Wheels Up has reported a net loss of $28.9 million for the fourth quarter of 2025, marking a “significant improvement” from 2024's fourth-quarter net loss of $87.5 million.
The company said the result was driven by fleet transition and cost reduction initiatives.
"Over the past year, we have stabilized private jet revenue, strengthened our revenue mix, invested in operational reliability and fleet modernization, and enhanced the customer experience, driving a meaningful improvement in profitability," said Wheels Up CEO George Mattson.
Adjusted EBITDA swung from a negative $11.3 million in the fourth quarter of 2024 to a positive $32.9 million in the fourth quarter of last year.
However, gross profit fell 17% to $12.8 million for the quarter, with revenues also falling 10% to $183.8 million.
For the quarter, total costs and expenses fell 29% to $185.6 million.
For the year, net losses improved 13% to $294.2 million. Revenues fell 7% in 2025 to $736.5 million. Gross profit improved $10.1 million to $12.6 million.
Total costs and expenses for 2025 fell 11% to $939.9 million.
“In 2026, we expect to complete our membership program and fleet transition and fully align our products, services, and operations with our strategy,” said Mattson.
The company said its controlled jet fleet at the end of the year comprised of around 40% premium Phenom and Challenger jets.
Wheels Up said it is continuing to add these aircraft to its fleet. As a result, it expects its fleet transformation to be completed ahead of its original mid-2027 schedule.
“With a modernized fleet, a stronger mix of corporate and high‑value customers, continued operational and cost discipline, and the unique competitive advantages from our Delta partnership, we are advancing toward our long‑term objective of sustainable, profitable growth,” said Mattson.
In December, the company completed a sale-leaseback of 10 aircraft, generating about $30 million in cash and $24 million in gains to support its 2026 fleet acquisitions while continuing to operate the upgraded planes under long-term leases.