UP on NYSE

Wheels Up

Logo: wheelsup.com4

American aviation company

Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

2013Founded1

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  • TickerUP on NYSE1
  • IndustryAir Transportation, Nonscheduled1
  • HeadquartersNew York City1
  • Websitewheelsup.com
  • Business address2135 American Way, Chamblee, Ga 303415
  • Filer categoryAccelerated filer, Smaller reporting company5
Beechcraft B300 King Air 350i (N833UP, cn FL-947) (11-11-2022)
Photo: ZLEA, CC BY-SA 4.0, via Wikimedia Commons7

Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-27.6%Operating margin8
-39.9%Net margin8
-7.0%Revenue growth, 20258
-$259.9MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue90¢$662.8M
  • Research and development5¢$38.8M
  • Other costs4¢$31.5M
  • Income tax0¢$3.5M

Out of $736.5M in revenue.8 The company lost money this year.

Financial statements

Revenue91011128$736.5M in 2025+91% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $384.9M$384.9M20192020: $695.0M$695.0M2020+81%2021: $1.2B$1.2B2021+72%2022: $1.6B$1.6B2022+32%2023: $1.3B$1.3B2023−21%2024: $792.1M$792.1M2024−37%2025: $736.5M$736.5M2025−7%
Operating income91011128-$203.4M in 2025+160% since 2019
-$600.0M-$400.0M-$200.0M02019: -$78.1M-$78.1M20192020: -$63.0M-$63.0M2020−19%2021: -$203.3M-$203.3M2021+223%2022: -$560.0M-$560.0M2022+175%2023: -$443.6M-$443.6M2023−21%2024: -$258.8M-$258.8M2024−42%2025: -$203.4M-$203.4M2025−21%
Net income91011128-$294.2M in 2025+206% since 2019
-$600.0M-$400.0M-$200.0M02019: -$96.3M-$96.3M20192020: -$78.6M-$78.6M2020−18%2021: -$190.0M-$190.0M2021+142%2022: -$555.2M-$555.2M2022+192%2023: -$487.4M-$487.4M2023−12%2024: -$339.6M-$339.6M2024−30%2025: -$294.2M-$294.2M2025−13%
Fiscal year2019202020212022202320242025
Revenue$384.9M9$695.0M10$1.2B11$1.6B12$1.3B8$792.1M8$736.5M8
Cost of revenue$340.7M9$634.8M10$1.1B11$1.5B12$1.2B8$733.1M8$662.8M8
Research and development$14.0M9$21.0M10$33.6M11$57.2M12$61.9M8$40.7M8$38.8M8
Operating expenses$1.4B11$2.1B12$1.7B8$1.1B8$939.9M8
Operating income-$78.1M9-$63.0M10-$203.3M11-$560.0M12-$443.6M8-$258.8M8-$203.4M8
Interest$29.4M9$23.0M10$9.5M11$7.5M11$41.3M11
Income before tax-$197.2M11-$555.4M12-$486.0M8-$338.4M8-$290.7M8
Income tax$09$010$58.0K11$170.0K12$1.4M8$1.2M8$3.5M8
Net income-$96.3M9-$78.6M10-$190.0M11-$555.2M12-$487.4M8-$339.6M8-$294.2M8
Earnings per share-$0.939-$0.4810-$9.2811-$22.6012-$3.698-$0.498-$0.428
Earnings per share (diluted)-$0.939-$0.4810-$9.2811-$22.6012-$3.698-$0.498-$0.428
Shares (weighted, basic)20.5M shares1124.6M shares12132.2M shares8697.7M shares8706.0M shares8
Shares (weighted, diluted)20.5M shares1124.6M shares12132.2M shares8697.7M shares8706.0M shares8

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The story

The company was founded in 2013 by Kenny Dichter. The company announced its management team in August 2013. It confirmed a Beechcraft turboprop order for 105 King Air 350i aircraft in a transaction valued at US$1.4 billion, including maintenance. The company focuses on non-hub markets that commercial airlines service less effectively. Wheels Up's marketing strategy involves entertainment at major sports and cultural events for their VIP members throughout the year.

