Delta Air Lines-backed Wheels Up will release Q4 and full year 2025 earnings on Feb. 19, 2026 seeking to show progress towards reducing losses.
Delta Air Lines-backed Wheels Up will release its fourth quarter and full year 2025 financial results on Feb. 19, 2026.
The company announced the date yesterday.
CEO George Mattson, a longtime Delta board member before becoming CEO of the private jet company in October 2023, said in announcing Q3 2025 numbers, “We expect our fourth quarter financial results to be the best since starting our transformation two years ago, setting the stage for accelerating improvement as we close the year and head into 2026.”
While Wheels Up hopes to show progress in reducing losses, Delta has already released its earnings.
Delta Air Lines CEO Ed Bastian said of its earnings, “Our industry-leading performance delivered for our customers and our employees, while creating value for our owners, consistent with our long-term financial framework.”
He added, “We generated $5 billion of pre-tax profit with a double-digit operating margin and record free cash flow of $4.6 billion, all while navigating a challenging environment.”
What’s more, Bastian noted, “2026 is off to a strong start with top-line growth accelerating on consumer and corporate demand.”
He predicted, “For the full year, we expect to deliver margin expansion and earnings growth of 20 percent year-over-year.”
Delta’s financial results are important to Wheels Up, as Bastian has said the private jet company is a key strategic element of its approach to the premium travel market.
In a 2024 interview, Bastian said, “The overarching opportunity for us was the strength of (Delta’s) affluent customers, our corporate businesses, and our premium customer base. It’s driving all of the growth of Delta premium as a whole.”
Delta had operating revenue of $63.4 billion in 2025, with operating income of $5.8 billion, and pre-tax income of $6.2 billion.
Of particular note, Delta reported that corporate sales were up in the high single digits year over year in the December quarter, similar to the September quarter.
Delta added that recent corporate survey results indicate that nearly 90 percent of companies expect their travel volume to increase or remain steady in 2026.
Bastian has identified Wheels Up as being a differentiator in Delta’s offering to corporate accounts.
If it’s good to have a big, financially strong backer for Wheels Up, there is still work to do.
Its Q3 earnings showed revenue decreased to $185.5 million from $193.9 million year over year.
Loss from operations increased to $61.3 million from $41.8 million.
Net loss increased from $57.7 million to $83.7 million.
Adjusted EBITDA loss increased to $23.2 million from $19.9 million.
Adjusted EBITDAR loss increased to $19.6 million from $11.6 million.
Wheels Up is seeking to cut $70 million in costs.
It also received a warning from the NYSE.
The notice came after its stock price fell below $1 for 30 consecutive trading days in December.
It closed at 67 cents today, giving it a market cap of $485 million.
As of Q3 2025, Delta held a 37% stake in Wheels Up.
At the time, Mattson said its financials were being weighed down by expenses related to its fleet modernization program.
Fleet modernization is key to making Wheels Up more attractive to Delta’s corporate customers.
Mattson says the fleet of refurbished Phenom 300s and Challenger 300s makes Wheels Up’s product attractive to that market.
He added that the GAAP financials don’t accurately reflect Wheels Up’s transition.
Under Delta, Wheels Up has moved from a purely programmatic offering to an integrated solutions approach.
In a letter to investors, Mattson wrote, “Total Gross Bookings, a measure of gross spend by members and customers across our broader product portfolio, grew by 5% year over year, driven by 14% growth in on-demand charter offerings.”
Gross bookings account for the value of off-fleet on-demand charter bookings through its Air Partner brokerage, rather than just the margin between what the flight is sold for and what Wheels Up pays to the operator.
Those made-to-measure solutions are a key part of the integration with Delta.
Air Partner has been selling charter flights in Europe to flyers arriving from the U.S. in Delta One business class.
Last month, the company integrated the Wheels Up and Air Partner sales teams.
In terms of the numbers, Mattson noted, “We improved our Gross Profit profile and expanded Adjusted Contribution Margins from essentially breakeven at the start of our transformation just over two years ago to mid-to-high teens margins over the last year. As a result, our Adjusted EBITDAR losses have reduced by approximately 25% year-to-date.”
Mattson also said that Wheels Up is beginning to see the benefits of its integrated sales approach with Delta.
Corporate Membership jet card sales hit a quarterly record of $62 million in Q3 2025, up more than 15% year-over-year.
It also represented 49% of all membership fund sales in the quarter, a record.
In December, Wheels Up launched online booking of Delta flights for members who can use funds for those flights.
Wheels Up has also been working to improve reliability.
In January, it recorded 14 consecutive days without a cancellation.
Last July, Bastian said there had been “meaningful progress” at the private jet company.
During Corporate Jet Investor last November, Mattson told the audience, “Things can flip quicker than you think.”
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