Uber(US:UBER)2025-08-06 20:07Special Note Regarding Forward-Looking Statements This section provides cautionary statements regarding forward-looking information, noting actual results may differ from projections PART I - FINANCIAL INFORMATION This part presents unaudited condensed consolidated financial statements and management's discussion and analysis Item 1. Financial Statements (unaudited) This section presents Uber's unaudited condensed consolidated financial statements, including balance sheets, operations, equity, cash flows, and detailed notes Condensed Consolidated Balance Sheets This section presents Uber's condensed consolidated balance sheets as of December 31, 2024, and June 30, 2025 | Item | As of December 31, 2024 (Millions) | As of June 30, 2025 (Millions) | | :--------------------------------------- | :--------------------------------- | :------------------------------- | | Cash and cash equivalents | $5,893 | $6,438 | | Total current assets | $12,245 | $14,107 | | Total assets | $51,244 | $55,982 | | Total current liabilities | $11,476 | $12,686 | | Total liabilities | $28,768 | $32,352 | | Total Uber Technologies, Inc. stockholders' equity | $21,558 | $22,598 | | Total liabilities, redeemable non-controlling interests and equity | $51,244 | $55,982 | Condensed Consolidated Statements of Operations This section presents Uber's condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2025 | Metric (Millions) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Revenue | $10,700 | $12,651 | $20,831 | $24,184 | | Total costs and expenses | $9,904 | $11,201 | $19,863 | $21,506 | | Income from operations | $796 | $1,450 | $968 | $2,678 | | Net income attributable to Uber Technologies, Inc. | $1,015 | $1,355 | $361 | $3,131 | | Basic Net income per share | $0.49 | $0.65 | $0.17 | $1.50 | | Diluted Net income per share | $0.47 | $0.63 | $0.15 | $1.46 | Condensed Consolidated Statements of Comprehensive Income This section presents Uber's condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2024 and 2025 | Metric (Millions) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income including non-controlling interests | $1,008 | $1,350 | $345 | $3,124 | | Other comprehensive income (loss), net of tax | $(42) | $50 | $(58) | $82 | | Comprehensive income attributable to Uber Technologies, Inc. | $973 | $1,405 | $303 | $3,213 | Condensed Consolidated Statements of Redeemable Non-Controlling Interests and Equity This section presents Uber's condensed consolidated statements of redeemable non-controlling interests and equity for the periods ended June 30, 2025 | Equity Item (Millions) | Balance as of December 31, 2024 | Balance as of June 30, 2025 | | :--------------------- | :------------------------------ | :-------------------------- | | Redeemable Non Controlling Interests | $93 | $183 | | Additional Paid-In Capital | $42,801 | $40,625 | | Accumulated Deficit | $(20,726) | $(17,592) | | Total Equity | $22,383 | $23,447 | - During the six months ended June 30, 2025, significant equity changes included $448 million from stock-based compensation, $1.8 billion from common stock repurchases, and $1.792 billion in net income (loss)25 Condensed Consolidated Statements of Cash Flows This section presents Uber's condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2025 | Cash Flow Activity (Millions) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :---------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $3,236 | $4,888 | | Net cash used in investing activities | $(1,918) | $(2,003) | | Net cash used in financing activities | $(291) | $(2,057) | | Net increase in cash and cash equivalents, and restricted cash and cash equivalents | $877 | $1,057 | | End of period cash and cash equivalents, and restricted cash and cash equivalents | $7,881 | $9,667 | Notes to Condensed Consolidated Financial Statements This section provides detailed notes on significant accounting policies, investments, debt, equity, income taxes, and segment information Note 1 – Description of Business and Summary of Significant Accounting Policies This note describes Uber's global technology platform, financial statement presentation, accounting policies, and recent pronouncements - Uber operates a technology platform connecting Mobility Drivers, Eaters with Merchants and Couriers, and Shippers with Carriers globally, primarily in the U.S., Canada, Latin America, EMEA, and APAC (excluding China/Southeast Asia)3132 - The Taiwan Fair Trade Commission prohibited Uber's acquisition of Foodpanda Taiwan in January 2025, leading to a $236 million termination fee recorded in Q4 2024 and settled in cash in April 202533 - The company is evaluating ASU 2023-09 (Income Taxes) effective for fiscal years after Dec 15, 2024, and ASU 2024-03 (Expense Disaggregation) effective for fiscal years after Dec 15, 2026, for potential impacts on financial statements4041 Note 2 – Investments and Fair Value Measurement This note details Uber's investments, fair value measurements, and derivatives not designated as hedging instruments | Investment Category | As of Dec 31, 2024 (Millions) | As of June 30, 2025 (Millions) | | :------------------ | :---------------------------- | :---------------------------- | | Short-term investments | $1,084 | $932 | | Restricted investments | $7,019 | $7,864 | | Investments (incl. Didi, Grab, Aurora) | $8,460 | $8,660 | | Total financial assets | $15,691 | $15,902 | | Total financial liabilities (2028 Exchangeable Senior Notes) | $0 | $1,224 | - As of June 30, 2025, 25% of Aurora shares remain subject to lock-up restrictions through November 2025, and approximately 48% of Aurora Class A common stock is pledged as collateral for 2028 Exchangeable Senior Notes43 - The total notional amount of outstanding derivatives not designated as hedging instruments was $2.0 billion as of June 30, 202549 - Unrealized loss on debt and equity securities, net, for the three months ended June 30, 