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Side-by-side financial comparison of Wheels Up Experience Inc. (UP) and XPLR Infrastructure, LP (XIFR). Click either name above to swap in a different company.
XPLR Infrastructure, LP is the larger business by last-quarter revenue ($249.0M vs $183.8M, roughly 1.4× Wheels Up Experience Inc.). XPLR Infrastructure, LP runs the higher net margin — 11.2% vs -15.7%, a 27.0% gap on every dollar of revenue. On growth, Wheels Up Experience Inc. posted the faster year-over-year revenue change (-10.2% vs -15.3%). Wheels Up Experience Inc. produced more free cash flow last quarter ($-58.3M vs $-88.0M). Over the past eight quarters, XPLR Infrastructure, LP's revenue compounded faster (-1.6% 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.
XPLR Infrastructure is a publicly traded subsidiary of NextEra Energy, is a Juno Beach, Florida-based renewable energy company.
UP vs XIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.8M | $249.0M |
| Net Profit | $-28.9M | $28.0M |
| Gross Margin | 14.3% | — |
| Operating Margin | -0.9% | -19.3% |
| Net Margin | -15.7% | 11.2% |
| Revenue YoY | -10.2% | -15.3% |
| Net Profit YoY | 67.0% | 124.3% |
| 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.
| Q4 25 | $183.8M | $249.0M | ||
| Q3 25 | $185.5M | $315.0M | ||
| Q2 25 | $189.6M | $342.0M | ||
| Q1 25 | $177.5M | $282.0M | ||
| Q4 24 | $204.8M | $294.0M | ||
| Q3 24 | $193.9M | $319.0M | ||
| Q2 24 | $196.3M | $360.0M | ||
| Q1 24 | $197.1M | $257.0M |
| Q4 25 | $-28.9M | $28.0M | ||
| Q3 25 | $-83.7M | $-37.0M | ||
| Q2 25 | $-82.3M | $79.0M | ||
| Q1 25 | $-99.3M | $-98.0M | ||
| Q4 24 | $-87.5M | $-115.0M | ||
| Q3 24 | $-57.7M | $-40.0M | ||
| Q2 24 | $-97.0M | $62.0M | ||
| Q1 24 | $-97.4M | $70.0M |
| 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% | -19.3% | ||
| Q3 25 | -33.1% | 1.6% | ||
| Q2 25 | -31.4% | 26.3% | ||
| Q1 25 | -45.5% | -82.6% | ||
| Q4 24 | -26.0% | -188.1% | ||
| Q3 24 | -21.6% | 15.4% | ||
| Q2 24 | -40.3% | 18.3% | ||
| Q1 24 | -42.9% | -8.2% |
| Q4 25 | -15.7% | 11.2% | ||
| Q3 25 | -45.1% | -11.7% | ||
| Q2 25 | -43.4% | 23.1% | ||
| Q1 25 | -55.9% | -34.8% | ||
| Q4 24 | -42.7% | -39.1% | ||
| Q3 24 | -29.8% | -12.5% | ||
| Q2 24 | -49.4% | 17.2% | ||
| Q1 24 | -49.4% | 27.2% |
| Q4 25 | $-0.04 | — | ||
| Q3 25 | $-0.12 | $-0.40 | ||
| Q2 25 | $-0.12 | $0.84 | ||
| Q1 25 | $-0.14 | $-1.05 | ||
| Q4 24 | $-0.13 | — | ||
| Q3 24 | $-0.08 | $-0.43 | ||
| Q2 24 | $-0.14 | $0.66 | ||
| Q1 24 | $-0.14 | $0.75 |
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 | $960.0M |
| Total DebtLower is stronger | $671.3M | $6.2B |
| Stockholders' EquityBook value | $-392.1M | $10.9B |
