Wheels Up Experience Inc. (UP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Wheels Up Experience Inc. (UP) revoluciona la aviación privada transformando cómo las personas y los ejecutivos corporativos de alto nivel acceden a los viajes aéreos de lujo. A través de un modelo de negocio innovador que combina tecnología de vanguardia, servicio personalizado y asociaciones estratégicas, esta compañía ha redefinido experiencias de jet privado flexibles. Al ofrecer opciones de membresía personalizables y aprovechar una flota diversa de aviones, Wheels Up proporciona una solución de viaje sin interrupciones y premium que elimina las complejidades tradicionales de aviación y ofrece conveniencia sin precedentes para los viajeros exigentes.

Wheels Up Experience Inc. (UP) - Modelo de negocios: asociaciones clave

Fabricantes de aviones privados

Wheels Up tiene asociaciones estratégicas con los siguientes fabricantes de aviones:

Fabricante	Tipo de aeronave	Detalles de la asociación
Aviación Textron	King Air 350i	Acuerdo de adquisición y mantenimiento de la flota
Bombardero	Challenger 350	Integración del programa de propiedad fraccional

Marcas de viajes de lujo y hospitalidad

Las asociaciones clave de lujo incluyen:

• Hoteles y resorts de Four Seasons
• El ritz-carlton
• Marriott International

Empresas de planificación de eventos corporativos

Pareja	Alcance de la asociación	Valor de colaboración anual
Reuniones aliadas & Eventos	Coordinación de viajes corporativos	$ 3.2 millones
BCD Viajes	Servicios de transporte grupal	$ 2.7 millones

Mantenimiento de aviación y proveedores de servicios

Asociaciones de mantenimiento crítico:

• EstandaryAero
• Aviación Duncan
• Aviación de chorro

Socios de integración de tecnología e software

Socio tecnológico	Enfoque de integración	Valor de contrato
Salesforce	Gestión de la relación con el cliente	$ 1.5 millones anuales
Microsoft Azure	Infraestructura en la nube	$ 2.3 millones anualmente

Wheels Up Experience Inc. (UP) - Modelo de negocios: actividades clave

Servicios de membresía y charter de jet privado

A partir del cuarto trimestre de 2023, Wheels Up opera una plataforma de aviación privada basada en la membresía con 13,500 miembros activos. La compañía administra una red de aproximadamente 1,600 aviones disponibles para uso de la carta y los miembros.

Nivel de membresía	Tarifa anual	Horas de vuelo incluidas
Membresía central	$2,995	0 horas
Conectar la membresía	$8,500	25 horas
Subir membresía	$17,500	50 horas

Gestión de la flota y adquisición de aeronaves

Wheels Up mantiene una estrategia de flota diversa con aproximadamente 1,600 aviones totales en su red, incluidos aviones propios, arrendados y socios.

• Los tipos de aeronaves incluyen King Air 350i, Citation Excel/XLS y otros chorros medianos y de luz
• La red incluye aviones administrados tanto por propiedad y de terceros
• Tasa promedio de utilización de aeronaves: 300-400 horas por año

Desarrollo y mantenimiento de la plataforma digital

La compañía invirtió $ 12.3 millones en tecnología y desarrollo de plataformas en 2023. La plataforma digital admite reservas en tiempo real, gestión de miembros y seguimiento de vuelos.

Característica de la plataforma	Capacidad tecnológica
Descargas de aplicaciones móviles	Más de 250,000
Tiempo de respuesta de reserva	Menos de 15 minutos
Inversión tecnológica anual	$ 12.3 millones

Experiencia del cliente y servicios de conserje

Wheels Up emplea un equipo de atención al cliente dedicado de 175 profesionales, que brinda servicios de conserjería 24/7 en múltiples canales de comunicación.

• Tiempo promedio de respuesta al cliente: 7 minutos
• Calificación de satisfacción del cliente: 4.6/5
• Equipo de soporte multilingüe que cubre 5 idiomas

Programas de seguridad y capacitación operativa

La compañía mantiene rigurosos estándares de seguridad con programas integrales de capacitación para pilotos y personal operativo.

