Wheels Up reports improved EBITDAR despite revenue decline

Wheels Up reported third-quarter financial results showing a 44% year-over-year improvement in Adjusted EBITDAR and a 30% improvement in EBITDA, despite an 11% decline in total revenue to $164.8 million.

Total Gross Bookings fell 15% to $225.4 million, which the company attributed to lower volumes in group charter, cargo, and on-demand charter services. However, revenue from the Phenom 300 and Challenger 300 fleets grew by 120%.

Delta Air Lines, which holds a 38% stake in Wheels Up, has committed to an additional $100 million revolving credit facility. Additionally, the company entered a definitive agreement with Embraer to add six Phenom 300E aircraft to its fleet in the second half of 2027. CEO George Mattson stated that the third quarter represented an inflection point for the company as strategic actions began to translate into improved commercial and operational performance.