2025, was $17 million, primarily due to a $482 million unrealized loss on Aurora investment, partially offset by gains on Grab ($268 million) and Joby ($110 million) investments82 Note 3 – Long-Term Debt and Credit Arrangements This note details Uber's long-term debt, including Senior, Convertible, and Exchangeable Senior Notes, and credit arrangements | Debt Type | As of Dec 31, 2024 (Millions) | As of June 30, 2025 (Millions) | Stated Interest Rate | Maturity | | :-------------------------- | :---------------------------- | :---------------------------- | :------------------- | :------------- | | 2025 Convertible Notes | $1,150 | $1,150 | 0.00 % | Dec 2025 | | 2028 Convertible Notes | $1,725 | $1,725 | 0.875 % | Dec 2028 | | 2028 Exchangeable Senior Notes | — | $1,224 | 0.00 % | May 2028 | | Senior Notes (various) | $6,450 | $6,450 | 4.30 % - 7.50 % | Sep 2027 - Sep 2054 | | Total Debt | $9,575 | $10,799 | | | - In May 2025, Uber issued $1.15 billion aggregate principal amount of 0.00% exchangeable senior notes due in 2028, with an initial exchange rate of 117.6471 shares of Aurora Class A common stock per $1,000 principal amount6768 - In June 2025, Uber established a commercial paper program allowing issuance of unsecured notes up to $2.0 billion outstanding at any time, with maturities up to 397 days, for general corporate purposes, with no notes outstanding as of June 30, 202576 - As of June 30, 2025, Uber had a $5.0 billion senior unsecured revolving loan commitment under its Credit Agreement, with no outstanding balance, and was in compliance with all covenants74 Note 4 – Supplemental Financial Statement Information This note provides detailed breakdowns of prepaid expenses, liabilities, and components of other income (expense), net | Item | As of Dec 31, 2024 (Millions) | As of June 30, 2025 (Millions) | | :---------------------------------- | :---------------------------- | :---------------------------- | | Prepaid expenses and other current assets | $1,390 | $1,777 | | Accrued and other current liabilities | $7,689 | $8,381 | | Other long-term liabilities | $449 | $467 | | Other Income (Expense), Net (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :----------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Interest income | $176 | $181 | $335 | $350 | | Foreign currency exchange gains (losses), net | $(83) | $97 | $(247) | $147 | | Unrealized gain (loss) on debt and equity securities, net | $333 | $(17) | $(388) | $34 | | Other, net | $(6) | $(99) | $42 | $(107) | | Total Other income (expense), net | $420 | $162 | $(258) | $424 | Note 5 – Stockholders' Equity This note details stock option and RSU activity, stock-based compensation, and the Share Repurchase Program | Stock-Based Compensation Expense (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :---------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Operations and support | $54 | $59 | $121 | $111 | | Sales and marketing | $24 | $28 | $45 | $52 | | Research and development | $277 | $284 | $576 | $548 | | General and administrative | $100 | $104 | $197 | $199 | | Total | $455 | $475 | $939 | $910 | - As of June 30, 2025, there was $4.2 billion of unamortized compensation costs related to unvested awards, expected to be recognized over approximately 2.90 years86 - During the three and six months ended June 30, 2025, Uber repurchased 16.4 million and 42.9 million shares of common stock for $1.4 billion and $3.2 billion, respectively, under the Share Repurchase Program90 - As of June 30, 2025, approximately $2.6 billion remained available for share repurchases under the program90 Note 6 – Income Taxes This note discusses Uber's income tax expense/benefit, unrecognized tax benefits, tax examinations, and deferred tax asset valuation allowances | Income Tax (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Provision for (benefit from) income taxes | $57 | $142 | $86 | $(260) | | Effective tax rate | 5 % | 9 % | 19 % | (9)% | - During the six months ended June 30, 2025, gross unrecognized tax benefits increased by $644 million, with $318 million potentially impacting the effective tax rate if recognized93 - Uber maintains a valuation allowance against California R&D credits and Netherlands' net deferred tax assets, but there's a reasonable possibility of releasing a significant portion of the Netherlands' valuation allowance within 12 months9899100 - The recently enacted One Big Beautiful Bill Act (OBBBA) in the U.S. is being evaluated, but no material impact on current year financials is expected101102 Note 7 – Net Income Per Share This note provides the computation of basic and diluted net income per share for the three and six months ended June 30, 2024 and 2025 | Net Income Per Share | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Basic EPS | $0.49 | $0.65 | $0.17 | $1.50 | | Diluted EPS | $0.47 | $0.63 | $0.15 | $1.46 | | Basic Weighted-Average Shares (thousands) | 2,092,180 | 2,091,106 | 2,085,324 | 2,091,781 | | Diluted Weighted-Average Shares (thousands) | 2,150,019 | 2,125,628 | 2,151,647 | 2,124,181 | - Approximately 5 million shares underlying equity awards were excluded from diluted EPS computation for the three and six months ended June 30, 2025, as their effect would have been antidilutive105 Note 8 – Segment Information and Geographic Information This note outlines Uber's Mobility, Delivery, and Freight segments, providing financial performance and revenue disaggregated by geographical region | Segment Revenue (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :----------------------- | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Mobility | $6,134 | $7,288 | 19 % | $11,767 | $13,784 | 17 % | | Delivery | $3,293 | $4,102 | 25 % | $6,507 | $7,879 | 21 % | | Freight | $1,273 | $1,261 | (1)% | $2,557 | $2,521 | (1)% | | Total Revenue | $10,700 | $12,651 | 18 % | $20,831 | $24,184 | 16 % | | Segment Adjusted EBITDA (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------------- | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Mobility | $1,567 | $1,905 | 22 % | $3,046 | $3,658 | 20 % | | Delivery | $588 | $873 | 48 % | $1,116 | $1,636 | 47 % | | Freight | $(12) | $(6) | 50 % | $(33) | $(13) | 61 % | | Corporate G&A and Platform R&D | $(573) | $(653) | (14)% | $(1,177) | $(1,294) | (10)% | | Total Adjusted EBITDA | $1,570 | $2,119 | 35 % | $2,952 | $3,987 | 35 % | | Revenue by Geographic Region (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | United States and Canada | $5,825 | $6,561 | $11,298 | $12,780 | | Latin America | $679 | $789 | $1,389 | $1,506 | | Europe, Middle East and Africa | $2,987 | $3,897 | $5,743 | $7,218 | | Asia Pacific | $1,209 | $1,404 | $2,401 | $2,680 | | Total Revenue | $10,700 | $12,651 | $20,831 | $24,184 | Note 9 – Commitments and Contingencies This note details Uber's legal and regulatory contingencies, including driver classification lawsuits and non-income tax matters like the UK VAT dispute - As of June 30, 2025, Uber had recorded $1.5 billion in aggregate liabilities for legal, regulatory, and non-income tax matters, with $200 million related to non-income tax matters111 - The California Attorney General lawsuit regarding driver misclassification for periods prior to Proposition 22 remains ongoing, with the Superior Court lifting the stay on July 2, 2024117 - Swiss authorities continue to classify Drivers/Couriers as employees for social security purposes, with Uber appealing recent decisions and having settled disputes for 2014-July 2020 in SVA Zürich118119120 - URSSAF in France issued a social security contributions assessment in June 2025, which Uber intends to appeal and vigorously challenge121 - Uber has received multiple assessments from HMRC in the UK totaling approximately $1.8 billion (£1.4 billion) for unpaid VAT for March 2022-September 2024, which Uber paid to proceed with the appeal process, believing it will be successful130131 Note 10 – Variable Interest Entities This note distinguishes consolidated and unconsolidated Variable Interest Entities (VIEs), detailing Uber's exposure to loss - Uber Freight Holding Corporation is a consolidated VIE, with total assets of $3.4 billion and total liabilities of $755 million as of June 30, 2025136 - For unconsolidated VIEs (primarily vehicle fleet operators), Uber's carrying amount of assets was $1.2 billion and maximum exposure to loss was $1.3 billion as of June 30, 2025139 - The term loan to Moove Cars Mobility, S.L. (a related party) was $380 million as of June 30, 2025139 Note 11 – Non-Controlling Interests This note details Uber's non-controlling interests in Freight Holding and Trendyol GO, classified as redeemable due to a put/call agreement - Uber owns 84% of Freight Holding's capital stock as of June 30, 2025140 - The non-controlling interest in Trendyol GO, acquired in June 2025, is classified as redeemable due to a put/call agreement exercisable in Q1 2031142 Note 12 – Business Combinations This note describes the acquisition of an 85% controlling stake in Trendyol GO for $697 million, expanding Delivery in Türkiye - On June 17, 2025, Uber acquired an 85% controlling stake in Trendyol GO for $697 million, expanding its Delivery business in Türkiye143144 - The acquisition resulted in $705 million in goodwill, assigned to the Delivery segment, and $151 million in identifiable intangible assets (consumer, merchant, other relationships; developed technology; trade name)144145 - Trendyol GO contributed an immaterial amount of revenue and loss before taxes during the three months ended June 30, 2025146 Note 13 – Subsequent Events This note discloses subsequent events, including a new robotaxi program partnership and an additional $20 billion share repurchase authorization - In July 2025, Uber announced a global robotaxi program with Lucid Group, Inc. and Nuro, Inc., including a $300 million equity investment in Lucid and an agreement to purchase a minimum of 20,000 Lucid vehicles equipped with Nuro's autonomous driving system over six years147 - In July 2025, Uber's board of directors authorized a new share repurchase program for up to an additional $20 billion of common stock148 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's discussion and analysis of Uber's financial condition and operational performance Overview This overview describes Uber's business model and highlights the significant legal challenge of driver classification - Uber is a technology platform connecting consumers with ride services, delivery services, and freight carriers globally150 - Driver classification is a significant ongoing legal challenge globally, with potential for substantial additional expenses if drivers are reclassified as employees, impacting wage laws, benefits, and taxes151153 - Compliance with Proposition 22 in California incurs additional expenses (guaranteed minimum earnings, insurance, healthcare subsidies) but is not expected to materially impact financials152 Financial and Operational Highlights This section presents key financial and operational metrics, highlighting changes in Gross Bookings, revenue, and Adjusted EBITDA | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | | Monthly Active Platform Consumers (MAPCs) | 156 | 180 | 15 % | | Trips | 2,765 | 3,268 | 18 % | | Gross Bookings | $39,952 | $46,756 | 17 % | | Revenue | $10,700 | $12,651 | 18 % | | Income from operations | $796 | $1,450 | 82 % | | Net income attributable to Uber Technologies, Inc. | $1,015 | $1,355 | 33 % | | Adjusted EBITDA | $1,570 | $2,119 | 35 % | | Metric (Millions, except %) | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | | Net cash provided by operating activities | $3,236 | $4,888 | 51 % | | Free cash flow | $3,080 | $4,725 | 53 % | - Q2 2025 Gross Bookings increased 17% (18% constant currency) to $46.8 billion, driven by Mobility (18% constant currency) and Delivery (20% constant currency) Trip volumes, while Freight Gross