Analysis of the Form 10-K | Fiscal year ended December 31, 2025
FY2025, ended December 31, 2025. Reporting currency: US dollar; amounts in US$ millions (mn) unless otherwise stated. Closing price: US$ 81.71 at December 31, 2025. Shares outstanding: 2,058,115,983 at February 10, 2026, from the 10-K cover page.
Uber runs a platform that connects consumers with drivers, restaurants and stores, and shippers with carriers. The document states that the company generates "substantially all of our revenue from fees paid by Drivers and Merchants" and acts as an agent in those arrangements, recording revenue net of the earnings it passes on. In certain markets it is instead responsible for the service: there it records revenue on a gross basis and payments to drivers within cost of revenue. Freight is recorded mostly on a gross basis. Another revenue source is advertising, based on "sponsored listing fees paid by Merchants and brands". The Uber One loyalty program had 46 million members at year-end.
There are three segments: Mobility (rides, including advertising and financial partnership products), Delivery (meals, Grocery & Retail, Uber Direct, advertising) and Freight (brokerage and transportation management). The CODM, who is the CEO, evaluates them on segment Adjusted EBITDA. The document does not report assets by segment.
| Segment | FY2025 | % | FY2024 | % | FY2023 | % | YoY 25/24 | YoY 24/23 |
|---|---|---|---|---|---|---|---|---|
| Mobility | 29,670 | 57.0% | 25,087 | 57.0% | 19,832 | 53.2% | +18.3% | +26.5% |
| Delivery | 17,248 | 33.2% | 13,750 | 31.3% | 12,204 | 32.7% | +25.4% | +12.7% |
| Freight | 5,099 | 9.8% | 5,141 | 11.7% | 5,245 | 14.1% | −0.8% | −2.0% |
| Total | 52,017 | 100.0% | 43,978 | 100.0% | 37,281 | 100.0% | +18.3% | +18.0% |
| Region | FY2025 | % | FY2024 | % | FY2023 | % | YoY 25/24 | YoY 24/23 |
|---|---|---|---|---|---|---|---|---|
| United States and Canada | 26,469 | 50.9% | 23,618 | 53.7% | 20,436 | 54.8% | +12.1% | +15.6% |
| Latin America | 3,327 | 6.4% | 2,795 | 6.4% | 2,512 | 6.7% | +19.0% | +11.3% |
| EMEA | 16,364 | 31.5% | 12,529 | 28.5% | 9,904 | 26.6% | +30.6% | +26.5% |
| Asia Pacific | 5,857 | 11.3% | 5,036 | 11.5% | 4,429 | 11.9% | +16.3% | +13.7% |
| Total | 52,017 | 100.0% | 43,978 | 100.0% | 37,281 | 100.0% | +18.3% | +18.0% |
Due to rounding, the shares of the four regions add to 100.1% in 2024 and 2025. The document also provides a breakdown by country, whose 2024 shares add to 99.9% for the same reason.
| Country | FY2025 | % | FY2024 | % | FY2023 | % |
|---|---|---|---|---|---|---|
| United States | 23,771 | 45.7% | 21,429 | 48.7% | 18,620 | 49.9% |
| United Kingdom | 10,609 | 20.4% | 8,373 | 19.0% | 6,522 | 17.5% |
| All other countries | 17,637 | 33.9% | 14,176 | 32.2% | 12,139 | 32.6% |
| Total | 52,017 | 100.0% | 43,978 | 100.0% | 37,281 | 100.0% |
At year-end the company had approximately 34,000 employees, of whom approximately 20,300 were outside the United States. The document does not give the prior-year headcount.
The 10-K is signed by Dara Khosrowshahi (CEO), Prashanth Mahendra-Rajah (CFO) and Glen Ceremony (Chief Accounting Officer). The document does not list the prior year's signatories, so any changes cannot be verified.
Items introduced during 2025 and absent from the comparative columns:
| Item | Date given in the document |
|---|---|
| 2028 Exchangeable Senior Notes, partly secured by Aurora shares | May 2025 |
| Commercial paper program of up to 2.0 bn, undrawn | June 2025 |
| 2031 and 2035 Senior Notes; early redemption of the 2027 and 2028 Senior Notes | September 2025 |
| Acquisition of 85% of Trendyol GO | June 2025 |
| Foreign currency cash flow hedges (new line in comprehensive income) | 2025 |
| Commitment to purchase Lucid vehicles with Nuro systems | July 2025 |
| One Big Beautiful Bill Act | July 2025 |
| New Zealand Supreme Court ruling on four drivers | November 2025 |
| End of the application of the VAT Order 1987 in the United Kingdom | January 2026 |
| New tax disclosures (ASU 2023-09, prospective adoption) | 2025 |
The document grounds the advantage in the network: over 15,000 cities in more than 70 countries. Monthly active platform consumers were 202 million in the fourth quarter, up 18%. In the same quarter approximately 58% of first-time Delivery consumers were new to the platform. In countries where both offerings are available, consumers using both Mobility and Delivery generated "over three times the Gross Bookings" of those using only one.
