Uber Technologies, Inc.

Worth knowing

• Profit looks boosted by one-off gains. Reported profit is 1.2× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 1.2× operating cash profit, lifted by income outside the core business.

  Uber Technologies's reported profit is 1.2× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.Uber Technologies's reported profit is 1.2× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.

• Buybacks largely absorbed by stock pay. Stock-based pay expense $5.6B vs $7.8B spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +1.8% from December 2022 to July 2026.

  Over three fiscal years Uber Technologies recorded $5.6B of stock-based pay expense and spent $7.8B repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (+1.8%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Uber Technologies recorded $5.6B of stock-based pay expense and spent $7.8B repurchasing shares. The share count barely moved (+1.8%), so much of the repurchasing offset new employee shares rather than shrinking the count.

• Operating margin at a 6-year high. 11% in 2025, the best of the last 6 years.

  Uber Technologies kept 11% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

• Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $11.1B in 2020 to $52.0B in 2025.

  Uber Technologies's fiscal-year revenue rose in each of the five years to 2025, from $11.1B to $52.0B.