Uber Technologies, Inc. (UBER) — Company Research

Last Updated: 03 Oct 2026

Uber Technologies, Inc. (NYSE: UBER) runs a global on-demand platform that connects consumers with drivers, couriers and merchants. It reports three segments:

• Mobility: ride-hailing, including a growing number of autonomous-vehicle (AV) rides supplied by partners;
• Delivery: Uber Eats restaurant, grocery and retail delivery;
• Freight: Uber Freight's shipper-carrier marketplace and logistics software.

In FY2025 the platform handled $193.5bn of gross bookings, and by Q2 2026 it had 208m monthly active platform consumers (MAPCs).

FY2025 revenue rose 18.3% to $52,017m and GAAP diluted EPS was $4.73, flattered by a $4.9bn tax valuation allowance release. Non-GAAP EPS, which Uber began publishing in Feb 2026, was $2.45. In Jul 2026 Uber agreed a €41.50-a-share cash takeover offer for Delivery Hero, and in Sep 2026 CEO Dara Khosrowshahi bought about $10.0m of stock in the open market. The shares closed at $68.11 on 02 Oct 2026, a market value of about $139.1bn.

This refresh draws on Uber's earnings releases (SEC 8-K exhibits), the FY2025 Form 10-K, the Q2 2026 Form 10-Q, SEC XBRL company facts and Form 4 filings, all retrieved on 03 Oct 2026. Follow the price on ChartsView Live Charts.

1. Company Snapshot

Field	Value
Full name	Uber Technologies, Inc. (Delaware corporation)
Ticker	UBER (NYSE)
Sector	Industrials / transport platforms (mobility, delivery and freight marketplaces)
Headquarters	San Francisco, California
CEO / Leadership	Dara Khosrowshahi (CEO and director); Balaji Krishnamurthy (CFO); Andrew Macdonald (President and COO); Ronald Sugar (independent Chair)
Market cap	~$139.1bn (2,042.6m shares at 31 Jul 2026 × $68.11 at the 02 Oct 2026 close)
Revenue (FY2025)	$52,017m (+18.3% YoY)
Net income (FY2025)	$10,053m GAAP, including a $4.9bn tax valuation allowance release in Q3 2025; GAAP diluted EPS $4.73; non-GAAP EPS $2.45
Employees	About 34,000 at 31 Dec 2025 (FY2025 10-K); about 3,300 job cuts announced 02 Sep 2026
Scale	FY2025 gross bookings $193,454m; Q2 2026 trips 3,867m (+18%) and MAPCs 208m (+16%)
Dividend	None

2. Bull Case vs Bear Case

Distilled from the full report below. Factual only, no ratings.

Bull Case

• Bookings growth still above 20%: Q2 2026 gross bookings rose 24% to $58,022m (+22% in constant currency), trips grew 18% and MAPCs reached 208m. Q3 2026 guidance is $58.25bn–$60.25bn, +18% to +22% in constant currency.
• Cash generation funds buybacks: Trailing-twelve-month free cash flow passed $10bn for the first time ($10.1bn at Q2 2026). Uber bought back $3.5bn of stock in H1 2026 and had roughly $16bn of authorisation left.
• Insiders buying, not selling: CEO Dara Khosrowshahi bought 141,000 shares (about $10.0m) on 10 Sep 2026, COO Andrew Macdonald 70,000 shares (about $5.3m) on 04 Sep 2026 and CFO Balaji Krishnamurthy about $1.6m in Feb 2026.
• Multi-partner AV network: AVs were live on Uber in 7 cities at Q2 2026, with up to 15 targeted by year-end. Partners have committed about 120,000 vehicles, and launches followed in Europe, the UK, Dubai and Spain in Aug–Sep 2026.
• Delivery scaling up: Delivery revenue grew 28% in Q2 2026. The Delivery Hero offer, backed by Prosus's roughly 17% stake, takes Uber's economic interest to about 53%, and Costco delivery on Uber Eats now covers 47 states.

