Wheels Up narrowed its losses in the second quarter, driven by its fleet and operations optimisation strategies.
The company reported a gross profit of $2.2 million for the second quarter of 2025, swinging a gross loss of $11 million in the same period last year.
Revenues declined 3% to $189.6 million, while total costs and expenses dropped 9% to $249.2 million. Adjusted EBITDA improved 22% to $29 million.
“Our top priority has been realigning our product, fleet, and operations to better meet customer demand, while advancing our strategic partnership with Delta,” said Wheels Up CEO George Mattson. “This focussed execution has strengthened our financial position and laid a strong foundation for sustained, profitable growth.”
Fleet modernisation expenses totalled $8 million during the second quarter. These expenses are associated with transitioning the Embraer Phenom 300 series and Bombardier Challenger 300 series aircraft to its operations and pilot training programmes, as well as costs incurred associated with exiting legacy private jet models.
Total gross bookings declined 1% to $261.9 million in the quarter, though improved 3% to $503.9 million in the first half. Private jet gross bookings declined 4% in the quarter to $208.3 million. For the first half, private jet grossing bookings were flat at a positive 1% to $413.6 million.
At the quarter's end the company had 33 fewer active aircraft in the controlled fleet.