Uber Announces Results for Fourth Quarter and Full Year 2025

SAN FRANCISCO--( BUSINESS WIRE)--Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter and full year ended December 31, 2025.

“Uber accelerated into another record-breaking quarter, with more than 200 million monthly users completing more than 40 million trips every day—our largest and most engaged consumer base ever,” said Dara Khosrowshahi, CEO. “We enter 2026 with a rapidly growing topline, significant cash flow, and a clear path to becoming the largest facilitator of AV trips in the world.”

“Our performance this year reflects the significant power of our platform strategy, with $193 billion in Gross Bookings and $10 billion in free cash flow,” said Prashanth Mahendra-Rajah, CFO. “Uber is a once-in-a-generation company with enormous opportunity still ahead, and it has been a true privilege—and a great deal of fun—to have played my part in its success.”

“After five years of 20%+ growth, we are entering 2026 with strong momentum, while remaining solidly on track to deliver on our three-year growth and profit outlook,” said Balaji Krishnamurthy, incoming CFO. “With large and growing free cash flows, over the coming years we will invest with discipline across a multitude of opportunities, including positioning Uber to win in an AV future.”

Financial and Operational Highlights for Fourth Quarter 2025

Outlook for Q1 2026

For Q1 2026, we anticipate:

Financial and Operational Highlights for Fourth Quarter 2025

Three Months Ended

December 31,

(In millions, except percentages)

2024

2025

% Change

(Constant Currency (1))

Monthly Active Platform Consumers (“MAPCs”)

171

202

Trips

3,068

3,751

Gross Bookings

44,197

54,140

Revenue

11,959

14,366

GAAP Income from operations

770

1,774

130

GAAP Net income attributable to Uber Technologies, Inc. (2)

6,883

296

(96

GAAP Diluted EPS

3.21

0.14

(96

Adjusted EBITDA (1)

1,842

2,487

Non-GAAP Operating Income (1)

1,318

1,918

Non-GAAP Net Income (1)

1,201

1,496

Non-GAAP EPS (1)

0.56

0.71

Net cash provided by operating activities

1,750

2,883

Free cash flow (1)

1,706

2,808

(1)

See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

(2)

Q4 2024 net income includes a $6.4 billion benefit from a tax valuation release and a $556 million net benefit (pre-tax) from revaluations of Uber’s equity investments. Q4 2025 net income includes a $1.6 billion net headwind (pre-tax) from revaluations of Uber’s equity investments.

Full Year 2025 Financial and Operational Highlights

Year Ended

December 31,

(In millions, except percentages)

2024

2025

% Change

(Constant Currency)

Trips

11,273

13,567

Gross Bookings

162,773

193,454

Revenue

43,978

52,017

GAAP Income from operations

2,799

5,565

GAAP Net income attributable to Uber Technologies, Inc. (2)

9,856

10,053

GAAP Diluted EPS

4.56

4.73

Adjusted EBITDA (1)

6,484

8,730

Non-GAAP Operating Income (1)

4,310

6,453

Non-GAAP Net Income (1)

3,970

5,237

Non-GAAP EPS (1)

1.82

2.45

Net cash provided by operating activities

7,137

10,099

Free cash flow (1)

6,895

9,763

(1)

See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

(2)

Net income for the year ended December 31, 2024 includes a $6.4 billion benefit from a tax valuation release and a $1.8 billion net benefit (pre-tax) from revaluations of Uber’s equity investments. Net income for the year ended December 31, 2025 includes a $5.0 billion benefit from a tax valuation release and a $97 million net headwind (pre-tax) from revaluations of Uber’s equity investments.

Results by Offering and Segment

Gross Bookings

Three Months Ended

December 31,

(In millions, except percentages)

2024

2025

% Change

(Constant Currency)

Gross Bookings:

Mobility

22,798

27,442

Delivery

20,126

25,431

Freight

1,273

1,267

Total

44,197

54,140

Revenue

Three Months Ended

December 31,

(In millions, except percentages)

2024

2025

% Change

(Constant Currency)

Revenue:

Mobility

6,911

8,204

Delivery

3,773

4,892

Freight

1,275

1,270

—

Total

11,959

14,366

Adjusted EBITDA and Segment Adjusted EBITDA

Three Months Ended

December 31,

(In millions, except percentages)

2024

2025

% Change

Segment Adjusted EBITDA:

Mobility

1,769

2,203

Delivery

727

1,015

Freight

(22

)

—

Corporate G&A and Platform R&D (1)

(632

)

(731

)

(16

Adjusted EBITDA (2)

1,842

2,487

(1)

Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change.