By 2014, the company had more than 1,000 members and had taken possession of 27 new King Airs and 10 fully refurbished Cessna Citation jets. After five years in business as a United States-only membership, the company had sold 5,379 individual and 379 corporate memberships and owned 72 King Airs and 20 Citations. In 2017, Wheels Up flew 59,960 hours and covered close to 15 million mi (24 million km). Wheels Up also flies Beechcraft King Air 350i, which has good short field performance, cargo capacity and seats nine passengers.

Wheels Up was a sponsor of American Pharoah at the 2015 Belmont Stakes, when the Thoroughbred won the racing Triple Crown, and signed with the Miami Marlins as the team's Official Private Aviation Partner in 2018. The company has also been involved in philanthropic activities for National Breast Cancer Awareness Month, when it took delivery of a pink King Air 350i, and Ovarian Cancer Awareness Month. In February 2018, Wheels Up announced a new flight sharing membership called Wheels Up Connect. Connect members can access members' only community boards to share flights with full program members. The goal is to democratize private flying by making it more affordable. In June 2019, Wheels Up announced it had acquired Travel Management Company, referred to as TMC Jets, a charter operator with 24 light jets.

In September 2019, Wheels Up announced it had purchased Avianis, a B2B platform that streamlines communications between operators and brokers. On March 2, 2020, Wheels Up announced it had acquired Gama Aviation Signature, the largest Part 135 charter operators in the U.S. In April 2020, Wheels Up launched the "Meals Up" initiative with Russell Wilson and non-profit Feeding America to provide meals for those impacted by food insecurity. To date, Meals Up has donated over 80 Million meals to Feeding America.

Following its acquisitions of Delta Private Jets, Travel Management Company, Gama Aviation Signature, Mountain Aviation, and additional regional providers, Wheels Up Group is now the second-largest private aircraft operator in the U.S. behind NetJets.

In January 2022, Wheels Up announced it had reached an agreement to acquire Air Partner PLC (LSE: AIR), a U.K.-based global aviation services group with operations in 18 locations and across four continents.

In November 2022, Wheels Up partnered with AirMed International as their aviation partner to bring medical services to Wheels Up members.

In October 2023, Wheels Up's private aircraft management division was acquired by Airshare, an aircraft provider based in Kansas. Airshare acquired 90 airplanes and 300 employees. At that time Wheels Up still had 215 aircraft.

Read the full text

In November 2024, Wheels Up announced the successful closure of a $332 million revolving equipment notes facility with Bank of America. This financial move facilitated the acquisition of GrandView Aviation's fleet, which includes 17 Embraer Phenom 300 and 300E aircraft. Alongside the aircraft, the deal encompassed associated maintenance assets and customer programs, marking a significant expansion of Wheels Up’s operational capabilities and service offerings.

From Wikipedia’s article on Wheels Up, shared under CC BY-SA 4.0.6

Leadership

Who has led Wheels Up, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (36)

Former names

  • Aspirational Consumer Lifestyle Corp.Jul 29, 2020 to Jul 12, 20215

Timeline

  1. May 15, 2026New chief executive George N. Mattson becomes CEO15
  2. Feb 27, 2024New chief executive Mark Briffa becomes CEO16
  3. Jul 15, 2021New chief executive Kenneth H. Dichter becomes CEO17
  4. Sep 22, 2020New chief executive Ravi Thakran becomes CEO18
  5. 2013Founded Founded1

Filings

430 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 75 major events, 220 insider forms, 28 large holders, 86 other. The latest 20:

  1. Oct 9, 20268-K/A EDGAR
  2. Oct 6, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Oct 6, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Oct 6, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Oct 6, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Oct 6, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Sep 11, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Sep 9, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Sep 9, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Sep 8, 2026144 EDGAR
  11. Sep 1, 20264 EDGAR
  12. Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
  14. Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Aug 14, 20268-K EDGAR

