Uber Technologies, Inc. (UBER), Financial Analysis

1 Revenue & Business Model

• Storyline: gross bookings grow about 20% a year across rides and deliveries, revenue grows more slowly in 2026 because of the UK business model change, and profit per dollar of bookings rises each quarter. Chapters 2 to 4 cover the three revenue drivers: Mobility with its autonomous vehicle partnerships, Delivery with Getir and the pending Delivery Hero deal, and Freight.
• Business model: Uber earns a share of the bookings it processes. Mobility (rides) revenue FY2025 $29.7bn (57.0% of revenue), Delivery (restaurants, grocery and retail) $17.2bn (33.2%), Freight (truckload brokerage and logistics software) $5.10bn (9.8%). Revenue includes advertising and Uber One membership fees.
• Gross bookings and revenue: gross bookings are the total amount consumers pay, incl. driver and merchant earnings, taxes and tips. FY2025 gross bookings $193.5bn, revenue $52.0bn, 26.9% of bookings. In Q3 2026 revenue was 24.7% of gross bookings against 27.1% a year earlier.
• Growth since FY2021: revenue $17.5bn to $52.0bn, a 31.4% CAGR; trips 6.37bn to 13.57bn; MAPCs 118m to 202m (Q4 of each year); income from operations (3.83bn) to $5.57bn.
• Regions FY2025: US and Canada $26.5bn (50.9%), EMEA $16.4bn (31.5%), APAC $5.9bn, Latin America $3.3bn. The UK alone was $10.6bn; EMEA revenue in 1H 2026 was $7.17bn against $7.22bn after the UK change.
• Scale (10-K FY2025): over 70 countries and 15,000 cities, about 34,000 employees, Uber One 46m members at 31 Dec 2025 (50m in Q1 2026); cross platform users generated over three times the gross bookings of single offering users.

2 Mobility: Bookings +18%, Revenue Lowered by the UK Change, and Autonomous Vehicles

• Mobility gross bookings $29.5bn in Q3 2026, +17.5% (+17% at constant currency), after +24.6% in Q1 2026 and +22.0% in Q2 2026; trips across all segments 4.06bn, +15.6%; MAPCs 215m, +13.8%.
• Mobility revenue $7.52bn, (2.1%), because UK driver payments are deducted from revenue from 2026; Mobility revenue was 25.5% of Mobility gross bookings against 30.6%.
• Mobility segment operating income $2.36bn, +26.7%, 8.0% of Mobility gross bookings against 7.4% (segment measure from Q1 2026, after stock based compensation and D&A; old basis segment adjusted EBITDA FY2025 $7.90bn).
• Autonomous vehicle partnerships: about 700 fully driverless vehicles are expected on Uber by end 2026 and over 2,000 in 2027 (8-K Ex 99.1, 4 Nov 2026). The 10-K FY2025 describes investments in and commercial partnerships with AV mobility and delivery companies in the US and abroad; Uber holds stakes in Aurora, Waabi and Lucid, with a $990m gain on Aurora in 1H 2026 (10-Q).

How ride hailing is changing

• Robotaxi operators: Tesla began Robotaxi rides with Cybercab in Austin on 3 Sep 2026 and reported nearly 2m cumulative unsupervised Robotaxi miles by 30 Sep 2026 (Tesla 8-K Ex 99.1, 21 Oct 2026). Lyft began Waymo fleet operations in Nashville in Jun 2026 (Lyft 8-K Ex 99.1, 6 Aug 2026).
• AV competition in filings: Uber's FY2025 Form 10-K names Alphabet (Waymo), Amazon (Zoox) and Tesla as AV developers that compete or may compete with Uber, and adds that Uber may need more debt to buy AVs or AV infrastructure.
• Worker status: the New Zealand Supreme Court ruled in Nov 2025 that four drivers are employees while logged in; France seeks social security contributions on the same basis (10-K FY2025); Brazil added in the Q1 2026 Form 10-Q.
• UK rules: from 2 Jan 2026 UK private hire operators can no longer apply the VAT margin scheme; Uber carries about $1.8bn of paid HMRC assessments as a receivable pending appeal (10-K FY2025).

