Wheels Up Experience (UP) Cost of Revenue (2020 - 2025)
Wheels Up Experience's Cost of Revenue was $172.88 million in Q3 2025, up 3.6% from $166.86 million a year earlier but down 0.6% from the prior quarter.
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Analysis
Wheels Up Experience (UP) Cost of Revenue (2020 - 2025) Analysis & Trends
On a trailing twelve-month basis, Wheels Up Experience's Cost of Revenue was $681.52 million through Sep 30, 2025, down 15.6% year-over-year; for FY2024, it came in at $733.08 million, down 40.5% from FY2023.
- Cost of Revenue shows a five-year compound annual growth rate of 16.6% (FY2019 to FY2024).
- In earlier years, Cost of Revenue was $1.23 billion in FY2023 (-20.0%), $1.54 billion in FY2022 (+37.8%), $1.12 billion in FY2021 (+76.1%) and $634.78 million in FY2020 (+86.3%).
- Quarterly Cost of Revenue has moved between $158.42 million (Q1 2025) and $408.9 million (Q2 2022) over five years.
- Compared with a year earlier, Cost of Revenue was higher in 1 of the last eight quarters, with an average decline of 27.7%.
- The best year-over-year quarter for Cost of Revenue over five years was Q4 2021 (growth of 83.1%); the worst was Q3 2024 (a decline of 44.4%).
- Per Business Quant data, UP's Cost of Revenue in the three quarters before Q3 2025 was $173.96 million (Q2 2025), $158.42 million (Q1 2025) and $176.27 million (Q4 2024).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 165.28 Bn | 159.81 Bn | - | - |
| 2 | Csx | 87.86 Bn | 84.08 Bn | - | - |
| 3 | Canadian Pacific Kansas City | 75.56 Bn | 75.27 Bn | - | - |
| 4 | Norfolk Southern | 71.27 Bn | 65.91 Bn | - | - |
| 5 | United Parcel Service | 69.70 Bn | 46.62 Bn | - | - |
| 6 | Fedex | 68.71 Bn | 34.65 Bn | - | - |
| 7 | Delta Air Lines | 55.32 Bn | 37.50 Bn | - | - |
| 8 | Old Dominion Freight Line | 37.44 Bn | 36.71 Bn | - | - |
| 9 | United Airlines Holdings | 36.52 Bn | -19.85 Bn | - | - |
| 10 | Wheels Up Experience | 126.78 Mn | -411.32 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | 172.88 Mn |
| Jun 30, 2025 | 173.96 Mn |
| Mar 31, 2025 | 158.42 Mn |
| Dec 31, 2024 | 176.27 Mn |
| Sep 30, 2024 | 166.86 Mn |
| Jun 30, 2024 | 191.69 Mn |
| Mar 31, 2024 | 198.26 Mn |
| Dec 31, 2023 | 250.93 Mn |
| Sep 30, 2023 | 299.89 Mn |
| Jun 30, 2023 | 327.90 Mn |
| Mar 31, 2023 | 353.79 Mn |
| Dec 31, 2022 | 395.63 Mn |
| Sep 30, 2022 | 403.04 Mn |
| Jun 30, 2022 | 408.90 Mn |
| Mar 31, 2022 | 332.76 Mn |
| Dec 31, 2021 | 344.44 Mn |
| Sep 30, 2021 | 283.50 Mn |
| Jun 30, 2021 | 255.19 Mn |
| Mar 31, 2021 | 234.51 Mn |
| Dec 31, 2020 | 188.14 Mn |
API Access
Wheels Up Experience Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=UP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "UP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=UP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();