Wheels Up Experience (UP) Operating Margin (2020 - 2025)
Wheels Up Experience's Operating Margin was -33.07% in Q3 2025, down 11.48 percentage points from -21.59% a year earlier and down 1.64 percentage points from the prior quarter.
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Analysis
Wheels Up Experience (UP) Operating Margin (2020 - 2025) Analysis & Trends
On a trailing twelve-month basis, Wheels Up Experience's Operating Margin was -33.67% through Sep 30, 2025, down 1.24 percentage points year-over-year; for FY2024, it was -32.67%, up 2.72 percentage points from FY2023.
- Operating Margin shows a five-year change of -12.37 percentage points (FY2019 to FY2024).
- In earlier years, Operating Margin was -35.39% in FY2023 (+0.06 pp), -35.45% in FY2022 (-18.43 pp), -17.02% in FY2021 (-7.96 pp) and -9.06% in FY2020 (+11.24 pp).
- Quarterly Operating Margin has moved between -58.91% (Q4 2021) and -8.68% (Q2 2021) over five years.
- Compared with a year earlier, Operating Margin was higher in five of the last eight quarters, with an average year-over-year change of +3.96 percentage points.
- The best year-over-year quarter for Operating Margin over five years was Q4 2023 (a gain of 27.91 percentage points); the worst was Q4 2021 (a drop of 44.95 percentage points).
- Per Business Quant data, UP's Operating Margin in the three quarters before Q3 2025 was -31.43% (Q2 2025), -45.49% (Q1 2025) and -26.04% (Q4 2024).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 162.85 Bn | 157.37 Bn | - | 40.25% |
| 2 | Csx | 86.62 Bn | 82.84 Bn | - | 38.27% |
| 3 | Canadian Pacific Kansas City | 76.11 Bn | 75.83 Bn | - | 35.35% |
| 4 | United Parcel Service | 70.66 Bn | 47.58 Bn | - | 4.07% |
| 5 | Norfolk Southern | 70.32 Bn | 64.96 Bn | - | 32.44% |
| 6 | Fedex | 68.53 Bn | 34.48 Bn | - | 6.20% |
| 7 | Delta Air Lines | 55.25 Bn | 37.43 Bn | - | 9.43% |
| 8 | Old Dominion Freight Line | 36.69 Bn | 35.95 Bn | - | 29.94% |
| 9 | Ryanair Holdings | 28.78 Bn | 12.78 Bn | 3.13 Bn | 13.12% |
| 10 | Wheels Up Experience | 130.02 Mn | -408.08 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | -33.07% |
| Jun 30, 2025 | -31.43% |
| Mar 31, 2025 | -45.49% |
| Dec 31, 2024 | -26.04% |
| Sep 30, 2024 | -21.59% |
| Jun 30, 2024 | -40.28% |
| Mar 31, 2024 | -42.90% |
| Dec 31, 2023 | -26.35% |
| Sep 30, 2023 | -40.31% |
| Jun 30, 2023 | -45.66% |
| Mar 31, 2023 | -27.47% |
| Dec 31, 2022 | -54.26% |
| Sep 30, 2022 | -36.08% |
| Jun 30, 2022 | -22.12% |
| Mar 31, 2022 | -28.47% |
| Dec 31, 2021 | -58.91% |
| Sep 30, 2021 | -22.71% |
| Jun 30, 2021 | -8.68% |
| Mar 31, 2021 | -10.57% |
| Dec 31, 2020 | -13.97% |
API Access
Wheels Up Experience Operating Margin 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-margin&ticker=UP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=UP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();