| Total Assets | $968.8M | $19.6B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $133.9M | $960.0M | ||
| Q3 25 | $125.3M | $711.0M | ||
| Q2 25 | $107.0M | $880.0M | ||
| Q1 25 | $171.8M | $1.5B | ||
| Q4 24 | $216.4M | $283.0M | ||
| Q3 24 | $115.9M | $290.0M | ||
| Q2 24 | $141.5M | $281.0M | ||
| Q1 24 | $180.9M | $245.0M |
| Q4 25 | $671.3M | $6.2B | ||
| Q3 25 | $766.5M | — | ||
| Q2 25 | $770.5M | — | ||
| Q1 25 | $765.8M | — | ||
| Q4 24 | $761.3M | $5.3B | ||
| Q3 24 | $596.9M | — | ||
| Q2 24 | $597.4M | — | ||
| Q1 24 | $603.2M | — |
| Q4 25 | $-392.1M | $10.9B | ||
| Q3 25 | $-374.5M | $11.0B | ||
| Q2 25 | $-347.8M | $11.3B | ||
| Q1 25 | $-288.1M | $12.6B | ||
| Q4 24 | $-202.1M | $12.9B | ||
| Q3 24 | $-117.7M | $13.6B | ||
| Q2 24 | $-72.2M | $13.9B | ||
| Q1 24 | $936.0K | $14.0B |
| Q4 25 | $968.8M | $19.6B | ||
| Q3 25 | $973.0M | $19.1B | ||
| Q2 25 | $1.0B | $20.5B | ||
| Q1 25 | $1.1B | $21.4B | ||
| Q4 24 | $1.2B | $20.3B | ||
| Q3 24 | $1.0B | $20.9B | ||
| Q2 24 | $1.1B | $21.7B | ||
| Q1 24 | $1.2B | $22.3B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.41× | ||
| 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 | $186.0M |
| Free Cash FlowOCF − Capex | $-58.3M | $-88.0M |
| FCF MarginFCF / Revenue | -31.7% | -35.3% |
| Capex IntensityCapex / Revenue | 21.7% | 110.0% |
| Cash ConversionOCF / Net Profit | — | 6.64× |
| TTM Free Cash FlowTrailing 4 quarters | $-259.9M | $-219.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $186.0M | ||
| Q3 25 | $-37.1M | $231.0M | ||
| Q2 25 | $-62.9M | $232.0M | ||
| Q1 25 | $-47.9M | $90.0M | ||
| Q4 24 | $37.9M | $283.0M | ||
| Q3 24 | $-16.9M | $208.0M | ||
| Q2 24 | $-25.2M | $231.0M | ||
| Q1 24 | $-73.8M | $78.0M |
| Q4 25 | $-58.3M | $-88.0M | ||
| Q3 25 | $-60.4M | $-283.0M | ||
| Q2 25 | $-78.6M | $151.0M | ||
| Q1 25 | $-62.6M | $1.0M | ||
| Q4 24 | $-70.2M | $231.0M | ||
| Q3 24 | $-21.9M | $152.0M | ||
| Q2 24 | $-30.8M | $162.0M | ||
| Q1 24 | $-77.8M | $14.0M |
| Q4 25 | -31.7% | -35.3% | ||
| Q3 25 | -32.6% | -89.8% | ||
| Q2 25 | -41.5% | 44.2% | ||
| Q1 25 | -35.3% | 0.4% | ||
| Q4 24 | -34.3% | 78.6% | ||
| Q3 24 | -11.3% | 47.6% | ||
| Q2 24 | -15.7% | 45.0% | ||
| Q1 24 | -39.5% | 5.4% |
| Q4 25 | 21.7% | 110.0% | ||
| Q3 25 | 12.5% | 163.2% | ||
| Q2 25 | 8.3% | 23.7% | ||
| Q1 25 | 8.3% | 31.6% | ||
| Q4 24 | 52.8% | 17.7% | ||
| Q3 24 | 2.6% | 17.6% | ||
| Q2 24 | 2.9% | 19.2% | ||
| Q1 24 | 2.0% | 24.9% |
| Q4 25 | — | 6.64× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.94× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.73× | ||
| Q1 24 | — | 1.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UP
Segment breakdown not available.
XIFR
| Renewable Energy Sales | $238.0M | 96% |
| Related Party | $8.0M | 3% |
