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Wheels Up

Wheels Up Experience Inc. is an American membership-based company that provides on-demand private flights, charter services, and aircraft management solutions throughout the and internationally. The company operates one of the largest fleets in the , focusing on flexibility, , and accessibility to make more attainable without rigid commitments or high upfront costs. Founded in August 2013 by , a private aviation pioneer who co-founded Marquis Jet Partners, Wheels Up launched with an ambitious order for 105 350i aircraft, marking the largest initial fleet commitment in the sector's history. Headquartered in , , the company initially targeted short-haul flights under three hours to connect underserved routes, emphasizing a subscription-like model inspired by streaming services to broaden access beyond traditional . Wheels Up expanded rapidly, introducing various membership tiers such as , , and corporate programs that offer capped hourly rates, empty-leg flights, and access to a diverse fleet including light jets, midsize jets, and super-midsize aircraft like the Challenger 300 and Phenom 300. In January 2020, it entered a strategic partnership with , enabling seamless connections between private flights and Delta's commercial network. The company went public in July 2021 via a merger with Aspirational Consumer Lifestyle Corp., a , listing on the under the ticker symbol "UP." As of 2025, Wheels Up continues to innovate with initiatives like fleet modernization, enhanced in-flight culinary partnerships, and growing corporate memberships, positioning itself as a leader in democratizing amid industry challenges.

Overview

Company profile

Wheels Up is a membership-based private aviation company founded in 2013 and headquartered in , . It operates as a leading provider of on-demand private aviation services in the United States and is publicly traded on the under the ticker symbol UP. As one of the largest private aviation operators in the U.S., Wheels Up connects approximately 13,000 members and customers to a global network of safety-vetted operators, enabling access to over 100 —including a controlled fleet of 116 jets as of mid-2025—for domestic and select international routes. The company emphasizes operational reliability, achieving a 99% completion rate and 89% on-time performance (booked 60 days in advance) in the third quarter of 2025. Wheels Up's mission is to democratize private flying by lowering through flexible memberships and on-demand booking options that prioritize , , and customized service over traditional high upfront costs. In the first nine months of 2025, the company sold $387.9 million in membership funds, reflecting sustained demand amid fleet modernization efforts focused on efficient light and midsize jets like the and 300. Within the broader private aviation industry, Wheels Up plays a pivotal role in integrating private and commercial travel, notably through its strategic partnership with , which provides members with Delta SkyMiles Medallion status, fund application toward Delta flights, and seamless connections for hybrid itineraries. This collaboration enhances Wheels Up's position as a bridge between mass-market and premium aviation segments.

Business model

Wheels Up employs a membership-driven that provides on-demand services through a combination of prepaid flight funds, annual dues, and pay-as-you-go options. The membership structure includes tiers such as , with an initiation fee of $17,500 and annual dues of $8,500, offering access to capped hourly rates for light jets of approximately $7,795 per hour (as of 2024), along with benefits like no and waived surcharges. In September 2025, the company launched the Signature Membership, featuring a $500 monthly fee and a minimum $200,000 prepaid deposit, with two pricing plans: a Fixed Plan offering predictable hourly rates (e.g., $8,995 for Phenom 300 jets) and a Dynamic Plan with market-driven pricing for flexibility. Higher-tier options, such as or , cater to corporate clients with customized deposits starting at $250,000 and enhanced perks including dedicated support. The September 2025 membership revamp introduced additional tiers like Gold, Platinum, and Diamond for varied needs. The company's revenue streams are diversified, with flight operations accounting for approximately 80% of in 2024, derived from both owned/leased and third-party charters. Membership dues contribute about 7%, recognized from initiation (discontinued in July 2024) and annual renewal fees, while ancillary services, including and , make up the remaining 12%, encompassing wholesale charters and other support offerings. This mix supports scalability by blending recurring membership income with variable flight earnings. Wheels Up has evolved to a hybrid asset-light model, transitioning from a predominantly ownership-heavy approach before 2023 to greater reliance on leasing and third-party operators, which provide access to thousands of aircraft beyond its 154 controlled fleet (112 owned and 42 leased as of late 2024). This shift, aimed at reducing capital expenditures, now incorporates third-party capacity for flexible demand fulfillment, enhancing scalability amid fleet modernization efforts focused on efficient jets like the Phenom 300. The cost structure balances fixed and variable elements, with fixed costs including leasing expenses of $28.6 million in 2024, primarily for long-term operating leases, and variable costs such as (about 15% of ) and expenses tied to flight volume. To optimize utilization, Wheels Up targets efficient deployment, achieving an average of 41.1 revenue-generating flight hours per monthly in 2024, supported by on flights and empty-leg offerings that discount repositioning flights by 30% to 75% to fill otherwise unused . Competitive differentiation arises from strategic integrations, notably the partnership with , which enables seamless bookings combining commercial and private flights, Delta earning for members, and elevated status perks. This hybrid approach, bolstered by lifestyle benefits like exclusive Wheels Down events, positions Wheels Up as a comprehensive solution blending private access with commercial connectivity.

