Q2 for Wheels Up saw it secure additional financing from Delta Air Lines, complete its fleet transition, and set a new reliability record.
Wheels Up Experience Inc. announced that it will release its second-quarter 2026 financial results on Tuesday, August 4, 2026.
The Delta Air Lines-backed private jet flight provider will update investors on its progress toward profitability.
The Atlanta-based airline holds a 36% stake in Wheels Up.
During Q2, Wheels Up closed on a $100 million term loan backed by Delta.
Delta Air Lines’ most recent 10-Q referenced Wheels Up 13 times.
In the report commentary, Delta wrote, “This new financing reflects our continued partnership with Wheels Up and provides a stronger financial foundation to support the company’s accelerated fleet and product transformation initiatives, ongoing operational improvements, and enhanced product and service offerings.”
During the second quarter of 2026, Wheels Up was added to the Russell 2000 and Russell 3000 indexes.
It also marked 100 days without cancellations.
That exceeded full-year 2025 performance.
Wheels Up also announced plans to migrate to Surf Air’s BrokerOS charter-sourcing platform.
It also consolidates its branding, retiring the Air Partner brand except for cargo charters.
Wheels Up acquired Air Partner in April 2022 for $107 million.
A key highlight was that it completed its fleet transition to the Phenom 300 and Challenger 300 ahead of schedule by 18 months.
The Embraer and Bombardier aircraft are part of its strategy to attract more business flyers via Delta Air Lines corporate accounts.
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First quarter GAAP revenues for 2026 at Wheels Up were $168.9 million, down 5.0% year-over-year.
Gross Loss increased from $1.1 million to $1.9 million year-over-year.
The company said $5 million of that result could be attributed to fleet modernization expenses.
Adjusted Contribution fell 34% to $14.8 million year-over-year.
Adjusted Contribution margin dropped from 12.6% in Q1 2025 and 19.1% in Q4 of last year to 8.7% in the most recent quarter.
Five points of margin variance came from the sale of non-core services businesses, and “transitory inefficiencies from the fleet transition.”
In a letter to investors, CEO George Mattson wrote, “Excluding these impacts, underlying margin performance continued to improve meaningfully versus prior years.”
Adjusted EBITDA loss increased from a $24.2 million Q1 2025 loss to a $28.1 loss in Q1 2026.
In Q4 2025, Wheels Up posted its first positive Adjusted EBITDA of $32.9 million.
Adjusted EBITDAR loss in the quarter improved slightly to $18.3 million from a negative $18.8 million year-over-year.
It compared to a positive Adjusted EBITDAR of $36.9 mlllion in Q4 2025.
Net loss was reduced to $82.9 million in the latest quarter from $99.3 million in Q1 2025.
Total Gross Bookings, which include the total value of off-fleet charter flights, were up 10% year-over-year to $267.2 million.
The gross bookings were led by “strong performance in our global charter business and corporate flying.”
| (in millions) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
| TTL Gross Bookings $ | 241.9 | 261.9 | 266.6 | 269.0 | 267.2 |
| Block Sales $ | 133.0 | 127.0 | 127.0 | 188.0 | NA |
| Revenue $ | 177.5 | 189.6 | 185.4 | 183.8 | 168.9 |
| Gross profit (loss) $ | (1.1) | 2.2 | (1.3) | 12.8 | (1.9) |
| Adjusted Contribution $ | 22.4 | 23.7 | 23.5 | 35.0 | 14.8 |
| Adjusted Contribution Margin | 12.6% | 12.2% | 12.7% | 19.1% | 8.7% |
| Net loss $ | (99.3) | (82.3) | (83.7) | (28.9) | (82.9) |
| Adjusted EBITDA $ | (24.2) | (29.0) | (23.2) | 32.9 | (28.1) |
| Adjusted EBITDAR $ | (18.8) | (25.1) | (19.7) | 36.9 | (18.3) |
Source: Wheels Up
Cash and cash equivalents were $54.1 million at the end of Q1, down from $133.9 million at the end of 2025, according to its 10-Q filing.
Deferred Revenue, in part prepaid jet cards, decreased to $687.6 million from $738.9 million, quarter to quarter.
“We expect to meet our liquidity needs for the next 12 months with a combination of cash and cash equivalents, cash flows from operations, strategic dispositions of legacy aircraft assets, proceeds from borrowings under the Proposed 2026 Term Loan expected to be provided by the Lead Lenders and, depending on market conditions, sales of shares of Common Stock under the ATM Program or other debt or equity financings,” according to the 10-Q.
In April, Wheels Up completed its second reverse stock split.
The move puts it back in compliance with NYSE rules requiring a sustained price above one dollar.
About 90% of shares are held by Delta Air Lines and key investing partners.
In May, Delta agreed to extend its lock-up on Wheels Up stock by 12 months.
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