Métrica de entrenamiento	Rendimiento anual
Horas de entrenamiento de piloto	Más de 25,000 horas
Niveles de certificación de seguridad	Argus platinum, Wyvern Wingman
Auditorías de seguridad anuales	4 revisiones completas

Wheels Up Experience Inc. (UP) - Modelo de negocios: recursos clave

Flota diversa de aviones privados

A partir del cuarto trimestre de 2023, Wheels Up mantiene una flota de aproximadamente 125 aviones, que incluyen:

Tipo de aeronave	Número de aviones
King Air 350i	39
Cita Excel/XLS	48
Cita CJ3	38

Plataforma de reserva habilitada para tecnología

La infraestructura digital incluye:

• Aplicación móvil con capacidades de reserva en tiempo real
• Sistema de reservas basado en la nube Procesamiento de más de 12,500 solicitudes de vuelo mensuales
• Algoritmo de correspondencia avanzado impulsado por la IA

Infraestructura de membresía estratégica

Desglose de la membresía a partir de 2023:

Nivel de membresía	Totales miembros
Membresía central	9,750
Membresía comercial	3,250

Equipos experimentados de aviación y servicio al cliente

Estadísticas de la fuerza laboral:

• Total de empleados: 1.100
• Pilotos: 325
• Representantes de servicio al cliente: 210
• Personal de mantenimiento técnico: 180

Reputación de marca fuerte

Valoración de la marca y métricas de reconocimiento:

Métrico de marca	Valor
Valor de marca	$ 275 millones
Calificación de satisfacción del cliente	4.6/5
Puntuación del promotor neto	68

Wheels Up Experience Inc. (UP) - Modelo de negocio: propuestas de valor

Acceso a la aviación privada flexible

Wheels Up ofrece múltiples niveles de membresía con 2023 estructuras de precios:

Nivel de membresía	Tarifa anual	Tarifa de la hora de vuelo
Membresía central	$2,995	$ 5,495 por hora
Conectar la membresía	$1,495	$ 6,295 por hora

Experiencias de viaje consistentes y predecibles

Composición de la flota a partir del cuarto trimestre 2023:

• King Air 350i: 52 aviones
• Cita Excel/XLS: 38 aviones
• Fenómeno 300: 29 aviones

Tiempos de espera de vuelo reducidos y molestias en el aeropuerto

Métricas operativas promedio en 2023:

• Tiempo de tierra típico: 15 minutos
• Confirmación promedio de reserva: 4 horas
• Acceso a la terminal privada: 87% de los aeropuertos de la red

Opciones de membresía personalizables

Características de flexibilidad de membresía:

Característica	Detalles
Horas de transferencia	100% transferible entre los miembros
Aviso de cancelación	6 horas antes sin penalización

Soluciones de viaje personalizadas premium

2023 Estadísticas de personalización:

• Opciones de catering personalizadas: 72% de los vuelos
• Vuelos amigables para mascotas: 45% de las rutas totales
• Servicio de conserje personalizado: disponible para todos los miembros del núcleo y conectado

Wheels Up Experience Inc. (UP) - Modelo de negocios: relaciones con los clientes

Gestión de membresía personalizada

Wheels Up ofrece tres niveles de membresía principales a partir de 2024:

Nivel de membresía	Tarifa anual	Características clave
Membresía central	$2,995	Acceso básico a la aviación privada
Membresía comercial	$14,500	Opciones de viaje corporativas mejoradas
Membresía privada	$29,500	Servicios personalizados premium

Soporte de conserje dedicado 24/7

Wheels Up proporciona servicio al cliente las 24 horas con:

• Tiempo de respuesta promedio: 7 minutos
• Equipo de soporte dedicado de 87 representantes de servicio al cliente
• Soporte multicanal que incluye un teléfono, correo electrónico y aplicación móvil

Plataforma digital para reservas sin problemas

Estadísticas de reserva digital para 2024:

Métrica de plataforma	Valor
Reservas de aplicaciones móviles	62% de las reservas totales
Tiempo de reserva promedio	3.2 minutos
Usuarios de plataforma en línea	48,375 cuentas registradas

