Wheels Up Experience Inc. (UP): Business Model Canvas [Jan-2025 Mise à jour]

Wheels Up Experience Inc. (UP) révolutionne l'aviation privée en transformant la façon dont les particuliers et les dirigeants d'entreprise accèdent à des voyages aériens de luxe. Grâce à un modèle commercial innovant qui mélange la technologie de pointe, les services personnalisés et les partenariats stratégiques, cette entreprise a redéfini des expériences de jet privé flexibles. En offrant des options d'adhésion personnalisables et en tirant parti d'une flotte diversifiée d'avions, Wheels Up offre une solution de voyage premium transparente qui élimine les complexités d'aviation traditionnelles et offre une commodité sans précédent pour les voyageurs exigeants.

Wheels Up Experience Inc. (UP) - Modèle commercial: partenariats clés

Fabricants d'avions privés

Wheels Up a des partenariats stratégiques avec les fabricants d'avions suivants:

Fabricant	Type d'avion	Détails du partenariat
Textron Aviation	King Air 350i	Accord d'approvisionnement et de maintenance de la flotte
Bombardier	Challenger 350	Intégration du programme de propriété fractionnaire

Marques de voyage et d'accueil de luxe

Les principaux partenariats de luxe comprennent:

• Hôtels et complexes de quatre saisons
• Le Ritz-Carlton
• Marriott International

Sociétés de planification des événements d'entreprise

Partenaire	Portée du partenariat	Valeur de collaboration annuelle
Réunions alliées & Événements	Coordination des voyages d'entreprise	3,2 millions de dollars
Voyage BCD	Services de transport de groupe	2,7 millions de dollars

Fournisseurs de maintenance et de service de l'aviation

Partenariats de maintenance critiques:

• Standardaero
• Aviation Duncan
• Aviation à réaction

Partners de la technologie et de l'intégration des logiciels

Partenaire technologique	Focus d'intégration	Valeur du contrat
Salesforce	Gestion de la relation client	1,5 million de dollars par an
Microsoft Azure	Infrastructure cloud	2,3 millions de dollars par an

Wheels Up Experience Inc. (UP) - Modèle commercial: activités clés

Charte à jet privé et services d'adhésion

Depuis le quatrième trimestre 2023, Wheels Up exploite une plate-forme d'aviation privée basée sur les membres avec 13 500 membres actifs. La société gère un réseau d'environ 1 600 avions disponibles pour la charte et l'utilisation des membres.

Niveau d'adhésion	Frais annuels	Les heures de vol incluses
Membre de base	$2,995	0 heures
Connectez l'adhésion	$8,500	25 heures
Adhésion à la hausse	$17,500	50 heures

Gestion de la flotte et acquisition d'avions

Wheels Up maintient une stratégie de flotte diversifiée avec environ 1 600 avions au total dans son réseau, notamment des avions détenus, loués et partenaires.

• Les types d'avions incluent King Air 350i, Citation Excel / XLS et autres avions de taille intermédiaire et légers
• Le réseau comprend à la fois des avions gérés par des tiers
• Taux d'utilisation moyen des avions: 300 à 400 heures par an

Développement et maintenance de plate-forme numérique

La société a investi 12,3 millions de dollars dans le développement de la technologie et de la plate-forme en 2023. La plate-forme numérique prend en charge la réservation en temps réel, la gestion des membres et le suivi des vols.

Fonctionnalité de plate-forme	Capacité technologique
Téléchargements d'applications mobiles	Plus de 250 000
Temps de réponse de réservation	Moins de 15 minutes
Investissement technologique annuel	12,3 millions de dollars

Expérience client et services de conciergerie

Wheels Up utilise une équipe de support client dédiée de 175 professionnels, fournissant des services de conciergerie 24/7 sur plusieurs canaux de communication.

• Temps de réponse moyen du client: 7 minutes
• Évaluation de satisfaction du client: 4.6 / 5
• Équipe de support multilingue couvrant 5 langues

Programmes de formation à la sécurité et opérationnels

La société maintient des normes de sécurité rigoureuses avec des programmes de formation complets pour les pilotes et le personnel opérationnel.

Métrique de formation	Performance annuelle
Heures de formation pilote	Plus de 25 000 heures
Niveaux de certification de sécurité	Argus Platinum, Wyvern Wingman
Audits de sécurité annuels	4 revues complètes

Wheels Up Experience Inc. (UP) - Modèle commercial: Ressources clés

Flotte diversifiée d'avions privés

Au quatrième trimestre 2023, Wheels Up maintient une flotte d'environ 125 avions, notamment:

Type d'avion	Nombre d'avions
King Air 350i	39
Citation Excel / XLS	48
Citation CJ3	38

Plateforme de réservation compatible avec la technologie

L'infrastructure numérique comprend:

• Application mobile avec des capacités de réservation en temps réel
• Traitement du système de réservation basé sur le cloud 12 500+ demandes de vol mensuelles
• Algorithme de correspondance avancé par l'IA

Infrastructure d'adhésion stratégique

Répartition des membres à partir de 2023:

Niveau d'adhésion	Total des membres
Membre de base	9,750
Adhésion aux entreprises	3,250

Équipes expérimentées de l'aviation et du service client

Statistiques de la main-d'œuvre:

• Total des employés: 1 100
• Pilots: 325
• Représentants du service à la clientèle: 210
• Personnel d'entretien technique: 180

Grande réputation de marque

Évaluation de la marque et métriques de reconnaissance:

Métrique de la marque	Valeur
Valeur de marque	275 millions de dollars
Évaluation de satisfaction du client	4.6/5
Score de promoteur net	68

Wheels Up Experience Inc. (UP) - Modèle d'entreprise: propositions de valeur

Accès à l'aviation privée flexible

Wheels Up propose plusieurs niveaux d'adhésion avec des structures de prix 2023:

Niveau d'adhésion	Frais annuels	Taux d'heure de vol
Membre de base	$2,995	5 495 $ par heure
Connectez l'adhésion	$1,495	6 295 $ par heure

Expériences de voyage cohérentes et prévisibles

Composition de la flotte au Q4 2023:

• King Air 350i: 52 avions
• Citation Excel / XLS: 38 avions
• Phénom 300: 29 avions

Réduction des temps d'attente de vol et des tracas d'aéroport

Métriques opérationnelles moyennes en 2023:

• Temps de sol typique: 15 minutes
• Confirmation moyenne de réservation: 4 heures
• Accès au terminal privé: 87% des aéroports du réseau

Options d'adhésion personnalisables

Caractéristiques de la flexibilité de l'adhésion:

Fonctionnalité	Détails
Des heures de transfert	100% transférable entre les membres
Avis d'annulation	6 heures avant sans pénalité

Solutions de voyage personnalisées premium et personnalisées

2023 Statistiques de personnalisation:

• Options de restauration personnalisées: 72% des vols
• Vols pour animaux de compagnie: 45% du total des itinéraires
• Service de conciergerie personnalisé: Disponible pour tous les membres de base et connecter

Wheels Up Experience Inc. (UP) - Modèle d'entreprise: relations avec les clients

Gestion des adhésions personnalisées

Wheels Up propose trois niveaux d'adhésion primaires à partir de 2024:

Niveau d'adhésion	Frais annuels	Caractéristiques clés
Membre de base	$2,995	Accès de base de l'aviation privée
Adhésion aux entreprises	$14,500	Options de voyage en amélioration de l'entreprise
Adhésion privée	$29,500	Services personnalisés premium

Support de concierge dédié 24/7

Wheels Up fournit un service client 24h / 24 avec:

• Temps de réponse moyen: 7 minutes
• Équipe de support dédiée de 87 représentants du service client
• Prise en charge multicanal, y compris le téléphone, le courrier électronique et l'application mobile

Plate-forme numérique pour la réservation transparente

Statistiques de réservation numérique pour 2024:

Métrique de la plate-forme	Valeur
Réservations d'applications mobiles	62% des réservations totales
Temps de réservation moyen	3,2 minutes
Utilisateurs de plate-forme en ligne	48 375 comptes enregistrés

Communication et engagement sur mesure

Métriques de communication client:

• Fréquence de communication par e-mail personnalisée: 4,7 fois par mois
• Campagnes de marketing segmentées: 12 segments de clients distincts
• Points de contact moyens d'interaction du client: 7,3 par trimestre

Programmes de fidélité et de référence

Détails du programme de référence:

Fonctionnalité du programme	Valeur
Crédit de référence	Crédit de vol de 5 000 $ par référence réussie
Conversions de référence annuelles	1 245 nouveaux membres
Taux de rétention du programme de fidélité	83.6%

Wheels Up Experience Inc. (UP) - Modèle commercial: canaux

Application mobile numérique

Roues UP Application mobile a téléchargé 87 000 fois au quatrième trimestre 2023. Disponible sur les plates-formes iOS et Android. L'application prend en charge 42 000 utilisateurs mensuels actifs en janvier 2024.

Plate-forme	Télécharger des statistiques	Engagement des utilisateurs
ios	52 000 téléchargements	26 500 utilisateurs mensuels actifs
Androïde	35 000 téléchargements	15 500 utilisateurs mensuels actifs

Site Web de l'entreprise

Trafic de site Web de 1,2 million de visiteurs uniques mensuellement. Taux de conversion de 3,7% pour les inscriptions des membres. Durée moyenne de la session de 4,2 minutes.

Équipe de vente directe

Composition de l'équipe de vente de 127 représentants dédiés. Revenu annuel moyen par représentant des ventes: 1,4 million de dollars. Couverture géographique dans 48 États.

Métriques de l'équipe de vente	Données quantitatives
Représentants des ventes totales	127
Revenu annuel moyen par représentant	$1,400,000

Partenariats d'entreprise

Partenariats des entreprises actives avec 214 sociétés. Revenus de partenariat total en 2023: 47,3 millions de dollars.