Bookings decreased 1% constant currency158 - Q2 2025 Adjusted EBITDA increased $549 million YoY to $2.1 billion, with Mobility Adjusted EBITDA up $338 million and Delivery Adjusted EBITDA up $285 million, partially offset by an $80 million increase in Corporate G&A and Platform R&D costs161 Components of Results of Operations This section describes the primary components contributing to Uber's results of operations and various operating expenses Revenue This section describes how Uber generates revenue, primarily from platform fees, and factors influencing its fluctuations - Revenue is primarily generated from fees paid by Drivers and Merchants for platform use, with Uber acting as an agent, and in certain markets, revenue is presented on a gross basis where Uber is primarily responsible for services162 - Revenue is expected to fluctuate based on Trip volume, Driver supply, macroeconomic conditions, global travel, and pricing/promotional activities163 Cost of Revenue, Exclusive of Depreciation and Amortization This section details components of Uber's cost of revenue, excluding depreciation and amortization, and factors influencing its variability - Costs include Driver/Courier payments (where Uber is primary), insurance, Uber Freight carrier costs, credit card processing fees, data center/networking, mobile device costs, and fare chargebacks165 - Expected to fluctuate with Trip volume166 Operations and Support This section outlines expenses related to city operations, user support, and community management, and their expected trends - Primarily compensation for city operations, driver operations, user support, and community managers, plus customer support, driver background checks, and allocated corporate costs167 - Expected to vary in absolute dollars but decrease as a percentage of revenue due to efficiency gains168 Sales and Marketing This section includes advertising, product marketing, consumer discounts/promotions, and compensation for sales/marketing - Includes advertising, product marketing, consumer discounts/promotions, and compensation for sales/marketing employees169 - Expected to vary as a percentage of revenue due to marketing campaign timing170 Research and Development This section details expenses for engineering, design, and product development, and the company's continued investment in R&D - Primarily compensation for engineering, design, and product development employees, ongoing improvements to existing products, and allocated corporate costs171 - Expected to increase in absolute dollars and vary as a percentage of revenue due to continued investment in R&D172 General and Administrative This section covers compensation for executive and administrative employees, impairment charges, and legal accruals - Includes compensation for executive management and administrative employees (finance, HR, legal), impairment charges, and legal-related accruals173 - Expected to increase in absolute dollars but decrease as a percentage of revenue due to improved fixed cost leverage and efficiencies, though legal/regulatory expenses may cause period-to-period variability174 Depreciation and Amortization This section explains expenses related to the depreciation of property and equipment and the amortization of intangible assets - Consists of depreciation on property and equipment (buildings, computer equipment, etc.) and amortization of intangible assets (capitalized internal-use software, acquired intangibles)175 Interest Expense This section details interest expenses primarily from outstanding debt, including amortization of debt discount and issuance costs - Primarily interest on outstanding debt, including amortization of debt discount and issuance costs176 Other Income (Expense), Net This section outlines components of other income and expense, including interest, foreign currency, and unrealized gains/losses - Includes interest income, foreign currency exchange gains/losses, and unrealized gains/losses on debt and equity securities186 Provision for (Benefit from) Income Taxes This section discusses factors influencing Uber's effective tax rate, including valuation allowances and tax law changes - Effective tax rate varies based on foreign vs. domestic income, valuation allowance changes on deferred tax assets (U.S., Netherlands), and tax law changes177 - Valuation allowance maintained against California R&D credits and Netherlands' net deferred tax assets, but a significant portion of the Netherlands' allowance may be released within 12 months179180181 - The Inflation Reduction Act Corporate Alternative Minimum Tax (CAMT) does not apply in 2025 but could in future years, and OECD's 15% minimum tax rate framework is being monitored, with insignificant impact expected for 2025182183 Income (Loss) from Equity Method Investments This section describes Uber's share of income or loss derived from its equity method investments - Primarily reflects Uber's share of income or loss from its equity method investments184 Results of Operations This section provides a detailed analysis of Uber's financial performance across income statement line items Revenue (Detailed) This section provides a detailed analysis of Uber's revenue performance and its drivers for the reporting periods | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Revenue | $10,700 | $12,651 | 18 % | $20,831 | $24,184 | 16 % | - Q2 2025 revenue increased $2.0 billion (18%) due to a 17% increase in Gross Bookings, primarily from Mobility and Delivery Trip volumes190 - Six months ended June 30, 2025, revenue increased $3.4 billion (16%) due to a 15% increase in Gross Bookings, primarily from Mobility and Delivery Trip volumes191 Cost of Revenue, Exclusive of Depreciation and Amortization (Detailed) This section provides a detailed analysis of Uber's cost of revenue, excluding depreciation and amortization | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Cost of revenue | $6,488 | $7,611 | 17 % | $12,656 | $14,548 | 15 % | | Percentage of revenue | 61 % | 60 % | | 61 % | 60 % | | - Q2 2025 cost of revenue increased $1.1 billion (17%), driven by a $379 million increase in Driver payments/incentives, a $343 million increase in Courier payments/incentives, and a $283 million increase in insurance expense193 - Six months ended June 30, 2025, cost of revenue increased $1.9 billion (15%), driven by a $617 million increase in Driver payments/incentives, a $521 million increase in Courier payments/incentives, and a $479 million increase in insurance expense194 Operations and Support (Detailed) This section provides a detailed analysis of Uber's operations and support expenses and their key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Operations and support | $682 | $696 | 2 % | $1,367 | $1,364 | — % | | Percentage of revenue | 6 % | 6 % | | 7 % | 6 % | | - Q2 2025 operations and support expenses increased $14 million (2%) due to a $25 million increase in employee headcount costs, partially offset by a $13 million decrease in external contractor expense196 - Six months ended June 30, 2025, operations and support expenses decreased $3 million, primarily due to decreases in external contractor expense ($23 million) and Driver background check costs ($19 million), partially offset by a $37 million increase in employee headcount costs197 Sales and Marketing (Detailed) This section provides a detailed analysis of Uber's sales and marketing expenses and their key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Sales and marketing | $1,115 | $1,210 | 9 % | $2,032 | $2,267 | 12 % | | Percentage of revenue | 10 % | 10 % | | 10 % | 9 % | | - Q2 2025 sales and marketing expenses increased $95 million (9%), primarily due to a $45 million increase in indirect advertising and marketing and a $40 million increase in employee headcount costs, with consumer discounts increasing $4 million to $403 million199 - Six months ended June 30, 2025, sales and marketing expenses increased $235 million (12%), primarily due to a $91 million increase in indirect advertising, a $70 million increase in consumer discounts (to $775 million), and a $64 million increase in employee headcount costs200 Research and Development (Detailed) This section provides a detailed analysis of Uber's research and development expenses and their key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Research and development | $760 | $840 | 11 % | $1,550 | $1,655 | 7 % | | Percentage of revenue | 7 % | 7 % | | 7 % | 7 % | | - Q2 2025 R&D expenses increased $80 million (11%) primarily due to an $82 million increase in employee headcount cost202 - Six months ended June 30, 2025, R&D expenses increased $105 million (7%) primarily due to a $145 million increase in employee headcount costs, partially offset by a $28 million decrease in stock-based compensation203 General and Administrative (Detailed) This section provides a detailed analysis of Uber's general and administrative expenses and their key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | General and administrative | $686 | $669 | (2)% | $1,895 | $1,326 | (30)% | | Percentage of revenue | 6 % | 5 % | | 9 % | 5 % | | - Q2 2025 G&A expenses decreased $17 million (2%), primarily due to a $77 million decrease in other corporate expenses, a $25 million decrease in employee headcount costs, and an $18 million decrease in general insurance expense, partially offset by an $80 million increase in legal-related accruals205 - Six months ended June 30, 2025, G&A expenses decreased $569 million (30%), primarily due to a $489 million decrease in legal-related accruals and expenses206 Depreciation and Amortization (Detailed) This section provides a detailed analysis of Uber's depreciation and amortization expenses and their key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Depreciation and amortization | $173 | $175 | 1 % | $363 | $346 | (5)% | | Percentage of revenue | 2 % | 1 % | | 2 % | 1 % | | - Six months ended June 30, 2025, depreciation and amortization expenses decreased $17 million (5%) primarily due to various acquired intangible assets becoming fully amortized209 Interest Expense (Detailed) This section provides a detailed analysis of Uber's interest expense and its key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Interest expense | $(139) | $(108) | (22)% | $(263) | $(213) | (19)% | | Percentage of revenue | (1)% | (1)% | | (1)% | (1)% | | - Q2 2025 interest expense decreased $31 million (22%) and six months ended June 30, 2025, interest expense decreased $50 million (19%), both primarily due to debt refinancing activities in the second half of 2024211212 Other Income (Expense), Net (Detailed) This section provides a detailed analysis of Uber's other income (expense), net, and its key drivers | Other Income (Expense), Net (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :----------------------------------- | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Interest income | $176 | $181 | 3 % | $335 | $350 | 4 % | | Foreign currency exchange gains (losses), net | $(83) | $97 | ** | $(247) | $147 | ** | | Unrealized gain (loss) on debt and equity securities, net | $333 | $(17) | ** | $(388) | $34 | ** | | Other, net | $(6) | $(99) | ** | $42 | $(107) | ** | | Total Other income (expense), net | $420 | $162 | (61)% | $(258) | $424 | (264)% | - Q2 2025 unrealized gain (loss) on debt and equity securities, net, decreased by $350 million, primarily due to a $482 million unrealized loss on Aurora investment, partially offset by gains on Grab ($268 million) and Joby ($110 million)214215 - Six months ended June 30, 2025, unrealized gain (loss) on debt and equity securities, net, increased by $422 million, primarily due to gains on Didi ($190 million) and Grab ($166 million), partially offset by a $346 million unrealized loss on Aurora216217 Provision for Income Taxes (Detailed) This section provides a detailed analysis of Uber's provision for income