Wheels Up Experience Inc. — Form 8-K/A
Filed October 9, 2026 · analyzed by the 8-K Agent
8-K/A
▼ Likely negative
significance 28/100
What the filing says
Wheels Up filed an amended 8-K/A on October 9, 2026 retroactively updating its Adjusted EBITDA and Adjusted EBITDAR definitions to include two new adjustments: (Gain) loss on sale of aircraft held for sale and Loss on extinguishment of debt, effective Q2 2026 forward. Under the updated definition, Q1 2026 Adjusted EBITDA is now ($30.6M) vs. ($28.1M) under prior definition; FY 2025 worsened from ($43.5M) to ($95.1M), primarily due to aircraft sale gains of ($51.8M) and ($39.3M) in Q4 2025 and Q3 2025 respectively now being added back. No dollar amounts of debt extinguishment were material individually.
Why this rating
Retroactive definition change masks deteriorating cash generation; aircraft sale gains ($51.8M FY25) now add-backs obscure underlying operational weakness. At $106.8M market cap, ($95.1M) FY25 Adjusted EBITDA is 89% of company value. Definition changes erode metric credibility but do not alter cash position or assets. Routine non-GAAP redefinition, not operational event.
See more from October 9, 2026.
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