Wheels Up narrows losses in 2025 as turnaround gains momentum
On-demand private aviation company Wheels Up posted a net loss of $294m during 2025, a 13% improvement from the $340m loss in the 2024 as the company’s operational and strategic overhaul began to bear fruit.
Revenue declined 7% during the year to $736m from $793m in 2024 as the company deliberately wound down its unprofitable legacy flying programmes. The company is now transitioning its fleet and membership base to its Signature premium offering as key revenue pillars.
This shift is visible in company’s key operating metrics. Despite total gross bookings staying flat at $1.04bn for the year, private jet gross bookings per live flight leg jumped 15% to $18,658 as company attracted higher-spending customers.
Live flight legs fell 11% to 44,694, consistent with the deliberate reduction in legacy flying. Cost and expenses also declined 11% to $940m – driven partly by $70m in cost of revenue and $47m on gain of aircraft held for sale as it continues to progress on fleet modernisation plans.
Speaking to Corporate Jet Investor, George Mattson, chief executive officer, acknowledged the decline in revenues but stressed that it was an intentional trade-off. “We’re winding down unprofitable flying and building up profitable flying on the new aircraft fleet,” he said. “That transition will probably last another couple of quarters, after which we should expect to see continued growth.”
The company’s landmark achievement this year was reporting its first-ever positive adjusted EBITDA quarter as contribution margins hit 19%. “That’s after what we estimate to be three and a half points of margin pressure around transition costs and fleet modernisation,” Mattson highlighted. “We have an EBITDA positive business model now.”
On the liquidity front, the company ended the year with $234m including $134m of cash and cash equivalents, and undrawn $100m revolving credit facility
Wheels Up expects its Phenom and Challenger fleets to close to double in size through 2026 as it scales the Signature programme. From a standing start in Q4 2025, Wheels Up sold 600 Signature memberships in 60 to 90 days, with 80% of those coming from legacy members converting to the new programme.
Mattson highlighted that the company’s new programme is bringing back lost customers as it streamlined its offerings portfolio under a single brand. The company now offers its membership, global charter, group charter and hybrid private and premium commercial travel solutions under one brand.
The company’s partnership with Delta continues to support higher-value and more durable demand for its services. Contribution from Delta grew 35% year over year in 2025. Mattson said the relationship has years of runway ahead.
“If Delta has a 30 or 35% share in commercial aviation, our share of wallet in private aviation for Delta’s corporate customers is probably in the low single digits,” he said. “The addressable market is very large.”
Net loss per share improved to $0.42 from $0.49 in 2024, on a weighted average share count of approximately 706m.
