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Side-by-side financial comparison of Wheels Up Experience Inc. (UP) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $183.8M, roughly 1.8× Wheels Up Experience Inc.). Walker & Dunlop, Inc. runs the higher net margin — -12.9% vs -15.7%, a 2.8% gap on every dollar of revenue. On growth, Walker & Dunlop, Inc. posted the faster year-over-year revenue change (-0.4% vs -10.2%). Wheels Up Experience Inc. produced more free cash flow last quarter ($-58.3M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
UP vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.8M | $340.0M |
| Net Profit | $-28.9M | $-13.9M |
| Gross Margin | 14.3% | — |
| Operating Margin | -0.9% | -17.2% |
| Net Margin | -15.7% | -12.9% |
| Revenue YoY | -10.2% | -0.4% |
| Net Profit YoY | 67.0% | -131.0% |
| EPS (diluted) | $-0.04 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $185.5M | $337.7M | ||
| Q2 25 | $189.6M | $319.2M | ||
| Q1 25 | $177.5M | $237.4M | ||
| Q4 24 | $204.8M | $341.5M | ||
| Q3 24 | $193.9M | $292.3M | ||
| Q2 24 | $196.3M | $270.7M | ||
| Q1 24 | $197.1M | $228.1M |
| Q4 25 | $-28.9M | $-13.9M | ||
| Q3 25 | $-83.7M | $33.5M | ||
| Q2 25 | $-82.3M | $34.0M | ||
| Q1 25 | $-99.3M | $2.8M | ||
| Q4 24 | $-87.5M | $44.8M | ||
| Q3 24 | $-57.7M | $28.8M | ||
| Q2 24 | $-97.0M | $22.7M | ||
| Q1 24 | $-97.4M | $11.9M |
| 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% | -17.2% | ||
| Q3 25 | -33.1% | 13.6% | ||
| Q2 25 | -31.4% | 14.5% | ||
| Q1 25 | -45.5% | 2.2% | ||
| Q4 24 | -26.0% | 15.3% | ||
| Q3 24 | -21.6% | 12.8% | ||
| Q2 24 | -40.3% | 10.4% | ||
| Q1 24 | -42.9% | 6.0% |
| Q4 25 | -15.7% | -12.9% | ||
| Q3 25 | -45.1% | 9.9% | ||
| Q2 25 | -43.4% | 10.6% | ||
| Q1 25 | -55.9% | 1.2% | ||
| Q4 24 | -42.7% | 13.1% | ||
| Q3 24 | -29.8% | 9.9% | ||
| Q2 24 | -49.4% | 8.4% | ||
| Q1 24 | -49.4% | 5.2% |
| Q4 25 | $-0.04 | $-0.41 | ||
| Q3 25 | $-0.12 | $0.98 | ||
| Q2 25 | $-0.12 | $0.99 | ||
| Q1 25 | $-0.14 | $0.08 | ||
| Q4 24 | $-0.13 | $1.32 | ||
| Q3 24 | $-0.08 | $0.85 | ||
| Q2 24 | $-0.14 | $0.67 | ||
| Q1 24 | $-0.14 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | $671.3M | — |
| Stockholders' EquityBook value | $-392.1M | $1.7B |
| Total Assets | $968.8M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $133.9M | $299.3M | ||
| Q3 25 | $125.3M | $274.8M | ||
| Q2 25 | $107.0M | $233.7M | ||
| Q1 25 | $171.8M | $181.0M | ||
| Q4 24 | $216.4M | $279.3M | ||
| Q3 24 | $115.9M | $179.8M | ||
| Q2 24 | $141.5M | $208.1M | ||
| Q1 24 | $180.9M | $216.5M |
| 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 | $1.7B | ||
| Q3 25 | $-374.5M | $1.8B | ||
| Q2 25 | $-347.8M | $1.8B | ||
| Q1 25 | $-288.1M | $1.7B | ||
| Q4 24 | $-202.1M | $1.7B | ||
| Q3 24 | $-117.7M | $1.7B | ||
| Q2 24 | $-72.2M | $1.7B | ||
| Q1 24 | $936.0K | $1.7B |
| Q4 25 | $968.8M | $5.1B | ||
| Q3 25 | $973.0M | $5.8B | ||
| Q2 25 | $1.0B | $4.7B | ||
| Q1 25 | $1.1B | $4.5B | ||
| Q4 24 | $1.2B | $4.4B | ||
| Q3 24 | $1.0B | $4.6B | ||
| Q2 24 | $1.1B | $4.2B | ||
| Q1 24 | $1.2B | $3.8B |
| 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 | $-664.3M |
| Free Cash FlowOCF − Capex | $-58.3M | $-680.1M |
| FCF MarginFCF / Revenue | -31.7% | -200.0% |
| Capex IntensityCapex / Revenue | 21.7% | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-259.9M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $-664.3M | ||
| Q3 25 | $-37.1M | $-948.1M | ||
| Q2 25 | $-62.9M | $-238.5M | ||
| Q1 25 | $-47.9M | $-281.1M | ||
| Q4 24 | $37.9M | $129.4M | ||
| Q3 24 | $-16.9M | $-202.0M | ||
| Q2 24 | $-25.2M | $-237.8M | ||
| Q1 24 | $-73.8M | $38.4M |
| Q4 25 | $-58.3M | $-680.1M | ||
| Q3 25 | $-60.4M | $-950.4M | ||
| Q2 25 | $-78.6M | $-241.0M | ||
| Q1 25 | $-62.6M | $-284.7M | ||
| Q4 24 | $-70.2M | $116.4M | ||
| Q3 24 | $-21.9M | $-204.0M | ||
| Q2 24 | $-30.8M | $-241.7M | ||
| Q1 24 | $-77.8M | $35.2M |
| Q4 25 | -31.7% | -200.0% | ||
| Q3 25 | -32.6% | -281.5% | ||
| Q2 25 | -41.5% | -75.5% | ||
| Q1 25 | -35.3% | -120.0% | ||
| Q4 24 | -34.3% | 34.1% | ||
| Q3 24 | -11.3% | -69.8% | ||
| Q2 24 | -15.7% | -89.3% | ||
| Q1 24 | -39.5% | 15.4% |
| Q4 25 | 21.7% | 4.6% | ||
| Q3 25 | 12.5% | 0.7% | ||
| Q2 25 | 8.3% | 0.8% | ||
| Q1 25 | 8.3% | 1.5% | ||
| Q4 24 | 52.8% | 3.8% | ||
| Q3 24 | 2.6% | 0.7% | ||
| Q2 24 | 2.9% | 1.4% | ||
| Q1 24 | 2.0% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | — | -10.49× | ||
| Q1 24 | — | 3.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