History

Founding and early development

Wheels Up was founded in August 2013 by , a co-founder of the earlier company Marquis Jet, with the goal of democratizing access to private flights through an innovative membership model that lowered entry barriers for frequent short-haul travelers. The company commenced operations on October 13, 2013, under Dichter's leadership as CEO and with as co-founder and president, focusing initially on 350i turboprops optimized for regional routes under 500 miles. This setup prioritized safety and premium service, with all aircraft operators holding FAA Part 135 certification to ensure compliance with commercial air carrier standards. In its first year, Wheels Up rapidly scaled by securing an order for 105 King Air 350i aircraft and forging strategic alliances with charter providers, culminating in 575 members and delivery of 25 planes by the 2014 anniversary. The company gained visibility through high-profile Wheels Down events, including exclusive gatherings tied to in , which highlighted its lifestyle-oriented approach to . Early backing came from notable investors such as former star , helping fuel initial growth amid a competitive market. By 2016, Wheels Up broadened its offerings with the launch of the 8760 Membership program, enabling access to light jets via partnerships with third-party operators and extending beyond turboprops for more versatile travel options. The fleet expanded steadily, reaching 78 King Air 350i by mid-2017 with plans to surpass 100 by year's end, supported by funding rounds including $115 million in 2015 and $117.5 million in 2017 that valued the company at over $1 billion. This period solidified Wheels Up's position as a disruptor in , emphasizing community events and efficient operations for its growing membership base.

Expansion and public listing

Amid the surge in demand for private air travel during the COVID-19 pandemic, Wheels Up significantly expanded its operations in 2020, growing its membership base to 10,995 active members by year-end. This growth was fueled by heightened interest in contactless travel options, with the company's revenue reaching $690 million for the year. The fleet also scaled rapidly, encompassing over 300 aircraft under operational control, including a mix of Cessna Citations for shorter routes and Embraer Phenom jets acquired through the 2020 purchase of Gama Aviation. In preparation for public markets, Wheels Up announced a merger with Aspirational Consumer Lifestyle Corp. in February 2021, valuing the company at an enterprise value of $2.1 billion. The deal, which provided approximately $750 million in gross proceeds, closed in July 2021, enabling Wheels Up to list on the under the "UP" as the first publicly traded company. This capital infusion supported further scaling, with the company's shares reaching a peak of about $13 per share later in 2021. Following the listing, Wheels Up pursued strategic initiatives to enhance its infrastructure and reach. In January 2021, just prior to the merger completion, it acquired Mountain Aviation, adding 59 X aircraft to its fleet and bolstering in-house maintenance capabilities to improve operational efficiency. The company also began offering flights to international destinations, including the , leveraging its expanded network for cross-border travel. CEO positioned Wheels Up as the "Amazon of aviation," emphasizing its technology-driven booking platform that streamlined on-demand reservations via a . However, the post-IPO period brought early challenges, including disruptions and labor shortages that caused minor delays in fleet additions and crewing. These issues, compounded by broader industry pressures, temporarily constrained the company's ability to fully utilize its growing aircraft inventory despite robust demand.

Financial challenges and recovery

Following its public listing in 2021, Wheels Up encountered significant financial headwinds starting in , driven by escalating fuel costs, aggressive expansion—including the April acquisition of Air Partner plc for approximately $108 million to enter the market—and operational inefficiencies that led to a full-year net loss of $555.2 million. The company's stock price plummeted amid these pressures, reaching a low of $0.23 per share in June 2023. The challenges intensified in 2023, culminating in the abrupt resignation of founder and CEO on May 9, as the company grappled with mounting losses totaling $487.4 million for the year. Facing imminent , Wheels Up secured a $500 million package led by , along with investors Certares, Knighthead Capital Management, and ; this infusion converted debt to equity, granting the investor group approximately 95% ownership of the company's common stock and averting collapse. , which initially held a minority stake, increased its ownership to about 38% through this transaction, providing strategic guidance while Wheels Up's full-year losses narrowed slightly from the prior year. In response, Wheels Up implemented aggressive recovery measures in 2024, including cost reductions through overhead efficiencies and fleet rationalization, which involved retiring older aircraft and optimizing its inventory to focus on more fuel-efficient models. These efforts, supported by Delta's operational expertise, contributed to a reduced net loss of $339.6 million for the year, a 30% improvement from 2023. By 2025, Wheels Up demonstrated further stabilization, reporting a year-to-date pre-tax operating loss of just $230,000 through the third quarter and a $1.3 million gross loss for the period, reflecting improved contribution margins amid fleet modernization. The company forecasted positive adjusted EBITDA for the full year, bolstered by $387.9 million in year-to-date membership fund sales and the divestiture of non-core assets, including Baines Simmons, , and , for approximately $20 million in August. Investor confidence was evident in lock-up extensions by key stakeholders, including and CK Wheels LLC, through May 2026, signaling sustained commitment to the turnaround.

