Uber
UBER NYSE Passenger Ground Transportation Financials FY2017–FY2025
Uber's revenue rose 18.3% to $52.0 billion in fiscal 2025. Its operating margin was 10.7%, up from 6.4% a year earlier. Free cash flow was $9.8 billion, up 41.6%. It paid out $6.5 billion in dividends and buybacks, 67% of free cash flow. The diluted share count fell 1.4%.
What Uber does
Uber runs apps that connect people who need a ride with independent drivers, and people who want food, groceries or other goods with restaurants, stores and couriers who deliver them. It also links businesses that need to ship freight with trucking companies. Its apps work in more than 15,000 cities in over 70 countries, mainly in the United States and Canada, Latin America, Europe, the Middle East, Africa and parts of Asia.
Uber reports three segments. Mobility covers rides, as well as car rentals, scooters, taxis and public transit booking; Delivery covers Uber Eats and grocery and retail delivery; together they brought in revenue of $46.9 billion in 2025. Freight, its trucking marketplace, is mainly in North America and Europe. Uber keeps a share of what riders and eaters pay, and also earns from advertising in its apps and from Uber One, a paid membership with discounts and perks that had 46 million members at the end of 2025. Uber names Lyft, Bolt, Didi and Ola as ride-hailing competitors, DoorDash, Instacart and Amazon in delivery, and C.H. Robinson and XPO in freight, and says self-driving car makers such as Waymo, Zoox and Tesla compete or may compete with it.
Uber had about 34,000 employees at the end of 2025, about 20,300 of them outside the United States. Its drivers and couriers are independent workers, not employees.
- Legal name
- Uber Technologies, Inc
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Accession · CIK
- 0001543151-26-000015
0001543151
Revenue and margins
Uber had $52.0B of revenue in fiscal 2025, up 18.3% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $9.8B in fiscal 2025, 18.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Uber returned $6.5B to shareholders in fiscal 2025, 67% of free cash flow. The diluted share count fell 1.4%.
Value Uber yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.2B and divides by 2,119.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 14.6x · peers 13.4x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Uber can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $4.3B | $4.3B | $5.4B | $7.0B | $7.6B |
| Debt incl. finance leases | $9.6B | $9.8B | $10.0B | $9.9B | $10.8B |
| Net debt / EBITDA | — | — | 2.4x | 0.8x | 0.5x |
| Debt / equity | 0.7x | 1.3x | 0.9x | 0.5x | 0.4x |
| Interest coverage | −7.9x | −3.2x | 1.8x | 5.4x | 12.7x |
| Current ratio | 1.0x | 1.0x | 1.2x | 1.1x | 1.1x |
| Quick ratio | 1.0x | 1.0x | 1.2x | 1.1x | 1.1x |
| Total assets | $38.8B | $32.1B | $38.7B | $51.2B | $61.8B |
| Total liabilities | $23.4B | $23.6B | $26.0B | $28.8B | $33.7B |
| Shareholders' equity | $14.5B | $7.3B | $11.2B | $21.6B | $27.0B |
| Net debt (− = net cash) | $5.3B | $5.4B | $4.6B | $2.9B | $3.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$16.9M
