Single source: Uber Technologies, Inc. Form 10-K for fiscal year FY2025, ended December 31, 2025, signed on February 13, 2026. Amounts in millions of US dollars (US$ mn) unless otherwise stated. "IS" = Consolidated Statements of Operations; "BS" = Consolidated Balance Sheets; "CF" = Consolidated Statements of Cash Flows; "EQ" = Statements of Redeemable Non-Controlling Interests and Equity. The document's balance sheet covers only December 31, 2024 and December 31, 2025.
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Revenue | 37,281 | 43,978 | 52,017 | IS, "Revenue" |
| Cost of revenue (excl. D&A) | 22,457 | 26,651 | 31,338 | IS |
| Gross profit (calculated, excl. D&A) | 14,824 | 17,327 | 20,679 | Calculation: revenue − cost of revenue |
| Operations and support | 2,689 | 2,732 | 2,854 | IS |
| Sales and marketing | 4,356 | 4,337 | 4,898 | IS |
| Research and development | 3,164 | 3,109 | 3,402 | IS |
| General and administrative | 2,682 | 3,639 | 3,241 | IS |
| Depreciation and amortization | 823 | 711 | 719 | IS |
| Total operating expenses (excl. cost of revenue) | 13,714 | 14,528 | 15,114 | Calculation: sum of the 5 lines |
| Income from operations | 1,110 | 2,799 | 5,565 | IS, "Income from operations" |
| Interest expense | (633) | (523) | (440) | IS |
| Interest income | 484 | 721 | 743 | IS |
| Other income (expense), net | 1,360 | 1,128 | (68) | IS; Note 9 |
| of which unrealized gain (loss) on securities | 1,610 | 1,832 | (97) | Note 9 |
| of which foreign exchange | (182) | (391) | 89 | Note 9 |
| of which Foodpanda Taiwan termination fee | — | (236) | — | Note 9 |
| Income before taxes (before equity-method investments) | 2,321 | 4,125 | 5,800 | IS |
| Income taxes: provision / (benefit) | 213 | (5,758) | (4,346) | IS |
| Income (loss) from equity-method investments | 48 | (38) | (53) | IS |
| Net income incl. non-controlling interests | 2,156 | 9,845 | 10,093 | IS |
| Net income (loss) attributable to non-controlling interests | 269 | (11) | 40 | IS |
| Net income attributable to Uber | 1,887 | 9,856 | 10,053 | IS |
| Basic EPS (US$) | 0.93 | 4.71 | 4.82 | IS |
| Diluted EPS (US$) | 0.87 | 4.56 | 4.73 | IS |
| Weighted-average basic shares (mn) | 2,035.7 | 2,094.6 | 2,085.3 | IS (thousands: 2,035,651; 2,094,602; 2,085,253) |
| Weighted-average diluted shares (mn) | 2,091.8 | 2,150.5 | 2,119.7 | IS (thousands: 2,091,782; 2,150,508; 2,119,689) |
| Tax effect of the Netherlands valuation allowance release | — | — | (5,011) | Note 11 |
| Stock-based compensation (SBC) | 1,935 | 1,796 | 1,826 | CF; Note 10 |
| Adjusted EBITDA (non-GAAP) | 4,052 | 6,484 | 8,730 | Note 13 (2023 calculated: 6,405 − 2,353); MD&A |
| Legal, non-income tax and regulatory reserve changes (excluded from Adj. EBITDA) | 9 | 1,123 | 564 | Note 13 |
| Employees at year-end | not available | not available | approx. 34,000 | Item 1 |
| Item | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 | Source |
|---|---|---|---|---|
| Cash and cash equivalents | 4,680 | 5,893 | 7,105 | BS; Note 1 for 2023 |
| Short-term investments | not available | 1,084 | 528 | BS |
| Unrestricted liquidity (cash + short-term investments) | not available | 6,977 | 7,633 | Calculation |
| Restricted cash (current + non-current) | 2,324 | 2,717 | 2,542 | Note 1 |
| Restricted investments | not available | 7,019 | 8,874 | BS |
| Investments | not available | 8,460 | 9,178 | BS; Note 2 |
| Equity-method investments | not available | 302 | 287 | BS |
| Debt per Note 8 (exchangeable notes at fair value) | not available | 9,575 | 10,600 | Note 8 |
| of which 2028 Exchangeable Senior Notes: fair value / principal | — | — | 1,125 / 1,150 | Note 8; Note 2 |
| Debt, carrying value (current + long-term) | not available | 9,497 | 10,521 | BS: 8,347 + 1,150 (2024); 10,521 (2025) |
| Operating lease liabilities | not available | 1,629 | 1,559 | Note 6 |
| Finance lease liabilities | not available | 310 | 222 | Note 6 |
| Total gross debt (carrying value + leases) | not available | 11,436 | 12,302 | Calculation |
| Letters of credit reducing the revolving facility | not available | 354 | 343 | Note 8 |