The competition risk factor describes an industry with "low barriers to entry, low switching costs, and well-capitalized competitors in nearly every major geographic region". Among the competitors the document names are Lyft, Bolt, Didi, DoorDash and Instacart. In autonomous driving it cites Waymo, Tesla and Zoox. According to the 10-K, Waymo operates an autonomous fleet both on its own platform and on Uber's. The document provides no market shares, and no contracts or licenses that protect the position.
The document does not publish average prices or tariff revisions. The available indirect measures cover only FY2024 and FY2025, the only years with Gross Bookings.
| Indicator | FY2024 | FY2025 | Calculation |
|---|---|---|---|
| Revenue / total Gross Bookings | 27.0% | 26.9% | 43,978 / 162,773; 52,017 / 193,454 |
| Revenue / Mobility Gross Bookings | 30.2% | 30.4% | 25,087 / 83,024; 29,670 / 97,497 |
| Revenue / Delivery Gross Bookings | 18.4% | 19.0% | 13,750 / 74,614; 17,248 / 90,864 |
| Mobility + Delivery Gross Bookings per Trip (US$) | 13.98 | 13.88 | 157,638 / 11,273; 188,361 / 13,567 |
| Trips (mn) | 11,273 | 13,567 | MD&A |
The document attributes the growth of both segments to "an increase in Trip volumes". The average value per Trip fell by 0.7%. The higher take rate in Delivery coincides with 568 mn of additional advertising revenue, paid by merchants and brands rather than by consumers. In 2025 insurance expense rose by 851 mn, due to "an increase in insurance rate per mile and miles driven". Mobility's Adj. EBITDA margin still rose from 25.9% to 26.6%.
In 2025 revenue grew 18% both as reported and in constant currency. The only acquisition the document describes is Trendyol GO, purchased for 694 mn. The document describes its contribution as "an immaterial amount of revenue and loss before taxes" for the part of the year after closing. Note 7, however, also records 131 mn of goodwill from acquisitions in the Mobility segment. The cash flow statement shows 815 mn of acquisition outflows, against 694 mn for Trendyol GO. The document does not describe the other transactions or their revenue contribution.
In 2025 Delivery grew 25.4% and Mobility 18.3%. Freight declined 0.8%, due to the "challenging freight market cycle". The United Kingdom grew 26.7%, the United States 10.9%.
| Item | Growth FY2025/FY2024 | Share of revenue FY2024 | Share of revenue FY2025 | Contribution to margin change (points) |
|---|---|---|---|---|
| Revenue | +18.3% | 100.0% | 100.0% | — |
| Cost of revenue | +17.6% | 60.6% | 60.2% | +0.4 |
| Operations and support | +4.5% | 6.2% | 5.5% | +0.7 |
| Sales and marketing | +12.9% | 9.9% | 9.4% | +0.4 |
| Research and development | +9.4% | 7.1% | 6.5% | +0.5 |
| General and administrative | −10.9% | 8.3% | 6.2% | +2.0 |
| Depreciation and amortization | +1.1% | 1.6% | 1.4% | +0.2 |
| Income from operations | +98.8% | 6.4% | 10.7% | +4.3 |
The contributions are calculated on unrounded shares and add to 4.3 points.
Every cost line grew more slowly than revenue. Almost half of the margin improvement comes from G&A, which fell by 398 mn. The document attributes the decline to "a $549 million decrease in legal-related accruals and expenses".