(2)

“Adjusted EBITDA” is a non-GAAP measure as defined by the SEC. See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

** Percentage not meaningful.

Non-GAAP Operating Income and Segment Operating Income (Loss)

Three Months Ended

December 31,

(In millions, except percentages)

2024

2025

% Change

Segment Operating Income (Loss):

Mobility

1,608

2,027

Delivery

639

905

Freight

(41

)

(18

)

Corporate G&A and Platform R&D (1)

(888

)

(996

)

(12

Non-GAAP Operating Income (2)

1,318

1,918

(1)

(2)

“Non-GAAP Operating Income” is a non-GAAP measure as defined by the SEC. See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

Webcast and conference call information

A live audio webcast of our fourth quarter ended December 31, 2025 earnings release call will be available at https://investor.uber.com/, along with the earnings press release and slide presentation. The call begins on February 4, 2026 at 5:00 AM (PT) / 8:00 AM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site.

We also provide announcements regarding our financial performance and other matters, including SEC filings, investor events, press and earnings releases, on our investor relations website ( https://investor.uber.com/), and our blogs ( https://uber.com/blog) and X accounts (@uber and @dkhos), as a means of disclosing material information and complying with our disclosure obligations under Regulation FD.

About Uber

Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 72 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Forward-Looking Statements

This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: competition, managing our growth and corporate culture, financial performance, investments in new products or offerings, our ability to attract drivers, consumers and other partners to our platform, our brand and reputation and other legal and regulatory developments, particularly with respect to our relationships with drivers and couriers and the impact of the global economy, including rising inflation and interest rates. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our most recent quarterly report on Form 10-Q for the quarter ended September 30, 2025 and subsequent annual reports, quarterly reports and other filings filed with the Securities and Exchange Commission from time to time. All information provided in this release and in the attachments is as of the date of this press release and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

Non-GAAP Financial Measures

To supplement our financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we use the following non-GAAP financial measures: Adjusted EBITDA; Non-GAAP Operating Income; Non-GAAP Net Income; Non-GAAP EPS; Free cash flow; as well as, revenue growth rates in constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results.

We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.

There are a number of limitations related to the use of non-GAAP financial measures. In light of these limitations, we provide specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.

For more information on these non-GAAP financial measures, please see the sections titled “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” included at the end of this release. In regards to forward-looking non-GAAP guidance, we are not able to reconcile the forward-looking Non-GAAP EPS and Adjusted EBITDA measures to the closest corresponding GAAP measures without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items. These items include, but are not limited to, significant legal settlements, unrealized gains and losses on equity investments, tax and regulatory reserve changes, restructuring costs and acquisition and financing related impacts.

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

As of December 31, 2024

As of December 31, 2025

Assets

Cash and cash equivalents

5,893

7,105

Short-term investments

1,084

528

Restricted cash and cash equivalents

545

631

Accounts receivable, net

3,333

3,827

Prepaid expenses and other current assets

1,390

1,902

Total current assets

12,245

13,993

Restricted cash and cash equivalents

2,172

1,911

Restricted investments

7,019

8,874

Investments

8,460

9,178

Equity method investments

302

287

Property and equipment, net

1,952

1,897

Operating lease right-of-use assets

1,158

1,114

Intangible assets, net

1,125

1,048

Goodwill

8,066

8,931

Deferred tax assets

6,171

10,951

Other assets

2,574

3,618

Total assets

51,244

61,802

Liabilities, redeemable non-controlling interests and equity

Accounts payable

858

1,013

Short-term insurance reserves

2,754

3,387

Operating lease liabilities, current

175

169

Accrued and other current liabilities

7,689

7,751

Total current liabilities

11,476

12,320

Long-term insurance reserves

7,042

9,076

Long-term debt, net of current portion

8,347

10,521

Operating lease liabilities, non-current

1,454

1,390

Other long-term liabilities

449

412

Total liabilities

28,768

33,719

Redeemable non-controlling interests

165

Equity

Common stock

—

Additional paid-in capital

42,801

38,101

Accumulated other comprehensive loss

(517

)

(432

)

Accumulated deficit

(20,726

)

(10,628

)

