Wheels Up Experience Inc. (NYSE: UP)

Wheels Up Experience Inc. is a leading global provider of on-demand private aviation services. The company operates a large and diverse aircraft fleet while maintaining a network of safety-vetted charter operators. Its core offering combines a membership program and charter solutions to deliver private aviation access to individual and business customers. Wheels Up also provides specialized services including cargo flights and government and defense solutions. The company has established a first-of-its-kind partnership with Delta Air Lines to integrate private and premium commercial travel experiences for its members and customers.

Wheels Up Experience Inc. generates revenue primarily from member and customer flights. This includes income from the use of Membership Funds, which are prepaid amounts for future flight services and incidental costs such as catering and ground transportation. Revenue is also derived from on-demand and wholesale charter flights. The company earns Membership revenue from fees paid for access to its controlled aircraft fleet through its membership program. Additionally, Wheels Up generates Other revenue from complementary activities such as cargo operations and government and defense contracts. These revenue streams support the company’s core private aviation business and its strategic initiatives including fleet modernization and partnership expansion with Delta.

The company operates through the following segments: Membership Program and Charter Solutions.

• The Membership Program provides members with access to Wheels Up’s controlled aircraft fleet through various tiered offerings. It includes the Wheels Up Signature Membership, which provides access to Bombardier Challenger 300 series and Embraer Phenom 300 series aircraft, along with legacy fleet options. Members can choose between Dynamic Access and Fixed Access plans, offering either discounted dynamic pricing or predictable hourly rates. The program includes guaranteed availability and recovery for flights within the Contiguous U. S., near the Canada and Mexico borders, and select international destinations such as the Bahamas and Cabo San Lucas. Members also benefit from the partnership with Delta, including opportunities to earn Delta SkyMiles® Diamond Medallion® status and purchase discounted Delta flights using their Membership Fund. All membership options provide access to charter flights via the Wheels Up mobile app and website.

• The Charter Solutions segment serves travelers who prefer to pay as they go without upfront costs. It offers on-demand charter trips for a wide range of needs, including family vacations, multi-stop international business itineraries, sports team travel, global corporate events, and tour operations. The segment supports commercial-size charters for groups of 15 or more passengers. Charter customers benefit from market-based pricing and personalized service through Wheels Up’s global network of trusted partners. Through the Delta partnership, charter customers can also earn Delta Diamond Medallion® status based on qualifying flight spend. The company sources aircraft from both its controlled fleet and third-party operators to provide diverse travel options. Charter flights are priced dynamically based on mission-specific quotes at the time of booking, inclusive of fuel costs, fees, and taxes.

Wheels Up Experience Inc. holds a competitive position in the highly fragmented private aviation industry. The company differentiates itself through its dual model of membership program and global charter solutions, which provides flexibility and scalability across customer needs. Its first-of-its-kind partnership with Delta Air Lines offers unique advantages by enabling seamless travel between private aviation and premium commercial airline travel. This integration allows members and customers to earn Delta elite status and access combined travel benefits. Wheels Up leverages its controlled aircraft fleet and global network of safety-vetted charter operators to ensure aircraft availability and operational efficiency. The company’s focus on fleet modernization, customer experience, and technology integration supports its long-term value proposition in a market characterized by varied ownership models such as fractional ownership, jet cards, and lease-based services.

Wheels Up Experience Inc. serves a diverse customer base consisting of individual private flyers, business travelers, sports teams, entertainment professionals, and corporate clients. The company also supports government and defense operations through its specialized services. Its membership program appeals to individuals and businesses seeking structured access to private aviation with predictable or flexible pricing options. Charter solutions attract customers requiring ad hoc flight arrangements for personal or professional purposes. Through its Delta partnership, Wheels Up extends its reach to Delta’s individual and corporate customer base, enabling cross-selling opportunities and enhanced travel experiences.