AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 23/10/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pricing power—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Predictability70
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 28.10
- Positive FCF years (%)
- 80.00
- FCF margin volatility (pp)
- 8.63
Financial strength79
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 98.89
- netDebtEbitGrade
- 87.72
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 30.86
- Debt / FCF (x)
- 1.08
- Net debt / operating income (x)
- 0.61
- Interest coverage (x)
- 12.65
- Current ratio (x)
- 1.14
Capital allocation74
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 13.30
- 3-year average dilution (%)
- 1.89
- 3-year average SBC / revenue (%)
- 4.26
- cashConversionGrade
- 91.85
Management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Evidence
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.
Business description: Mobility and Delivery marketplace connections · Filed 05/08/2026
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.
Chairperson letter: trips, countries, earners and monthly Merchants · Filed 23/03/2026
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.
Financial and Operational Highlights: 2024–2025 consumers, trips, bookings and operating income · Filed 13/02/2026
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.
Delivery business description: management's cross-service engagement claim · Filed 13/02/2026
For Drivers, we believe the Delivery offering leverages, and has expanded, our earner base by increasing utilization and earnings across the network.
Delivery business description: management's earner utilization claim · Filed 13/02/2026
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.
Competition risk: low entry barriers, low switching costs and alternatives · Filed 13/02/2026
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.
Competition risk: participant propensity to change providers · Filed 13/02/2026
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.
Competition risk: realized fare reductions, incentives and adverse financial effects · Filed 13/02/2026
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.
Competition risk: regional competitors' advantages · Filed 05/08/2026
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.
Competition risk: geographic restrictions involving Grab and Careem Technologies · Filed 05/08/2026
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.
Driver classification risk: potential additional employment costs · Filed 05/08/2026
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.
Growth risk: potential consumer disintermediation by AI platforms · Filed 13/02/2026
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.
Autonomous vehicle purchase commitment: undetermined cash requirement at December 31, 2025 · Filed 13/02/2026
$ 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.
Financial and Operational Highlights: operating cash flow and free cash flow · Filed 13/02/2026
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.
Mobility results: earnings growth and increased incentives, insurance and network costs · Filed 13/02/2026
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%.
Delivery results: 2025 revenue and Adjusted EBITDA growth · Filed 13/02/2026
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.
Freight results: 2025 lower revenue per load · Filed 13/02/2026
Freight revenue increased primarily attributable to a 16% increase in Freight Gross Bookings due to an increase in revenue per trip and trip volume.
Freight results: 2026 bookings growth from revenue per trip and volume · Filed 05/08/2026
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.
Freight results: increased operating loss · Filed 05/08/2026
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.
Stockholders' equity: completed 2024 and 2025 share repurchases · Filed 13/02/2026
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.
Liquidity: first-half 2026 investing cash flows · Filed 05/08/2026
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.
Liquidity: first-half 2026 repurchases, debt issuance and repayments · Filed 05/08/2026
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).
Subsequent event: consideration for pending Delivery Hero takeover offer · Filed 05/08/2026
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.
Executive compensation: actual 2025 stock ownership guideline compliance · Filed 23/03/2026
Maintain stock ownership guidelines for our executive officers and directors, including a rigorous 10x base salary requirement for our CEO, and stock retention guidelines
Compensation policies: CEO ownership requirement and retention guidelines · Filed 23/03/2026
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.
Pay versus performance: measures used to link fiscal 2025 compensation to performance · Filed 23/03/2026
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.
Insider trading policy: prohibition on hedging Company securities · Filed 23/03/2026
Biography Dr. Sugar has served as the Independent Chairperson of our Board since July 2018.
Board biography: independent Chairperson since July 2018 · Filed 23/03/2026
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.
Corporate governance: standing committee independence · Filed 23/03/2026
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.
Stockholder engagement response: waived automatic equity plan share increase · Filed 23/03/2026
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.
Compensation governance: mandatory recovery policy for erroneously awarded incentive compensation · Filed 23/03/2026
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.
First-half 2026 expenses: increased legal accruals and other administrative costs · Filed 05/08/2026
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.
Critical audit matter: 2025 consumer discounts, promotions, credits and refunds · Filed 13/02/2026
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.
Contractual obligations: new five-year cloud minimum spending commitment · Filed 05/08/2026
