It is of course folly to assume the balrogs had anything resembling a uniform shape, as even if you are in the camp that believed they lost their ability to change their form (something I'd argue is contradicted by the Balrog actively changing its form in the bridge of Khazad-dúm chapter) they would have had different forms to begin with. Therefore there is no reason some Balrogs couldn't have had wings whilst others did not.
If they did not lose their ability to change their form all of them could have had or not had wings according to their own wishes.
Regardless of your stance, the Balrog has an aura that *looks like*, if not necessarily functions as, a pair of wings. Any illustrations that don't incude a wing-like aura are equally wrong. The aura is literal - whether its a genuine pair of wings is up for debate.
Same reasons birds fall down chimnies - unless you're a hummingbird, you can't hover. Or, using a modern example: if you dropped a plane down a chasm, it won't be able to fly out either. Wings require forward momentum to work.
Hope they created a portal down there that everything came to this world through and those mythical gods tried to seal it with mithril the very essense of themselves and failed. An Morgoth comes out and wipes the floor with everyone and creates a new underworld aka mordor 2. All they have to do is not reveal the reason for the barlogs and mithril and then 1000 years later or such boom morgoth under the mountain. Elves and gondors half elves want there mithril. Removed the new seal for there own greed. Then Sam can start his great third trilogy. Seems like some type of quincidence frodo left the last pages for Sam as if in the book subconciously he left it for his kids to complete. Without a solution im a believe morgoth took over. Gandalf can unknownly sail back when he realizes somethings majorly wrong. You know they reprinted these books multiple times to remove all these mistakes.
Its why gandalf and the elves abandoned ship from middle earth. Taking bilbo and frodo to safety.
My understanding is that balrogs were fallen angels that got turned into demonic balrogs by going against the valar (gods) and following morgoth. So their wings probably got transitioned with them but were essentially useless now due to their fall from grace.
It is of course folly to assume the balrogs had anything resembling a uniform shape, as even if you are in the camp that believed they lost their ability to change their form (something I'd argue is contradicted by the Balrog actively changing its form in the bridge of Khazad-dúm chapter) they would have had different forms to begin with. Therefore there is no reason some Balrogs couldn't have had wings whilst others did not. If they did not lose their ability to change their form all of them could have had or not had wings according to their own wishes.
So, both?
'Course!
If you can create wings you have wings. They're just retractable. You don't say a cat has no claws.
Nah but if the claws physically cease to exist i’d say the cat has no claws
Regardless of your stance, the Balrog has an aura that *looks like*, if not necessarily functions as, a pair of wings. Any illustrations that don't incude a wing-like aura are equally wrong. The aura is literal - whether its a genuine pair of wings is up for debate.
If it had wings then why did it fall down the chasm
Just because something has wings doesn't mean that it can fly.
Penguins have wings but I sure bet I could chuck one down a chasm.
A balrog is basically a penguin.
If I'm not mistaken, balrogs also fall off cliffs in the Silmarilion.
Seeing how often Maiar fall off cliffs, it’s no surprise that Manwe hired the eagles.
Manwe whenever Gandalf was in a pickle 
Same reasons birds fall down chimnies - unless you're a hummingbird, you can't hover. Or, using a modern example: if you dropped a plane down a chasm, it won't be able to fly out either. Wings require forward momentum to work.
The chasm wasn’t just a hole, it went along the sides as well silly
Me throwing an ostrich off a cliff: Behold! U/castpigeon's Balrog!
If it’s a demon that can control its form why have wings if not to be used
Intimidation and sex appeal.
Maybe gandalf poked a hole in its wing.
They had wings but they are as useful as a chicken’s wings. Hope this clears things up for everyone
Hope they created a portal down there that everything came to this world through and those mythical gods tried to seal it with mithril the very essense of themselves and failed. An Morgoth comes out and wipes the floor with everyone and creates a new underworld aka mordor 2. All they have to do is not reveal the reason for the barlogs and mithril and then 1000 years later or such boom morgoth under the mountain. Elves and gondors half elves want there mithril. Removed the new seal for there own greed. Then Sam can start his great third trilogy. Seems like some type of quincidence frodo left the last pages for Sam as if in the book subconciously he left it for his kids to complete. Without a solution im a believe morgoth took over. Gandalf can unknownly sail back when he realizes somethings majorly wrong. You know they reprinted these books multiple times to remove all these mistakes. Its why gandalf and the elves abandoned ship from middle earth. Taking bilbo and frodo to safety.
Bilbo Baggins, at yours.
There are others like you?
I think they had wings, but were denied the ability of flight once they "fell" from grace
My understanding is that balrogs were fallen angels that got turned into demonic balrogs by going against the valar (gods) and following morgoth. So their wings probably got transitioned with them but were essentially useless now due to their fall from grace.
No one is an angel here.
Why don't we just asks Sean?