The corporate share of Wheels Up's membership fund mix for the second quarter was 45 percent, about a four-point increase from the first quarter, Wheels Up announced Thursday morning in an earnings release. Corporate membership fund sales were up about 25 percent year over year. Overall second-quarter revenue, however, declined 3 percent year over year.
"This reflects growing momentum in our corporate channel, which continues to outpace expectations and underscores that by teaming up with the Delta sales force, we can deliver a uniquely compelling offering to our joint corporate customers," Wheels Up CEO George Mattson said in an email to BTN.
Delta Air Lines and other investors in August 2023 propped up Wheels Up with a $500 million lifeline. Delta and Wheels Up since then have integrated their corporate sales teams.
"As a result [of that joint effort], corporate sales have consistently exceeded expectations in recent quarters," Mattson said in a Thursday investor letter. "Corporate membership fund sales are our fastest growing channel."
Wheels Up Q2 Metrics
Wheels Up second-quarter revenue was nearly $190 million, down from $196 million in Q2 2024. Gross bookings were nearly $262 million, down from the $265 million reported a year prior. The company's Q2 net loss was about $82.3 million, compared with a net loss of $97 million for the same period last year.
The company continued its fleet modernization, and Phenom and Challenger jets now comprise about 20 percent of Wheels Up's controlled fleet as of June 30. Another three Challenger 300 aircraft are expected to join the fleet in Q3. In addition, the company sold or completed lease returns on 31 legacy aircraft during the first half of 2025 and has retired the Citation CJ3 from revenue service.
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