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Side-by-side financial comparison of Wheels Up Experience Inc. (UP) and Wingstop Inc. (WING). 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 $183.7M, roughly 1.0× Wingstop Inc.). Wingstop Inc. runs the higher net margin — 16.3% vs -15.7%, a 32.0% gap on every dollar of revenue. On growth, Wingstop Inc. posted the faster year-over-year revenue change (7.4% vs -10.2%). Over the past eight quarters, Wingstop Inc.'s revenue compounded faster (8.6% 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.
Wingstop Inc. is an American international fast food chain that primarily sells buffalo wings. Wingstop locations are decorated with a 1930s and 1940s pre-jet aviation theme.
UP vs WING — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.8M | $183.7M |
| Net Profit | $-28.9M | $29.9M |
| Gross Margin | 14.3% | 86.5% |
| Operating Margin | -0.9% | 27.4% |
| Net Margin | -15.7% | 16.3% |
| Revenue YoY | -10.2% | 7.4% |
| Net Profit YoY | 67.0% | — |
| EPS (diluted) | $-0.04 | $1.08 |
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 | — | $183.7M | ||
| Q4 25 | $183.8M | $175.7M | ||
| Q3 25 | $185.5M | $175.7M | ||
| Q2 25 | $189.6M | $174.3M | ||
| Q1 25 | $177.5M | $171.1M | ||
| Q4 24 | $204.8M | $161.8M | ||
| Q3 24 | $193.9M | $162.5M | ||
| Q2 24 | $196.3M | $155.7M |
| Q1 26 | — | $29.9M | ||
| Q4 25 | $-28.9M | $26.8M | ||
| Q3 25 | $-83.7M | $28.5M | ||
| Q2 25 | $-82.3M | $26.8M | ||
| Q1 25 | $-99.3M | $92.3M | ||
| Q4 24 | $-87.5M | $26.8M | ||
| Q3 24 | $-57.7M | $25.7M | ||
| Q2 24 | $-97.0M | $27.5M |
| Q1 26 | — | 86.5% | ||
| Q4 25 | 14.3% | — | ||
| Q3 25 | 6.8% | — | ||
| Q2 25 | 8.3% | — | ||
| Q1 25 | 10.8% | — | ||
| Q4 24 | 13.9% | 85.6% | ||
| Q3 24 | 13.9% | 85.0% | ||
| Q2 24 | 2.3% | 85.4% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | -0.9% | 26.7% | ||
| Q3 25 | -33.1% | 27.9% | ||
| Q2 25 | -31.4% | 25.9% | ||
| Q1 25 | -45.5% | 22.4% | ||
| Q4 24 | -26.0% | 25.9% | ||
| Q3 24 | -21.6% | 24.5% | ||
| Q2 24 | -40.3% | 26.5% |
| Q1 26 | — | 16.3% | ||
| Q4 25 | -15.7% | 15.2% | ||
| Q3 25 | -45.1% | 16.2% | ||
| Q2 25 | -43.4% | 15.4% | ||
| Q1 25 | -55.9% | 53.9% | ||
| Q4 24 | -42.7% | 16.5% | ||
| Q3 24 | -29.8% | 15.8% | ||
| Q2 24 | -49.4% | 17.7% |
| Q1 26 | — | $1.08 | ||
| Q4 25 | $-0.04 | $0.99 | ||
| Q3 25 | $-0.12 | $1.02 | ||
| Q2 25 | $-0.12 | $0.96 | ||
| Q1 25 | $-0.14 | $3.24 | ||
| Q4 24 | $-0.13 | $0.91 | ||
| Q3 24 | $-0.08 | $0.88 | ||
| Q2 24 | $-0.14 | $0.93 |
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 | $128.8M |
| Total DebtLower is stronger | $671.3M | — |
| Stockholders' EquityBook value | $-392.1M | — |
| Total Assets | $968.8M | $648.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $128.8M | ||
| Q4 25 | $133.9M | $196.6M | ||
| Q3 25 | $125.3M | $237.6M | ||
| Q2 25 | $107.0M | $227.9M | ||
| Q1 25 | $171.8M | $251.4M | ||
| Q4 24 | $216.4M | $315.9M | ||
| Q3 24 | $115.9M | $84.0M | ||
| Q2 24 | $141.5M | $96.7M |
| Q1 26 | — | — | ||
| Q4 25 | $671.3M | $1.2B | ||
| Q3 25 | $766.5M | — | ||
| Q2 25 | $770.5M | — | ||
| Q1 25 | $765.8M | — | ||
| Q4 24 | $761.3M | $1.2B | ||
| Q3 24 | $596.9M | — | ||
| Q2 24 | $597.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | $-392.1M | $-736.8M | ||
| Q3 25 | $-374.5M | $-702.6M | ||
| Q2 25 | $-347.8M | $-686.0M | ||
| Q1 25 | $-288.1M | $-715.0M | ||
| Q4 24 | $-202.1M | $-675.6M | ||
| Q3 24 | $-117.7M | $-447.5M | ||
| Q2 24 | $-72.2M | $-437.5M |
| Q1 26 | — | $648.9M | ||
| Q4 25 | $968.8M | $693.4M | ||
| Q3 25 | $973.0M | $721.0M | ||
| Q2 25 | $1.0B | $708.3M | ||
| Q1 25 | $1.1B | $696.8M | ||
| Q4 24 | $1.2B | $716.2M | ||
| Q3 24 | $1.0B | $484.8M | ||
| Q2 24 | $1.1B | $451.8M |
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 | — |
| Free Cash FlowOCF − Capex | $-58.3M | — |
| FCF MarginFCF / Revenue | -31.7% | — |
| Capex IntensityCapex / Revenue | 21.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-259.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-18.4M | $57.3M | ||
| Q3 25 | $-37.1M | $63.9M | ||
| Q2 25 | $-62.9M | $6.6M | ||
| Q1 25 | $-47.9M | $25.3M | ||
| Q4 24 | $37.9M | $7.7M | ||
| Q3 24 | $-16.9M | $69.0M | ||
| Q2 24 | $-25.2M | $36.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-58.3M | $34.5M | ||
| Q3 25 | $-60.4M | $61.7M | ||
| Q2 25 | $-78.6M | $-7.8M | ||
| Q1 25 | $-62.6M | $17.3M | ||
| Q4 24 | $-70.2M | $-8.6M | ||
| Q3 24 | $-21.9M | $54.9M | ||
| Q2 24 | $-30.8M | $25.9M |
| Q1 26 | — | — | ||
| Q4 25 | -31.7% | 19.6% | ||
| Q3 25 | -32.6% | 35.1% | ||
| Q2 25 | -41.5% | -4.5% | ||
| Q1 25 | -35.3% | 10.1% | ||
| Q4 24 | -34.3% | -5.3% | ||
| Q3 24 | -11.3% | 33.8% | ||
| Q2 24 | -15.7% | 16.6% |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 13.0% | ||
| Q3 25 | 12.5% | 1.3% | ||
| Q2 25 | 8.3% | 8.2% | ||
| Q1 25 | 8.3% | 4.7% | ||
| Q4 24 | 52.8% | 10.1% | ||
| Q3 24 | 2.6% | 8.7% | ||
| Q2 24 | 2.9% | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.14× | ||
| Q3 25 | — | 2.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 2.68× | ||
| Q2 24 | — | 1.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UP
Segment breakdown not available.
WING
| Royalty revenue, franchise fees and other | $87.5M | 48% |
| Advertising fees | $63.3M | 34% |
| Company-owned restaurant sales | $33.0M | 18% |