| US$ mn | FY2023 | FY2024 | FY2025 | Chg. 24/23 | Chg. 25/24 |
|---|---|---|---|---|---|
| Revenue | 37,281 | 43,978 | 52,017 | +18.0% | +18.3% |
| Cost of revenue (excl. D&A) | 22,457 | 26,651 | 31,338 | +18.7% | +17.6% |
| Gross profit (excl. D&A) | 14,824 | 17,327 | 20,679 | +16.9% | +19.3% |
| Operations and support | 2,689 | 2,732 | 2,854 | +1.6% | +4.5% |
| Sales and marketing | 4,356 | 4,337 | 4,898 | −0.4% | +12.9% |
| Research and development | 3,164 | 3,109 | 3,402 | −1.7% | +9.4% |
| General and administrative | 2,682 | 3,639 | 3,241 | +35.7% | −10.9% |
| Depreciation and amortization | 823 | 711 | 719 | −13.6% | +1.1% |
| Income from operations | 1,110 | 2,799 | 5,565 | +152.2% | +98.8% |
| Interest expense | (633) | (523) | (440) | −17.4% | −15.9% |
| Interest income | 484 | 721 | 743 | +49.0% | +3.1% |
| Other income (expense), net | 1,360 | 1,128 | (68) | −17.1% | n.m. |
| Income before taxes | 2,321 | 4,125 | 5,800 | +77.7% | +40.6% |
| Income taxes: provision / (benefit) | 213 | (5,758) | (4,346) | n.m. | n.m. |
| Equity-method investments | 48 | (38) | (53) | n.m. | n.m. |
| Non-controlling interests | 269 | (11) | 40 | n.m. | n.m. |
| Net income attributable to Uber | 1,887 | 9,856 | 10,053 | +422.3% | +2.0% |
| Diluted EPS (US$) | 0.87 | 4.56 | 4.73 | +424.1% | +3.7% |
| Weighted-average diluted shares (mn) | 2,091.8 | 2,150.5 | 2,119.7 | +2.8% | −1.4% |
The 2025 net income includes a 5,011 mn tax benefit from the release of the valuation allowance on Dutch deferred tax assets. For 2024 the MD&A reports a 6.4 bn release on US tax assets. In both years net income therefore exceeds income before taxes.
Other income moves from +1,128 to −68 mn, for three reasons:
| Component | FY2024 | FY2025 |
|---|---|---|
| Unrealized gain (loss) on securities | 1,832 | (97) |
| Foreign exchange | (391) | 89 |
| Foodpanda Taiwan termination fee | (236) | — |
| Other | (77) | (60) |
| Total | 1,128 | (68) |
In 2025 the largest component is the 802 mn loss on Aurora. The largest gain is 409 mn, on Didi.
The FY2025 operating margin is the highest among the years presented in the document (FY2023-FY2025), as the key metrics table shows.
| Liquidity | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|
| Cash and cash equivalents | 5,893 | 7,105 |
| Short-term investments | 1,084 | 528 |
| Unrestricted liquidity | 6,977 | 7,633 |
| Restricted cash | 2,717 | 2,542 |
| Restricted investments | 7,019 | 8,874 |
According to Note 1, restricted cash is "pledged as security for letters of credit or other collateral amounts" relating to certain insurance policies. Restricted cash and investments are therefore excluded from the net debt position.
| Debt | Coupon | Maturity | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|
| 2025 Convertible Notes | 0.00% | Dec. 2025 | 1,150 | — |
| 2028 Convertible Notes | 0.875% | Dec. 2028 | 1,725 | 1,725 |
| 2028 Exchangeable Senior Notes (fair value; principal 1,150) | 0.00% | May 2028 | — | 1,125 |
| 2027 Senior Notes | 7.50% | redeemed | 700 | — |
| 2028 Senior Notes | 6.25% | redeemed | 500 | — |
| 2029 Senior Notes | 4.50% | Aug. 2029 | 1,500 | 1,500 |
| 2030 Senior Notes | 4.30% | Jan. 2030 | 1,250 | 1,250 |
| 2031 Senior Notes | 4.15% | Jan. 2031 | — | 1,000 |
| 2034 Senior Notes | 4.80% | Sep. 2034 | 1,500 | 1,500 |
| 2035 Senior Notes | 4.80% | Sep. 2035 | — | 1,250 |
| 2054 Senior Notes | 5.35% | Sep. 2054 | 1,250 | 1,250 |
| Total debt (Note 8) | 9,575 | 10,600 | ||
| Unamortized discount and issuance costs | (78) | (79) | ||
| Debt, carrying value | 9,497 | 10,521 | ||
| Operating leases | 1,629 | 1,559 | ||
| Finance leases | 310 | 222 | ||
| Total gross debt | 11,436 | 12,302 |
Gross debt excludes the financing obligation tied to the 49% indirect interest in the Mission Bay land. For this obligation the document gives only the undiscounted future payments, 820 mn, not the carrying value. The 5.0 bn revolving facility is undrawn. Letters of credit reduce its availability by 343 mn.
