{"schemaVersion":1,"research":true,"symbol":"uber","name":"Uber","topic":"moat","path":"/stock/uber/moat","status":"stale","version":6,"updatedAt":"2026-10-18T12:25:00.381Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Uber has a narrow network advantage supported by a large, actively used marketplace and demonstrated growth in consumers and transactions. Low switching costs, low entry barriers and realized competitive fare reductions limit its durability and pricing power. Cross-service benefits remain management assertions rather than quantified competitive advantages. The evidence does not establish customer lock-in, superior relative costs or a wide moat.","advantages":[{"mechanism":"network_effects","claim":"Uber's established pool of consumers, Drivers, Couriers and Merchants supports marketplace liquidity and matching across Mobility and Delivery. Reported participant scale and transaction growth support a current, limited network advantage; cross-service engagement and utilization benefits are plausible but remain issuer assertions.","durability":"The existing marketplace provides a foundation that a new entrant would need to replicate locally. However, global scale does not establish superior liquidity in every market, and low switching costs make the advantage contestable. Autonomous vehicles represent potential reinforcement rather than a demonstrated extension.","risks":"Uber has lowered fares or service fees and used substantial incentives to compete. Participants can shift toward better prices, earnings or service. Some regional competitors have stronger local advantages. Driver classification changes, AI intermediaries and autonomous vehicle capital requirements could weaken marketplace economics.","invalidation":"The narrow-moat thesis would fail if sustained declines in active consumers, trips or earner participation occurred despite increasing incentives, or if maintaining marketplace liquidity persistently required fare reductions and subsidies that overwhelmed operating cash generation. Evidence that competitors consistently matched availability and service at lower subsidy requirements would also invalidate the inferred network advantage.","competitors":["Grab","Careem Technologies"],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Business description: Mobility and Delivery marketplace connections","excerpt":"Uber connects consumers (“Rider(s)”) with independent providers of ride services (“Mobility Driver(s)”) for ridesharing services, and connects Riders and other consumers (“Eaters”) with restaurants, grocers and other stores (collectively, “Merchants”) with delivery service providers (“Couriers”) for meal preparation, grocery and other delivery services."},{"id":"e2","sourceId":"filing-3","location":"Chairperson letter: trips, countries, earners and monthly Merchants","excerpt":"Today, we facilitate over 40 million trips per day in over 70 countries, support flexible earning opportunities for 9.7 million Drivers and Couriers, and partner with over 1.3 million monthly Merchants worldwide."},{"id":"e3","sourceId":"filing-1","location":"Financial and Operational Highlights: 2024–2025 consumers, trips, bookings and operating income","excerpt":"Financial and Operational Highlights Year Ended December 31, (In millions, except percentages) 2024 2025 % Change % Change (Constant Currency (1)) Monthly Active Platform Consumers (“MAPCs”) (2), (3) 171 202 18 % Trips (2) 11,273 13,567 20 % Gross Bookings (2) $ 162,773 $ 193,454 19 % 20 % Revenue $ 43,978 $ 52,017 18 % 18 % Income from operations $ 2,799 $ 5,565 99 % Net income attributable to Uber Technologies, Inc."},{"id":"e4","sourceId":"filing-1","location":"Delivery business description: management's cross-service engagement claim","excerpt":"After launching our Delivery app, Uber Eats, over ten years ago, we believe our Delivery offering increases consumer engagement with the Uber platform overall, which in turn results in broader reach for our Merchants who can attract Uber Eats consumers from Uber without increasing their own costs."},{"id":"e5","sourceId":"filing-1","location":"Delivery business description: management's earner utilization claim","excerpt":"For Drivers, we believe the Delivery offering leverages, and has expanded, our earner base by increasing utilization and earnings across the network."},{"id":"e6","sourceId":"filing-1","location":"Competition risk: low entry barriers, low switching costs and alternatives","excerpt":"The mobility, delivery, and logistics industries are highly competitive, with well-established and low-cost alternatives that have been available for decades, low barriers to entry, low switching costs, and well-capitalized competitors in nearly every major geographic region."