Comunicación y compromiso a medida

Métricas de comunicación del cliente:

• Frecuencia personalizada de comunicación por correo electrónico: 4.7 veces al mes
• Campañas de marketing segmentadas: 12 segmentos de clientes distintos
• Puntos de contacto promedio de interacción con el cliente: 7.3 por trimestre

Programas de lealtad y referencia

Detalles del programa de referencia:

Característica del programa	Valor
Crédito de referencia	$ 5,000 crédito de vuelo por referencia exitosa
Conversiones anuales de referencia	1.245 nuevos miembros
Tasa de retención del programa de fidelización	83.6%

Wheels Up Experience Inc. (UP) - Modelo de negocios: canales

Aplicación móvil digital

La aplicación móvil Wheels Up Mobile se descargó 87,000 veces en el cuarto trimestre de 2023. Disponible en plataformas iOS y Android. La aplicación admite 42,000 usuarios mensuales activos a partir de enero de 2024.

Plataforma	Descargar estadísticas	Compromiso de usuario
iOS	52,000 descargas	26,500 usuarios mensuales activos
Androide	35,000 descargas	15,500 usuarios mensuales activos

Sitio web de la empresa

Tráfico del sitio web de 1.2 millones de visitantes únicos mensualmente. Tasa de conversión del 3.7% para los registros de membresía. Duración promedio de la sesión de 4.2 minutos.

Equipo de ventas directas

Composición del equipo de ventas de 127 representantes dedicados. Ingresos anuales promedio por representante de ventas: $ 1.4 millones. Cobertura geográfica en 48 estados.

Métricas del equipo de ventas	Datos cuantitativos
Representantes de ventas totales	127
Ingresos anuales promedio por representante	$1,400,000

Asociaciones corporativas

Asociaciones corporativas activas con 214 empresas. Ingresos de la asociación total en 2023: $ 47.3 millones.

• Asociaciones del sector tecnológico: 62 empresas
• Asociaciones de servicios financieros: 48 empresas
• Asociaciones de atención médica: 37 empresas
• Asociaciones de la industria del entretenimiento: 67 empresas

Ferias y eventos comerciales de aviación

Participación en 23 ferias comerciales de aviación durante 2023. Total de clientes potenciales generados por eventos: 4.600. Tasa de conversión de los clientes potenciales del evento: 12.5%.

Tipo de evento	Número de espectáculos	Cables generados
Conferencias nacionales de aviación	12	2.300 cables
Exposiciones de aviación regional	11	2.300 cables

Wheels Up Experience Inc. (UP) - Modelo de negocios: segmentos de clientes

Individuos de alto nivel de red

Las ruedas se dirigen a individuos con patrimonio neto superior a $ 5 millones. Ingresos familiares anuales promedio para este segmento: $ 1.2 millones. Frecuencia de uso de jet privado: 15-20 viajes por año.

Características demográficas	Porcentaje
Rango de edad 35-55	42%
Rango de edad 56-65	38%
Más de 65	20%

Ejecutivos corporativos

El segmento corporativo dirigido incluye ejecutivos de Fortune 500. Gasto promedio de viajes de negocios anuales: $ 125,000 por ejecutivo.

• Membresía corporativa anual: 3.500 empresas
• Ingresos promedio de la compañía: $ 2.5 mil millones
• Frecuencia de viaje ejecutivo: 40-50 viajes anualmente

Profesionales de entretenimiento y deportes

La membresía incluye atletas profesionales y profesionales de la industria del entretenimiento. Tamaño de segmento estimado: 2.500 miembros activos.

Categoría profesional	Recuento de membresía
Atletas profesionales	1,200
Profesionales de entretenimiento	1,300

Viajeros de negocios

Segmento centrado en viajeros de negocios frecuentes. Presupuesto promedio de viajes de negocios anuales: $ 75,000 por individuo.