Total Uber Technologies, Inc. stockholders' equity

21,558

27,041

Non-redeemable non-controlling interests

825

877

Total equity

22,383

27,918

Total liabilities, redeemable non-controlling interests and equity

51,244

61,802

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share amounts which are reflected in thousands, and per share amounts)

(Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2024

2025

2024

2025

Revenue

11,959

14,366

43,978

52,017

Costs and expenses

Cost of revenue, exclusive of depreciation and amortization shown separately below

7,234

8,681

26,651

31,338

Operations and support

678

755

2,732

2,854

Sales and marketing

1,209

1,354

4,337

4,898

Research and development

785

885

3,109

3,402

General and administrative

1,114

732

3,639

3,241

Depreciation and amortization

169

185

711

719

Total costs and expenses

11,189

12,592

41,179

46,452

Income from operations

770

1,774

2,799

5,565

Interest expense

(117

)

(115

)

(523

)

(440

)

Interest income

191

200

721

743

Other income (expense), net

(1,568

)

1,128

(68

)

Income before income taxes and loss from equity method investments

909

291

4,125

5,800

Provision for (benefit from) income taxes

(6,002

)

(40

)

(5,758

)

(4,346

)

Loss from equity method investments

(10

)

(14

)

(38

)

(53

)

Net income including non-controlling interests

6,901

317

9,845

10,093

Less: net income (loss) attributable to non-controlling interests, net of tax

(11

)

Net income attributable to Uber Technologies, Inc.

6,883

296

9,856

10,053

Net income per share attributable to Uber Technologies, Inc. common stockholders:

Basic

3.27

0.14

4.71

4.82

Diluted

3.21

0.14

4.56

4.73

Weighted-average shares used to compute net income per share attributable to common stockholders:

Basic

2,105,899

2,073,483

2,094,602

2,085,253

Diluted

2,141,426

2,106,011

2,150,508

2,119,689

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2024

2025

2024

2025

Cash flows from operating activities

Net income including non-controlling interests

6,901

317

9,845

10,093

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

176

193

737

747

Stock-based compensation

419

451

1,796

1,826

Deferred income taxes

(6,128

)

(287

)

(6,027

)

(4,779

)

Accretion of discounts on marketable debt securities, net

(62

)

(35

)

(251

)

(158

)

Unrealized gain (loss) on debt and equity securities, net

(556

)

1,602

(1,832

)

Unrealized foreign currency transactions

135

308

(120

)

Other

(20

)

187

166

Change in assets and liabilities, net of impact of business acquisitions and disposals:

Accounts receivable

246

(109

)

(142

)

(466

)

Prepaid expenses and other assets

(30

)

(154

)

(694

)

(1,028

)

Operating lease right-of-use assets

196

177

Accounts payable

(106

)

126

Accrued insurance reserves

658

581

2,819

2,660

Accrued expenses and other liabilities

(158

)

446

330

967

Operating lease liabilities

(64

)

(48

)

(221

)

(209

)

Net cash provided by operating activities

1,750

2,883

7,137

10,099

Cash flows from investing activities

Purchases of property and equipment

(44

)

(75

)

(242

)

(336

)

Purchases of non-marketable equity securities

)

(390

)

(289

)

(676

)

Purchases of marketable securities

(3,020

)

(7,502

)

(12,765

)

(21,447

)

Proceeds from maturities and sales of marketable securities

4,437

6,499

10,204

20,046

Acquisition of businesses, net of cash acquired

—

(11

)

—

(815

)

Other investing activities

(135

)

(85

)

(336

)

Net cash provided by (used in) investing activities

1,433

(1,614

)

(3,177

)

(3,564

)

Cash flows from financing activities

Issuance of term loan and notes, net of issuance costs

—

3,972

3,359

Principal repayment on term loan and notes

(2,000

)

(1,150

)

(3,986

)

(2,350

)

Principal payments on finance leases

(50

)

(45

)

(172

)

(157

)

Proceeds from the issuance of common stock under the Employee Stock Purchase Plan

156

183

Repurchases of common stock

(555

)

(1,912

)

(1,252

)

(6,523

)

Redemption of non-controlling interests

(851

)

(70

)

(851

)

(109

)

Other financing activities

)

(116

)

Net cash used in financing activities

(3,397

)

(3,118

)

(2,087

)

(5,713

)

Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents

(179

)

(267

)

215

Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents

(393

)

(1,836

)

1,606

1,037

Cash and cash equivalents, and restricted cash and cash equivalents

Beginning of period

9,003

11,483

7,004

8,610

End of period

8,610

9,647

8,610

9,647

Key Terms for Our Key Metrics

Driver(s). The term Driver collectively refers to independent providers of ride or delivery services who use our platform to provide Mobility or Delivery services, or both.

