Uber Technologies — Financial Results

Revenue and Trip Volume Grew Strongly Across Rides and Delivery

Gross Bookings (the total dollar value of all rides and deliveries processed) crossed $193 billion, driven by more people taking more trips. Both the Mobility (rides) and Delivery segments grew roughly 19–22% in constant currency terms, meaning the growth is real and not just a result of favourable exchange rates. The user base hit 202 million monthly active consumers by year-end.

Operating Profitability Nearly Doubled — The Core Business Is Genuinely Maturing

Adjusted EBITDA (a measure of recurring operating profit that strips out one-off items) grew 35% to $8.7 billion, with Delivery's EBITDA up 45% — the fastest-growing and now clearly profitable segment. Total costs grew more slowly than revenue, so more of each dollar booked is dropping to the bottom line.

Free Cash Flow Surged 42%, Signalling Genuine Cash Generation

Free cash flow (operating cash after capital spending) reached $9.8 billion, closely tracking reported profit — an important sign that earnings are translating into actual cash rather than accounting gains. This gives Uber significant flexibility to pay down debt, buy back shares, or invest further.

Uber Is Returning Billions to Shareholders Through Buybacks

The board authorised a total of $27 billion in share repurchases — $7 billion in February 2024, then an additional $20 billion in July 2025. In 2025, $6.5 billion was spent buying back stock, including a $1.5 billion accelerated share repurchase (a bulk buyback executed quickly). As of year-end, $19.2 billion of that authorisation remained unused, suggesting this programme has substantial room to run.

A $5 Billion Tax Benefit Boosted Net Income, But It Is a One-Time Item

Net income of $10.1 billion includes a $5.0 billion non-cash benefit from releasing a valuation allowance (a reserve that reduces the value of deferred tax assets on the balance sheet) held against Uber's Netherlands operations. This happened because Uber has now been consistently profitable in the Netherlands for three years, allowing it to recognise future tax savings it was previously too cautious to count. Stripping this out, underlying profitability is still improving, but investors should note that net income in headline terms was heavily inflated by this accounting release.

Rising Insurance Costs Are Eating Into Mobility Profits

Insurance expense in the Mobility segment rose $851 million year-over-year, driven by higher insurance rates per mile and more miles driven. This is the single largest cost headwind called out in the filing and reflects a broader industry challenge around insuring ride-hail services. Uber is absorbing this through volume growth for now, but it is a line item worth watching.

A £1.4 Billion UK Tax Dispute Sits on the Balance Sheet as a Receivable

UK tax authority HMRC has issued assessments totalling approximately $1.8 billion (£1.4 billion), disputing how Uber calculated and remitted VAT (a sales tax) on UK rides between March 2022 and September 2024. Uber has paid the assessments in order to formally appeal them, recording the payments as a receivable — meaning it expects to get the money back. The company says it will "vigorously defend" its position, but additional assessments covering 2023–2025 are expected. This is a meaningful contingent liability that remains unresolved.