• Partenariats du secteur technologique: 62 entreprises
• Partenariats des services financiers: 48 entreprises
• Partenariats de soins de santé: 37 entreprises
• Partenariats de l'industrie du divertissement: 67 entreprises

Salons de commerce de l'aviation et événements

Participation à 23 salons de l'aviation en 2023. Total des pistes générées par l'événement: 4 600. Taux de conversion à partir des chefs d'événement: 12,5%.

Type d'événement	Nombre de spectacles	Leads générés
Conférences nationales de l'aviation	12	2 300 pistes
Epos de aviation régionale	11	2 300 pistes

Wheels Up Experience Inc. (UP) - Modèle d'entreprise: segments de clientèle

Individus à haute nette

Roues UP cible les individus avec une valeur nette dépassant 5 millions de dollars. Revenu annuel moyen des ménages pour ce segment: 1,2 million de dollars. Fréquence d'utilisation du jet privé: 15-20 voyages par an.

Caractéristiques démographiques	Pourcentage
Tranche d'âge 35-55	42%
Tranche d'âge 56-65	38%
Plus de 65 ans	20%

Dirigeants d'entreprise

Le segment de l'entreprise ciblée comprend les dirigeants du Fortune 500. Dépenses annuelles moyennes de voyage en affaires: 125 000 $ par exécutif.

• Adhésion annuelle à l'entreprise: 3 500 entreprises
• Revenus moyens de l'entreprise: 2,5 milliards de dollars
• Fréquence de voyage exécutive: 40-50 voyages par an

Professionnels du divertissement et du sport

L'adhésion comprend des athlètes professionnels et des professionnels de l'industrie du divertissement. Taille estimée du segment: 2 500 membres actifs.

Catégorie professionnelle	Nombre d'adhésion
Athlètes professionnels	1,200
Professionnels du divertissement	1,300

Voyageurs d'affaires

Le segment s'est concentré sur les voyageurs d'affaires fréquents. Budget de voyage commercial annuel moyen: 75 000 $ par individu.

• Membres totaux de voyageurs d'affaires: 15 000
• Fréquence de voyage moyenne: 25-30 voyages par an
• Industries primaires: technologie, finance, conseil

Passionnés de voyage de luxe

Segment caractérisé par un revenu disponible élevé et une préférence pour les expériences de voyage premium. Revenu moyen des ménages: 750 000 $.

Catégorie de dépenses de voyage	Montant annuel
Dépenses de voyage de luxe	$250,000
Dépenses d'aviation privée	$150,000

Wheels Up Experience Inc. (UP) - Modèle d'entreprise: Structure des coûts

Acquisition et maintenance d'avions

Wheels Up exploite une flotte d'avions avec des coûts associés importants:

Type d'avion	Coût d'acquisition	Coût de maintenance annuel
King Air 350i	7,5 millions de dollars	350 000 $ par avion
Citation Excel / XLS	5,2 millions de dollars	275 000 $ par avion

Infrastructure technologique

Les investissements technologiques comprennent:

• Développement d'applications mobiles: 2,1 millions de dollars par an
• Infrastructure de cloud computing: 850 000 $ par an
• Systèmes de cybersécurité: 475 000 $ par an

Personnel et dépenses opérationnelles

Personnel et répartition des coûts opérationnels:

Catégorie	Dépenses annuelles
Salaires pilotes	12,3 millions de dollars
Personnel de terrain	5,6 millions de dollars
Service client	3,2 millions de dollars

Marketing et acquisition de clients

Détails des dépenses de marketing:

• Marketing numérique: 1,7 million de dollars
• Parrainage et événements: 950 000 $
• Programmes de référence client: 425 000 $

Coûts liés au carburant et aux vols

Dépenses de fonctionnement du vol:

Catégorie de coûts	Dépenses annuelles
Carburant à jet	18,5 millions de dollars
Frais d'atterrissage	2,3 millions de dollars
Assurance vol	1,9 million de dollars

Wheels Up Experience Inc. (UP) - Modèle d'entreprise: Strots de revenus

Frais d'adhésion

Les frais d'adhésion annuels pour les roues vont de:

• Adhésion au cœur: 2 950 $ par an
• Adhésion aux entreprises: 14 500 $ par an
• Adhésion privée: 29 500 $ par an

Frais de charte par vol

Type d'avion	Taux horaire	Heures de vol minimum
King Air 350i	$6,500	2 heures
Citation Excel / XLS	$8,500	2 heures
Challenger 350	$12,000	2 heures

Services de gestion des avions

Les frais de gestion varient de 10% à 15% des revenus bruts de la charte pour les avions gérés.

Accords de partenariat d'entreprise

Les revenus de la société en commandite en 2022 étaient d'environ 54,3 millions de dollars.

Services auxiliaires liés aux voyages

• Services de restauration: 250 $ à 750 $ par vol
• Coordination du transport terrestre: 100 $ - 300 $ par arrangement
• Services de conciergerie: la tarification varie

Revenus totaux pour Wheels Up Experience Inc. en 2022: 413,7 millions de dollars

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.