Bear Case

• Waymo exclusivity ending: In Jul 2026 Waymo said it will launch its own app in Austin and Atlanta in Jan 2028, ending Uber's exclusivity there. The shares fell more than 4% on the news.
• Leverage rising for Delivery Hero: The offer values Delivery Hero's equity at $14.8bn and is backed by a bridge facility of about €14bn. Uber also issued €4.5bn of notes in Sep 2026, on top of $12.7bn of debt at 30 Jun 2026.
• Mobility revenue flat: Mobility revenue grew just 1% in Q2 2026 to $7,363m. Business model changes cut about 8 points from total revenue growth, which slowed to 12%.
• Noisy GAAP earnings: Equity-investment revaluations swung from a $1.5bn pre-tax headwind in Q1 2026 to a $1.6bn benefit in Q2 2026, and FY2025 GAAP profit included a $4.9bn tax release.
• Restructuring and legal costs: Uber announced about 3,300 job cuts on 02 Sep 2026, and on 17 Sep 2026 an arbitrator ordered it to pay $40m in a passenger-safety case.

3. What Does This Company Actually Do?

Uber matches riders with drivers, eaters and shoppers with couriers and merchants, and shippers with freight carriers. It earns a share of each transaction rather than the full fare or basket value, so revenue is much smaller than gross bookings. Uber reports three segments.

Segment	% of revenue	What it is
Mobility	57.0% ($29,670m)	Ride-hailing in cars, taxis, two-wheelers and AVs supplied by partners such as Waymo, Baidu, WeRide, Pony.ai and Wayve, plus related advertising
Delivery	33.2% ($17,248m)	Uber Eats food, grocery and retail delivery, including partnerships with Costco and Wakefern
Freight	9.8% ($5,099m)	Uber Freight's marketplace matching shippers and carriers, plus transportation-management software

FY2025 segment revenue is the sum of the four quarterly segment tables in Uber's earnings releases (Q1 2025 to Q4 2025), which totals the reported $52,017m.

4. The Business Model

How it makes money. Uber keeps a portion of each fare or delivery basket after paying drivers and couriers, plus fees from merchants, advertising and the Uber One membership. In FY2025 revenue of $52,017m was about 26.9% of gross bookings of $193,454m. Advertising has passed a $2.5bn annual run-rate, growing about 50% a year.

Where the moat sits. Uber's advantages are:

• 208m monthly active consumers across rides and delivery;
• Uber One, with more than 50m members, who account for about half of Mobility and Delivery gross bookings and more than 70% of Delivery gross bookings;
• dense driver and courier supply, which keeps wait times short;
• demand that AV developers need to fill their fleets, which is why so many have partnered with Uber.

What changed in 2025–2026. From Feb 2026 Uber started reporting non-GAAP EPS and, from Q1 2026, stopped treating adjusted EBITDA as a key measure. Balaji Krishnamurthy took over as CFO. Uber expects to commit more than $10bn of capital to AVs over the coming years, and in Jul 2026 it agreed to buy control of Delivery Hero.

5. Financial Health

Sources: Uber quarterly and annual earnings releases (SEC 8-K exhibits), the FY2025 Form 10-K, the Q2 2026 Form 10-Q, and SEC XBRL company facts (data.sec.gov) for revenue, debt, cash flow, D&A and operating income. The fiscal year ends 31 December.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$17,455m	+56.7%	-$0.29	-$0.29†	$0.00	$9,276m
FY2022	$31,877m	+82.6%	-$4.65	-$4.65†	$0.00	$9,265m
FY2023	$37,281m	+17.0%	$0.87	$0.87†	$0.00	$9,459m
FY2024	$43,978m	+18.0%	$4.56	$1.82	$0.00	$8,347m
FY2025	$52,017m	+18.3%	$4.73	$2.45	$0.00	$10,521m

Notes on the annual table:

• Adjusted EPS is Uber's non-GAAP EPS, first published in the Q4 2025 release on 04 Feb 2026 with FY2024 restated at $1.82.
• † Uber did not report non-GAAP EPS for FY2021–FY2023, so the GAAP figure is repeated.
• FY2020 revenue was $11,139m, the base for the FY2021 YoY figure.
• Long-term debt is the noncurrent portion at year-end (SEC XBRL tag LongTermDebtNoncurrent). The current portion was $1,150m at FY2024 year-end and nil at FY2025 year-end.