Operations

Membership programs and services

Wheels Up offers a range of membership programs designed to provide flexible access to , catering to individual and corporate clients with varying levels of commitment and benefits. The entry-level Connect membership requires an initiation fee of $2,995 for the first year, renewing at $2,495 annually, and focuses on introductory access to shared flights and empty-leg opportunities without guaranteed availability. For more frequent users, the Core membership carries a $17,500 initiation fee and $8,500 annual renewal, providing 24-hour notice for bookings, capped hourly rates starting at around $5,295 for midsize jets, and priority over non-members. The membership, aimed at corporate entities, starts at $29,500 for the first year and $14,500 thereafter, offering customized solutions such as up to six lead passengers per flight and enhanced fleet access for small to medium-sized enterprises with annual spends exceeding $250,000. In September 2025, Wheels Up introduced the membership as its offering, featuring a $500 monthly fee and minimum prepaid deposits ranging from $200,000 to $1 million across three tiers, with guaranteed 24- to 48-hour availability on Phenom 300 and 300 , no interchange fees, and same-day round-trip discounts. The company's services extend beyond basic memberships to include on-demand charters available to non-members via a $495 booking fee, empty-leg flights offering up to 75% discounts on repositioning trips, and purchases that function similarly to prepaid flight hours with fixed rates. management services allow owners to outsource operations, , and scheduling through Wheels Up's , while international flights are facilitated via partnerships, including global charter access through Air Partner and integration with for hybrid private-commercial itineraries. Booking occurs primarily through the Wheels Up and , enabling searches for availability, instant quotes, and flight tracking, with 24/7 support from dedicated concierges to handle custom requests. Safety remains a cornerstone, with Wheels Up maintaining an Platinum rating, the highest standard from the Aviation Research Group, alongside Wyvern Wingman certification, ensuring all flights adhere to rigorous operator audits and protocols. Ancillary benefits enhance the membership experience, including access to Wheels Down lifestyle events such as exclusive sports outings, charity galas, and curated culinary experiences with Michelin-starred chefs. Partnerships provide additional perks, such as preferred rates at Waldorf Astoria hotels and electric vehicle options through Hertz, alongside Delta SkyMiles earning toward Medallion status and up to 20% discounts on select commercial fares. Wheels Up's customer base primarily consists of business travelers, who account for approximately 40% of activity as of mid-2025, with a strong concentration in East Coast hubs like New York and Atlanta due to proximity to corporate centers and Delta's operational footprint.

Fleet and aircraft management

Wheels Up's fleet, as of Q3 2025, comprises approximately 100-120 owned and leased aircraft under its Part 135 charter certificate, supplemented by third-party partnerships to provide broader access to private aviation services. The composition emphasizes turboprops and jets, with approximately 38 Beechcraft King Air 350i aircraft forming a core of the turboprop segment (about 50% of the controlled fleet), alongside 19 Embraer Phenom 300 and 300E light jets and 5 Bombardier Challenger 300 super-midsize jets (collectively about 30% of the fleet, up from 20% at end-2024). Legacy jets, such as Citation X and Hawker 400XP, have been significantly reduced through divestitures, with the Citation CJ3 retired in Q2 2025 and Citation Excel variants exited by late 2025. Ownership is structured with a mix of company-controlled assets and external collaborations, where roughly 40% of the fleet is owned or leased directly by Wheels Up, while the remaining 60% is sourced through third-party operators and partnerships. A notable example is the October 2024 acquisition of 17 and 300E aircraft from GrandView Aviation for $105 million, which bolstered the light jet category and integrated these assets into Wheels Up's controlled fleet upon closing in Q4 2024. This transaction exemplifies the company's to expand owned capacity while leveraging partnerships for scalability, following the 2023 divestiture of its managed fleet business to Airshare. Aircraft management practices prioritize reliability and efficiency, supported by in-house maintenance operations, including a state-of-the-art facility opened at Palm Beach International Airport in April 2024 to handle inspections, repairs, and upgrades. Utilization is optimized through advanced scheduling systems, achieving a 99% flight completion rate and 89% on-time performance in Q3 2025, with monthly averages of 56 hours for Phenom jets, 53 hours for Challengers, and 40 hours for legacy aircraft. The fleet's average age has been reduced by approximately 10 years through ongoing modernization efforts initiated in 2024, ensuring most aircraft are under a decade old and enhancing operational performance. Between 2024 and 2025, Wheels Up executed a comprehensive fleet revamp to prioritize fuel-efficient light jets, such as the Phenom 300 series, while reducing reliance on large-cabin aircraft like the Citation X and Hawker 400XP, which are being phased out over three years through sales and lease returns—31 legacy aircraft were divested in the first half of 2025 alone. This shift introduced Bombardier Challenger 300 and 350 models for super-midsize needs starting in early 2025, streamlining the inventory to two primary jet types for improved efficiency and customer experience. The company upholds an exemplary safety record, with zero major incidents reported, reinforced by ARGUS Platinum and Wyvern Wingman certifications renewed in 2025. Sustainability initiatives include significant investments in sustainable (SAF), with a dedicated program launched in May 2025 in partnership with . This book-and-claim system enables charter customers to offset emissions by funding SAF usage across flights, supporting broader decarbonization efforts in private .