Uber stockholders' equity is 27,041 mn, against 21,558 mn in 2024. Non-controlling interests are 877 mn non-redeemable and 165 mn redeemable. Goodwill amounts to 8,931 mn.
| US$ mn | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Operating cash flow | 3,585 | 7,137 | 10,099 |
| Capex | (223) | (242) | (336) |
| Free cash flow | 3,362 | 6,895 | 9,763 |
| SBC | 1,935 | 1,796 | 1,826 |
| FCF net of SBC | 1,427 | 5,099 | 7,937 |
| Change in insurance reserves (included in operating cash flow) | 2,230 | 2,819 | 2,660 |
| Income taxes paid | 234 | 324 | 345 |
| Share repurchases | 0 | 1,252 | 6,523 |
| Dividends | 0 | 0 | 0 |
Schedule II shows that in 2025 additions to insurance reserves (4,879 mn) exceeded claims paid (2,421 mn). The MD&A identifies this gap as the main source of the working capital cash inflow.
Owner earnings (consolidated; SBC is already deducted in net income and is not subtracted again):
Owner earnings stay below FCF for two reasons. They exclude working capital, including insurance reserves. And they do not add back SBC, which operating cash flow does add back. The 2024 figure includes the 1,123 mn of legal, non-income tax and regulatory reserve changes.
Dilution:
There is 3.5 bn of unamortized SBC cost on unvested awards still to be recognized, over a weighted-average 2.64 years. Unvested RSUs total 57.7 mn. The conversion price of the 2028 Convertible Notes (US$ 72.54) is below the year-end price. The conversion rate corresponds to 23.8 mn underlying shares.
On conversion, however, Uber "must pay cash up to the aggregate principal amount of the notes": only the excess may be settled in shares. The initial cap price of the related capped calls is US$ 95.81.
| Indicator | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Gross margin (excl. D&A) | 39.8% | 39.4% | 39.8% |
| Operating margin | 3.0% | 6.4% | 10.7% |
| Net margin (attributable to Uber) | 5.1% | 22.4% | 19.3% |
| GAAP EBITDA (income from operations + D&A from IS) | 1,933 | 3,510 | 6,284 |
| GAAP EBITDA margin | 5.2% | 8.0% | 12.1% |
| Adj. EBITDA margin (company measure) | 10.9% | 14.7% | 16.8% |
| FCF margin | 9.0% | 15.7% | 18.8% |
| SBC / revenue | 5.2% | 4.1% | 3.5% |
| ROIC (NOPAT at 21%, year-end capital) | not available | 8.2% | 13.4% |
| Gross debt / GAAP EBITDA | not available | 3.26x | 1.96x |
| Net debt / GAAP EBITDA | not available | 1.27x | 0.74x |
| Interest coverage (EBIT / interest expense) | 1.8x | 5.4x | 12.6x |
| FCF / net income attributable to Uber | 178% | 70% | 97% |
ROIC and debt ratios cannot be calculated for 2023, because the balance sheet at December 31, 2023 is not presented.
The 21% rate is the US federal statutory rate: the negative effective rate cannot be used. Investments and deferred tax assets do not contribute to EBIT. Both measures use year-end balances.
Multiples. The price is at December 31, 2025, the share count at February 10, 2026. At year-end, shares outstanding were 2,067.9 mn, i.e. 9.8 mn more than the cover-page figure.
The adjusted net income removes only the Dutch tax benefit. It is not normalized earnings: among other items, it still includes the unrealized loss on securities. Investments are partly restricted: approximately 48% of the Aurora shares are pledged as collateral for the exchangeable notes.
Driver classification (partly materialized). The document lists proceedings in California, Switzerland, France (URSSAF), New Jersey and other jurisdictions. Over 150,000 US drivers have filed or expressed an intention to file arbitration demands. For a majority of them the document reports individual settlements already concluded. Liabilities for legal, regulatory and non-income tax matters rose from 1.5 to 2.1 bn. The document does not quantify the range of reasonably possible loss and states that it does not expect "a material adverse effect". In the event of reclassification, however, the 10-K anticipates "significant additional expenses" and the need to "fundamentally change our business model".
UK VAT (materialized in cash, potential in the income statement). Uber has paid HMRC assessments of approximately 1.8 bn, covering March 2022 to September 2024. The amounts are recorded as a receivable within other assets, pending a successful appeal. The document adds: "We expect to receive additional assessments related to the period 2023 through 2025". HMRC "has expressed their intention to not enforce assessments" until the appeal of a competitor is decided. From January 2026 the regime that taxed the margin rather than Gross Bookings no longer applies. The document does not quantify the effect of this change on a market that accounts for 20.4% of revenue.
