Uber

Balance sheet and cash generation: Unrestricted cash, cash equivalents and short‑term investments were 9.1B at Q3 2025; total debt 11.8B with planned redemption of 1.15B converts in Q4 2025. TTM free cash flow is about 8.7B, implying net leverage comfortably below 0.5x FCF.

Liquidity and access to debt markets are strong after multiple refinancings in 2024–2025. Risks: legal/tax reserves including a 479M charge in Q3 2025 and UK VAT assessments of roughly 1.8B (paid to proceed with appeal and recorded as receivable), plus ongoing insurance reserve needs.

These are manageable against cash generation, but they can add volatility to quarterly results and working capital.