Wheels Up Cuts Q1 2026 Net Loss 16% to $83 Million as Gross Bookings Rise 10%; Secures $100 Million Term Loan Commitment

Wheels Up reported first-quarter 2026 results in its letter to shareholders dated May 11, 2026. Net loss was $83 million, an improvement of about $16 million, or 16%, from $99 million in the first quarter of 2025. Revenue was $169 million, down from $178 million a year earlier. Gross bookings rose 10% to $267 million from $242 million, driven mainly by global charter and corporate business aviation. Private aircraft flight bookings fell 6% to $193 million from $205 million. Live flight legs fell 28% to 7,793, while private aircraft bookings per live flight leg rose 32% to $24,786. Adjusted contribution margin was 8.7%, against 12.6% a year earlier; the company attributed the decline to efficiency shortfalls from the fleet transition and the effect of non-core business disposals. Adjusted EBITDAR was a loss of $18.3 million, compared with a loss of $18.8 million in the first quarter of 2025, and adjusted EBITDA was a loss of $28.1 million, versus a loss of $24.2 million. Selling, general and administrative expenses declined by double digits year over year.

On financing, a group of key investors led by Delta Air Lines committed to a new $100 million term loan, with the ability to add another $100 million from new and existing investors. The company also reached an agreement in principle to expand its secured aircraft financing facility through mezzanine financing arranged by AIP Capital. Wheels Up expects the expanded facility and the new term loan to close in the second quarter, providing about $165 million of additional liquidity, with unused capacity expected to support future aircraft investments.

By mid-April 2026, the Citation X and Hawker fleets had exited commercial service, leaving the active jet fleet made up entirely of Phenom and Challenger aircraft. The company said the replacement was completed about 18 months ahead of the original plan. Revenue from the Phenom and Challenger types more than doubled year over year, and their fleet grew from 21 to 36 aircraft. Fleet utilization in the quarter was 47.6 hours for the Phenom 300 series, 56.1 hours for the Challenger 300 series and 29.2 hours for legacy aircraft.

Operational metrics improved. Completion rate was 98.9% versus 96.9%, A-30 on-time performance was 82.7% versus 74.3%, D-60 was 91.8% versus 85.9%, and flights delayed more than three hours fell to 2.0% from 5.0%. The company logged 44 brand days with zero cancellations in the quarter (48%), and 68 such days year to date. Since launching the Signature membership program in September 2025, Wheels Up has added more than 800 members, about one-third of its current membership, and completed the phase-out of legacy membership products at the end of the first quarter. Average member reserve balances rose 33% year over year. The company expects to roughly double its premium fleet in 2026, and plans to upgrade cabin interiors, deploy high-speed satellite Wi-Fi and expand branded onboard services.