Insurance reserves (potential). Reserves grew 27.2%, against 18.3% for revenue. Their valuation is a Critical Audit Matter. Through reinsurance arrangements, Uber and its captive take on "a significant portion of the risk". The document warns that they could have to pay "material amounts that may be in excess of our insurance reserves". In 2025 the change in estimates on prior-period claims was favorable by 21 mn.
Autonomous vehicles (potential). According to the document, autonomous vehicles "could substantially reduce the cost of providing ridesharing, delivery, or logistics services" to the benefit of competitors. Waymo already operates an autonomous fleet on its own platform. For the Lucid-Nuro commitment, the document states that "our cash requirement has not been determined".
Competition and incentives (potential, with recurring costs). The 10-K describes low switching costs for consumers, drivers and merchants. Discounts, promotions and refunds to end-users who are not customers rose from 1.4 to 1.6 bn. Uber may charge merchants fees low enough to produce a "negative Revenue Margin" on some Delivery transactions.
Uncertain tax positions and deferred tax assets (potential). Unrecognized tax benefits rose 13.7%. Approximately 5.1 bn of these would affect the tax rate if recognized. Deferred tax assets of 10,951 mn depend on future profits. The document also flags the possible future application of the US CAMT and of the OECD global minimum tax.
Investment volatility (materialized). Investments, including equity-method investments, are carried at 9.5 bn. In 2025 they generated net unrealized losses of 97 mn. In the prior year unrealized gains had been 1,832 mn. The loss on Aurora alone was 802 mn.
Geographic and regulatory concentration (potential). The United States and the United Kingdom together account for 66.1% of revenue. The document cites a bill passed by the Mexican Congress that would reclassify as employees the drivers earning more than one minimum salary a month. It also reports non-compete restrictions in Southeast Asia and in the Middle East, North Africa and Pakistan, arising from past divestitures and tied to the stakes in Grab and Careem Technologies.
Uber has a single class of common stock, with 5.0 bn shares authorized. Up to 10 mn preferred shares are authorized, none issued. The document identifies no controlling shareholder; holders of record numbered 1,207. The charter contains provisions that the document itself describes as obstacles to a change of control: the board fills vacancies, stockholders face limits on calling special meetings, cumulative voting is prohibited, and the board can issue preferred stock without stockholder approval.
According to the signatures, the board comprises Ronald Sugar (Chairperson), Dara Khosrowshahi (CEO), Revathi Advaithi, Turqi Alnowaiser, Nikesh Arora, Ursula Burns, Robert Eckert, Amanda Ginsberg, John Thain, David Trujillo and Alexander Wynaendts. Andrew Macdonald appears as President and Chief Operating Officer. In 2025 he adopted in September and terminated in December a trading plan under Rule 10b5-1. The plan provided for up to 125,000 shares.
Director and executive compensation is not in the document: Items 10-14 refer to the 2026 proxy statement. The 10-K therefore does not allow the link between pay and results to be verified.
There are four disclosed related parties:
The auditor is PricewaterhouseCoopers LLP, which states: "We have served as the Company's auditor since 2014". The opinions on the financial statements and on internal control are unqualified.
Accounting policies and changes in the year. ASU 2023-09 was adopted prospectively, with no effect on results. Interest income is now presented on a separate line, also for prior years, with no effect on earnings. Certain deferred tax assets on fixed assets were reclassified to capitalized research expenses. Three new standards are being evaluated and have not yet been adopted.
Critical Audit Matters. There are two. The first concerns the gross or net presentation of Mobility and Delivery revenue, 46.9 bn, and the classification of incentives and promotions. The second concerns the valuation of insurance reserves, 12.5 bn.
Accounting choices that move earnings:
GAAP and non-GAAP. Adjusted EBITDA excludes 14 categories of items. The company itself describes SBC as "a significant recurring expense". The legal reserves excluded as "distinct from normal, recurring" appear in all three years.
| Item excluded from Adj. EBITDA (FY2025) | mn |
|---|---|
| Depreciation and amortization | 719 |
| SBC | 1,826 |
| Legal, non-income tax and regulatory reserves | 564 |
| Acquisition, financing and divestiture expenses | 43 |
| Restructuring | 9 |
| Impairments and loss on lease arrangement | 4 |
| Total (Adj. EBITDA 8,730 − income from operations 5,565) | 3,165 |
Taxes. The FY2025 effective tax rate is −74.8% according to Note 11. The US federal statutory rate is 21.0%. The difference comes mainly from the release of the Dutch valuation allowance, worth −86.4 points. In the opposite direction, changes in unrecognized tax benefits add +10.2 points. Foreign net operating loss carryforwards amount to 20.3 bn.
