Uber Technologies (UBER) UBER Q4 Financial Results Summary
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Uber Technologies, Inc. (NYSE: UBER) Q4 2025 Financial Results Summary
Release Date: February 4, 2026
Uber Technologies, Inc. (NYSE: UBER) announced its financial results for the fourth quarter and full year ended December 31, 2025. The quarter showed substantial growth across various operational and financial metrics compared to the same period last year.
Financial and Operational Highlights for Q4 2025
- Monthly Active Platform Consumers (MAPCs): Increased 18% YoY to 202 million.
- Trips: Grew 22% YoY to 3.8 billion.
- Gross Bookings: Rose 22% YoY to $54.1 billion (constant currency basis growth also 22%).
- Revenue: Increased by 20% YoY to $14.4 billion (constant currency basis growth of 19%).
- GAAP Income from Operations: Up 130% YoY to $1.8 billion.
- GAAP Net Income: Reported at $296 million, down 96% YoY due to a $1.6 billion net headwind from revaluations of equity investments.
- GAAP Diluted EPS: Decreased to $0.14, a 96% drop YoY.
- Adjusted EBITDA: Increased 35% YoY to $2.5 billion. Adjusted EBITDA margin as a percentage of Gross Bookings increased to 4.6% from 4.2% YoY.
- Non-GAAP Operating Income: Grew 46% YoY to $1.9 billion, with the margin as a percentage of Gross Bookings increasing from 3.0% to 3.5% YoY.
- Non-GAAP Net Income: Increased 25% YoY to $1.5 billion, while Non-GAAP EPS rose 27% YoY to $0.71.
- Net Cash Provided by Operating Activities: Increased 65% YoY to $2.9 billion.
- Free Cash Flow: Grew 65% YoY to $2.8 billion.
- Unrestricted Cash, Cash Equivalents, and Short-Term Investments: Totalled $7.6 billion at the end of the quarter.
Full Year 2025 Highlights
- Total Trips: Grew 20% YoY to 13.6 billion.
- Total Gross Bookings: Increased 19% YoY to $193.5 billion (20% growth on a constant currency basis).
- Total Revenue: Rose 18% YoY to $52.0 billion (18% growth on a constant currency basis).
- GAAP Income from Operations: Increased by 99% YoY to $5.6 billion.
- GAAP Net Income: Grew 2% YoY to $10.1 billion.
- GAAP Diluted EPS: Increased 4% YoY to $4.73.
- Adjusted EBITDA: Grew 35% YoY to $8.7 billion.
- Non-GAAP Operating Income: Increased 50% YoY to $6.5 billion.
- Non-GAAP Net Income: Grew 32% YoY to $5.2 billion.
- Non-GAAP EPS: Increased 35% YoY to $2.45.
- Net Cash Provided by Operating Activities: Grew 42% YoY to $10.1 billion.
- Free Cash Flow: Increased 42% YoY to $9.8 billion.
Quarterly Dividend and Share Repurchase
- Share Repurchase: In Q4 2025, Uber repurchased $1.9 billion of its common stock.
Outlook for Q1 2026
- Gross Bookings: Projected to be between $52.0 billion and $53.5 billion, representing growth of 17% to 21% YoY on a constant currency basis.
- Non-GAAP EPS: Expected to be between $0.65 and $0.72, indicating growth of 37% YoY at the midpoint.
- Adjusted EBITDA: Anticipated to be between $2.37 billion and $2.47 billion.