3 Delivery: Bookings +22%, Getir Closed and the Delivery Hero Offer

• Delivery gross bookings $28.5bn in Q3 2026, +22.4% (+23% at constant currency); Delivery revenue $5.49bn, +22.6%, 19.2% of Delivery bookings.
• Delivery segment operating income $1.06bn, +30.3%, 3.7% of Delivery gross bookings against 3.5% (segment measure from Q1 2026, after stock based compensation and D&A).
• Delivery Hero: cash offer of EUR 41.50 per share, $14.8bn equity value for 100% or $13.7bn after Uber's earlier stake purchases; Uber held about 24.77% of voting capital plus 11.74% through derivatives, and Prosus committed to tender about 17%. Uber would take 50 markets with $42bn of 2025 gross bookings; SSW Partners buys 14 markets with $11bn for about $1.6bn. Closing expected in 2H 2027 (8-K Ex 99.1, 16 Jul 2026).
• Deal terms and funding: the presentation (Ex 99.2) cites over $1.2bn of annual synergies within 18 months of closing and a price of about 8x 2027 EV to adjusted EBITDA incl. synergies; funding through existing cash and new debt: the EUR 14.2bn bridge, cut by EUR 4.0bn through the term loan of 6 Aug 2026.
• Getir: Uber agreed with Mubadala on 9 Feb 2026 to buy Getir's delivery portfolio in Türkiye (food, grocery, retail and water); at closing on 1 Jul 2026 it acquired 100% of the food delivery business and a minority interest in the grocery delivery business for about $465m in cash; Uber plans to combine Getir with Trendyol Go (8-K Ex 99.1, 9 Feb 2026; 10-Q Q2 2026).

How local delivery is changing

• Consolidation: DoorDash agreed on 29 Oct 2026 to buy Instacart for $65.00 per share, at least 75% in cash, an equity value of about $17bn (DoorDash and Instacart Forms 8-K, 29 Oct 2026). Uber's Delivery Hero offer and the Getir purchase add markets outside the US.
• Order growth, Q3 2026: DoorDash marketplace GOV +36%, or +23% excluding Deliveroo, with US grocery and retail growing at more than double the US restaurant rate; Instacart GTV +15%; Grab Deliveries GMV +21%; Uber Delivery gross bookings +22.4%.
• Advertising: Uber Delivery advertising revenue rose $568m in FY2025 (10-K) and $182m in Q2 2026 (10-Q); Instacart advertising and other revenue $331m in Q3 2026, +23%; Grab credited Deliveries margin gains to advertising.
• Membership: Uber One reached 50m members in Q1 2026; members drive half of Mobility and Delivery gross bookings (8-K Ex 99.1, 6 May 2026).

4 Freight: Revenue +34% as the Truckload Market Tightens

• Freight revenue $1.76bn in Q3 2026, +34.4%; Freight gross bookings $1.77bn, +35.3%, after flat bookings in Q3 2025 and (0.5%) in Q4 2025.
• Freight segment operating loss $33m, against $40m a year earlier; FY2025 loss $109m on the new basis.
• Drivers of growth (10-Q Q2 2026): Q2 2026 Freight revenue rose $322m (26%) as Freight gross bookings rose 25% on higher gross bookings per trip and trip volume; Freight carrier payments rose $320m.
• Share of the group: Freight was 11.9% of Q3 2026 revenue and 3.0% of gross bookings.

How truckload brokerage is changing

• Tighter truck supply: C.H. Robinson reported supply driven tightening in North American trucking in Q3 2026; its truckload adjusted gross profit per shipment rose 17.0% despite higher truckload spot market costs, and total revenue rose 29.5% to $5.4bn on higher pricing (8-K, 28 Oct 2026).
• Spot exposure: RXO's truckload spot mix reached 51% in Q3 2026, 900 bp above Q2 2026, and its gross margin fell to 14.6% from 16.5% (8-K, 29 Oct 2026).
• Consolidation: C.H. Robinson agreed on 5 Oct 2026 to buy RXO in a stock and cash transaction with an implied value of $5.8bn, with closing expected in 1H 2027 (C.H. Robinson 8-K Ex 99.1, 5 Oct 2026; RXO 8-K Ex 99.1, 29 Oct 2026).
• Automation: C.H. Robinson average employee headcount fell 10.4% in Q3 2026; management describes manual processes in NAST and Global Forwarding turning into increasingly automated agentic workflows (8-K, 28 Oct 2026).