• Total de viajeros de negocios miembros: 15,000
• Frecuencia de viaje promedio: 25-30 viajes por año
• Industrias primarias: tecnología, finanzas, consultoría

Entusiastas de los viajes de lujo

Segmento caracterizado por altos ingresos disponibles y preferencia por experiencias de viaje premium. Ingresos familiares promedio: $ 750,000.

Categoría de gastos de viajes	Cantidad anual
Gasto de viaje de lujo	$250,000
Gasto de aviación privada	$150,000

Wheels Up Experience Inc. (UP) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de aeronaves

Wheels Up opera una flota de aviones con costos asociados significativos:

Tipo de aeronave	Costo de adquisición	Costo de mantenimiento anual
King Air 350i	$ 7.5 millones	$ 350,000 por avión
Cita Excel/XLS	$ 5.2 millones	$ 275,000 por avión

Infraestructura tecnológica

Las inversiones tecnológicas incluyen:

• Desarrollo de aplicaciones móviles: $ 2.1 millones anuales
• Infraestructura de computación en la nube: $ 850,000 por año
• Sistemas de ciberseguridad: $ 475,000 anualmente

Personal y gastos operativos

Desglose del personal y los costos operativos:

Categoría	Gasto anual
Salarios piloto	$ 12.3 millones
Personal de tierra	$ 5.6 millones
Servicio al cliente	$ 3.2 millones

Marketing y adquisición de clientes

Detalles del gasto de marketing:

• Marketing digital: $ 1.7 millones
• Patrocinio y eventos: $ 950,000
• Programas de referencia de clientes: $ 425,000

Costos relacionados con el combustible y el vuelo

Gastos de operación de vuelo:

Categoría de costos	Gasto anual
Combustible para aviones	$ 18.5 millones
Tarifas de aterrizaje	$ 2.3 millones
Seguro de vuelo	$ 1.9 millones

Wheels Up Experience Inc. (UP) - Modelo de negocios: flujos de ingresos

Tarifas de membresía

Las tarifas anuales de membresía para ruedas van desde:

• Membresía central: $ 2,950 por año
• Membresía comercial: $ 14,500 por año
• Membresía privada: $ 29,500 por año

Cargos de la carta por vuelo

Tipo de aeronave	Tarifa por hora	Horas de vuelo mínimas
King Air 350i	$6,500	2 horas
Cita Excel/XLS	$8,500	2 horas
Challenger 350	$12,000	2 horas

Servicios de gestión de aeronaves

Las tarifas de gestión varían del 10% al 15% de los ingresos chárter brutos para aviones administrados.

Acuerdos de asociación corporativa

Los ingresos por asociación corporativa en 2022 fueron de aproximadamente $ 54.3 millones.

Servicios auxiliares relacionados con los viajes

• Servicios de catering: promedio de $ 250- $ 750 por vuelo
• Coordinación de transporte en el suelo: $ 100- $ 300 por acuerdo
• Servicios de conserjería: el precio varía

Ingresos totales para Wheels Up Experience Inc. en 2022: $ 413.7 millones

Wheels Up Experience Inc. (UP) - Canvas Business Model: Value Propositions

You're looking at the core promises Wheels Up Experience Inc. is making to its customers as of late 2025, grounded in their latest operational and product data. These aren't just marketing claims; they're backed by recent performance figures and new program structures.

Guaranteed Access: Assured availability through the new Signature Membership.

The new Signature Membership, launched in September 2025, is your ticket to assured access. This program requires a $500 monthly subscription fee plus a minimum prepaid deposit of $200,000. That deposit gets you guaranteed availability and recovery services 365 days a year across the United States, extending into a 225-mile radius beyond the coastline. You can choose between two structures: the Fixed Plan or the Dynamic Plan. If you opt for the Fixed Plan with that minimum deposit, you're locking in hourly rates of $9,295 for the Phenom 300 or $13,495 for the Challenger. That's the price of certainty, defintely.

Flexibility: Mix of programmatic, charter, and commercial travel options.