taxes and its key drivers | Income Tax (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Provision for (benefit from) income taxes | $57 | $142 | 149 % | $86 | $(260) | ** | | Effective tax rate | 5 % | 9 % | | 19 % | (9)% | | - The change in income tax provision is a result of the release of valuation allowance of certain U.S. federal and state deferred tax assets in Q4 2024219 Loss from Equity Method Investments (Detailed) This section provides a detailed analysis of Uber's loss from equity method investments and its key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Loss from equity method investments | $(12) | $(12) | — % | $(16) | $(25) | (56)% | - The change in loss from equity method investments was not material for the three and six months ended June 30, 2025, compared to the same periods in 2024221 Segment Results of Operations This section analyzes the financial performance of Uber's Mobility, Delivery, and Freight operating segments Mobility Segment This section details the financial performance and key drivers of Uber's Mobility segment - Q2 2025 Mobility revenue increased $1.2 billion (19%) and Adjusted EBITDA increased $338 million (22%), driven by a 16% increase in Gross Bookings and Trip volumes225 - Increased costs included $379 million in Driver payments/incentives, $283 million in insurance expense, $53 million in network costs, $33 million in credit card processing, and $16 million in employee headcount costs for Q2 2025226 - Six months ended June 30, 2025, Mobility revenue increased $2.0 billion (17%) and Adjusted EBITDA increased $612 million (20%), driven by a 15% increase in Gross Bookings and Trip volumes227 Delivery Segment This section details the financial performance and key drivers of Uber's Delivery segment - Q2 2025 Delivery revenue increased $809 million (25%) and Adjusted EBITDA increased $285 million (48%), driven by a 20% increase in Gross Bookings, Trip volumes, and a $125 million increase in advertising revenue229 - Increased costs included $343 million in Courier payments/incentives, $81 million in employee headcount costs, $30 million in indirect advertising, $22 million in credit card processing, and $10 million in insurance expense for Q2 2025230 - Six months ended June 30, 2025, Delivery revenue increased $1.4 billion (21%) and Adjusted EBITDA increased $520 million (47%), driven by an 18% increase in Gross Bookings and Trip volumes, and a $248 million increase in advertising revenue231 Freight Segment This section details the financial performance and key drivers of Uber's Freight segment - Q2 2025 Freight revenue decreased $12 million (1%) and Freight Adjusted EBITDA improved $6 million (50%), primarily due to a 1% decrease in Freight Gross Bookings from lower revenue per load in a challenging freight market233 - Improvement in Adjusted EBITDA was due to a $12 million decrease in Carrier payments and a $5 million decrease in Freight other expenses, partially offset by a $12 million decrease in revenue234 - Six months ended June 30, 2025, Freight revenue decreased $36 million (1%) and Adjusted EBITDA improved $20 million (61%), also due to decreased Gross Bookings and lower revenue per load235 Certain Key Metrics This section defines and presents key operational metrics: Monthly Active Platform Consumers, Trips, and Gross Bookings - Monthly Active Platform Consumers (MAPCs) are unique consumers completing a Mobility ride or Delivery order at least once a month, averaged quarterly, used to assess platform adoption and transaction frequency237 - Trips are defined as the number of completed consumer Mobility rides and Delivery orders in a given period, measuring platform scale and usage238 - Gross Bookings represent the total dollar value of Mobility rides, Delivery orders, and Freight revenue, indicating the scale of the platform and its impact on revenue239 | Gross Bookings (Millions) | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :---------------------- | :------ | :------ | :------ | :------ | :------ | :------ | :------ | :------ | | Mobility | $17,903 | $19,285 | $18,670 | $20,554 | $21,002 | $22,798 | $21,182 | $23,762 | | Delivery | $16,094 | $17,011 | $17,699 | $18,126 | $18,663 | $20,126 | $20,377 | $21,734 | | Freight | $1,284 | $1,279 | $1,282 | $1,272 | $1,308 | $1,273 | $1,259 | $1,260 | Reconciliations of Non-GAAP Financial Measures This section provides definitions and reconciliations for non-GAAP financial measures like Adjusted EBITDA and Free Cash Flow Adjusted EBITDA This section defines Adjusted EBITDA and provides its reconciliation to net income, explaining its use by management - Adjusted EBITDA is defined as net income (loss) excluding discontinued operations, non-controlling interests, income taxes, equity method investments, interest expense, other income (expense) net, depreciation and amortization, stock-based compensation, certain legal/tax/regulatory reserve changes, goodwill/asset impairments, acquisition/financing/divestiture expenses, restructuring charges, and other non-recurring items245 - Used by management and investors to evaluate operating performance, generate future plans, and make strategic decisions, providing transparency and facilitating period-to-period comparisons by excluding non-cash and certain variable charges246 - Legal, tax, and regulatory reserve changes and settlements are excluded as they are significant, unpredictable, and distinct from normal recurring operating performance247 | Adjusted EBITDA Reconciliation (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income attributable to Uber Technologies, Inc. | $1,015 | $1,355 | $361 | $3,131 | | Adjustments (selected) | | | | | | Depreciation and amortization | $173 | $175 | $363 | $346 | | Stock-based compensation expense | $455 | $475 | $939 | $910 | | Legal, tax, and regulatory reserve changes and settlements | $134 | — | $661 | $28 | | Adjusted EBITDA | $1,570 | $2,119 | $2,952 | $3,987 | Constant Currency