Quarterly results (most recent first)

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026 (to 30 Jun 2026)	$14,191m	$0.81	$1.17
Q1 2026 (to 31 Mar 2026)	$13,203m	$0.72	$0.13
Q4 2025 (to 31 Dec 2025)	$14,366m	$0.71	$0.14
Q3 2025 (to 30 Sep 2025)	$13,467m	~$0.65‡	$3.11
FY2025 total	$52,017m	$2.45	$4.73

Notes on the quarterly table:

• Release dates: Q2 2026 on 05 Aug 2026; Q1 2026 on 06 May 2026; Q4 2025 on 04 Feb 2026; Q3 2025 on 04 Nov 2025.
• ‡ The original Q3 2025 release did not report non-GAAP EPS. The figure is implied by Uber's Q3 2026 guidance of $0.84–$0.88, which the company describes as growth of 28% to 35%.
• Q3 2025 GAAP EPS includes the $4.9bn tax valuation allowance release. Q2 2026 GAAP EPS includes a $1.6bn pre-tax benefit from revaluing equity investments; Q1 2026 includes a $1.5bn pre-tax headwind.
• Q2 2026 in more detail: gross bookings $58,022m (+24%), GAAP operating income $1,890m (+30%), non-GAAP operating income $2,143m (+40%) and adjusted EBITDA $2,819m (+33%).

Cash flow and balance sheet.

• Cash flow (FY2025).
  • Operating cash flow was $10,099m and capex (purchases of property and equipment) $336m, giving free cash flow of $9,763m.
  • D&A was $719m and GAAP operating income $5,565m.
• Cash flow (H1 2026).
  • Operating cash flow was $5,213m, capex $135m and D&A $372m. GAAP operating income was $3,813m.
  • Trailing-twelve-month operating cash flow was $10,424m and capex $308m, giving free cash flow of $10,116m.
• Balance sheet at 30 Jun 2026.
  • Cash and cash equivalents were $4,870m and short-term investments $521m.
  • Total debt was $12,723m: $10,726m long-term plus $1,997m short-term.
  • After the quarter, on 15 Sep 2026, Uber completed a €4.5bn senior unsecured notes offering in five tranches maturing between 2029 and 2046.
• Q3 2026 guidance (05 Aug 2026):
  • gross bookings of $58.25bn–$60.25bn (+18% to +22% in constant currency);
  • non-GAAP EPS of $0.84–$0.88;
  • adjusted EBITDA of $2.86bn–$2.96bn.

6. Valuation & Market Data

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$139.1bn (2,042.6m shares at 31 Jul 2026 × $68.11 at the 02 Oct 2026 close)
Enterprise value	~$146.5bn = market cap ~$139.1bn + total debt ~$12.7bn (long-term $10,726m + short-term $1,997m) − cash and short-term investments ~$5.4bn ($4,870m + $521m), per the 30 Jun 2026 balance sheet. This excludes the €4.5bn of notes issued on 15 Sep 2026.
Trailing P/E (GAAP)	~15.0x ($68.11 / TTM GAAP diluted EPS of $4.55, Q3 2025 to Q2 2026). The TTM figure includes the Q3 2025 tax release. On TTM non-GAAP EPS of about $2.89 the multiple is ~23.6x.
P/E (forward)	n/a: Uber gives quarterly guidance only. Annualising the Q3 2026 non-GAAP EPS guidance midpoint ($0.86 × 4 = $3.44) gives ~19.8x.
P/S (TTM)	~2.5x (market cap / TTM revenue of $55,227m, Q3 2025 to Q2 2026)
EV/EBITDA (TTM)	~19.7x (EV ~$146.5bn / TTM EBITDA ~$7.4bn). EBITDA = TTM GAAP operating income $6,700m (FY2025 $5,565m less H1 2025 $2,678m plus H1 2026 $3,813m) + TTM D&A $745m (cash-flow add-back, XBRL DepreciationDepletionAndAmortization).
P/FCF	~13.8x (market cap ~$139.1bn / TTM FCF ~$10.1bn). FCF = operating cash flow $10,424m − capex $308m (FY2025 less H1 2025 plus H1 2026). On FY2025 FCF of $9,763m the multiple is ~14.2x.
52-week high	$101.30 (TradingView daily bars, 12 months to 02 Oct 2026)
52-week low	$65.41 (TradingView daily bars, 12 months to 02 Oct 2026)
Short interest (% of float)	2.33% (45.7m shares, settlement date 15 Sep 2026, per MarketBeat; Benzinga shows 2.32%)
Days to cover	2.3 (MarketBeat, 15 Sep 2026)
Dividend yield	Nil (no dividend)

Share-price-based metrics use the 02 Oct 2026 close. For live prices see ChartsView Live Charts.