| Insurance reserves (short + long-term) | 6,986 | 9,796 | 12,463 | BS; Schedule II |
| Deferred tax assets | not available | 6,171 | 10,951 | BS |
| Goodwill | not available | 8,066 | 8,931 | BS; Note 7 |
| Uber stockholders' equity | 11,249 | 21,558 | 27,041 | BS; EQ for 2023 (12,028 − 779) |
| Non-redeemable non-controlling interests | 779 | 825 | 877 | EQ; BS |
| Redeemable non-controlling interests | 654 | 93 | 165 | EQ; BS |
| Total equity | 12,028 | 22,383 | 27,918 | EQ; BS |
| Shares outstanding at year-end (mn) | 2,071.1 | 2,108.0 | 2,067.9 | EQ (thousands) |
| Shares outstanding at cover date | — | — | 2,058,115,983 at Feb 10, 2026 | Cover page |
| Market value of shares held by non-affiliates | — | — | approx. 187.6 bn at Jun 30, 2025 | Cover page (not used in multiples) |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Net cash provided by operating activities | 3,585 | 7,137 | 10,099 | CF |
| Capex ("Purchases of property and equipment") | 223 | 242 | 336 | CF |
| Free cash flow | 3,362 | 6,895 | 9,763 | Calculation; matches MD&A |
| Depreciation and amortization (CF) | 823 | 737 | 747 | CF |
| Deferred income taxes (non-cash) | 26 | (6,027) | (4,779) | CF |
| Unrealized (gain) loss on securities | (1,610) | (1,832) | 97 | CF |
| Change in insurance reserves | 2,230 | 2,819 | 2,660 | CF |
| Income taxes paid | 234 | 324 | 345 | CF, supplemental disclosures |
| Interest paid | 629 | 475 | 386 | CF, supplemental disclosures |
| Share repurchases | 0 | 1,252 | 6,523 | CF |
| Dividends paid | 0 | 0 | 0 | CF; Item 5 |
| Acquisitions, net of cash acquired | 0 | 0 | 815 | CF |
| Item | FY2023 | FY2024 | FY2025 | Source |
|---|---|---|---|---|
| Mobility revenue | 19,832 | 25,087 | 29,670 | Note 13 |
| Delivery revenue | 12,204 | 13,750 | 17,248 | Note 13 |
| Freight revenue | 5,245 | 5,141 | 5,099 | Note 13 |
| Mobility Adj. EBITDA | 4,963 | 6,497 | 7,899 | Note 13 |
| Delivery Adj. EBITDA | 1,506 | 2,471 | 3,572 | Note 13 |
| Freight Adj. EBITDA | (64) | (74) | (33) | Note 13 |
| Unallocated costs (Corporate G&A and Platform R&D) | (2,353) | (2,410) | (2,708) | Note 13 |
| Revenue United States and Canada | 20,436 | 23,618 | 26,469 | Note 13 |
| Revenue Latin America | 2,512 | 2,795 | 3,327 | Note 13 |
| Revenue EMEA | 9,904 | 12,529 | 16,364 | Note 13 |
| Revenue Asia Pacific | 4,429 | 5,036 | 5,857 | Note 13 |
| Revenue United States | 18,620 | 21,429 | 23,771 | Note 13 |
| Revenue United Kingdom | 6,522 | 8,373 | 10,609 | Note 13 |
| Revenue all other countries | 12,139 | 14,176 | 17,637 | Note 13 |
| Gross Bookings | not available | 162,773 | 193,454 | MD&A |
| Mobility Gross Bookings (sum of quarters) | not available | 83,024 | 97,497 | MD&A, quarterly table |
| Delivery Gross Bookings (sum of quarters) | not available | 74,614 | 90,864 | MD&A, quarterly table |
| Freight Gross Bookings (sum of quarters) | not available | 5,135 | 5,093 | MD&A, quarterly table |
| Trips (mn) | not available | 11,273 | 13,567 | MD&A |
| MAPCs, fourth quarter (mn) | not available | 171 | 202 | MD&A |
| Item | Value | Source |
|---|---|---|
| Employees outside the United States at Dec 31, 2025 | approx. 20,300 | Item 1A |
| Cities / countries | over 15,000 / over 70 | Item 1 |
| Uber One members at Dec 31, 2025 | 46 mn | Item 1 |
| First-time Delivery consumers new to the platform (Q4 2025) | approx. 58% | Item 1 |
| Classification arbitration demands | over 150,000 Drivers, a majority resolved through individual settlements | Item 1A |
| Accrued liabilities for legal, regulatory and non-income tax matters | 1.5 bn (2024); 2.1 bn (2025) | Note 14 |
| HMRC VAT assessments paid | approx. 1.8 bn (£1.4 bn) | Note 14; MD&A |
| 2024 release of US deferred tax valuation allowance | 6.4 bn | MD&A |
| Increase in insurance expense, 2025 | 851 mn | MD&A |
| Increase in Delivery advertising revenue, 2025 | 568 mn | MD&A |
| Decrease in legal accruals within G&A, 2025 | 549 mn | MD&A |
| Discounts, promotions and refunds to end-users who are not customers | 1.4 bn (2024); 1.6 bn (2025) | Note 1 |
