01—Abstract
Summary
Summary of the 10-K filed February 13, 2026. Cited figures are marked; the original filing is the authoritative source.
Uber Technologies, Inc. concluded fiscal year 2025 with robust growth across its core segments, demonstrating strong operational execution and increasing profitability.
Gross Bookings saw a significant 19% year-over-year increase, reaching $193.45 billiona, driven by a 20% increase in Monthly Active Platform Consumers (MAPCs) to 202 million and a 20% rise in Trips. The Mobility segment showed resilience with 19% constant currency growth in Gross Bookings, while Delivery experienced even stronger expansion at 22% constant currency growth, highlighting the continued consumer engagement with these services. Financial performance also improved, with Income from Operations nearly doubling to $5.57 billion and Net Income attributable to Uber Technologies, Inc. reaching $10.05 billion, bolstered by a $5.0 billion benefit from the release of deferred tax asset valuation allowances in the Netherlands.
Adjusted EBITDA also saw substantial growth, up 35% to $8.73 billionb, indicating enhanced operational efficiency and profitability. The company maintained a strong liquidity position, ending the year with $7.6 billion in unrestricted cash and cash equivalents.
02—Key points
Key Highlights
- Uber achieved significant revenue growth, with total revenue reaching $52.0 billion in 2025, an 18% increase year-over-year, driven by increased trip volumes in both Mobility and Delivery.
- Gross Bookings increased by 19% to $193.45 billion, with Mobility Gross Bookings up 17% and Delivery Gross Bookings up 22% on a constant currency basis.
- Monthly Active Platform Consumers (MAPCs) grew 18% year-over-year to 202 million in the fourth quarter of 2025, reflecting continued platform engagement.
- Net income attributable to Uber Technologies, Inc. was $10.05 billion, which included a significant $5.0 billion benefit from the release of a deferred tax asset valuation allowance in the Netherlands.
- Adjusted EBITDA grew substantially by 35% to $8.73 billion, demonstrating improved profitability and operational leverage across the business.
- The company ended the year with $7.6 billion in unrestricted cash and cash equivalents, maintaining a strong liquidity position.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 13, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $52.02B$43.98B | +18.3% |
| R&D Expenses | $3.40B$3.11B | +9.4% |
| Operating Expenses | $46.45B$41.18B | +12.8% |
| Operating Income | $5.57B$2.80B | +98.8% |
| Net Income | $10.05B$9.86B | +2.0% |
| EPS (Basic) | $4.82$4.71 | +2.3% |
| EPS (Diluted) | $4.73$4.56 | +3.7% |
| Shares Outstanding (Basic) | 2.09B2.09B | −0.4% |
| Shares Outstanding (Diluted) | 2.12B2.15B | −1.4% |
05—Questions
Frequently Asked Questions
How did Uber's different segments perform in 2025?
Uber's Mobility segment revenue increased by 18%, with Mobility Adjusted EBITDA growing by 22%, primarily driven by higher trip volumes. The Delivery segment showed robust growth, with revenue up 25% and Delivery Adjusted EBITDA increasing by 45%, also driven by higher trip volumes and advertising revenue. The Freight segment experienced a slight revenue decrease of 1%, but saw an improvement in Freight Adjusted EBITDA by 55% due to cost efficiencies.
What is the significance of the release of the Netherlands' deferred tax asset valuation allowance?
Uber released $5.0 billion of its Netherlands' deferred tax assets valuation allowance in 2025, contributing significantly to its reported net income of $10.05 billion. This release was based on a sustained 12-quarter cumulative income position in the Netherlands, providing objective and verifiable evidence of the realizability of these deferred tax assets.
How is Uber managing its debt and share repurchases?
Uber is actively managing its debt by redeeming senior notes and has a substantial share repurchase program in place. In 2025, the company redeemed $1.15 billion of convertible notes and exercised call options to redeem $1.2 billion of senior notes. The board authorized an additional $20.0 billion for share repurchases, bringing the total program to $27.0 billion, with $19.2 billion available as of December 31, 2025, indicating a commitment to returning capital to shareholders.
What are the key risks Uber highlighted in its 10-K filing?
Uber highlighted several key risks, including potential adverse effects from driver reclassification as employees, intense competition across its segments, the need for continued investment in new technologies, and significant ongoing legal and regulatory challenges globally. Data privacy and cybersecurity risks, as well as potential impacts from macroeconomic conditions, were also emphasized.
06—Continue