7. What Are They Building

An autonomous-vehicle marketplace.

• Scale: AVs were live on Uber in 7 cities at Q2 2026, with up to 15 targeted by year-end 2026. Partners have committed about 120,000 vehicles.
• Europe and the Middle East: Uber launched autonomous rides in Europe on 19 Aug 2026, Baidu Apollo Go driverless rides went live on Uber in Dubai on 20 Aug 2026 and Wayve and Uber launched the first UK autonomous rides on 03 Sep 2026.
• Fleet deals: Pony.ai expanded its partnership on 13 Aug 2026 to deploy more than 2,000 robotaxis in Europe, and WeRide, Uber and AVOMO won Spain's first national Level 4 operating permit on 10 Sep 2026.
• Capital: Uber expects to commit more than $10bn of AV capital over the coming years.

Delivery consolidation.

• The Delivery Hero offer (€41.50 a share in cash, $14.8bn equity value) is expected to add to non-GAAP EPS at closing and to reach high-single-digit accretion by year 3. SSW Partners will buy Delivery Hero businesses in 14 markets for about $1.6bn.
• The Getir food-delivery acquisition in Türkiye closed in Jul 2026, and Careem Technologies was reconsolidated.
• Grocery and retail: Wakefern (375+ stores) joined Uber Eats on 09 Sep 2026, and Costco delivery expanded to 47 states and about 600 warehouses on 16 Sep 2026. A drone-delivery partnership with Zipline was announced on 17 Aug 2026.

Membership and advertising. Uber One passed 50m members in Q1 2026 and hit another record in Q2 2026. Advertising runs at more than $2.5bn a year.

8. Competitive Landscape

Peer	Market cap (Oct 2026)	Key 2025 metric
Alphabet (GOOG), owner of Waymo	~$4.16 trillion	Waymo serves more than 500,000 paid robotaxi rides a week (Sherwood News)
DoorDash (DASH)	~$82.0bn	FY2025 revenue $13.7bn, up from $10.7bn; GAAP net income $935m (Q4 2025 release, 18 Feb 2026)
Grab (GRAB)	~$12.6bn	FY2025 revenue $3.37bn, +20%; first full-year net profit, $200m (Grab Q4 2025 results)
Instacart / Maplebear (CART)	~$10.2bn	FY2025 GTV $37.2bn; revenue $3.74bn, +11% (Instacart Q4 2025 results)
Lyft (LYFT)	~$5.9bn	FY2025 gross bookings $18.5bn, +15% (Lyft Q4 2025 results, 10 Feb 2026)

Market caps are at the 02 Oct 2026 close from StockAnalysis overview pages; Alphabet's is from companiesmarketcap.com. Tesla is also developing a robotaxi service.

9. Leadership and Ownership

Dara Khosrowshahi is CEO and a director. Balaji Krishnamurthy is CFO, Andrew Macdonald is President and COO, and Ronald Sugar has been independent Chair since Jul 2018. Insider activity in 2026 has leaned towards buying: Khosrowshahi, Macdonald and Krishnamurthy all made discretionary open-market purchases, worth about $16.9m between them.

Name	Date	Type	Shares	Price	Value	Plan Type
Jill Hazelbaker (President and Chief Corporate Affairs Officer)	11 Sep 2026	Sale	28,170	$71.31 (avg)	~$2.01m	No 10b5-1 footnote in filing
Dara Khosrowshahi (CEO and director)	10 Sep 2026	Purchase	141,000	$70.96 (avg)	~$10.0m	Open market, discretionary
Andrew Macdonald (President and COO)	04 Sep 2026	Purchase	70,000	$75.65–$76.44	~$5.31m	Open market, discretionary
Balaji Krishnamurthy (CFO)	24 Feb 2026	Purchase	22,453	$71.25	~$1.60m	Open market, discretionary
Tony West (Chief Legal Officer)	20 Jan 2026	Sale	3,125	$83.50	~$261,000	10b5-1 (adopted 27 May 2025)

Sources: SEC Form 4 filings on EDGAR, cross-checked against OpenInsider. After his purchase Khosrowshahi held 1,367,100 shares directly. Routine RSU tax withholdings are not shown.