This section explains the use of constant currency growth rates to assess underlying revenue performance - Constant currency growth rates are presented to assess underlying revenue performance by excluding foreign currency rate fluctuations, calculated by translating current period results using prior period's monthly exchange rates250 Free Cash Flow This section defines Free Cash Flow as net cash from operating activities less capital expenditures - Free cash flow is defined as net cash flows from operating activities less capital expenditures251 | Free Cash Flow Reconciliation (Millions) | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :------------------------------------- | :--------------------------- | :--------------------------- | | Net cash provided by operating activities | $3,236 | $4,888 | | Purchases of property and equipment | $(156) | $(163) | | Free cash flow | $3,080 | $4,725 | Liquidity and Capital Resources This section discusses Uber's sources and uses of cash, including operating, investing, and financing activities Operating Activities This section details the net cash provided by Uber's operating activities and the primary drivers of changes in working capital - Net cash provided by operating activities was $4.9 billion for the six months ended June 30, 2025, primarily from $3.1 billion net income, adjusted for non-cash items like $910 million stock-based compensation and a $927 million increase in cash from working capital254 - The increase in working capital cash was driven by higher accrued insurance reserves and other liabilities, partially offset by increases in accounts receivable and prepaid expenses due to tax matters254 Investing Activities This section details the net cash used in Uber's investing activities, primarily related to marketable securities and business acquisitions - Net cash used in investing activities was $2.0 billion for the six months ended June 30, 2025, mainly due to $7.6 billion in marketable securities purchases and $804 million for business acquisitions, partially offset by $7.0 billion from marketable securities maturities/sales256 Financing Activities This section details the net cash used in Uber's financing activities, including common stock repurchases and debt issuance - Net cash used in financing activities was $2.1 billion for the six months ended June 30, 2025, primarily from $3.1 billion in common stock repurchases and $75 million in finance lease payments, partially offset by $1.1 billion from term loan/notes issuance258 Other Information This section provides additional information on Uber's cash holdings and its assessment of future liquidity requirements - As of June 30, 2025, $3.1 billion of Uber's $6.4 billion cash and cash equivalents was held by foreign subsidiaries260 - Uber believes existing U.S. cash and available credit are sufficient for anticipated cash requirements for at least the next 12 months261 Commercial Paper This section describes the establishment of Uber's commercial paper program and its current status - In June 2025, Uber established a commercial paper program for up to $2.0 billion, with no outstanding notes as of June 30, 2025262 Share Repurchase Program This section details the status of Uber's share repurchase program, including remaining authorization and new authorizations - As of June 30, 2025, $2.6 billion remained available under the $7.0 billion share repurchase program authorized in February 2024264 - In July 2025, a new share repurchase program up to an additional $20 billion was authorized148264 Non-Income Tax Matters This section discusses Uber's non-income tax matters, specifically the UK VAT assessments and the company's appeal strategy - Uber has received multiple assessments from HMRC in the UK totaling approximately $1.8 billion (£1.4 billion) for unpaid VAT (March 2022-September 2024), which were paid to proceed with the appeal process267 - Payments are recorded as a receivable, as Uber believes it will be successful in its appeal and receive a full refund with interest268 Commitments This section confirms no material changes to Uber's non-cancelable contractual obligations since the last annual report - No material changes to non-cancelable contractual obligations (primarily network and cloud services) as of June 30, 2025, compared to the 2024 Annual Report on Form 10-K269 Critical Accounting Estimates This section highlights significant estimates and assumptions required in preparing Uber's financial statements - Preparation of financial statements requires significant estimates and assumptions, particularly in revenue recognition, fair values of investments, useful lives of assets, impairment assessments, stock-based compensation, income taxes, and insurance reserves270 - Estimates are based on historical experience and reasonable assumptions, but actual results may differ materially270 Recent Accounting Pronouncements This section refers to Note 1 for information regarding recently issued accounting pronouncements and their potential impact - Refer to Note 1 for information on recently issued accounting pronouncements272 Item 3. Quantitative and Qualitative Disclosures About Market Risk This section discusses Uber's exposure to market risks, including interest rate, investment, and foreign currency risks - A hypothetical 100 basis point increase in interest rates would have decreased the fair value of Uber's fixed rate notes by $420 million as of June 30, 2025274 - As of June 30, 2025, cash, cash equivalents, and marketable debt securities totaled $9.7 billion and $8.8 billion respectively, primarily in money market funds, government securities, and investment-grade corporate debt276 - Uber is exposed to foreign currency risk from international revenue and expenses, partially mitigated by diversification and hedging, but fluctuations can still materially affect financial results278279 - As of June 30, 2025, the carrying value of investments, including