| Government Services | $100.1M | 27% |
| Other | $21.9M | 6% |
| Related Party | $7.8M | 2% |
