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Uber Technologies (UBER) FY2025 results: revenue $52.0 billion, up 18.3% on the year

Uber Technologies, Inc. (UBER) reported revenue of $52.0 billion for fiscal 2025, the year ended 31 December 2025, up 18.3% on the year before. Net income was $10.1 billion, up 2.0%, and diluted earnings per share $4.73. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$52.0 billion
+18.3% on the year
FY2018FY2025
Operating margin
10.7%
6.4% a year earlier
FY2018FY2025
Net income
$10.1 billion
+2.0% on the year
FY2018FY2025
Diluted EPS
$4.73
+3.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 new.

  • Gross Bookings and trips each rose 22%: Gross Bookings reached $54.1 billion, up 22% year-over-year, or 22% in constant currency. Trips also rose 22% year-over-year.
  • Adjusted EBITDA up 35%: Adjusted EBITDA was $2.5 billion, up 35% year-over-year, according to the release.
  • Adjusted EBITDA margin rose to 4.6%: Adjusted EBITDA as a share of Gross Bookings was 4.6%, against 4.2% a year earlier.
  • Buybacks of $1.9 billion in Q4: Repurchases of common stock were $1.9 billion in the fourth quarter, against $555 million a year earlier, and $6.5 billion for the full year.
  • Free cash flow of $2.8 billion: Operating cash flow was $2.9 billion and free cash flow $2.8 billion in the fourth quarter. Full-year free cash flow was $9.8 billion.
Read the Q4 FY2025 earnings call summary

From this 10-K

Uber is a technology platform for moving people and things from one place to another. It connects riders with independent providers of ride services, connects consumers with restaurants, grocers and other stores and with the couriers who deliver from them, connects consumers with public transport networks, and connects shippers with carriers in the freight industry. Its technology is available in over 70 countries, principally the United States and Canada, Latin America, Europe excluding Russia, the Middle East, Africa, and Asia Pacific excluding China and Southeast Asia, and it operates in more than 15,000 cities. There are three operating and reportable segments: Mobility, Delivery and Freight. In 2025 the platform had 202 million monthly active platform consumers, 18% more than in 2024, took 13,567 million trips, 20% more, and carried gross bookings of $193,454 million, 19% more. The company and its subsidiaries had approximately 34,000 employees at the end of 2025.

Uber Technologies, Inc., the 10-K for 2025

Uber is a technology platform for moving people and things from one place to another. It connects riders with independent providers of ride services, connects consumers with restaurants, grocers and other stores and with the couriers who deliver from them, connects consumers with public transport networks, and connects shippers with carriers in the freight industry. Its technology is available in over 70 countries, principally the United States and Canada, Latin America, Europe excluding Russia, the Middle East, Africa, and Asia Pacific excluding China and Southeast Asia, and it operates in more than 15,000 cities. There are three operating and reportable segments: Mobility, Delivery and Freight. In 2025 the platform had 202 million monthly active platform consumers, 18% more than in 2024, took 13,567 million trips, 20% more, and carried gross bookings of $193,454 million, 19% more. The company and its subsidiaries had approximately 34,000 employees at the end of 2025.

Mobility

Rides, in a range of forms: ridesharing, carsharing, micromobility, rentals, public transit, taxis and more. The company's argument for its own position is data: the volume of marketplace data that comes with scale, used to run demand prediction, matching and dispatching and pricing. The segment also carries the financial partnerships products and advertising.

Delivery

Consumers search local commerce, restaurants, grocery, alcohol, convenience and other retailers, and either collect the order or have it delivered; the grocery, alcohol, convenience and retail categories are grouped as Grocery and Retail. Uber Eats launched over ten years ago. The filing's case for it is that it raises engagement with the whole platform, which widens a merchant's reach without the merchant spending more, and that it broadens the earner base by raising utilisation across the network and by attracting people who do not have a vehicle that qualifies for Mobility. Uber Direct is the white-label delivery-as-a-service offering sold to retailers and restaurants, and the segment also carries advertising.

Freight

A managed transportation and logistics network connecting shippers and carriers in a digital marketplace. Carriers get upfront, transparent pricing and can book a shipment in one action. Shippers, ranging from small and medium-sized businesses to global enterprises, can create and tender shipments, secure capacity on demand at real-time prices, and track a shipment from pickup to delivery. Freight operations are principally in North America and Europe.

What holds the three together

The filing gives figures for what it calls platform synergies. For the three months to 31 December 2025, approximately 58% of first-time Delivery consumers were new to the platform altogether, and consumers who used both Mobility and Delivery generated over three times the gross bookings of consumers who used only one offering in countries where both were available. Approximately one in five eligible consumers is currently active monthly across both businesses. Uber One is the single cross-platform membership, giving discounts, cash back, special pricing, priority service and other perks across rides, delivery and grocery and retail; it is available in over 30 countries and reached 46 million members at the end of 2025. Advertising is the third thread: the division launched in October 2022 with Uber Journey Ads, which place a brand in front of a consumer through the ride, and brands can also advertise across the Uber and Uber Eats apps with reporting and analysis attached.

Who it competes with

The filing puts personal vehicle ownership and usage first, which it notes accounts for the majority of passenger miles in the markets Uber serves, followed by taxicab companies, taxi-hailing services and livery and car services. The filing also states that public transportation can be a superior substitute to its Mobility offering, offering a faster and lower-cost travel option in many cities. Among ridesharing companies it names Bolt, Didi, Lyft and Ola, and it expects new entrants given what it calls the low barriers to entry in these industries.

From Uber's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue52,01743,97837,281+18.3%
Cost of revenue31,33826,65122,457+17.6%
Gross profit20,67917,32714,824+19.3%
Gross margin39.8%39.4%39.8%
Research and development3,4023,1093,164+9.4%
Operating income5,5652,7991,110+98.8%
Operating margin10.7%6.4%3.0%
Interest expense440523633-15.9%
Pre-tax income5,8004,1252,321+40.6%
Income tax-4,346-5,758213
Effective tax rate-74.9%-139.6%9.2%
Net income10,0539,8561,887+2.0%
Net margin19.3%22.4%5.1%
Diluted EPS$4.73$4.56$0.87+3.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow10,0997,1373,585+41.5%
Capital expenditure336242223+38.8%
Free cash flow9,7636,8953,362+41.6%
Free cash flow margin18.8%15.7%9.0%
Cash from investing-3,564-3,177-3,226
Cash from financing-5,713-2,087-95.0
Depreciation and amortisation719711823+1.1%
Share-based compensation1,8261,7961,935+1.7%
Buybacks6,5231,2520.0+421.0%
Dividend per share$0.00$0.00$0.00
Diluted shares, weighted2,120m2,151m2,092m-1.4%
Shares outstanding at period end2,068m2,108m2,071m-1.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity27,04121,55811,249+25.4%
Non-controlling interest877825779+6.3%
Redeemable equity16593.0654+77.4%
Short-term borrowings0.0n/an/a
Debt10,6009,5759,560+10.7%
Operating lease liabilities1,3901,4541,550-4.4%
Finance lease liabilities84.0174322-51.7%
Other liabilities21,64517,56514,585+23.2%
Total liabilities and equity61,80251,24438,699+20.6%
Fixed assetsn/an/a2,073
Goodwill8,9318,0668,151+10.7%
Intangible assets1,0481,1251,425-6.8%
Investments5281,084727-51.3%
Cash and equivalents7,1055,8934,680+20.6%
Receivables3,8273,3333,404+14.8%
Other assets40,36331,74318,239+27.2%
Total assets61,80251,24438,699+20.6%

10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.