Uber Announces Results for Fourth Quarter and Full Year 2025 (Form 8-K)

Uber Announces Results for Fourth Quarter and Full Year 2025

Quarterly trips grew 22% year-over-year and Gross Bookings grew 22% year-over-year

Record quarterly GAAP Income from operations of $1.8 billion; Adjusted EBITDA of $2.5 billion, up 35% year-over-year

Record quarterly operating cash flow of $2.9 billion and Free cash flow of $2.8 billion

SAN FRANCISCO - February 4, 2026 - Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter and full year ended December 31, 2025.

"Uber accelerated into another record-breaking quarter, with more than 200 million monthly users completing more than 40 million trips every day-our largest and most engaged consumer base ever," said Dara Khosrowshahi, CEO. "We enter 2026 with a rapidly growing topline, significant cash flow, and a clear path to becoming the largest facilitator of AV trips in the world."

"Our performance this year reflects the significant power of our platform strategy, with $193 billion in Gross Bookings and $10 billion in free cash flow," said Prashanth Mahendra-Rajah, CFO. "Uber is a once-in-a-generation company with enormous opportunity still ahead, and it has been a true privilege-and a great deal of fun-to have played my part in its success."

"After five years of 20%+ growth, we are entering 2026 with strong momentum, while remaining solidly on track to deliver on our three-year growth and profit outlook," said Balaji Krishnamurthy, incoming CFO. "With large and growing free cash flows, over the coming years we will invest with discipline across a multitude of opportunities, including positioning Uber to win in an AV future."

Financial and Operational Highlights for Fourth Quarter 2025

•Trips during the quarter grew 22% year-over-year ("YoY") to 3.8 billion, driven by Monthly Active Platform Consumers ("MAPCs") growth of 18% YoY and monthly Trips per MAPC growth of 3% YoY.

•Gross Bookings grew 22% YoY to $54.1 billion, and 22% on a constant currency basis.

•Revenue grew 20% YoY to $14.4 billion, or 19% on a constant currency basis.

•GAAP Income from operations grew 130% YoY to $1.8 billion.

•GAAP Net income attributable to Uber Technologies, Inc. was $296 million, which includes a $1.6 billion net headwind (pre-tax) from revaluations of Uber's equity investments. GAAP Diluted earnings per share ("EPS") was $0.14.

•Adjusted EBITDA grew 35% YoY to $2.5 billion. Adjusted EBITDA margin as a percentage of Gross Bookings was 4.6%, up from 4.2% in Q4 2024.

•Non-GAAP Operating Income grew 46% YoY to $1.9 billion. Non-GAAP Operating Income as a percentage of Gross Bookings was 3.5%, up from 3.0% in Q4 2024.

•Non-GAAP Net Income grew 25% YoY to $1.5 billion and Non-GAAP EPS grew 27% YoY to $0.71.

•Net cash provided by operating activities was $2.9 billion and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $2.8 billion.

•Unrestricted cash, cash equivalents, and short-term investments were $7.6 billion at the end of the fourth quarter.

Outlook for Q1 2026

For Q1 2026, we anticipate:

•Gross Bookings of $52.0 billion to $53.5 billion, representing growth of 17% to 21% YoY on a constant currency basis.

◦Our outlook assumes a roughly 4 percentage-point currency tailwind to total reported YoY growth.

•Non-GAAP EPS of $0.65 to $0.72, representing growth of 37% YoY at the midpoint.

◦Our outlook translates to Adjusted EBITDA of $2.37 billion to $2.47 billion.

Financial and Operational Highlights for Fourth Quarter 2025

						Three Months Ended December 31,
(In millions, except percentages)						2024						2025						% Change						% Change (Constant Currency (1))
Monthly Active Platform Consumers ("MAPCs")						171						202						18		%
Trips						3,068						3,751						22		%
Gross Bookings						$	44,197					$	54,140					22		%				22		%
Revenue						$	11,959					$	14,366					20		%				19		%
GAAP Income from operations						$	770					$	1,774					130		%
GAAP Net income attributable to Uber Technologies, Inc. (2)						$	6,883					$	296					(96)		%
GAAP Diluted EPS						$	3.21					$	0.14					(96)		%
Adjusted EBITDA (1)						$	1,842					$	2,487					35		%
Non-GAAP Operating Income (1)						$	1,318					$	1,918					46		%
Non-GAAP Net Income (1)						$	1,201					$	1,496					25		%
Non-GAAP EPS (1)						$	0.56					$	0.71					27		%
Net cash provided by operating activities						$	1,750					$	2,883					65		%
Free cash flow (1)						$	1,706					$	2,808					65		%

(1) See "Definitions of Non-GAAP Measures" and "Reconciliations of Non-GAAP Measures" sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

(2) Q4 2024 net income includes a $6.4 billion benefit from a tax valuation release and a $556 million net benefit (pre-tax) from revaluations of Uber's equity investments. Q4 2025 net income includes a $1.6 billion net headwind (pre-tax) from revaluations of Uber's equity investments.