},{"id":"e7","sourceId":"filing-1","location":"Competition risk: participant propensity to change providers","excerpt":"Consumers have a propensity to shift to the lowest-cost or highest-quality provider; Drivers have a propensity to shift to the platform with the highest earnings potential; restaurants and other merchants have a propensity to shift to the delivery platform that offers the lowest service fee for their meals and other goods and provides the highest volume of orders; and Shippers and Carriers have a propensity to shift to the platform with the best price and most convenient service for hauling shipments."},{"id":"e8","sourceId":"filing-1","location":"Competition risk: realized fare reductions, incentives and adverse financial effects","excerpt":"To remain competitive in certain markets, we have in the past lowered, and may continue to lower, fares or service fees, and we have in the past offered, and may continue to offer, significant Driver incentives and consumer discounts and promotions, which has adversely affected and may continue to adversely affect our financial performance."},{"id":"e9","sourceId":"filing-2","location":"Competition risk: regional competitors' advantages","excerpt":"In addition, our competitors in certain geographic markets enjoy substantial competitive advantages such as greater brand recognition, longer operating histories, larger marketing budgets, better localized knowledge, and more supportive regulatory regimes."},{"id":"e10","sourceId":"filing-2","location":"Competition risk: geographic restrictions involving Grab and Careem Technologies","excerpt":"As a result of certain divestitures, we have or have been contractually restricted from competing with our current or former minority-owned entities with respect to certain aspects of our business, including in Southeast Asia with respect to Grab, and the Middle East, North Africa and Pakistan with respect to Careem Technologies, while our minority-owned entities are not necessarily restricted from competing with us anywhere in the world."},{"id":"e11","sourceId":"filing-2","location":"Driver classification risk: potential additional employment costs","excerpt":"If, as a result of legislation or judicial decisions, we are required to classify Drivers as employees (or as workers or quasi-employees where those statuses exist), we would incur significant additional expenses for compensating Drivers, including expenses associated with the application of wage and hour laws (including minimum wage, overtime, and meal and rest period requirements), employee benefits, social security contributions, taxes (direct and indirect), and potential penalties."},{"id":"e12","sourceId":"filing-1","location":"Growth risk: potential consumer disintermediation by AI platforms","excerpt":"For example, shifts in consumer behavior, including the use of new or emerging technologies, such as AI-enabled platforms and digital assistants, may disintermediate our relationship with consumers by controlling how our products are accessed, presented or selected, which could redirect demand to competitors and adversely affect our demand and growth."},{"id":"e13","sourceId":"filing-1","location":"Autonomous vehicle purchase commitment: undetermined cash requirement at December 31, 2025","excerpt":"As of December 31, 2025, our cash requirement has not been determined and there can be no assurance that such purchases will be completed as contemplated."},{"id":"e14","sourceId":"filing-1","location":"Financial and Operational Highlights: operating cash flow and free cash flow","excerpt":"$ 9,856 $ 10,053 2 % Adjusted EBITDA (1) $ 6,484 $ 8,730 35 % Net cash provided by operating activities $ 7,137 $ 10,099 42 % Free cash flow (1) $ 6,895 $ 9,763 42 % (1) See the section titled “Reconciliations of Non-GAAP Financial Measures” for more information and reconciliations to the most directly comparable GAAP financial measure."},{"id":"e15","sourceId":"filing-1","location":"Mobility results: earnings growth and increased incentives, insurance and network costs","excerpt":"Mobility Adjusted EBITDA increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $1.6 billion increase in Driver payments and incentives recorded in Mobility Platform Participant direct transaction costs, a $851 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven, a $224 million increase in network costs, a $164 million increase in credit card processing costs as a result of increased Gross Bookings, and a $105 million increase in indirect advertising and marketing, recorded in Mobility other expense."