10-KPeriod: FY2025

Uber Technologies, Inc Annual Report, Year Ended Dec 31, 2025

Filed February 13, 2026For Securities:UBER

Summary

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 billion, 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 billion, 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.

Financial Highlights

52 data points
Beta

Revenue

$52.02B

Net Income

$10.05B

19.3% Net Margin

EPS (Diluted)

$4.73

Total Assets

$61.80B

Cash & Equivalents

$7.11B

Free Cash Flow

$9.76B

Financial Statements
Beta
Revenue$52.02B
R&D Expenses$3.40B
Operating Expenses$46.45B
Operating Income$5.57B
Net Income$10.05B
EPS (Basic)$4.82
EPS (Diluted)$4.73
Shares Outstanding (Basic)2.09B
Shares Outstanding (Diluted)2.12B

Key Highlights

  • 1Uber 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.
  • 2Gross 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.
  • 3Monthly Active Platform Consumers (MAPCs) grew 18% year-over-year to 202 million in the fourth quarter of 2025, reflecting continued platform engagement.
  • 4Net 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.
  • 5Adjusted EBITDA grew substantially by 35% to $8.73 billion, demonstrating improved profitability and operational leverage across the business.
  • 6The company ended the year with $7.6 billion in unrestricted cash and cash equivalents, maintaining a strong liquidity position.

Frequently Asked Questions

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.

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.

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.

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.