Share repurchase program. At year-end 19,216 mn remained authorized, out of a 27.0 bn program. In the fourth quarter 21.4 mn shares were repurchased.
Delivery and advertising. Delivery was the fastest-growing segment in 2025 (+25.4%). Advertising added 568 mn of revenue to the segment. The document states that only "approximately one in five eligible consumers" uses both offerings each month.
Expansion in Türkiye. After Trendyol GO, in February 2026 Uber signed an agreement with Mubadala Investment Company to acquire 100% of Getir's food delivery business and a minority stake in its grocery delivery business, for 435 mn in cash. Closing of the food business is expected in the second half of 2026, subject to approvals. The transaction is reported in Note 19 as a subsequent event.
Autonomous vehicles through partners. Uber, or fleet operators it designates, has committed to purchase at least 20,000 Lucid vehicles with Nuro Level 4 systems. Purchases are spread over six years from the start of production, targeted for 2026. The document lists production timelines, quality thresholds and fleet operator participation as risks.
Outcome of the UK VAT appeal. If the appeal succeeds, the approximately 1.8 bn paid would be returned "with interest". Since the amounts are already recorded as a receivable, the effect would be on cash, not on the income statement.
Cost of debt. In 2025 interest expense fell 15.9%. The MD&A attributes the decline to "debt refinancing activities in the second half of 2024 and 2025". These include the September 2025 redemption of the notes with 7.50% and 6.25% coupons. The issues that funded it pay 4.15% and 4.80%.
The prior-year 10-K is not part of the document analyzed: the targets stated then cannot be verified. The possible comparison covers the commitments that this document describes together with their origin and outcome.
| Item | Stated | Delivered | Variance |
|---|---|---|---|
| Share repurchases | 7.0 bn authorization (February 2024), then increased by 20.0 bn (July 2025) | 1,252 mn in 2024 and 6,523 mn in 2025; 19,216 mn remaining | 7,784 mn used (27,000 − 19,216), consistent with 7,775 mn of outflows (1,252 + 6,523) |
| 2022 cloud contracts | Minimum spend of 2.1 bn through November 2029 | The document states "Uber satisfied its commitment" | Ambiguous: the same paragraph still includes the 2.1 bn in non-cancelable commitments (2.4 bn), of which 498 mn short-term |
| 2025 Convertible Notes | 1.15 bn maturing in December 2025 | Repaid in cash in Q4 2025 | None |
| Foodpanda Taiwan acquisition | Approx. 950 mn in cash (May 2024) | Prohibited by the Taiwan Fair Trade Commission in January 2025; 236 mn termination fee paid in April 2025 | Deal not completed, cost of 236 mn |
| Freight Series A redemption | Right exercised in October 2023 | Redeemed in cash for 851 mn in October 2024 | Completed |
| Prior-year margin, investment or growth targets | Not reported in the document | — | Comparison not possible |
At the year-end price, the market values Uber at 17.2 times FCF and 31.2 times EBIT. FCF (9,763 mn) exceeds EBIT (5,565 mn) mainly for three reasons. It includes SBC, which is not a cash outflow. It includes depreciation and amortization. And it includes the increase in insurance reserves.
At constant flows, the price requires more than twenty years of cash to be recovered. It therefore embeds future growth, the size of which cannot be derived from the document. The thesis holds under three conditions. First, the operating margin must stay above 10% even if legal accruals returned to 2024 levels. Second, insurance reserves must stop growing faster than revenue. Third, the new UK VAT regime must not reduce the contribution of a market worth one fifth of revenue.
Metrics to monitor in the coming quarters:
Report based on the Form 10-K of Uber Technologies, Inc. for the fiscal year ended December 31, 2025, signed on February 13, 2026; the multiples use the closing price of US$ 81.71 at December 31, 2025 and the 2,058,115,983 shares outstanding at February 10, 2026 from the 10-K cover page; the price is an input supplied to the analysis, not a figure from the filing; this report is for analytical purposes only and does not constitute investment advice.
The full data table behind this report — every line item with its source in the filing and the arithmetic checks — is published separately: Uber FY2025 data table.