Wheels Up Experience Inc. is showing flexibility is driving growth in specific areas. Total Gross Bookings were up 5% year over year in Q3 2025, and the engine behind that was the 14% growth in on-demand charter offerings. This shows members are actively mixing their travel modes. Furthermore, corporate commitment is strong; corporate membership fund sales hit an all-time quarterly high of $62 million in Q3 2025, which is an increase of more than 15% year over year. Prepaid Blocks also saw significant uptake, reaching $147 million in Q3 2025, marking an 86% increase year-over-year.

Here's a quick look at how different revenue components performed in Q3 2025:

Revenue Component	Q3 2025 Amount (Millions USD)	Year-over-Year Change
Total Revenue	$185.5	Down 4%
Total Gross Bookings	$266.6	Up 5%
Revenue from Flights (Net)	$155.2	N/A
Corporate Membership Fund Sales	$62.0	Up over 15%

Operational Reliability: Q3 2025 On-Time Performance (D-60) was 89%.

You need planes to show up on time, and the data from Q3 2025 shows significant improvement in that area. The On-Time Performance, measured as departing within 60 minutes of the scheduled time (D-60), hit 89%. That's a 4 point increase from the period before. Also, the Completion Rate stood at 99%, which is up 1 point year over year. The company logged 24 brand days in the quarter, meaning days with a perfect completion rate and zero cancellations. Reliability is definitely improving.

Digital Convenience: Seamless search and booking via the mobile app.

The digital experience is being enhanced to mirror commercial visibility. Upgrades to the mobile app and website now make it easier for you to explore dynamic pricing. Members can currently access increased savings on over 200 popular city fares through this digital interface. This is part of the push to offer commercial air travel-like flexibility and visibility directly through your device.

Premium Experience: Focus on a modernized, high-quality jet fleet.

The focus on premium aircraft is materializing in the fleet composition. As of the end of Q3 2025, the newer Premium Phenom and Challenger jets made up approximately 30% of the controlled jet fleet. The goal is to push that figure to approximately 50% by the end of 2025. By the close of 2026, Wheels Up Experience Inc. expects at least 80% of its controlled jet fleet to be comprised of these modern Phenom and Challenger aircraft. The utility hours reflect the newer types are flying more: the Phenom 300 series averaged 56 hours in Q3 2025, while the Challenger 300 series averaged 53 hours for the same period.

Here are the utility hours for the key modern aircraft in Q3 2025:

• Phenom 300 series Utility: 56 hours
• Challenger 300 series Utility: 53 hours
• Legacy fleet aircraft Utility: 40 hours

Finance: draft 13-week cash view by Friday.

Wheels Up Experience Inc. (UP) - Canvas Business Model: Customer Relationships

You're looking at how Wheels Up Experience Inc. keeps its members and corporate partners engaged, which is crucial given the shift to focus on higher-value customers. The relationship strategy centers on premium service delivery, structured tiers, and deep integration with Delta Air Lines.

Dedicated Member Support and High-Touch Management

For your core, high-value clients, especially corporate ones, high-touch relationship management is defintely key. The operational performance metrics reflect the quality of service you are trying to maintain for these relationships. For the third quarter of 2025, for instance, the company delivered a Completion Rate of 99%, which was up 1 point year over year, and On-Time Performance (D-60) of 89%, up 4 points from the prior period. 24 brand days were achieved in that quarter, meaning days with a perfect completion rate and no cancellations. This focus on reliability is what underpins the high-touch service promise. The utility (monthly average hours flown per aircraft in the controlled fleet) for the newer Phenom 300 series in Q3 2025 hit 56 hours, showing these premium assets are being utilized effectively for core members.

Membership Tiers

The structure of membership is designed to segment and retain the most profitable flyers, evidenced by the discontinuation of entry-level tiers like Pay-As-You-Go and Connect in July 2024. As of March 31, 2025, Active Users stood at 6,166, a 40% drop year-over-year, reflecting this strategic pruning. The existing standard membership charges an annual fee of $8,500 and requires a minimum deposit of at least $100,000.

The newly launched Signature Membership in late 2025 is the flagship offering, focused on the premium Phenom 300 and Challenger 300 series aircraft. This program has two options, Dynamic and Fixed Plans, both requiring a minimum prepaid deposit of $200,000 and a $500 monthly fee. The deposit levels for Signature Membership go up to $500,000 and $1 million.