Gross Bookings. We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of: Mobility rides, Delivery orders (in each case without any adjustment for consumer discounts and refunds, Driver and Merchant earnings, and Driver incentives) and Freight revenue. Gross Bookings do not include tips earned by Drivers. Gross Bookings are an indication of the scale of our current platform, which ultimately impacts revenue.

Monthly Active Platform Consumers (“MAPCs”). We define MAPCs as the number of unique consumers who completed a Mobility ride or received a Delivery order on our platform at least once in a given month, averaged over each month in the quarter. While a unique consumer can use multiple product offerings on our platform in a given month, that unique consumer is counted as only one MAPC.

Segment Adjusted EBITDA. We define each segment’s Adjusted EBITDA as segment revenue less direct costs and expenses of that segment as well as any applicable exclusions from Adjusted EBITDA.

Segment Operating Income (Loss). We define each segment’s Operating Income (Loss) as segment revenue less direct costs and expenses of that segment as well as any applicable exclusions from Non-GAAP Operating Income.

Trips. We define Trips as the number of completed consumer Mobility rides and Delivery orders in a given period. For example, an UberX Share ride with three paying consumers represents three unique Trips, whereas an UberX ride with three passengers represents one Trip. We believe that Trips are a useful metric to measure the scale and usage of our platform.

Definitions of Non-GAAP Measures

We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to revenue, net income (loss), income (loss) from operations, and other results under GAAP, we use: Adjusted EBITDA; Non-GAAP Operating Income; Non-GAAP Net Income; Non-GAAP EPS; Free cash flow; as well as, revenue growth rates in constant currency, which are described below, to evaluate our business. We have included these non-GAAP financial measures because they are key measures used by our management to evaluate our operating performance, generate future operating plans, and make strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. In addition, they provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain non-cash expenses, certain variable charges and other gains, losses, benefits, or charges that are unpredictable, in both magnitude and timing, and items not indicative of our ongoing operating performance. Our calculation of these non-GAAP financial measures may differ from similarly-titled non-GAAP measures, if any, reported by our peer companies. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP.

Adjusted EBITDA

We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from discontinued operations, net of income taxes, (ii) net income (loss) attributable to non-controlling interests, net of tax, (iii) provision for (benefit from) income taxes, (iv) income (loss) from equity method investments, (v) interest expense, (vi) interest income, (vii) other income (expense), net, (viii) depreciation and amortization, (ix) stock-based compensation expense, (x) certain legal, non-income tax, and regulatory reserve changes and settlements, (xi) goodwill and asset impairments/loss on sale of assets, (xii) acquisition, financing and divestitures related expenses, (xiii) restructuring and related charges and (xiv) other items not indicative of our ongoing operating performance.

Limitations of Adjusted EBITDA and Adjusted EBITDA Reconciliation

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:

Non-GAAP Operating Income

We define Non-GAAP Operating Income as income from operations, excluding (i) amortization of acquired intangible assets, (ii) certain legal, non-income tax, and regulatory reserve changes and settlements, (iii) goodwill and asset impairments/loss on sale of assets, (iv) acquisition, financing and divestitures related expenses, (v) restructuring and related charges, and (vi) other items not indicative of our ongoing operating performance.

Non-GAAP Net Income

Our Non-GAAP Net Income excludes the adjustments that are excluded from Non-GAAP Operating Income, as well as certain components below income from operations, such as certain items that are not indicative of our recurring core business operating results and certain income tax effects.

Three Months Ended

December 31,

Year Ended

December 31,

2024

2025

2024

2025

GAAP effective tax rate

(660

(14

(140

(75

Total adjustments to GAAP provision for income taxes

672

152

Non-GAAP effective tax rate (1)

(1)

The year-over-year fluctuations in the Non-GAAP effective tax rate are primarily attributed to the net tax effects related to stock-based compensation expenses.

Non-GAAP EPS

We define Non-GAAP EPS as Non-GAAP Net Income attributable to common stockholders divided by Non-GAAP weighted-average shares outstanding. Adjustments to GAAP diluted weighted-average shares outstanding are for any potentially dilutive outstanding securities in periods where Non-GAAP Net Income is positive, but GAAP Net income was in a loss position.

