ATLANTA – November 05, 2026 -- Wheels Up Experience Inc. (NYSE:UP) cut its adjusted EBITDAR loss by 44% to $13.2 million in the third quarter of 2026, even as GAAP revenue fell 11% year-over-year to $164.8 million. Delta Air Lines separately committed an additional $100 million revolving credit facility to the company.
Premium fleet revenue climbs 120% while legacy programs wind down
Private Jet Flight revenue declined 7% to $143.9 million. Revenue from premium Phenom and Challenger aircraft rose 120%, outpacing 79% fleet growth in those types, from 24 to 43 aircraft. Legacy fleet revenue dropped 44% as the company retires those programs. About 3 points of the total revenue decline stemmed from the 2025 sale of non-core services businesses.
Total Gross Bookings fell 15% to $225.4 million, mainly on lower group charter, cargo and on-demand charter volume.
Adjusted Contribution Margin widens to 16.4% from 12.7%
Adjusted Contribution rose 15% to $27.0 million. Wheels Up estimates roughly 3 points of year-over-year margin pressure: about 1 point from the divested businesses and about 2 points from transitory inefficiencies of the transformation.
Gross profit reached $15.2 million, up $16 million from the prior-year period, despite about $3 million of transformation-related expenses. Net loss was $89.4 million, or $(2.48) per share, about $6 million larger than a year earlier.
The company attributed the EBITDAR improvement to a more streamlined Phenom and Challenger fleet, which lifted Utility by 31%, and to cost and productivity initiatives rolled out over several quarters.
Signature Membership passes 1,500 members as legacy base shrinks 62%
Signature membership grew 130% year to date through September, while legacy memberships fell 62% following the April announcement that legacy programs and fleet would be wound down. Signature revenue and memberships exceeded legacy levels for the first time.
CEO George Mattson called the quarter "an important inflection point." He said 2027 priorities include fully sunsetting legacy membership programs, scaling Signature and deepening the Delta partnership.
Embraer order for six Phenom 300E jets targets 2027 demand
Wheels Up ordered six factory-new Embraer Phenom 300E aircraft, with deliveries expected in the third and fourth quarters of 2027. The company said the order is meant to keep capacity in step with expected member and customer demand.
The additional $100 million Delta revolving credit facility expands the airline's financial support for the transformation.
Completion rate hits 99.3% with 163 Brand Days through September
Completion Rate rose about 1 point year-over-year to 99.3%. On-Time Performance (A-30) improved nearly 4 points to 86.4%. Through September, Wheels Up logged 163 Brand Days, defined as days with a perfect Completion Rate and no operational cancellations.
Condé Nast Traveler's 2026 Readers' Choice Awards ranked Wheels Up the sixth-best airline in the United States. In early October the company launched a brand campaign, The Right Way to Fly.
In September, Wheels Up named an enhanced Sustainable Aviation Fuel program its primary sustainability offering, replacing carbon offsetting. The program draws on Delta's SAF supply through an on-demand book-and-claim system, regardless of operator or departure airport.