},{"id":"e16","sourceId":"filing-1","location":"Delivery results: 2025 revenue and Adjusted EBITDA growth","excerpt":"Delivery Segment For the year ended December 31, 2025 compared to the same period in 2024, Delivery revenue increased $3.5 billion, or 25%, and Delivery Adjusted EBITDA increased $1.1 billion, or 45%."},{"id":"e17","sourceId":"filing-1","location":"Freight results: 2025 lower revenue per load","excerpt":"Freight revenue decreased primarily attributable to a 1% decrease in Freight Gross Bookings due to lower revenue per load as a result of the challenging freight market cycle."},{"id":"e18","sourceId":"filing-2","location":"Freight results: 2026 bookings growth from revenue per trip and volume","excerpt":"Freight revenue increased primarily attributable to a 16% increase in Freight Gross Bookings due to an increase in revenue per trip and trip volume."},{"id":"e19","sourceId":"filing-2","location":"Freight results: increased operating loss","excerpt":"Freight Segment Operating Loss increased primarily attributable to a $400 million increase in Freight Carrier payments partially offset by a $399 million increase in Freight revenue."},{"id":"e20","sourceId":"filing-1","location":"Stockholders' equity: completed 2024 and 2025 share repurchases","excerpt":"During the years ended December 31, 2024 and 2025, we repurchased and subsequently retired 17.8 million and 80.0 million shares of common stock for $1.2 billion and $6.5 billion, respectively, excluding broker commissions and fees."},{"id":"e21","sourceId":"filing-2","location":"Liquidity: first-half 2026 investing cash flows","excerpt":"Investing Activities Net cash used in investing activities was $6.2 billion for the six months ended June 30, 2026, primarily consisting of: purchases of marketable securities of $17.6 billion, purchase of total return swaps of $1.6 billion, acquisition of businesses, net of cash acquired of $653 million, purchases of non-marketable equity securities of $507 million, purchases of notes receivable of $298 million, and purchase of property and equipment of $135 million; partially offset by proceeds from maturities and sales of marketable securities of $14.7 billion."},{"id":"e22","sourceId":"filing-2","location":"Liquidity: first-half 2026 repurchases, debt issuance and repayments","excerpt":"Financing Activities Net cash used in financing activities was $1.6 billion for the six months ended June 30, 2026, primarily consisting of $3.5 billion in repurchases of common stock, $2.0 billion of principal repayment on term loan, notes, and credit facility, $82 million of principal payments on finance leases; partially offset by $4.0 billion of proceeds from issuance of term loan, notes and credit facility, net of issuance costs and $136 million of proceeds from issuance of common stock under the Employee Stock Purchase Plan."},{"id":"e23","sourceId":"filing-2","location":"Subsequent event: consideration for pending Delivery Hero takeover offer","excerpt":"Under the terms of the takeover offer, Uber will offer Delivery Hero shareholders cash consideration of €41.50 per share, representing an equity value of $14.8 billion (implied for 100% of Delivery Hero)."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation: actual 2025 stock ownership guideline compliance","excerpt":"As of the applicable measurement date in 2025, all of our executive officers and non-employee directors were in compliance with our stock ownership guidelines."},{"id":"e25","sourceId":"filing-3","location":"Compensation policies: CEO ownership requirement and retention guidelines","excerpt":"Maintain stock ownership guidelines for our executive officers and directors, including a rigorous 10x base salary requirement for our CEO, and stock retention guidelines"},{"id":"e26","sourceId":"filing-3","location":"Pay versus performance: measures used to link fiscal 2025 compensation to performance","excerpt":"Below are the most important measures used to link compensation actually paid to our NEOs, for the most recently completed fiscal year: Most Important Measures to Determine FY25 CAP Gross Bookings Adjusted EBITDA Adjusted EBITDA less SBC TSR Safety Autonomous Vehicles CAP Versus TSR and Peer TSR The graph below compares CAP, as computed in accordance with Item 402(v) of Regulation S-K, to Uber’s cumulative TSR and the TSR of its peer group, the S&P 500 IT, over the past five years."