Wheels Up Completes Fleet Modernization Ahead of Schedule, but January–April 2026 Movements Down ~53% YoY; April Active Fleet Drops to ~60 Aircraft With Per-Aircraft Utilization Also Under Pressure

Wheels Up completed fleet modernization ahead of schedule in April 2026, retaining only Phenom 300 and Challenger 300/350 (whether Challenger 350 is included pending further confirmation). AviGo data shows operating scale sharply contracted: January–April 2026 cumulative movements 9,270 vs. 19,613 in same period of 2025 (−52.7%). January–March decline stable at 45–47%; April decline further expanded to ~71% (just 1,429), but note the magnitude may partly reflect seasonal factors or data methodology. Active fleet fell from 136 to 96 (January) then to ~60 (April); movement decline magnitude exceeds fleet shrinkage — indicating per-aircraft utilization also declining. December 2025 reportedly completed sale-leaseback transactions to dispose of some assets, but specific aircraft count and amount cannot be independently verified from public data. Retired King Air 350i/Citation X specific pre-owned market flow undisclosed. Confidence ★★★.