Limitations of Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP EPS and Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP EPS Reconciliations

These non-GAAP financial measures have limitations as financial measures, should be considered as supplemental in nature, and are not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:

Constant Currency

We compare the percent change in our current period results from the corresponding prior period using constant currency disclosure. We present constant currency growth rate information to provide a framework for assessing how our underlying revenue performed excluding the effect of foreign currency rate fluctuations. We calculate constant currency by translating our current period financial results using the corresponding prior period’s monthly exchange rates for our transacted currencies other than the U.S. dollar.

Free Cash Flow

We define free cash flow as net cash flows from operating activities less capital expenditures.

Reconciliations of Non-GAAP Measures

Adjusted EBITDA

The following table presents reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measure for each of the periods indicated:

Three Months Ended

December 31,

Year Ended

December 31,

(In millions)

2024

2025

2024

2025

Adjusted EBITDA reconciliation:

Net income attributable to Uber Technologies, Inc.

6,883

296

9,856

10,053

Add (deduct):

Net income (loss) attributable to non-controlling interests, net of tax

(11

)

Loss from equity method investments

Provision for (benefit from) income taxes

(6,002

)

(40

)

(5,758

)

(4,346

)

Other (income) expense, net

(65

)

1,568

(1,128

)

Interest expense

117

115

523

440

Interest income

(191

)

(200

)

(721

)

(743

)

Income from operations

770

1,774

2,799

5,565

Add (deduct):

Depreciation and amortization

169

185

711

719

Stock-based compensation expense

419

451

1,796

1,826

Legal, non-income tax, and regulatory reserve changes and settlements

462

1,123

564

Goodwill and asset impairments/loss on sale of assets, net

—

Acquisition, financing and divestitures related expenses

Loss on lease arrangement, net

—

Restructuring and related charges

Adjusted EBITDA

1,842

2,487

6,484

8,730

Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP EPS

The following tables present reconciliations of GAAP and Non-GAAP Operating Income, GAAP and Non-GAAP Net Income and GAAP and Non-GAAP EPS:

Three Months Ended

December 31,

Year Ended

December 31,

(In millions, except share amounts which are reflected in thousands, and per share amounts)

2024

2025

2024

2025

GAAP Income from operations

770

1,774

2,799

5,565

Add (deduct):

Amortization of acquired intangible assets

290

268

Legal, non-income tax, and regulatory reserve changes and settlements

462

1,123

564

Goodwill and asset impairments/loss on sale of assets

—

Acquisition, financing and divestitures related expenses

Loss on lease arrangement, net

—

Restructuring and related charges

Total adjustments excluded from Non-GAAP Operating Income

548

144

1,511

888

Non-GAAP Operating Income

1,318

1,918

4,310

6,453

GAAP Net income attributable to Uber Technologies, Inc.

6,883

296

9,856

10,053

Adjustments excluded from Non-GAAP Operating Income (see above)

548

144

1,511

888

Other (income) expense, net

(65

)

1,568

(1,128

)

Income tax effects (1)

(6,175

)

(526

)

(6,307

)

(5,825

)

Loss from equity method investments

Non-GAAP Net Income

1,201

1,496

3,970

5,237

Assumed net loss attributable to Freight Holding contingently issuable shares

)

—

(49

)

(37

)

Non-GAAP Net Income attributable to common stockholders

1,197

1,496

3,921

5,200

Diluted weighted-average shares outstanding

2,141,426

2,106,011

2,150,508

2,119,689

GAAP Diluted EPS (2)

3.21

0.14

4.56

4.73

Non-GAAP EPS (2)

0.56

0.71

1.82

2.45

(1)

Income tax effects include the impact of the release of our valuation allowance on the U.S. federal and state deferred tax assets in Q4 2024, tax effects from a stock loss in Q1 2025, and a release of our valuation allowance on the Netherlands deferred tax assets in Q3 2025.

(2)

Per share amounts are calculated using unrounded numbers and therefore may not recalculate.

Free Cash Flow

The following tables present reconciliations of free cash flow to the most directly comparable GAAP financial measure for each of the periods indicated:

Three Months Ended

December 31,

Year Ended

December 31,

(In millions)

2024

2025

2024

2025

Free cash flow reconciliation:

Net cash provided by operating activities

1,750

2,883

7,137

10,099

Purchases of property and equipment

(44

)

(75

)

(242

)

(336

)

Free cash flow

1,706

2,808

6,895

9,763