Uber Technologies — Income Statement, Cash Flows & Balance Sheet
Is Uber profitable?
Uber's core operating business has hit its stride, with operating profit more than doubling in a single year.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Revenue | $43,978M | $52,017M | +18% |
| Total costs & expenses | $41,179M | $46,452M | +13% |
| Income from operations | $2,799M | $5,565M | +99% |
| Operating margin | 6.4% | 10.7% | +4.3 pp |
Revenue grew faster than costs, which is the hallmark of an improving business model — Uber is getting more efficient as it scales.
Reported net income looks enormous, but is heavily inflated by non-cash tax benefits in both years.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Net income attributable to Uber | $9,856M | $10,053M | +2% |
| Income tax benefit (GAAP) | $5,758M | $4,346M | — |
| Income from operations (cash proxy) | $2,799M | $5,565M | +99% |
Uber released large valuation allowances (bookkeeping adjustments that unlock deferred tax assets) — $5.2B from U.S. federal assets in 2024 and $5.0B from Netherlands assets in 2025. These are legitimate but non-recurring accounting gains, not cash in hand. The underlying operating profit tells the cleaner story.
Where does Uber's revenue come from?
Mobility (rides) remains the profit engine, but Delivery (food and grocery) is growing fast and becoming meaningfully profitable.
| Segment | 2023 Revenue | 2025 Revenue | Change | 2025 Adj. EBITDA (non-GAAP) |
|---|---|---|---|---|
| Mobility | $19,832M | $29,670M | +50% | $7,899M |
| Delivery | $12,204M | $17,248M | +41% | $3,572M |
| Freight | $5,245M | $5,099M | -3% | $(33)M |
Mobility is the cash cow, but Delivery's adjusted EBITDA (earnings before interest, taxes, depreciation, amortisation, and stock-based compensation — a non-GAAP measure) more than doubled over two years. Freight continues to lose money at the segment level.
International markets, particularly Europe, Middle East and Africa, are growing the fastest.
| Region | 2023 Revenue | 2025 Revenue | Change |
|---|---|---|---|
| US & Canada | $20,436M | $26,469M | +30% |
| EMEA | $9,904M | $16,364M | +65% |
| APAC | $4,429M | $5,857M | +32% |
| LatAm | $2,512M | $3,327M | +32% |
EMEA is now Uber's second-largest region by revenue and is growing at roughly twice the pace of the home market, pointing to significant international runway.
Does Uber generate cash?
Uber is now a genuine cash-flow machine, generating over $10 billion from operations in 2025.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $3,585M | $7,137M | $10,099M |
| Capital expenditure | $(223)M | $(242)M | $(336)M |
| Free cash flow (approx.) | $3,362M | $6,895M | $9,763M |
Free cash flow (operating cash flow minus capex — a non-GAAP measure) has nearly tripled in two years, reflecting the leverage in Uber's asset-light platform model.
Uber is returning substantial cash to shareholders via buybacks, funded by its strong cash generation.
| Activity | 2024 | 2025 |
|---|---|---|
| Share repurchases | $(1,252)M | $(6,523)M |
| New debt issued | $3,972M | $3,359M |
| Debt repaid | $(3,986)M | $(2,350)M |
The board authorised a cumulative $27B buyback programme, of which $19.2B remained available at year-end. Uber also refinanced higher-rate bonds with lower-rate notes in 2025, reducing annual interest expense.
How strong is Uber's balance sheet?
Uber carries significant debt, but its cash generation more than covers interest costs and the debt load is manageable relative to earnings.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Cash & equivalents | $5,893M | $7,105M | +21% |
| Total long-term debt | $8,347M | $10,521M | +26% |
| Annual interest expense | $523M | $440M | -16% |
Debt increased as Uber issued new senior notes and exchangeable notes linked to its Aurora investment, but interest expense actually fell as it retired older, higher-coupon bonds. With nearly $10B in operating cash flow, debt service is very comfortable.
A large and growing insurance reserve is the most unusual feature of Uber's balance sheet — it reflects the company's role as a self-insurer for ride-related accidents.
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Short-term insurance reserves | $2,754M | $3,387M | +23% |
| Long-term insurance reserves | $7,042M | $9,076M | +29% |
| Total insurance reserves | $9,796M | $12,463M | +27% |
These reserves represent Uber's best estimate of future claims payouts for auto liability, personal injury, and related risks — they are a structural feature of the business, not a sign of financial distress, but they are large relative to the balance sheet and involve significant actuarial judgement.