Private flight provider Wheels Up said the third quarter marked an inflection point in efforts to make the Signature Membership offering the core of its business model. But it reported an 11% dip in third-quarter revenues, to $164.8 million, and a 7% drop in private jet revenues, to $143.9 million, due to the shift away from older aircraft and non-core businesses.
Reporting its latest results this morning, Wheels Up said it now has more than 1,500 Signature members, representing a 130% year-to-date increase. Revenues from the Embraer Phenom 300s and Bombardier Challenger 300s these clients use climbed by 120% over the quarter. These models also now represent the majority of the company’s program-based flight activity.
According to Wheels Up, its so-called “premium fleet” consists of 43 aircraft, and usage of these jets has grown by 31%. During the third quarter, the company placed its first direct order for new-build aircraft from Embraer and is set to take delivery of six Phenom 300E light jets during the third and fourth quarters of 2027.
Wheels Up CEO George Mattson said he expects the company to achieve “responsible, profitable growth” next year. While gross third-quarter profits reached $15.2 million—after $3 million in “transition-related expenses”—adjusted EBITDAR earnings amounted to a $13.2 million loss, albeit a 44% improvement on the same period in 2025. Its $89.44 million third-quarter net loss is about $6 million more than a year ago, and the $279.65 million net loss in the first nine months is nearly $15 million higher versus the same period in 2025.
“While total gross bookings declined 15% [to $225.4 million], primarily due to lower group charter, cargo, and on-demand charter volume, the parts of our business we’re focused on scaling continue to show strong momentum,” Mattson commented. “Our strategy is centered on building a more efficient, sustainable model while maintaining flexibility across our offerings.”
More Credit from Delta
This week, an additional $100 million in revolving credit came from Wheels Up’s main shareholder, Delta Air Lines. Mattson told AIN that this cash reserve will give his team “additional financial flexibility to help accelerate the impact of the company’s ongoing business transformation.”
The Delta and Wheels Up sales teams have been collaborating to get more shared business from corporate travel accounts using both private and commercial flights. Wheels Up reported that corporate bookings for both private jet membership and charter services increased by 28% in the third quarter.
Wheels Up’s third-quarter figures show long-term net debt of about $684 million. Total liabilities also include $595 million in “deferred revenue” covering customer deposits or “membership funds” for future flights, while its cash assets total $51.8 million.
Signature members surpassed Wheels Up’s legacy members for the first time in the quarter just ended. “This milestone demonstrates strong customer demand for our premium offering and supports our broader strategy of driving higher-quality revenue and improving the economics of our business,” Mattson said.
During the third quarter, Wheels Up achieved an improved flight completion rate of 99.3% and an on-time performance rate (defined as arrivals within 30 minutes of the scheduled time) of 86.4%. Through the end of September, there were also 163 so-called Brand Days recorded this year when the operator had a perfect completion rate and no operational cancellations.
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