Full Year 2025 Financial and Operational Highlights

						Year Ended December 31,
(In millions, except percentages)						2024						2025						% Change						% Change (Constant Currency)
Trips						11,273						13,567						20		%
Gross Bookings						$	162,773					$	193,454					19		%				20		%
Revenue						$	43,978					$	52,017					18		%				18		%
GAAP Income from operations						$	2,799					$	5,565					99		%
GAAP Net income attributable to Uber Technologies, Inc. (2)						$	9,856					$	10,053					2		%
GAAP Diluted EPS						$	4.56					$	4.73					4		%
Adjusted EBITDA (1)						$	6,484					$	8,730					35		%
Non-GAAP Operating Income (1)						$	4,310					$	6,453					50		%
Non-GAAP Net Income (1)						$	3,970					$	5,237					32		%
Non-GAAP EPS (1)						$	1.82					$	2.45					35		%
Net cash provided by operating activities						$	7,137					$	10,099					42		%
Free cash flow (1)						$	6,895					$	9,763					42		%

(1) See "Definitions of Non-GAAP Measures" and "Reconciliations of Non-GAAP Measures" sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

(2) Net income for the year ended December 31, 2024 includes a $6.4 billion benefit from a tax valuation release and a $1.8 billion net benefit (pre-tax) from revaluations of Uber's equity investments. Net income for the year ended December 31, 2025 includes a $5.0 billion benefit from a tax valuation release and a $97 million net headwind (pre-tax) from revaluations of Uber's equity investments.

Results by Offering and Segment

Gross Bookings

						Three Months Ended December 31,
(In millions, except percentages)						2024						2025						% Change						% Change (Constant Currency)
Gross Bookings:
Mobility						$	22,798					$	27,442					20		%				19		%
Delivery						20,126						25,431						26		%				26		%
Freight						1,273						1,267						(1)		%				(1)		%
Total						$	44,197					$	54,140					22		%				22		%

Revenue

						Three Months Ended December 31,
(In millions, except percentages)						2024						2025						% Change						% Change (Constant Currency)
Revenue:
Mobility						$	6,911					$	8,204					19		%				18		%
Delivery						3,773						4,892						30		%				29		%
Freight						1,275						1,270						-		%				(1)		%
Total						$	11,959					$	14,366					20		%				19		%

Adjusted EBITDA and Segment Adjusted EBITDA

						Three Months Ended December 31,
(In millions, except percentages)						2024						2025						% Change
Segment Adjusted EBITDA:
Mobility						$	1,769					$	2,203					25		%
Delivery						727						1,015						40		%
Freight						(22)						-						**
Corporate G&A and Platform R&D (1)						(632)						(731)						(16)		%
Adjusted EBITDA (2)						$	1,842					$	2,487					35		%

(1) Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change.

(2) "Adjusted EBITDA" is a non-GAAP measure as defined by the SEC. See "Definitions of Non-GAAP Measures" and "Reconciliations of Non-GAAP Measures" sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

** Percentage not meaningful.

Non-GAAP Operating Income and Segment Operating Income (Loss)

						Three Months Ended December 31,
(In millions, except percentages)						2024						2025						% Change
Segment Operating Income (Loss):
Mobility						$	1,608					$	2,027					26		%
Delivery						639						905						42		%
Freight						(41)						(18)						56		%
Corporate G&A and Platform R&D (1)						(888)						(996)						(12)		%
Non-GAAP Operating Income (2)						$	1,318					$	1,918					46		%

(1) Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change.

(2) "Non-GAAP Operating Income" is a non-GAAP measure as defined by the SEC. See "Definitions of Non-GAAP Measures" and "Reconciliations of Non-GAAP Measures" sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

Webcast and conference call information

A live audio webcast of our fourth quarter ended December 31, 2025 earnings release call will be available at https://investor.uber.com/, along with the earnings press release and slide presentation. The call begins on February 4, 2026 at 5:00 AM (PT) / 8:00 AM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site.

We also provide announcements regarding our financial performance and other matters, including SEC filings, investor events, press and earnings releases, on our investor relations website (https://investor.uber.com/), and our blogs (https://uber.com/blog) and X accounts (@uber and @dkhos), as a means of disclosing material information and complying with our disclosure obligations under Regulation FD.

About Uber

Uber's mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 72 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.