3 insiders
Sold, 12 months
$5.6M
4 insiders
Of sales under plans
14%
$0.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Jill HazelbakerSee Remarks | Sold | 28,170 | $71.31 | $2.0M | Form 4 |
| Sep 10, 2026 | Dara KhosrowshahiChief Executive Officer, Director | Bought | 141,000 | $70.96 | $10.0M | Form 4 |
| Sep 4, 2026 | Andrew MacdonaldSee Remarks | Bought | 70,000 | $75.83 | $5.3M | Form 4 |
| Mar 16, 2026 | Nikki KrishnamurthySVP and Chief People Officer | Sold | 30,000 | $74.45 | $2.2M | Form 4 |
| Feb 24, 2026 | Balaji (A) KrishnamurthyChief Financial Officer | Bought | 22,453 | $71.25 | $1.6M | Form 4 |
| Jan 20, 2026 | Tony WestSee Remarks | Sold plan | 3,125 | $83.50 | $0.3M | Form 4 |
| Dec 18, 2025 | Tony WestSee Remarks | Sold plan | 3,125 | $80.36 | $0.3M | Form 4 |
| Nov 18, 2025 | Tony WestSee Remarks | Sold plan | 3,125 | $92.10 | $0.3M | Form 4 |
| Nov 12, 2025 | Prashanth Mahendra-RajahCFO | Sold | 5,500 | $94.41 | $0.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 6 / 8 | 4 / 8 | 6 / 8 |
| Accruals ratio | −4.8% | 6.1% | −0.1% |
| Altman Z'' | −1.59 | −0.04 | 1.09 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Uber UBER | $136.7B | 18.3% | 10.7% | 18.8% | 19.7% | 14.6x | 6 | |
| FedEx FDX | $71.4B | 7.7% | 5.8% | 5.4% | 9.4% | 16.1x | 7 | Compare → |
| PayPal PYPL | $52.5B | 4.3% | 18.3% | 16.8% | 25.7% | 10.7x | 7 | Compare → |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $7.9B | $10.4B | $13.0B | $11.1B | $17.5B | $31.9B | $37.3B | $44.0B | $52.0B |
| Research and development | $1.2B | $1.5B | $4.8B | $2.2B | $2.1B | $2.8B | $3.2B | $3.1B | $3.4B |
| Operating income | −$4.1B | −$3.0B | −$8.6B | −$4.9B | −$3.8B | −$1.8B | $1.1B | $2.8B | $5.6B |
| Interest expense | $479M | $648M | $559M | $458M | $483M | $565M | $633M | $523M | $440M |
| Pretax income | −$4.6B | $1.3B | −$8.4B | −$6.9B | −$1.0B | −$9.4B | $2.3B | $4.1B | $5.8B |
| Income tax | −$542M | $283M | $45.0M | −$192M | −$492M | −$181M | $213M | −$5.8B | −$4.3B |
| Net income | −$4.0B | $997M | −$8.5B | −$6.8B | −$496M | −$9.1B | $1.9B | $9.9B | $10.1B |
| Diluted EPS | −$9.46 | $0.00 | −$6.81 | −$3.86 | −$0.29 | −$4.65 | $0.87 | $4.56 | $4.73 |
| Diluted shares | 0.43B | 0.48B | 1.25B | 1.75B | 1.90B | 1.97B | 2.09B | 2.15B | 2.12B |
| Cash flow | |||||||||
| Cash from operations | −$1.4B | −$1.5B | −$4.3B | −$2.7B | −$445M | $642M | $3.6B | $7.1B | $10.1B |
| Capital expenditure | $821M | $558M | $588M | $616M | $298M | $252M | $223M | $242M | $336M |
| Free cash flow | −$2.2B | −$2.1B | −$4.9B | −$3.4B | −$743M | $390M | $3.4B | $6.9B | $9.8B |
| Depreciation and amortization | $510M | $426M | $472M | $575M | $902M | $947M | $823M | $711M | $719M |
| Stock-based compensation | $124M | $170M | $4.6B | $827M | $1.2B | $1.8B | $1.9B | $1.8B | $1.8B |
| Acquisitions | $0.0M | $64.0M | $7.0M | $1.5B | $2.3B | $59.0M | $0.0M | $0.0M | $815M |
| Share buybacks | $131M | $10.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $1.3B | $6.5B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $131M | $10.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $1.3B | $6.5B |
