Wheels Up Experience (UP) Operating Expenses (2020 - 2025)
Wheels Up Experience (UP) recorded Operating Expenses of $246.82 million in Q3 2025, up 4.7% from $235.76 million a year earlier but down 1.0% from the prior quarter.
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Analysis
Wheels Up Experience (UP) Operating Expenses (2020 - 2025) Analysis & Trends
On a TTM basis, Wheels Up Experience's Operating Expenses came in at $1.01 billion as of Sep 30, 2025, down 8.3% year-over-year; for FY2024, it was $1.05 billion, down 38.1% from FY2023.
- Annual Operating Expenses has a five-year compound annual growth rate of 17.8% (FY2019 to FY2024).
- Across earlier years, Operating Expenses came in at $1.7 billion in FY2023 (-20.7%), $2.14 billion in FY2022 (+53.1%), $1.4 billion in FY2021 (+84.4%) and $757.95 million in FY2020 (+63.7%).
- Quarterly Operating Expenses has ranged from $235.76 million in Q3 2024 to $629.76 million in Q4 2022 over the past five years.
- On a year-over-year basis, Operating Expenses rose in 1 of the last eight quarters, with an average decline of 26.1%.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 119.7% in Q3 2021, against a decline of 50.6% in Q4 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at $249.24 million (Q2 2025), $258.3 million (Q1 2025) and $258.14 million (Q4 2024).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 162.85 Bn | 157.37 Bn | - | 4.10 Bn |
| 2 | Csx | 86.62 Bn | 82.84 Bn | - | 2.43 Bn |
| 3 | Canadian Pacific Kansas City | 76.11 Bn | 75.83 Bn | - | 1.95 Bn |
| 4 | United Parcel Service | 70.66 Bn | 47.58 Bn | - | 21.90 Bn |
| 5 | Norfolk Southern | 70.32 Bn | 64.96 Bn | - | 2.34 Bn |
| 6 | Fedex | 68.53 Bn | 34.48 Bn | - | 23.46 Bn |
| 7 | Delta Air Lines | 55.25 Bn | 37.43 Bn | - | 17.89 Bn |
| 8 | Old Dominion Freight Line | 36.69 Bn | 35.95 Bn | - | 1.09 Bn |
| 9 | Ryanair Holdings | 28.78 Bn | 12.78 Bn | 3.13 Bn | 4.43 Bn |
| 10 | Wheels Up Experience | 130.02 Mn | -408.08 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | 246.82 Mn |
| Jun 30, 2025 | 249.24 Mn |
| Mar 31, 2025 | 258.30 Mn |
| Dec 31, 2024 | 258.14 Mn |
| Sep 30, 2024 | 235.76 Mn |
| Jun 30, 2024 | 275.34 Mn |
| Mar 31, 2024 | 281.65 Mn |
| Dec 31, 2023 | 311.30 Mn |
| Sep 30, 2023 | 449.07 Mn |
| Jun 30, 2023 | 488.05 Mn |
| Mar 31, 2023 | 448.46 Mn |
| Dec 31, 2022 | 629.76 Mn |
| Sep 30, 2022 | 572.02 Mn |
| Jun 30, 2022 | 519.64 Mn |
| Mar 31, 2022 | 418.35 Mn |
| Dec 31, 2021 | 427.29 Mn |
| Sep 30, 2021 | 370.55 Mn |
| Jun 30, 2021 | 310.38 Mn |
| Mar 31, 2021 | 289.33 Mn |
| Dec 31, 2020 | 239.07 Mn |
API Access
Wheels Up Experience Operating Expenses 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=operating-expenses&ticker=UP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=UP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();