},{"id":"e27","sourceId":"filing-3","location":"Insider trading policy: prohibition on hedging Company securities","excerpt":"Our insider trading policy further prohibits Company employees and directors from hedging or lending Company securities in any transaction, including by entering into any short sales, swaps, options, puts, calls, forward contracts, or any other similar derivatives transaction."},{"id":"e28","sourceId":"filing-3","location":"Board biography: independent Chairperson since July 2018","excerpt":"Biography Dr. Sugar has served as the Independent Chairperson of our Board since July 2018."},{"id":"e29","sourceId":"filing-3","location":"Corporate governance: standing committee independence","excerpt":"Consistent with our corporate governance guidelines and the requirements of our committee charters, all members of the Audit, Compensation, and Nominating and Governance Committees are independent."},{"id":"e30","sourceId":"filing-3","location":"Stockholder engagement response: waived automatic equity plan share increase","excerpt":"Declined to utilize the evergreen feature of our equity incentive plan and waived the automatic share increase, partially in response to investor feedback and due to our efficient share utilization management."},{"id":"e31","sourceId":"filing-3","location":"Compensation governance: mandatory recovery policy for erroneously awarded incentive compensation","excerpt":"Clawback Policy As required by the incentive-based compensation recovery provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and NYSE’s adoption of compensation recovery listing standards, our Clawback Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation from current and former executive officers (as such term is defined in Rule 10D-1, for purposes of this section, a “Section 16 officer”) of the Company in the event that the Company is required to prepare an accounting restatement."},{"id":"e32","sourceId":"filing-2","location":"First-half 2026 expenses: increased legal accruals and other administrative costs","excerpt":"General and administrative expenses increased $407 million or 31% in the six months ended June 30, 2026, primarily attributable to a $148 million increase in legal-related accruals and expenses, a $111 million increase in employee compensation costs including stock-based compensation, a $92 million increase in contractor and professional service costs, and a $33 million increase in general insurance expense."},{"id":"e33","sourceId":"filing-1","location":"Critical audit matter: 2025 consumer discounts, promotions, credits and refunds","excerpt":"For the year ended December 31, 2025, the Company’s Mobility and Delivery revenue was $46.9 billion and consumer discounts, promotions, credits and refunds provided to end-users who are not customers totaled $1.6 billion, of which a significant portion relates to discounts and promotions."},{"id":"e34","sourceId":"filing-2","location":"Contractual obligations: new five-year cloud minimum spending commitment","excerpt":"In March 2026, we entered into a five-year cloud infrastructure and technology services agreement with a major provider that includes a total minimum spend commitment of $1.1 billion through March 2031."}],"changes":["Retain the previous narrow verdict: participant scale and operating growth support a limited network advantage, while explicit low switching costs and realized fare reductions constrain durability.","Make pricing weakness more explicit using disclosed competitive price cuts and incentives, balanced against operating growth and mixed Freight pricing outcomes.","Add management assessments supported by actual proxy disclosures on ownership compliance, compensation measures, committee independence and equity plan restraint.","Incorporate first-half 2026 spending and financing and the pending Delivery Hero offer as capital allocation considerations; do not treat the offer as completed or its benefits as demonstrated."],"limitations":["Assessment uses only supplied passages. All sources are issuer filings; reported operating results support grades, while claimed cross-service benefits lack quantified comparative validation.","Source dates are filing dates, preserving dateKind=filed. Operating periods and subsequent events are assessed separately from those dates.","No local market shares, comparative wait times, acquisition costs, competitor subsidy levels or relative unit costs establish the strength of the network advantage by geography.","Grab and Careem Technologies are named in geographic competition restrictions. The passages do not establish a comprehensive named competitor set or comparative performance. Other named entities are not automatically treated as competitors.","Consumer growth and transaction activity provide indirect