Delta's Wheels Up stake plummets to $42 million from $118 million in Q3

Delta Air Lines' 36% stake in Wheels Up lost three-quarters of its value in the third quarter, falling to $42 million from $118 million, according to Private Jet Card Comparisons' review of Delta's Q3 2026 10-Q filing.

Wheels Up has tapped its credit lines substantially. According to Delta's filing, Wheels Up drew $83 million under a revolving working capital credit facility that was entered into in 2023, with that amount outstanding as of September 30, 2026 and a repayment date of September 20, 2028.

In May 2026, Wheels Up also entered into a new $100 million term loan, of which Delta contributed $57 million with other shareholders making up the remainder. The term loan matures on May 29, 2029 and carries an option to increase the facility by up to an additional $100 million.

Delta stated in the filing that "Following these transactions, we continue to conclude that Wheels Up is a variable interest entity and that we are not the primary beneficiary. Based on this assessment, Wheels Up is not consolidated in our financial statements." The airline also agreed to extend contractual transfer restrictions on its Wheels Up investment until May 2027, after which more limited restrictions apply.

Delta cited Wheels Up 13 times in the filing, the same number of mentions as in its second-quarter 10-Q. The airline's interest in Wheels Up has remained static at 36% throughout the period.

Wheels Up closed trading on the day of filing at $3.81 per share with a market capitalisation of $131 million. The sharp decline in Delta's valuation of its stake during the quarter reflects broader pressure on the membership aviation platform, though the reporting does not specify what drove the decrease. Wheels Up has yet to report its Q3 financial results, though in Q2 the company reported GAAP revenue of $182.0 million and a net loss of $107.2 million.