Uber(UBER) - 2025 Q4 - Annual Results

Financial Performance - Gross Bookings increased 22% YoY to $54.1 billion, with a constant currency growth of 22%[4] - Revenue for Q4 2025 grew 20% YoY to $14.4 billion, or 19% on a constant currency basis[4] - GAAP Income from operations reached $1.8 billion, a 130% increase YoY[4] - Adjusted EBITDA for Q4 2025 was $2.5 billion, up 35% YoY, with an adjusted EBITDA margin of 4.6%[4] - Non-GAAP Operating Income grew 46% YoY to $1.9 billion, representing 3.5% of Gross Bookings[4] - Full year 2025 Gross Bookings totaled $193.5 billion, a 19% increase YoY[7] - Full year 2025 Adjusted EBITDA was $8.7 billion, reflecting a 35% growth YoY[7] - Total revenue for Q4 2025 reached $14,366 million, a 20.1% increase from $11,959 million in Q4 2024[24] - Net income attributable to Uber Technologies, Inc. for Q4 2025 was $296 million, down from $6,883 million in Q4 2024[24] - Adjusted EBITDA for the year ended December 31, 2025, was $5,565 million, compared to $2,799 million for the year ended December 31, 2024, reflecting a significant growth[24] Cash Flow and Assets - Free cash flow for Q4 2025 was $2.8 billion, with net cash provided by operating activities at $2.9 billion[4] - Free cash flow for the year ended December 31, 2025, was $10,099 million, up from $7,137 million in 2024, showing a 41.5% increase[26] - Cash and cash equivalents rose from $5,893 million in 2024 to $7,105 million in 2025, indicating a 20.5% increase[22] - Total assets increased from $51,244 million as of December 31, 2024, to $61,802 million as of December 31, 2025, marking a 20.5% growth[22] - Cash and cash equivalents at the end of the period were $8,610 million, down from $9,003 million at the beginning of the period[27] Equity and Liabilities - Total liabilities increased from $28,768 million in 2024 to $33,719 million in 2025, representing a 17.3% rise[22] - Total equity increased from $22,383 million in 2024 to $27,918 million in 2025, a growth of 24.8%[22] Earnings Per Share - The company anticipates Q1 2026 Non-GAAP EPS to be between $0.65 and $0.72, representing a growth of 37% YoY at the midpoint[4] - The company reported a diluted net income per share of $0.14 for Q4 2025, down from $3.21 in Q4 2024[24] - GAAP Diluted EPS was $3.21 in Q4 2024, dropping to $0.14 in Q1 2025, while Non-GAAP EPS increased from $0.56 to $0.71 in the same periods[45] Research and Development - Research and development expenses for Q4 2025 were $885 million, compared to $785 million in Q4 2024, reflecting a 12.7% increase[24] Tax and Adjustments - The Non-GAAP effective tax rate for the year ended December 31, 2025, is projected to be 22%, up from 12% in 2024[38] - The company reported a total adjustment of $548 million excluded from Non-GAAP Operating Income for Q4 2024, which decreased to $144 million in Q1 2025[45] Market Strategy - The company plans to continue its market expansion and product development strategies to enhance its service offerings and drive growth[29] Consumer Metrics - Quarterly trips grew 22% year-over-year to 3.8 billion, driven by Monthly Active Platform Consumers (MAPCs) growth of 18% YoY[4] - Monthly Active Platform Consumers (MAPCs) are defined as unique consumers who completed a Mobility ride or received a Delivery order at least once in a month, averaged over each month in the quarter[30] - Gross Bookings, which include the total dollar value of Mobility rides and Delivery orders, are a key indicator of the platform's scale and revenue potential[29]