The 430 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

42 open-market trades by officers, directors and large owners since October 2021: 12 buys and 30 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 8, 2026Wells Meaghan DanielleChief Growth OfficerSale923$4.39$4.1KForm 4
Aug 31, 2026CK Wheels LLC10% ownerSale9,363$4.61$43.2KForm 4
Aug 10, 2026Wells Meaghan DanielleChief Growth OfficerSale4,358$5.41$23.6KForm 4
Jun 23, 2026CK Wheels LLC10% ownerSale100$7.00$700Form 4
Jun 18, 2026CK Wheels LLC10% ownerSale27,524$8.05$221.6KForm 4
Jun 17, 2026CK Wheels LLC10% ownerSale5,309$8.07$42.8KForm 4
Jun 16, 2026CK Wheels LLC10% ownerSale4,021$8.15$32.8KForm 4
Jun 15, 2026CK Wheels LLC10% ownerSale1,252$8.52$10.7KForm 4
Jun 11, 2026Briffa MarkChief Sales OfficerSale1,017$7.50$7.6KForm 4
May 18, 2026Mattson George NChief Executive OfficerBuy1,475$5.56$8.2KForm 4
May 15, 2026Mattson George NChief Executive OfficerBuy10,029$5.13$51.4KForm 4
May 14, 2026Mattson George NChief Executive OfficerBuy1,304$5.48$7.1KForm 4
May 13, 2026Briffa MarkChief Sales OfficerSale3,804$4.99$19.0KForm 4
May 13, 2026Mattson George NChief Executive OfficerBuy14,983$5.30$79.4KForm 4
Nov 7, 2025Briffa MarkChief Sales OfficerSale86,813$1.23$106.8KForm 4
Nov 7, 2025Wells Meaghan DanielleChief Growth OfficerSale47,931$1.22$58.5KForm 4
Sep 11, 2025Briffa MarkChief Sales OfficerSale9,904$2.18$21.6KForm 4
Aug 29, 2025Holtz David LChief Operating OfficerSale36,318$2.92$106.0KForm 4
Aug 28, 2025Briffa MarkChief Sales OfficerSale5,780$2.96$17.1KForm 4
Aug 27, 2025Moak Donald LeeDirectorSale43,166$3.11$134.2KForm 4

All 42 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 59. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Delta Air Lines, Inc.13,168,465$118.1M30.2%New
Knighthead Capital Management, LLC12,908,460$115.8M20.7%New
Whitebox Advisors LLC1,021,597$9.2M0.4%New
Kore Advisors LP770,231$6.9M8.0%New
BlackRock, Inc.391,189$3.5M0.0%New
Masters Capital Management LLC300,000$2.7M0.4%New
Vanguard Capital Management LLC218,479$2.0M0.0%New
Geode Capital Management, LLC125,276$1.1M0.0%New
Militia Capital Management LLC116,231$1.0M0.2%New
UBS Group AG90,936$815.7K0.0%New
Inspire Investing, LLC80,376$721.0K0.0%New
Northern Trust Corp40,816$366.1K0.0%New
Vanguard Portfolio Management LLC36,192$324.6K0.0%New
Charles Schwab Investment Management Inc35,483$318.3K0.0%New
Vanguard Fiduciary Trust Co33,067$296.6K0.0%New
Ieq Capital, LLC30,000$269.1K0.0%New
Instrumental Wealth, LLC29,710$266.5K0.1%New
New York State Common Retirement Fund11,000$98.7K0.0%New
Morgan Stanley8,959$80.4K0.0%New
State of Wyoming4,696$42.1K0.0%New
Wells Fargo & Company/mn4,568$41.0K0.0%New
Rhumbline Advisers4,045$36.3K0.0%New
Group One Trading LLC3,269$29.3K0.0%New
Citigroup Inc2,519$22.6K0.0%New
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.2,505$22.5K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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