Wheels Up Q2 2026 Results & Fleet Transition
The private jet operator reported revenue of $182.0 million in Q2, down 4% year over year, driven primarily by the disposition of non-core services businesses in 2025. The controlled fleet of Phenoms and Challengers expanded from 22 to 40 year over year, offsetting legacy fleet retirements.
Fleet Changes
The premium fleet, comprised of more than 40 Phenom 300 and Challenger 300 jets, now makes up 100% of Wheels Up's active controlled jet fleet. The company also plans to grow the fleet to over 50 aircraft by year-end. The entire active controlled fleet is now equipped with satellite Wi-Fi, allowing members to access high-speed, streaming-quality internet service on all the Phenom and Challenger aircraft.
The legacy fleets were fully retired as of April 2026, including all the King Air 350i turboprop aircraft, which were the key aircraft when Wheels Up first launched.
Memberships & Operations
Wheels Up Signature memberships (launched in September 2025) surpassed 1,200 members, up 100% YTD, and premium memberships now account for more than 50% of the active membership base.
On the operational side, performance continued to set new highs, with on-time performance and completion rate achieving their highest levels ever.
Financing
During the second quarter, the Company closed on two previously announced financial transactions – a new $100 million term loan provided by its lead investor group and a new $68 million aircraft financing facility arranged by a subsidiary of AIP Capital – supporting its multi-year growth plans. Subsequent to the end of the quarter, Delta and the Company extended the availability period for Delta's $100 million revolving credit facility commitment by an additional two years, to September 20, 2028.
The net loss for the quarter was $107 million, and the adjusted EBITDAR loss was $19.9 million, a 27% improvement compared to the prior year period, driven by the streamlined fleet of Phenoms and Challengers that produced a 20% increase in utility in the second quarter of 2026.
"Wheels Up made meaningful progress this quarter, completing our fleet modernization, reaching record levels of operational reliability, strengthening our Delta partnership, and building momentum with our Signature Membership," said George Mattson, Wheels Up Chief Executive Officer.
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