engagement evidence, not cohort retention rates. Low switching costs are directly disclosed.","Fare reductions demonstrate constrained pricing; aggregate bookings and revenue growth do not isolate like-for-like prices, take rates or willingness to pay.","Pricing disclosures show practical ability to change fares and service fees, but do not establish unrestricted contractual repricing rights or comprehensive regulatory freedom.","Proxy disclosures establish ownership guideline compliance and compensation practices, but the supplied passages do not provide complete beneficial ownership amounts or demonstrate the effectiveness of every incentive.","Autonomous vehicle benefits and acquisition synergies remain potential. The December 2025 undetermined vehicle cash requirement is not assumed to remain unchanged indefinitely."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"A large two-sided marketplace with substantial actual transaction activity supports a limited network advantage. Low entry barriers and participant mobility prevent scale alone from establishing strong relative protection.","evidenceIds":["e1","e2","e3","e6","e7"]},{"criterion":"durability","grade":2,"rationale":"The established participant base and growing usage support persistence, but competitive fare reductions, low switching costs and regional rivals' advantages make that persistence contestable. Exceptional durability is not demonstrated.","evidenceIds":["e2","e3","e6","e8","e9"]},{"criterion":"customer_dependency","grade":1,"rationale":"The platform attracts substantial demand, but disclosed low switching costs and participants' propensity to choose better prices, earnings or service indicate weak dependency. Cross-service engagement is a management claim rather than demonstrated lock-in.","evidenceIds":["e3","e4","e6","e7"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Consumer, trip and operating cash flow growth demonstrate resilience despite competition. Realized incentive pressure limits that evidence; classification and AI risks are potential erosion channels, not proof of realized collapse.","evidenceIds":["e3","e8","e11","e12","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Actual competitive fare and fee reductions with adverse financial effects establish weak pricing power. Freight experienced lower revenue per load in 2025 and improved revenue per trip in 2026, making segment outcomes mixed rather than evidence of broad pricing strength.","evidenceIds":["e8","e17","e18","e33"]},{"criterion":"retention","grade":2,"rationale":"Growing active consumers and completed trips demonstrate continuing demand and provide indirect engagement evidence. They do not isolate repeat-customer retention, and disclosed participant switching behavior limits confidence in durable loyalty.","evidenceIds":["e2","e3","e7"]},{"criterion":"margin_resilience","grade":2,"rationale":"Operating income and Delivery Adjusted EBITDA grew substantially despite increased earner payments, incentives and insurance costs. Freight operating losses and subsequent legal cost increases temper resilience; profit improvement does not establish pricing as its cause.","evidenceIds":["e3","e15","e16","e19","e32"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented changes to fares and service fees demonstrate practical pricing discretion. Competitive pressure materially constrains that discretion, and the passages do not establish comprehensive contractual rights to reprice or regulatory freedom.","evidenceIds":["e8"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Strong operating cash generation and completed share retirements support discipline. First-half 2026 investment spending, net debt issuance alongside repurchases, additional cloud commitments and the large pending takeover offer make the overall record mixed. Acquisition returns and repurchase value creation are not established.","evidenceIds":["e14","e20","e21","e22","e23","e34"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual ownership guideline compliance, a disclosed CEO ownership requirement, performance-linked compensation measures, anti-hedging restrictions and a mandatory clawback policy provide strong alignment evidence. These are disclosed practices, not proof of optimal pay outcomes or exceptional long-term performance.","evidenceIds":["e24","e25","e26","e27","e31"]},{"criterion":"execution","grade":3,"rationale":"Reported consumer, trip, revenue, operating income and cash flow growth demonstrate strong operating execution. This assessment uses company-level outcomes as indirect evidence of management effectiveness; Freight weakness and