Here is a look at the specific pricing structure for the Fixed Plan within the Signature Membership:

Aircraft Type	Fixed Hourly Rate Range	Daily Minimum (Minutes)
Phenom Jets	$8,695 to $9,295	72
Challenger 300s	$12,495 to $13,495	150

The Dynamic Plan offers escalating discounts based on the tier chosen: 2%, 5%, or 8%. Furthermore, Signature Members unlock elevated privileges, including 20% discounts on certain Delta travel.

Cross-Selling and the Delta Partnership

The strategic partnership with Delta Air Lines is a primary driver for growing the corporate segment. In the first quarter of 2025, corporate membership fund sales increased 13% year-over-year, making up nearly 40% of total membership fund sales. New corporate accounts are cited as the fastest-growing customer segment. The effort involves embedding Delta resources, with around 20 Delta executives seconded to Wheels Up Experience Inc. to help drive business travelers from Delta's roster of over 40,000 corporate accounts.

The relationship is formalized through specific corporate programs:

• The Up for Business program targets small and midsize companies spending at least $250,000 in private travel services.
• The higher-tier Customer Enterprise Solutions requires deposits of $500,000 or $1 million or more.
• Companies making a $250,000 deposit in Up for Business receive one Delta Air Lines Diamond Medallion loyalty status designee.
• Deposits over $300,000 in the SME program grant two designees.

Digital Self-Service

The digital interface is central to managing the customer journey for all tiers. With the Wheels Up app and website, members can easily search, book, and fly. This digital capability supports the entire suite of offerings, allowing members to use their Signature funds for ad hoc charters via Air Partner, on the legacy Wheels Up fleet, and for Delta bookings.

Wheels Up Experience Inc. (UP) - Canvas Business Model: Channels

You're looking at how Wheels Up Experience Inc. gets its product-premium private aviation-to the customer base as of late 2025. The channel strategy is clearly multi-faceted, blending proprietary technology with deep strategic partnerships.

Wheels Up Mobile App and Website: Primary direct booking and service channel

The digital front door remains critical for direct engagement and service delivery. Upgrades to the mobile app and website in 2025 have focused on transparency and ease of use, specifically allowing members to explore dynamic pricing. This includes offering increased savings on over 200 popular city fares, with plans to expand those routes. The core function of this channel is to connect consumers directly with safety-vetted private aircraft using data and technology-driven solutions.

Direct Sales Team: Acquiring and managing corporate and individual core members

The direct sales force, especially when teamed up with Delta Air Lines, is driving the most significant growth in commitment from high-value customers. The corporate channel is explicitly called the company's fastest growing channel. You can see the commitment in the Membership Fund sales figures:

• Corporate membership fund sales in Q3 2025 hit an all-time quarterly high of $62 million.
• This Q3 corporate share represented 49% of total Membership Fund sales, up 12 points over the prior year period.
• For the first quarter of 2025, corporate membership fund sales were up 13 percent year over year.
• The company reported having 1,000 corporate customers as of Q1 2025.
• Still, revenue from the annual membership fee itself fell to $7.5 million in Q2 2025 from $16.0 million a year prior, as less frequent fliers moved to charter offerings.

Delta Air Lines Network: Joint selling efforts and commercial travel integration

The strategic partnership with Delta Air Lines is a major distribution lever, particularly for the corporate segment, where sales teams are now integrated. This joint effort is driving cross-selling and enhancing the overall value proposition. The financial impact of this channel is significant, helping to narrow losses; for instance, in Q2 2025, the Delta Air Lines-backed entity reduced its Net Loss year-over-year by 15% and its Adjusted EBITDA loss by 22%. The focus areas for the 2025 partnership include:

• Charters and growing sales with corporate customers.
• Targeting travel agencies.
• Messaging to specific verticals like sports, universities, and private equity.

Financially, the partnership is supported by a $100 million undrawn revolving credit facility extended by Delta through September 20, 2026.