| Mobility + Delivery revenue (Critical Audit Matter) | 46.9 bn | Auditor's report |
| Change in estimates on prior-period claims | −21 mn (2025) | Schedule II |
| Unrealized loss on Aurora / gain on Didi, 2025 | 802 / 409 mn | Note 2; Note 9 |
| Aurora shares pledged as collateral | approx. 48% | Note 2 |
| Carrying value of investments, incl. equity-method | 9.5 bn | Item 7A |
| Non-marketable equity securities: cost / cumulative upward / downward adjustments / carrying value | 2,673 / 3,726 / (2,002) / 4,397 mn | Note 2 |
| Goodwill from 2025 acquisitions: Mobility / Delivery | 131 / 705 mn | Note 7 |
| Goodwill recognized on Trendyol GO | 712 mn | Note 17 |
| Unrecognized tax benefits | 4,937 (2024); 5,611 (2025); approx. 5.1 bn would affect the tax rate | Note 11 |
| 2025 tax rate components: Netherlands / loss on subsidiary stock / capitalized R&D / unrecognized benefits | −86.4 / −10.7 / −5.8 / +10.2 points | Note 11 |
| Foreign net operating loss carryforwards | 20.3 bn | Note 11 |
| Share repurchase program: authorized / remaining | 27,000 / 19,216 mn | Item 5; Note 10 |
| Shares repurchased in 2025 | 79,978 thousand for 6,560 mn | EQ |
| Shares repurchased in Q4 2025 | 21,369 thousand | Item 5 |
| Shares issued in 2025: RSUs / options / ESPP / conversion | 35,392 / 1,523 / 3,098 / 576 thousand | EQ |
| Unvested RSUs at Dec 31, 2025 | 57,654 thousand | Note 10 |
| Unamortized SBC cost / weighted-average period | 3.5 bn / 2.64 years | Note 10 |
| 2028 Convertible Notes: conversion rate / conversion price / initial cap | 13.7848 per US$ 1,000 / US$ 72.54 / US$ 95.81 | Note 8 |
| Revolving credit facility | 5.0 bn, maturing Sep 26, 2029, undrawn | Note 8 |
| Future Mission Bay payments (49% share) | 820 mn through 2092 | Note 6 |
| Trendyol GO: consideration | 694 mn | Note 17 |
| Getir: agreed consideration | 435 mn | Note 19 |
| Foodpanda Taiwan: price / termination fee | approx. 950 / 236 mn | Note 1 |
| Freight Series A redemption | 851 mn | Note 16 |
| 2022 cloud commitment / total non-cancelable commitments / short-term portion | 2.1 bn / 2.4 bn / 498 mn | MD&A |
| Lucid-Nuro vehicle commitment | at least 20,000 vehicles over six years | MD&A |
| Careem Technologies: stake at 2023 closing / carrying value | approx. 42% / 171 mn | Note 4 |
| Term loan to Moove | 384 mn | Note 15 |
| Lime note | 119 mn (Investments table) / 190 mn (Level 3 table) | Note 2 |
| Holders of record at Feb 10, 2026 | 1,207 | Item 5 |
| A. Macdonald 10b5-1 plan | up to 125,000 shares | Item 9B |
| Check | Result |
|---|---|
| Gross profit = revenue − cost of revenue | Ties: 37,281 − 22,457 = 14,824; 43,978 − 26,651 = 17,327; 52,017 − 31,338 = 20,679 |
| Income from operations = gross profit − operating expenses | Ties: 14,824 − 13,714 = 1,110; 17,327 − 14,528 = 2,799; 20,679 − 15,114 = 5,565 |
| Income before taxes − taxes + equity-method − NCI = net income attributable to Uber | Ties: 5,800 + 4,346 − 53 − 40 = 10,053; 4,125 + 5,758 − 38 + 11 = 9,856; 2,321 − 213 + 48 − 269 = 1,887 |
| Sum of segments = total revenue | Ties, no "Other" line, in all three years |
| Sum of geographies = total revenue | Ties for the four regions and the three countries, in all three years |
| Sum of percentages = 100% | Segments 100.0%. Four regions: 100.1% in 2024 and 2025 due to rounding |
| Debt = sum of items | Ties: 1,725 + 1,125 + 1,500 + 1,250 + 1,000 + 1,500 + 1,250 + 1,250 = 10,600; 10,600 − 79 = 10,521; 2024: 9,575 − 78 − 1,150 = 8,347 |
| Other income = sum of components | Ties: 89 − 97 − 60 = −68; −391 + 1,832 − 236 − 77 = 1,128 |
| Operating cash flow − capex = FCF | Ties in all three years |
| Segment Adj. EBITDA − unallocated costs − reconciling items = income from operations | Ties: 11,438 − 2,708 − 719 − 1,826 − 564 − 2 − 43 − 2 − 9 = 5,565; 2024 = 2,799; 2023 = 1,110 |
| Internal inconsistencies in the document | SBC 1,826 (CF) vs 1,881 (EQ); D&A 719 (IS) vs 747 (CF); tax rate −74.9% (MD&A) vs −74.8% (Note 11); Lime note 119 vs 190; Delivery goodwill from acquisitions 705 (Note 7) vs 712 on Trendyol GO (Note 17); cloud commitment stated as satisfied but still included in commitments |