5 Financial Analysis & Ratios

• Operating margin 9.8% in Q3 2026 and 12.4% TTM, against 10.7% in FY2025, 6.4% in FY2024 and (22.0%) in FY2021. From 2026 the margin on revenue rises partly for presentation reasons, because the UK change removes driver payments from both revenue and cost of revenue.
• Net income TTM $3.47bn, 6.1% of revenue. Revaluations of equity stakes (Aurora, Didi, Grab, Lucid, Waabi, Delivery Hero) run through other income: ($1.57bn) in Q4 2025, ($1.49bn) in Q1 2026, +$1.34bn in Q2 2026 and ($616m) in Q3 2026 for other income in total. FY2024 and FY2025 net income include tax valuation allowance releases of $6.4bn and about $5.0bn.
• Free cash flow TTM $10.42bn, 18.4% of revenue, against $9.76bn in FY2025 and ($743m) in FY2021; capex TTM $314m.
• Balance sheet at 30 Sep 2026 (8-K Ex 99.1): unrestricted cash and short term investments $10.07bn; long term debt $15.66bn; restricted investments $8.77bn backing insurance reserves of $13.71bn; equity method investments $3.50bn against $287m at end 2025; goodwill $10.58bn against $8.9bn.
• Capital returns: buybacks $6.52bn in FY2025 and $6.19bn TTM, 59% of TTM free cash flow; $15.7bn of authorization left at 30 Jun 2026; no dividend.

Cost structure and profitability

• Costs measured against gross bookings remove the UK presentation effect: cost of revenue 14.0% of Q3 2026 gross bookings against 16.3%; against revenue it was 56.5% against 60.2%.
• Revenue less income from operations $13.32bn, +7.8%, against gross bookings growth of 20.3%.
• Research and development $1.27bn, +47.7%, 2.13% of gross bookings; stock based compensation $591m, +27.1%; D&A $212m.
• Basis of profit measures: from Q1 2026 Uber reports non GAAP operating income and segment operating income, which are stated after stock based compensation and D&A; adjusted EBITDA, the former main measure, excludes both. The profit measures table below sets them side by side.
• Free cash flow $2.54bn and buybacks $750m in Q3 2026; buybacks peaked at $3.01bn in Q1 2026.

6 MD&A & Management Commentary

Q3 2026 results release (the Form 10-Q for Q3 2026 is not yet filed)

• Q3 2026 against the company's own outlook (8-K of 5 Aug 2026): gross bookings $59.82bn against $58.25bn to $60.25bn; non GAAP EPS $0.88 at the top of $0.84 to $0.88.
• Costs (8-K Ex 99.1): cost of revenue $8.35bn, +3.0%; research and development $1.27bn, +47.7%; sales and marketing $1.56bn, +22.4%; general and administrative $1.05bn, (11.5%); legal, tax and regulatory reserve charges were $484m against $479m in Q3 2025.
• Items excluded from non GAAP operating income in Q3 2026 ($857m): legal, tax and regulatory reserves $484m, restructuring $186m (Q3 2025: $3m), amortization of acquired intangibles $82m, acquisition and financing costs $55m and settlement of legacy awards $50m.
• Below operating income: other expense $616m incl. a $476m pre tax loss on equity stake revaluations; interest expense $152m against $112m; tax $244m. Q3 2025 net income of $6.6bn included a $4.9bn tax valuation allowance release.
• Cash flow, 9M 2026 (8-K Ex 99.1): operating cash flow $7.9bn, capex $239m, free cash flow $7.6bn; buybacks $4.3bn; acquisitions $1.6bn; total return swap purchases $1.6bn; debt raised $9.1bn and repaid $4.0bn.
• UK business model change (10-Q Q2 2026): from 2 Jan 2026 Uber is no longer responsible for the Mobility service in certain UK markets; this lowered revenue by $1.1bn in Q2 2026 and $2.1bn in 1H 2026, and driver payments in cost of revenue fell $808m in Q2 2026. From the same date UK operators can no longer apply the VAT margin scheme used before (10-K FY2025).