Corporate structure

Leadership and governance

George Mattson has served as of Wheels Up since October 2023, bringing extensive experience from his prior role as a longtime member of ' board of directors and as a managing director at , where he focused on operational transformations in and sectors. Under his , Mattson has emphasized strategic partnerships, particularly with , to enhance efficiency and membership growth amid post-pandemic recovery efforts. Key executives include John Verkamp, appointed in March 2025, who oversees financial strategy and cost management with over two decades of experience from and GE Vernova, including roles in and . In commercial operations, Mark Briffa assumed the role of Chief Sales Officer in June 2025, unifying sales across membership and charter services; Briffa previously served as CEO of Air Partner and brings expertise in global aviation sales and partnerships. The board of directors consists of nine members, including representatives with ties to Delta Air Lines, such as George Mattson and Alain Bellemare, the airline's president, reflecting the strategic influence of Delta's CEO on Wheels Up's direction through deepened partnerships. Governance adheres to standards, with compliance regained in June 2025 following share price stabilization; the board maintains dedicated committees, including the chaired by Andrew for financial oversight and the Compensation Committee led by Chairman Adam Zirkin for executive pay and incentives. Significant leadership transitions include the 2023 resignation of founder as CEO in May, amid mounting losses, though he initially retained a board seat before departing; Dichter's exit paved the way for interim leadership by Todd Smith and subsequent stabilization efforts. In 2024, the board added Tom Klein, a senior managing director at Certares, to bolster expertise in investments, filling a vacancy from a prior Certares executive's departure. Wheels Up faced controversies in 2023, including allegations of impending federal regulatory investigations into senior leadership practices reported in August, though no formal charges or enforcement actions were ultimately pursued. Additionally, the company was involved in a with flyExclusive over the latter's abrupt termination of a services on June 30, 2023, which stranded members and led to a breach-of- filed by Wheels Up; the case was voluntarily dismissed in August 2023 without further resolution details disclosed.

Ownership and financing

Wheels Up Experience Inc. went public in July 2021 via a (SPAC) merger with Aspirational Consumer Lifestyle Corp., listing on the under the UP and raising approximately $656 million in gross proceeds. As of November 15, 2025, the company's was approximately $780 million, with shares trading at $1.08. This public status has facilitated access to capital markets amid ongoing transformation efforts. Delta Air Lines holds the largest ownership stake at approximately 38%, valued at roughly $300 million based on the share price as of , 2025, following an of its in late 2023 as part of a . Other key shareholders include CK Wheels LLC—an investment vehicle co-managed by Certares Opportunities and Knighthead Capital Management—and Cox Investment Holdings, which together with control a significant majority of shares. These lead investors extended lock-up restrictions on approximately 85% of outstanding shares until September 2026, signaling confidence in the company's recovery trajectory. Institutional investors, including , maintain holdings, contributing to overall institutional ownership exceeding 98% when including strategic partners. Prior to its IPO, Wheels Up secured $402 million through nine private funding rounds, supporting early growth and fleet expansion. The 2021 SPAC transaction provided an additional $656 million, while in 2023, a -led injected $500 million in combined and financing to stabilize operations and extend runway. This 2023 infusion, which included a $500 million credit facility, effectively recapitalized the company and positioned and its partners to acquire nearly 95% control. Post-2023 reduced Wheels Up's , with long-term netting $394 million as of September 30, 2025. To further deleverage, the company divested three non-core services businesses—Baines Simmons, Kenyon International Emergency Services, and Assurance—in August 2025 for $20 million in proceeds, which are being directed toward fleet modernization. These actions are part of broader cost-efficiency measures expected to yield $50 million in annual savings. In the third quarter of 2025, Wheels Up generated $185.5 million in , reflecting a 4% year-over-year decline primarily due to discontinued operations, though grew 14% from the prior-year quarter.

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