Wheels Up Revenues Dip during Fleet Transition

Wheels Up’s revenue softened by 5% year over year (YOY) to $168.9 million in the first quarter as its private jet flight revenues began to stabilize with its new charter offerings buffering the wind-down of legacy jet flying, the company reported on Monday afternoon. In addition, the company announced $165 million in financing commitments from a Delta-led investor group and AIP Capital that are expected to fund fleet and business growth over multiple years.

The results reflected the decision to phase out its legacy jet programs in favor of a streamlined fleet of aircraft anchored by Bombardier Challenger 300s and Embraer Phenom 300s, and efforts to promote its Signature membership program rolled out late last year.

Wheels Up completed the fleet transition last month, 18 months ahead of schedule. Its Phenom and Challenger fleets have grown from 21 aircraft a year ago to 36 at the end of March. The company plans to double its fleet over the course of this year. Meanwhile, its Signature charter program has grown to 800 members and now represents one-third of its total membership base.

As a result, revenue from the owned and leased Phenom and Challenger fleets doubled. Meanwhile, total gross bookings (for all private jet flight services) were up 10% YOY in the first quarter to $267.2 million, primarily from charter growth. However, the company also reported a $2 million gross loss with $5 million in fleet modernization expenses and an $83 million net loss.

As far as operational efficiencies, Wheels Up said it had a completion rate of 99%, up two points YOY, and an on-time performance of 81%, up seven points, in the quarter.

“The start of 2026 marked a clear inflection point for Wheels Up, as we completed the transition from our legacy programs and fleet to our Signature program supported by a premium jet fleet comprised exclusively of the most in-demand and efficient aircraft in the industry,” said Wheels Up CEO George Mattson. “With the operational complexity of that transition largely behind us, we are increasingly focused on driving consistency, efficiency, and scalable growth across the business.”

Mattson added that as Wheels Up exits the transition phase, the company sees “meaningful opportunities to drive profitable growth through top-line demand supported by operational efficiency.”

As for the funding, Delta Air Lines, the company’s primary investor group, has committed to a $100 million term loan with the ability to expand the facility by an additional $100 million from new or existing investors. Wheels Up additionally has reached an agreement in principle to upsize its revolving equipment notes with a mezzanine tranche of financing arranged by an AIP Capital affiliate.

The financing facilities are expected to close in the second quarter, Wheels Up said, estimating that they are anticipated to generate an incremental $165 million of liquidity with the capacity to support aircraft investments in the future.

“The continued backing of our lead investor group—led by Delta Air Lines—along with the additional new support from AIP Capital, provides the investment capital needed to execute our growth plan and reflects confidence in the progress we’re making to build a strong and sustainable business,” Mattson said.

“Since our strategic investment in 2023, the Wheels Up team has driven operational excellence, transformed its offering, strengthened the foundation of the company, and set the stage to accelerate their progress,” said Delta CEO Ed Bastian. “With their fleet transition complete 18 months ahead of schedule, the company’s momentum continues to build, and this new financing reflects our confidence in the path ahead for our partnership.”