Management and CFO commentary

• CFO Balaji Krishnamurthy, 8-K Ex 99.1 of 4 Nov 2026: non GAAP operating income reached 3.9% of gross bookings and non GAAP EPS grew 35%; the company keeps a high bar for investment in its core businesses and in autonomy.
• CEO Dara Khosrowshahi, 8-K Ex 99.1 of 4 Nov 2026: fifth quarter in a row of gross bookings growth of 20% or more; about 700 fully driverless vehicles on Uber by end 2026 and over 2,000 in 2027.
• CFO, 8-K Ex 99.1 of 5 Aug 2026: gross bookings up 22% at constant currency and non GAAP EPS up 35%; trailing twelve month free cash flow above $10bn for the first time.
• CEO, 8-K Ex 99.1 of 16 Jul 2026: the Delivery Hero deal would nearly double the markets offering both mobility and delivery, from 34 to 58; the Berlin headquarters and workforce are kept until at least 2029.
• CFO, 8-K Ex 99.1 of 6 May 2026: gross bookings growth above 21% for three quarters in a row and earnings growing at more than twice the top line.

7 Sector & Competitor Analysis

• Sector: ride hailing, local delivery and freight brokerage platforms. Uber TTM revenue $56.5bn against DoorDash $17.1bn, Lyft $6.8bn and Instacart $4.0bn; Uber TTM gross bookings $225.7bn.
• Growth: UBER revenue +9.6% in Q3 2026 (gross bookings +20.3%) against DASH +34.0% incl. Deliveroo, LYFT +16.1% and CART +14.1% (Q2 2026 for Lyft and Instacart).
• Margins TTM: UBER operating margin 12.4% against CART 14.8%, DASH 5.3% and LYFT (1.8%); free cash flow margin UBER 18.4%, DASH 12.9%, CART 29.5%.
• Valuation: UBER 43.0x TTM P/E and 2.71x EV/Sales against DASH 81.6x and 4.85x and CART 28.7x and 3.24x.
• Balance sheet: UBER net debt $5.6bn (long term debt less unrestricted cash and short term investments); DASH net cash $4.1bn; CART net cash $0.9bn.

8 Material Events & Contracts

• Twelve Forms 8-K in twelve months: five earnings releases, the 12 Jan 2026 change of non GAAP measures, the Getir agreement, the Delivery Hero agreement with its bridge, the term loan and revolver, the euro notes, the annual meeting results and the officer change of 11 May 2026; the earnings releases of 4 Feb and 4 Nov 2026 also report officer changes under Item 5.02. No Form 8-K/A was filed.
• Delivery Hero financing: EUR 14.2bn bridge signed 16 Jul 2026; the term loan of 6 Aug 2026 cut bridge commitments by EUR 4.0bn; the EUR 4.5bn of senior notes issued 15 Sep 2026 are for general corporate purposes. Uber pays a EUR 700m fee if regulatory conditions fail; long stop date 10 May 2028.
• Officer changes: CFO Prashanth Mahendra Rajah left on 16 Feb 2026 and Balaji Krishnamurthy became CFO; the Chief People Officer left in May 2026; Jill Hazelbaker, President and Chief Corporate Affairs Officer since May 2026, leaves on 30 Nov 2026.

9 Ownership, Voting Power & Annual Meeting

• Ownership (proxy statement, Mar 2026): Vanguard 9.34%, BlackRock 6.82%, Capital Research Global Investors 5.78%, each based on Schedules 13G; the Public Investment Fund of Saudi Arabia 3.57%. One class of shares with one vote each; no controlling holder.
• Annual meeting of 4 May 2026: all ten directors elected; Nikesh Arora received 79.7% of votes cast and Ronald Sugar 91.9%, the others above 97%; say on pay 93.8%; 98.9% for an annual say on pay vote; PwC ratified with 98.4%. The ballot held four items: director elections, say on pay, say on pay frequency and auditor ratification.
• Insider purchases: three officers bought shares in the open market: CEO Dara Khosrowshahi 141,000 shares at a weighted average $70.96 on 10 Sep 2026 ($10.0m), taking his direct holding to 1,367,100 shares; COO Andrew Macdonald 70,000 shares on 4 Sep 2026 ($5.3m); CFO Balaji Krishnamurthy 22,453 shares on 24 Feb 2026 ($1.6m). Total $16.9m.
• Insider sales: $5.6m in total from four officers: Nikki Krishnamurthy $2.2m, Jill Hazelbaker $2.0m (Form 4 not marked as a prearranged plan sale), Tony West $0.8m in three monthly sales under a prearranged plan adopted 27 May 2025, and Prashanth Mahendra Rajah $0.5m. Other Form 4 activity is monthly RSU vesting with shares withheld for tax.