equity method investments, was $9.0 billion, subject to equity price risk and valuation challenges for privately held entities277 Item 4. Controls and Procedures This section confirms the effectiveness of Uber's disclosure controls and procedures and reports no material changes to internal control - As of June 30, 2025, Uber's disclosure controls and procedures were evaluated and deemed effective at a reasonable assurance level by management, including the CEO and CFO280 - No material changes to internal control over financial reporting occurred during the quarter ended June 30, 2025281 - Management acknowledges inherent limitations, stating that control systems provide reasonable, not absolute, assurance against error and fraud282 PART II - OTHER INFORMATION This part provides additional information, including legal proceedings, risk factors, equity sales, and exhibits Item 1. Legal Proceedings This section details Uber's involvement in various legal actions and government investigations, noting potential impacts on operations - Uber is party to various legal actions and government investigations, including those concerning driver classification, non-income tax audits, and other business practices284 - The ultimate outcome of these legal matters is inherently unpredictable, but the resolution of most is not expected to have a material adverse effect on consolidated financial position or liquidity, though it could be material to consolidated results of operations in any one accounting period284 - Refer to Note 9 – Commitments and Contingencies for detailed information on material legal proceedings285 Item 1A. Risk Factors This section outlines various factors that could materially and adversely affect Uber's business and financial results Risk Factor Summary This section summarizes key risks, including driver misclassification, competition, operational challenges, and regulatory issues - Key risks include driver misclassification, intense competition, the need for continued fare/fee adjustments and incentives, historical losses and expected operating expense increases, challenges in attracting/retaining platform users, reliance on high-quality personnel, brand/reputation management, autonomous vehicle technology risks, organizational structure optimization, workplace culture issues, safety incidents, and substantial investments in new ventures287 - Additional risks involve cybersecurity, growing use of AI/machine learning, climate risks, environmental/social matters, catastrophic events, reliance on third-party marketplaces/software, capital requirements, acquisition integration, regulatory limitations, payment/financial services regulation, data privacy, intellectual property protection, and stock price volatility290 Operational and Economic Risks Related to Our Business This section details operational and economic risks, such as driver reclassification, intense competition, and significant investments Operational Risks This section details operational risks, including driver reclassification, competition, brand reputation, and autonomous vehicle technology - Reclassifying drivers as employees would lead to significant additional expenses (wages, benefits, taxes, penalties) and potential driver supply issues due to loss of flexibility294 - Uber faces intense competition in mobility, delivery, and logistics from established alternatives, new entrants, and well-capitalized competitors, leading to potential revenue reduction, lower user numbers, and reduced margins298300 - To remain competitive, Uber has lowered fares/service fees and offered significant driver incentives and consumer discounts, which negatively impact financial performance306 - Uber has an accumulated deficit of $17.6 billion as of June 30, 2025, and expects operating expenses to increase due to investments in growth, R&D, marketing, and new offerings, making sustained profitability uncertain308 - Failure to attract and retain a critical mass of drivers, consumers, merchants, shippers, and carriers due to competition, dissatisfaction, or regulatory changes would diminish platform appeal and adversely impact financial results309311312 - Negative media coverage, safety incidents, and challenges in maintaining brand reputation can harm Uber's ability to attract and retain users and lead to increased regulatory scrutiny and litigation316317318 - Failure to offer autonomous vehicle technologies on its platform before competitors, or if such technologies perform poorly or are perceived as unsafe, could adversely impact financial performance and prospects due to reduced costs for competitors322 - Rapid growth and workforce reductions create complexity and strain on management, operations, and systems, requiring continuous investment in personnel and technology, with potential adverse effects if not managed effectively325328 - Historical workplace culture and compliance issues have led to regulatory scrutiny and may continue to harm business results and reputation330 - Criminal, violent, or inappropriate activity by platform users or third parties can harm Uber's reputation, ability to attract users, and lead to significant liabilities, especially given less extensive background checks for delivery couriers331332335 - Substantial investments in new offerings and technologies (e.g., grocery, alcohol delivery, freight management) are inherently risky, with no assurance of consumer demand or sufficient revenue to offset new expenses and liabilities336337 - Operating in over 70 countries exposes Uber to significant international risks, including operational/compliance challenges, restrictive laws, intense local competition, currency fluctuations, and political instability338339 - Minority ownership stakes in entities like Didi, Grab, and Aurora involve substantial risks due to limited influence, potential loss of value from market fluctuations, and contractual restrictions on selling assets341342345[346](index=3