rising legal costs limit breadth and durability.","evidenceIds":["e3","e14","e16","e19","e32"]},{"criterion":"governance","grade":3,"rationale":"An established independent Chairperson, independent standing committees, a mandatory clawback policy and the actual waiver of the equity plan's automatic share increase support strong governance practices. These disclosures do not demonstrate exceptional oversight effectiveness or eliminate regulatory exposure.","evidenceIds":["e28","e29","e30","e31","e32"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"2798a5d41a01f2485b591525b63091f74c66c1575ab798656e15be6fb4cd1296","updatedAt":"2026-10-18T12:25:00.381Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1543151/000154315126000015/uber-20251231.htm","publishedAt":"2026-02-13","sha256":"0f813c77297e756b274ff1a09686faddb968d93c3be60f6ba0e6484015678215","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1543151/000154315126000032/uber-20260630.htm","publishedAt":"2026-08-05","sha256":"7b5b8f5584ff032fa6dbae9cd08f68d0903552b9071fc262b904dfc432be7409","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1543151/000130817926000125/uber014597-def14a.htm","publishedAt":"2026-03-23","sha256":"2b6f4437d8a332f1868e3692eb2d7a7c5b306d06601d5ce3be1c59a1db5177b7","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1543151/000154315125000008/uber-20241231.htm","publishedAt":"2025-02-14","sha256":"b80e22a69b3f86e3231601e7ca48e0cf7b4ba734aea179d4cae17c57f65677f0","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1543151/000154315124000012/uber-20231231.htm","publishedAt":"2024-02-15","sha256":"dce76d5d897125753738f1dea30809e6ffb0889162fa15f75cd75b835b701363","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1543151/000154315126000022/uber-20260331.htm","publishedAt":"2026-05-06","sha256":"0538153ccd806a561eec291eaed53c35134a890a0de9ed13386635c1797eb49c","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:22123da7d912c0798a833e9388e57dc7ddaedee4c7f623d7cab543e876c625a7","usage":{"input_tokens":85412,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3945,"reasoning_output_tokens":138}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":46.4279576052707,"operating_margin":-21.96505299341163,"roic":null,"fcf_margin":-4.256659982812947,"sbc_revenue":6.691492409051849},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":38.328575461931806,"operating_margin":-5.747090378642908,"roic":null,"fcf_margin":1.2234526461084794,"sbc_revenue":5.624745114032061},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":39.762881896944826,"operating_margin":2.9773879456023176,"roic":6.723137211182989,"fcf_margin":9.017998444247741,"sbc_revenue":5.190311418685121},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":39.399245077084,"operating_margin":6.364545909318295,"roic":null,"fcf_margin":15.678293692300697,"sbc_revenue":4.0838601118741185},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":39.75431109060499,"operating_margin":10.698425514735566,"roic":null,"fcf_margin":18.768864025222523,"sbc_revenue":3.510390833765884},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1543151/000154315126000015/uber-20251231.htm","publishedAt":"2026-02-13","sha256":"0f813c77297e756b274ff1a09686faddb968d93c3be60f6ba0e6484015678215","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1543151/000154315126000032/uber-20260630.htm","publishedAt":"2026-08-05","sha256":"7b5b8f5584ff032fa6dbae9cd08f68d0903552b9071fc262b904dfc432be7409","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1543151/000130817926000125/uber014597-def14a.htm","publishedAt":"2026-03-23","sha256":"2b6f4437d8a332f1868e3692eb2d7a7c5b306d06601d5ce3be1c59a1db5177b7","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1543151/000154315125000008/uber-20241231.htm","publishedAt":"2025-02-14","sha256":"b80e22a69b3f86e3231601e7ca48e0cf7b4ba734aea179d4cae17c57f65677f0","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1543151/000154315124000012/uber-20231231.htm","publishedAt":"2024-02-15","sha256":"dce76d5d897125753738f1dea30809e6ffb0889162fa15f75cd75b835b701363","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1543151/000154315126000022/uber-20260331.htm","publishedAt":"2026-05-06","sha256":"0538153ccd806a561eec291eaed53c35134a890a0de9ed13386635c1797eb49c","dateKind":"filed"}],"history":[{"version":6,"updatedAt":"2026-10-24T20:14:11.670Z","verdict":"narrow","value":null},{"version":5,"updatedAt":"2026-10-23T07:17:47.461Z","verdict":"narrow","value":null},{"version":4,"updatedAt":"2026-10-22T19:53:10.822Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"queued","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}