| Balance sheet | |||||||||
| Cash and short-term investments | $4.4B | $6.4B | $11.3B | $6.8B | $4.3B | $4.3B | $5.4B | $7.0B | $7.6B |
| Total debt | — | $6.9B | $5.8B | $7.9B | $9.4B | $9.4B | $9.6B | $9.6B | $10.6B |
| Finance lease liabilities | $0.0M | $0.0M | $308M | $297M | $234M | $399M | $478M | $310M | $222M |
| Current assets | — | $8.7B | $13.9B | $9.9B | $8.8B | $9.2B | $11.3B | $12.2B | $14.0B |
| Current liabilities | — | $4.3B | $5.6B | $6.9B | $9.0B | $8.9B | $9.5B | $11.5B | $12.3B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $1.6B | $1.7B | $1.8B | $1.9B | $2.1B | $2.1B | $2.0B | $1.9B |
| Total assets | — | $24.0B | $31.8B | $33.3B | $38.8B | $32.1B | $38.7B | $51.2B | $61.8B |
| Total liabilities | — | $17.2B | $16.6B | $19.5B | $23.4B | $23.6B | $26.0B | $28.8B | $33.7B |
| Shareholders' equity | −$8.6B | −$7.4B | $14.2B | $12.3B | $14.5B | $7.3B | $11.2B | $21.6B | $27.0B |
| Margins | |||||||||
| Operating margin | −51.4% | −29.1% | −66.1% | −43.7% | −22.0% | −5.8% | 3.0% | 6.4% | 10.7% |
| EBITDA margin | −45.0% | −25.0% | −62.5% | −38.5% | −16.8% | −2.8% | 5.2% | 8.0% | 12.1% |
| Net margin | −50.8% | 9.6% | −65.4% | −60.8% | −2.8% | −28.7% | 5.1% | 22.4% | 19.3% |
| FCF margin | −28.2% | −20.1% | −37.8% | −30.2% | −4.3% | 1.2% | 9.0% | 15.7% | 18.8% |
| Returns | |||||||||
| Return on capital | — | — | — | −32.0% | −17.4% | −8.5% | 6.7% | 13.3% | 19.7% |
| Return on capital employed | — | — | −37.5% | −18.5% | −13.7% | −6.9% | 4.2% | 8.1% | 12.5% |
| Return on equity | — | — | −250.0% | −51.2% | −3.7% | −83.9% | 20.3% | 60.1% | 41.4% |
| Return on assets | — | — | −30.5% | −20.8% | −1.4% | −25.8% | 5.3% | 21.9% | 17.8% |
| Growth | |||||||||
| Revenue growth | — | 31.5% | 24.6% | −14.3% | 56.7% | 82.6% | 17.0% | 18.0% | 18.3% |
| Net income growth | — | — | −953.2% | — | — | — | — | 422.3% | 2.0% |
| EPS growth | — | — | — | — | — | — | — | 424.1% | 3.7% |
| FCF growth | — | — | — | — | — | — | 762.1% | 105.1% | 41.6% |
| Share count change | — | 12.4% | 160.6% | 40.4% | 8.1% | 4.2% | 5.9% | 2.8% | −1.4% |
| Financial health | |||||||||
| Net debt / EBITDA | — | — | — | — | — | — | 2.4x | 0.8x | 0.5x |
| Debt / equity | — | — | 0.4x | 0.7x | 0.7x | 1.3x | 0.9x | 0.5x | 0.4x |
| Interest coverage | −8.5x | −4.7x | −15.4x | −10.6x | −7.9x | −3.2x | 1.8x | 5.4x | 12.7x |
| Current ratio | — | 2.0x | 2.5x | 1.4x | 1.0x | 1.0x | 1.2x | 1.1x | 1.1x |
| Quick ratio | — | 2.0x | 2.5x | 1.4x | 1.0x | 1.0x | 1.2x | 1.1x | 1.1x |
| Capital allocation | |||||||||
| Capex / revenue | 10.4% | 5.4% | 4.5% | 5.5% | 1.7% | 0.8% | 0.6% | 0.6% | 0.7% |
| Stock comp / revenue | 1.6% | 1.6% | 35.4% | 7.4% | 6.7% | 5.6% | 5.2% | 4.1% | 3.5% |
| Payouts / FCF | — | — | — | — | — | 0.0% | 0.0% | 18.2% | 66.8% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | — | 2.0 | 3.0 | 4.0 | 6.0 | 4.0 | 6.0 |
| Altman Z'' | — | −1.2 | −0.8 | −2.0 | −2.0 | −3.3 | −1.6 | −0.0 | 1.1 |
| Accruals ratio | — | — | −15.0% | −12.4% | −0.1% | −27.6% | −4.8% | 6.1% | −0.1% |
Source: SEC EDGAR XBRL filings (CIK 0001543151). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.