Global Charter Brokerage: Utilizing the network of third-party operators for fulfillment

The brokerage arm, bolstered by the integration of the Air Partner division, serves as a crucial channel for fulfilling on-demand demand, especially when using off-fleet aircraft. Gross Bookings, which include the value of these third-party charter flights, show the strength here. The growth in on-demand charter is a key driver for overall bookings.

Here's a look at the booking and revenue flow across the first three quarters of 2025:

Metric	Q1 2025 Amount	Q2 2025 Amount	Q3 2025 Amount
Total Revenue ($M)	$177.5	$189.6	$185.5
Total Gross Bookings ($M)	$241.9	$261.9	$266.6
Private Jet Gross Bookings ($M)	$205.3	N/A	N/A
Revenue from Flights, Net of Discounts ($M)	N/A	N/A	$155.2

The on-demand charter segment showed robust growth, with Total Gross Bookings for Q3 2025 increasing 5% year over year, driven by 14% growth in on-demand charter offerings. Overall, the company flew 22,866 live flight legs in the first six months of 2025.

Wheels Up Experience Inc. (UP) - Canvas Business Model: Customer Segments

Corporate Members: Fastest growing segment, representing 49% of Q3 2025 Membership Fund sales.

Individual Core Members: High-net-worth individuals seeking programmatic access.

On-Demand Private Flyers: Customers using charter without a full membership commitment.

Government and Organizations: Clients for freight, safety, and managed services.

Customer Segment	Key Metric	Value (Q3 2025 or latest)
Corporate Members	Percentage of Membership Fund Sales	49%
Corporate Members	Membership Fund Sales Amount	$62 million
Corporate Members	Year-over-Year Growth in Fund Sales	+15% or more
Individual Core Members (via Signature Membership)	Percentage of Block Sales (Sep/Oct)	~20%
Individual Core Members (via Signature Membership)	Conversion Rate from Existing Customers	~two-thirds
On-Demand Private Flyers (Charter)	Year-over-Year Growth in Offerings	14%

The revenue from corporate and individual core members offset the reduction in flight revenue from discontinued Connect and Pay-As-You-Fly members.

Total Gross Bookings for Q3 2025 were $266.6 million, up 5% year-over-year, driven by the on-demand charter growth.

The Wheels Up Services brands offer freight, safety & security solutions and managed services to government and civil organizations.

• The company sold three non-core services businesses in August 2025.
• The company's growing base connects to a network of more than 1,500 safety-vetted and verified private aircraft.

Wheels Up Experience Inc. (UP) - Canvas Business Model: Cost Structure

You're looking at the hard costs Wheels Up Experience Inc. (UP) is battling as it pushes through its fleet modernization. Honestly, these numbers show where the real pressure points are right now.

Cost of Revenue: Flight operations, fuel, crew, and aircraft maintenance.

The direct costs of flying are substantial, though efficiency gains are starting to show. For the second quarter of 2025, the reported Cost of Revenue, exclusive of other items, was $173.955 million on total revenue of $189.637 million. By the third quarter of 2025, while revenue was $185.5 million, the company reported a Gross loss of $1.3 million, indicating that direct operating costs were slightly above revenue for that period. This Q3 result was pressured by transitory inefficiencies related to the fleet migration.

Here's a quick look at the direct operational cost impact in Q3 2025:

Metric	Q3 2025 Amount
Revenue	$185.5 million
Gross Loss	$1.3 million
Adjusted Contribution Margin	12.7%

Fleet Modernization Costs: Non-recurring expenses, like the $8.7 million in Q3 2025.

The transition away from older aircraft involves significant, one-time costs that hit the bottom line. In the third quarter of 2025, the company absorbed $8.7 million in non-recurring expenses directly tied to this fleet modernization strategy. This expense was a key factor in the Q3 gross loss. The strategy involves retiring legacy models like the Citation CJ3 and the Citation Excel/XLS fleet subsequent to the quarter end.