2026 annual meeting

• Meeting of 4 May 2026: 1.686bn shares present, about 83% of voting power at the 12 Mar 2026 record date; results filed under Item 5.07 without an exhibit.
• Board: Ronald Sugar, Revathi Advaithi, Turqi Alnowaiser, Nikesh Arora, Ursula Burns, Robert Eckert, Amanda Ginsberg, Dara Khosrowshahi, John Thain and Alexander Wynaendts elected.

10 Risk Factors

• Scope: Item 1A of the FY2025 Form 10-K compared with the FY2024 Form 10-K factor by factor; the Q1 and Q2 2026 Forms 10-Q restate Item 1A in full and were compared with the prior filing. The Q3 2026 Form 10-Q is not yet filed.

How risk factors changed

• Comparison: 10-K FY2025 filed 13 Feb 2026 acc 0001543151-26-000015 against 10-K FY2024 filed 14 Feb 2025 acc 0001543151-25-000008.
• Factor count and structure held at 65 across the FY2024 and FY2025 Forms 10-K and both 2026 Forms 10-Q; total words rose about 1% from 33,537 to 33,852.
• Autonomous vehicles appear in 5 factors against 3 a year earlier (32 mentions against 28), now covering competition from Waymo, Zoox and Tesla, AV financing and AV charging infrastructure.
• AI disintermediation was added: AI enabled platforms and digital assistants could control how consumers reach Uber's products.
• Worker classification text grew by 92 words with France, New Zealand and, in Q1 2026, Brazil.
• Debt disclosure moved from $9.6bn (FY2024) to $10.6bn (FY2025) and $12.6bn (Jun 2026) plus a €14.2bn bridge for Delivery Hero.

11 Stock Price, Scenarios & Sensitivity

• UBER traded at $72.23 intraday on 4 Nov 2026, +8.45% on results day, against a month end close of $65.25 in Oct 2026. The 52 week range is $64.05 to $95.39; month end close $96.50 in Oct 2025.
• Valuation: 43.0x TTM GAAP EPS of $1.68 (23.2x non GAAP EPS of $3.11); market value $147.5bn on 2.04bn shares (Form 10-Q cover, 31 Jul 2026); enterprise value $153.1bn, 2.71x TTM revenue and 0.68x TTM gross bookings of $225.7bn.
• Scenario model: revenue grows from TTM Q3 2026 $56.53bn for three years; GAAP operating margin as stated; net interest income $221m a year as in the TTM; 23% tax rate; equity stake revaluations excluded; Delivery Hero excluded; price equals TTM Q3 2029 EPS times exit P/E.

Critical factors and core assumptions

• Revenue base TTM Q3 2026 $56.53bn; income from operations $7.03bn (12.4% margin); non GAAP operating income $8.25bn.
• Best case: 17% revenue CAGR, 19% operating margin, 30x P/E; gross bookings growth near 20% and AV volume added without heavy capital spending.
• Base case: 13% revenue CAGR, 15% margin, 24x P/E; gross bookings growth in the high teens and revenue growth below bookings growth in 2026.
• Worst case: 7% revenue CAGR, 9% margin, 16x P/E; driver supply shortfalls, AV competitors taking share in large US cities, driver reclassification or UK VAT costs.
• Tax rate 23%; share count 2.04bn held flat; Freight near break even; GAAP results exclude equity stake revaluations; Delivery Hero revenue and its acquisition debt are excluded.

Scenarios, three years forward

Sensitivity analysis

Disclaimer

This analysis is for information only and is not financial advice. It is derived from public SEC filings retrieved via sec-api.io and is not a publication of the U.S. Securities and Exchange Commission. Scenario values are model outputs under stated assumptions and are not forecasts. Data as of 4 November 2026.

Sources

All company figures are read from SEC filings retrieved through the sec-api.io MCP server. Management statements come from the earnings releases and other exhibits to the Forms 8-K and from the Forms 10-Q and 10-K. Figures given only on the Q3 2026 earnings call are left out. Waymo figures are left out because they do not appear in SEC filings.