v3.26.1
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill
The following table presents Goodwill carrying values and the change in balance, by reporting unit, during the six months ended June 30, 2026 (in thousands):
WUP LegacyAir PartnerTotal
Balance as of December 31, 2025(1)
$136,098 $73,799 $209,897 
Foreign currency translation adjustment— (1,111)(1,111)
Balance as of June 30, 2026$136,098 $72,688 $208,786 
__________________
(1)    Net of accumulated impairment losses of $306.2 million.

Intangible Assets
The gross carrying value, accumulated amortization and net carrying value of Intangible assets consisted of the following (in thousands):
June 30, 2026
Gross Carrying
Value		Accumulated AmortizationNet Carrying
Value
Status$80,000 $46,536 $33,464 
Customer relationships85,334 58,966 26,368 
Trade name10,000 5,817 4,183 
Developed technology19,045 18,365 680 
Leasehold interest – favorable600 157 443 
Foreign currency translation adjustment109 94 15 
Total$195,088 $129,935 $65,153 
December 31, 2025
Gross Carrying
Value 		Accumulated AmortizationNet Carrying
Value
Status$80,000 $43,494 $36,506 
Customer relationships85,334 53,874 31,460 
Trade name10,000 5,437 4,563 
Developed technology19,045 17,004 2,041 
Leasehold interest – favorable600 146 454 
Foreign currency translation adjustment324 246 78 
Total$195,303 $120,201 $75,102 
Amortization expense of intangible assets was $5.0 million and $9.9 million for the three and six months ended June 30, 2026, respectively, and $5.1 million and $10.2 million for the three and six months ended June 30, 2025, respectively.
Intangible Liabilities
Associated with our acquisition of Delta Private Jets on January 17, 2020, we recognized intangible liabilities for the fair value of complimentary Wheels Up Connect Memberships provided to existing Delta Air Lines, Inc. (“Delta”) SkyMiles 360® customers as of the acquisition date, as required under the Commercial Cooperation Agreement, dated as of January 17, 2020, by and among WUP, Wheels Up Partners LLC (“WUP LLC”) and Delta (as amended, the “Original Delta CCA”), which was subsequently replaced by the Amended and Restated Commercial Cooperation Agreement, dated as of June 15, 2024, by and among WUP, WUP LLC and Delta (the “Delta CCA”). The gross carrying value, accumulated amortization and net carrying value of Intangible liabilities consisted of the following as of the dates indicated in the tables below (in thousands):
June 30, 2026
Gross Carrying
Value		Accumulated AmortizationNet Carrying
Value
Intangible liabilities$20,000 $11,611 $8,389 
December 31, 2025
Gross Carrying
Value		Accumulated AmortizationNet Carrying
Value
Intangible liabilities$20,000 $10,849 $9,151 
The current and long-term portions of Intangible liabilities are presented within Other current liabilities and Other non-current liabilities, respectively, on the condensed consolidated balance sheets.
Amortization of Intangible liabilities, which reduces amortization expense, was $0.4 million and $0.8 million for each of the three and six months ended June 30, 2026 and 2025, respectively.
Future amortization expense of Intangible assets and Intangible liabilities held as of June 30, 2026, were as follows (in thousands):
Intangible
Assets		Intangible
Liabilities
Remainder of 2026$9,217 $763 
202714,440 1,525 
202813,960 1,525 
202913,216 1,525 
20307,134 1,525 
Thereafter7,186 1,526 
Total$65,153 $8,389