The fleet composition is actively changing as part of this cost-driving initiative:

• Premium Phenom and Challenger jets comprised approximately 30% of the controlled jet fleet at the end of Q3 2025.
• The target is for premium aircraft to be approximately 50% of the fleet by year-end 2025.
• The company sold or completed lease returns on 31 legacy aircraft during the first half of 2025 alone.

Interest Expense: High debt load resulted in $22.1 million in Q2 2025 interest expense.

Servicing the debt load is a major, fixed drain on cash flow. For the second quarter of 2025, the interest expense hit $22.1 million, which was a 32% year-over-year increase. This burden continued into the third quarter of 2025, where interest expense rose further to $23.5 million for the period. The total debt load as of Q3 2025 included a $484.2 million term loan at 10% and $282.4 million of revolving equipment notes, totaling $766.5 million in gross debt.

Technology and G&A: Operating the digital platform and corporate functions.

While specific dollar amounts for Technology and General & Administrative (G&A) expenses aren't isolated in the same way as other line items, the company is actively targeting these areas for savings. Management is implementing initiatives expected to drive approximately $70 million or more in annual cash cost savings, which includes reductions in overhead costs. This overhead reduction is part of the broader productivity drive, which is an increase from the original $50 million target. The digital platform operations are part of this overhead being scrutinized for efficiency.

Aircraft Ownership Costs: Lease payments and depreciation for the controlled fleet.

Lease payments and depreciation are embedded within the Cost of Revenue and other expense lines, but the fleet simplification directly impacts these. The move to a smaller number of preferred aircraft types, like the Embraer Phenom 300 and Bombardier Challenger 300 series, is intended to lower the average aircraft age by approximately 10 years once the transition is complete. This shift is designed to improve operational efficiency, which should eventually translate into lower per-flight depreciation and lease costs relative to utilization. The company is expecting the full run-rate benefit of these cost-saving actions, which include fleet optimization, by the third quarter of 2026.

Wheels Up Experience Inc. (UP) - Canvas Business Model: Revenue Streams

You're looking at how Wheels Up Experience Inc. brings in the money as of late 2025, focusing strictly on the reported numbers from their latest filings.

Flight Revenue is the main engine, bringing in $\mathbf{\$155.2}$ million for the three months ending September 30, 2025, after accounting for discounts and incentives. This figure reflects revenue from flights themselves.

The Membership Fund sales component remains a key part of the structure. For Q3 2025, Total Membership Fund sales hit $\mathbf{\$127}$ million. That's a bit down from $\mathbf{\$147}$ million in Q3 2024, but still a solid number, especially when you look at the year-to-date activity.

Here's a quick look at the Membership Fund sales trend for the year so far:

• First nine months of 2025 Membership Fund sales totaled $\mathbf{\$387.9}$ million.
• This was about $\mathbf{4\%}$ less than the $\mathbf{\$405.3}$ million sold in the first nine months of 2024.
• Corporate membership was the fastest-growing part of these sales for the quarter, making up $\mathbf{49\%}$ of the total.

The On-Demand Charter Revenue segment is showing real momentum. The company reported that on-demand charter offerings grew $\mathbf{14\%}$ year-over-year in the third quarter. This growth helped push Total Gross Bookings up $\mathbf{5\%}$ year-over-year to $\mathbf{\$266.6}$ million for the quarter.

Other Services Revenue is composed of a few different items, some recognized immediately and some over time. You can see the Q3 2025 breakdown right here:

Revenue Component	Q3 2025 Amount (Millions USD)
Revenue from Flights (Net)	$\mathbf{155.2}$
Other Services (Point in Time)	$\mathbf{23.5}$
Memberships (Transferred Over Time)	$\mathbf{6.3}$
Other Services (Transferred Over Time)	$\mathbf{0.5}$

Also contributing to cash flow, Wheels Up Experience Inc. completed the sale of three non-core services businesses during the quarter, netting $\mathbf{\$21.5}$ million in proceeds.

Looking at the bigger picture, the Total Trailing Twelve Month revenue as of the end of Q3 2025 was $\mathbf{\$757.47}$ million. That figure is down about $\mathbf{9.14\%}$ compared to the prior twelve-month period.

Finance: draft 13-week cash view by Friday.