Uber

Balance sheet and cash generation. Year‑end 2025 free cash flow was 9.763 billion dollars on net cash from operations of 10.1 billion dollars.

Unrestricted cash, cash equivalents and short‑term investments were 7.6 billion dollars at year end, against total debt of 10.6 billion dollars that is well‑termed with significant maturities not until 2028 and later.

Uber redeemed 1.15 billion dollars of 2025 converts in Q4 and issued new 2031 and 2035 senior notes at fixed rates, reflecting access to investment‑grade markets. The company operates with substantial insurance reserves of roughly 12.5 billion dollars, a known but managed liability with actuarial oversight.

Overall net leverage is modest relative to cash generation, but the size and uncertainty around insurance and non‑income tax items are the main constraints on a higher score.