The fourth quarter results underscore Uber’s growth in both its consumer base and financial performance, reflecting strong operational metrics and a sound trajectory moving into 2026.
| 2024 | 2025 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue | $ 11,959 | $ 14,366 | $ 43,978 | $ 52,017 |
| Costs and expenses | ||||
| Cost of revenue, exclusive of depreciation and amortization | 7,234 | 8,681 | 26,651 | 31,338 |
| Operations and support | 678 | 755 | 2,732 | 2,854 |
| Sales and marketing | 1,209 | 1,354 | 4,337 | 4,898 |
| Research and development | 785 | 885 | 3,109 | 3,402 |
| General and administrative | 1,114 | 732 | 3,639 | 3,241 |
| Depreciation and amortization | 169 | 185 | 711 | 719 |
| Total costs and expenses | 11,189 | 12,592 | 41,179 | 46,452 |
| Income from operations | 770 | 1,774 | 2,799 | 5,565 |
| Interest expense | -117 | -115 | -523 | -440 |
| Interest income | 191 | 200 | 721 | 743 |
| Other income (expense), net | 65 | -1,568 | 1,128 | -68 |
| Income before income taxes and loss from equity method investments | 909 | 291 | 4,125 | 5,800 |
| Provision for (benefit from) income taxes | -6,002 | -40 | -5,758 | -4,346 |
| Loss from equity method investments | -10 | -14 | -38 | -53 |
| Net income including non-controlling interests | 6,901 | 317 | 9,845 | 10,093 |
| Less: net income (loss) attributable to non-controlling interests, net of tax | 18 | 21 | -11 | 40 |
| Net income attributable to Uber Technologies, Inc. | $ 6,883 | $ 296 | $ 9,856 | $ 10,053 |
| Net income per share attributable to Uber Technologies, Inc. common stockholders: Basic | $ 3.27 | $ 0.14 | $ 4.71 | $ 4.82 |
| Diluted | $ 3.21 | $ 0.14 | $ 4.56 | $ 4.73 |
| Weighted-average shares used to compute net income per share attributable to common stockholders: Basic | 2,105,899 | 2,073,483 | 2,094,602 | 2,085,253 |
| Diluted | 2,141,426 | 2,106,011 | 2,150,508 | 2,119,689 |
| As of December 31, 2024 | As of December 31, 2025 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $ 5,893 | $ 7,105 |
| Short-term investments | 1,084 | 528 |
| Restricted cash and cash equivalents | 545 | 631 |
| Accounts receivable, net | 3,333 | 3,827 |
| Prepaid expenses and other current assets | 1,390 | 1,902 |
| Total current assets | 12,245 | 13,993 |
| Restricted cash and cash equivalents | 2,172 | 1,911 |
| Restricted investments | 7,019 | 8,874 |
| Investments | 8,460 | 9,178 |
| Equity method investments | 302 | 287 |
| Property and equipment, net | 1,952 | 1,897 |
| Operating lease right-of-use assets | 1,158 | 1,114 |
| Intangible assets, net | 1,125 | 1,048 |
| Goodwill | 8,066 | 8,931 |
| Deferred tax assets | 6,171 | 10,951 |
| Other assets | 2,574 | 3,618 |
| Total assets | $ 51,244 | $ 61,802 |
| Liabilities, redeemable non-controlling interests and equity | ||
| Accounts payable | $ 858 | $ 1,013 |
| Short-term insurance reserves | 2,754 | 3,387 |
| Operating lease liabilities, current | 175 | 169 |
| Accrued and other current liabilities | 7,689 | 7,751 |
| Total current liabilities | 11,476 | 12,320 |
| Long-term insurance reserves | 7,042 | 9,076 |
| Long-term debt, net of current portion | 8,347 | 10,521 |
| Operating lease liabilities, non-current | 1,454 | 1,390 |
| Other long-term liabilities | 449 | 412 |
| Total liabilities | 28,768 | 33,719 |
| Redeemable non-controlling interests | 93 | 165 |
| Equity | ||
| Common stock | — | — |
| Additional paid-in capital | 42,801 | 38,101 |
| Accumulated other comprehensive loss | -517 | -432 |
| Accumulated deficit | -20,726 | -10,628 |
| Total Uber Technologies, Inc. stockholders’ equity | 21,558 | 27,041 |
| Non-redeemable non-controlling interests | 825 | 877 |
| Total equity | 22,383 | 27,918 |
| Total liabilities, redeemable non-controlling interests and equity | $ 51,244 | $ 61,802 |