10. Risks and Challenges

• Autonomous-vehicle disintermediation (Strategic): Waymo will run its own app in Austin and Atlanta from Jan 2028. If AV developers sell rides directly, Uber's role as the demand aggregator weakens.
• Acquisition and leverage (Financial): The Delivery Hero deal is funded with cash and a bridge facility of about €14bn. Uber has said gross leverage will stay below 2x, but integration and regulatory approvals add execution risk, with closing expected in H2 2027.
• Equity-investment volatility (Financial): Mark-to-market swings on stakes in other companies moved GAAP results by $1.5bn–$1.6bn a quarter in 2026, making GAAP EPS hard to compare.
• Mobility growth slowdown (Competitive): Mobility revenue grew just 1% in Q2 2026. Robotaxi rivals and Lyft compete for the same riders.
• Restructuring execution (Operational): About 3,300 roles, roughly 10% of staff, are being cut while Uber integrates acquisitions and expands AV operations.
• Safety and legal claims (Legal): An arbitrator ordered Uber to pay $40m in a passenger-safety case on 17 Sep 2026, and similar claims remain a recurring cost.
• Currency exposure (Macro): The Delivery Hero price and the new notes are in euros, and Q3 2026 guidance already assumes about a 1-point FX headwind.

11. Recent Developments

• 17 Sep 2026 — $40m arbitration award. An arbitrator ordered Uber to pay $40m to the parents of a passenger, according to a press release from the plaintiffs' law firm.
• 16 Sep 2026 — Costco expansion. Costco delivery on Uber Eats expanded to 47 states and about 600 warehouses.
• 15 Sep 2026 — €4.5bn bond deal closed. Uber completed five tranches of senior unsecured notes, with coupons of 3.750%–5.250% and maturities from 2029 to 2046, for general corporate purposes.
• 10 Sep 2026 — CEO buys $10m of stock. Dara Khosrowshahi bought 141,000 shares at an average of $70.96. The same day WeRide, Uber and AVOMO received Spain's first national Level 4 operating permit.
• 03 Sep 2026 — First UK autonomous rides. Wayve and Uber launched autonomous rides in the UK.
• 02 Sep 2026 — Delivery Hero boards back the offer; job cuts. Delivery Hero's management and supervisory boards recommended shareholders accept Uber's offer. Uber announced about 3,300 job cuts the same day.
• 20 Aug 2026 — Driverless rides in Dubai. Baidu Apollo Go fully driverless rides launched on Uber in Dubai, a day after Uber launched autonomous rides in Europe.
• 13 Aug 2026 — Pony.ai expansion. Pony.ai and Uber agreed to deploy more than 2,000 robotaxis in Europe.
• 05 Aug 2026 — Q2 2026 results. Revenue was $14,191m (+12%), gross bookings $58,022m (+24%) and non-GAAP EPS $0.81 (+35%). Trailing FCF passed $10bn.
• 24 Jul 2026 — Waymo to launch its own app. Waymo said it will offer rides through its own app in Austin and Atlanta from Jan 2028, ending exclusivity there. Uber shares fell more than 4%.
• 16 Jul 2026 — Delivery Hero agreement. Uber signed a business combination agreement for a €41.50-a-share cash offer for Delivery Hero, with Prosus committing its roughly 17% stake.

12. Key Dates Coming Up

• Expected 03 Nov 2026 — Q3 2026 results. This is a market-calendar estimate (another tracker gives 02 Nov); Uber had not announced the date at the time of writing. The Q3 2025 release came on 04 Nov 2025.
• 05 Nov 2026 — End of the acceptance period for the Delivery Hero takeover offer, which opened on 27 Aug 2026.
• Expected Dec 2026 — Year-end target of up to 15 cities with AVs live on Uber.
• Expected Jan 2028 — Waymo's own app launches in Austin and Atlanta.
• TBC — Settlement of the Delivery Hero offer, expected in H2 2027 after regulatory approvals.

Macro events are on the ChartsView Economic Calendar, and you can discuss Uber on the ChartsView Forum.

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