Wheels Up Experience Inc Class A (UP)

Wheels Up's stock price has experienced volatility over the past six months, including a significant decline. The company received a notice from the NYSE regarding non-compliance with continued listing standards. A strategic sale-leaseback transaction was announced to strengthen liquidity and advance fleet modernization. The stock saw a surge in January 2026, driven by Delta Air Lines' strong earnings report and expanded partnership terms.

Demand for Wheels Up's services is subject to seasonal fluctuations, with increased aircraft utilization in the summer and around major U.S. holidays. The first quarter is generally a weaker period for travel. The highest volume of Prepaid Block purchases occurs in the fourth quarter. Wheels Up uses dynamic pricing to stimulate demand during off-peak periods.

Wheels Up Experience Inc. (UP) operates a technology-driven platform connecting members to a network of private aircraft, offering multi-tiered membership programs, on-demand private flights, corporate solutions, aircraft management, and whole aircraft sales. Through a partnership with Delta Air Lines, Wheels Up provides commercial travel benefits and also offers wholesale charter services, MRO services, FBO services, and specialized transport missions. The company is currently modernizing its fleet to Embraer Phenom 300 and Bombardier Challenger 300 series aircraft.

Wheels Up primarily generates revenue from the United States, where it is a leading provider of on-demand private aviation. The company also has international operations and market presence in the UK, Germany, and France, with a growing global reach.

Wheels Up's brand reputation has been mixed, with customer reviews indicating dissatisfaction due to unreliability, flight issues, poor communication, and unsatisfactory customer service. A class-action lawsuit was filed in 2023. However, a Private Jet Card Comparisons survey showed improved customer ratings. The company has focused on enhancing the customer experience through initiatives like an expanded partnership with AtYourJet and the installation of Gogo Galileo HDX satellite Wi-Fi.

Wheels Up Experience Inc. has a mixed ownership structure including institutional, retail, and individual investors. Institutional investors hold a significant portion of the company's stock. Major institutional owners include Delta Air Lines Inc, Knighthead Capital Management, LLC, Kore Advisors LP, Vanguard Group Inc, Jane Street Group, Llc, BlackRock, Inc., Millennium Management Llc, and Masters Capital Management Llc. Insider ownership is also present, with Delta Air Lines Inc. and Ck Wheels LLC being significant insider shareholders.