Wheels Up Experience (UP) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $182.0 million, down 4% year-over-year, with a net loss of $107.2 million, a 30% increase in loss compared to Q2 2025.

• Achieved 100% premium fleet composition with full retirement of legacy aircraft, enhancing customer experience and operational efficiency.

• Signature Membership program surpassed 1,200 members, now over 50% of active member base, driving higher utilization and revenue quality.

• Efficiency and cost reduction initiatives are expected to yield $70 million in annual cash savings, with full impact anticipated by year-end 2026.

• Strengthened partnership with Delta, including a multi-year extension of Delta's $100M revolving credit facility commitment.

Financial highlights

• Q2 2026 revenue decreased 4% year-over-year to $182.0 million; six-month revenue was $350.9 million, down 4%.

• Net loss for Q2 2026 was $107.2 million, and for the first half of 2026 was $190.2 million.

• Adjusted EBITDA for Q2 2026 was $(26.2) million, an improvement from $(31.2) million in Q2 2025.

• Adjusted Contribution Margin improved to 12.4% in Q2 2026 from 12.2% in Q2 2025.

• Gross profit improved to $9.6 million, up $7 million from prior year, despite $5 million in transformation-related expenses.

Outlook and guidance

• Full impact of cost savings and operational efficiency initiatives expected by end of 2026.

• Premium jet fleet targeted to grow to approximately 50 aircraft by year-end 2026.

• Management expects technology investments (e.g., BrokerOS) and completed fleet transition to drive growth and efficiency in the second half of 2026.