Wheels Up Experience (UP) Operating Expenses (2020 - 2025)
Wheels Up Experience (UP) posted quarterly Operating Expenses of $246.8 million for Q3 2025, up 4.69% year-over-year from $235.8 million in Q3 2024, and down 0.97% quarter-over-quarter from $249.2 million in Q2 2025.
Wheels Up Experience (UP) Operating Expenses (2020 - 2025) Analysis & Trends
Wheels Up Experience's Operating Expenses history runs 6 years deep, the most recent figure standing at $246.8 million for Q3 2025.
- In Q3 2025, Operating Expenses rose 4.69% year-over-year to $246.8 million; the TTM figure through Dec 2025 stood at $754.4 million (down 28.22% YoY), while the FY2024 annual figure was $1.1 billion, down 38.07% from the prior year.
- Operating Expenses for Q3 2025 stood at $246.8 million, down from $249.2 million in the prior quarter.
- The five-year high for Operating Expenses was $629.8 million in Q4 2022, with the low at $235.8 million in Q3 2024.
- The 5-year median for Operating Expenses is $311.3 million (2023), against an average of $370.5 million.
- The sharpest annual moves came in 2021 and 2023: Operating Expenses jumped 20110.97% in 2021, then sank 50.57% in 2023.
- Wheels Up Experience's Operating Expenses stood at $427.3 million in 2021, then surged by 47.39% to $629.8 million in 2022, then slumped by 50.57% to $311.3 million in 2023, then retreated by 17.07% to $258.1 million in 2024, then dropped by 4.39% to $246.8 million in 2025.
- Business Quant data shows UP's Operating Expenses at $246.8 million in Q3 2025, $249.2 million in Q2 2025, and $258.3 million in Q1 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Southeast Airport | 7.81 Bn | 7.16 Bn | - | - |
| 2 | Joby Aviation | 7.35 Bn | 7.35 Bn | 10.34 Mn | 299.52 Mn |
| 3 | Central North Airport | 4.92 Bn | 4.75 Bn | - | - |
| 4 | Corporacion America Airports | 3.78 Bn | 3.02 Bn | 198.55 Mn | -64.78 Mn |
| 5 | AerSale | 263.27 Mn | 253.21 Mn | - | - |
| 6 | Icts International N V | 217.05 Mn | 189.86 Mn | - | - |
| 7 | Wheels Up Experience | 171.38 Mn | 37.46 Mn | - | - |
| 8 | Saker Aviation Services | 5.71 Mn | -2.30 Mn | -11,875.00 | 86,736.00 |
| 9 | Volato | 2.16 Mn | -115,021.80 | 703,000.00 | 3.34 Mn |
Historic Data
Download 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 | 2.11 Mn |