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UBERUber

Industrials · Business Services · NYSE
Employees
34,000
Headquarters
San Francisco, CA
CEO
Dara Khosrowshahi
Next results
around Feb 3, 2027
Compare with peers → Embed

10-K 0001543151-26-000015 (2026-02-13) vs 10-K 0001543151-25-000008 (2025-02-14)

SectionCompared textWords nowChanged
Risk FactorsItem 1A34,645 12.5%
MD&AItem 711,438 18.6%
Legal ProceedingsItem 3361 31.4%
Accounting PoliciesItem 8, Note 1 – Description of Business and Summary of Significant Accounting Policies9,739 8.6%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 279 words changed in this paragraph; it is 62% similar to last year's version.
Additionally, we are subject to laws, rules, and regulations regarding cross-border transfers of personal data, including laws relating to transfer of personal data outside the EEA. We rely on transfer mechanisms permitted under these laws. Such mechanisms have received heightened regulatory and judicial scrutiny and have undergone modifications, and a 2020 decision by the Court of Justice of the European Union had cast doubt on the adequacy of all of the formerly-approved mechanisms for transferring personal data from countries in the EEA to certain other countries such as the United States. While in July 2023 the European Commission deemed a new EU-US Data Privacy Framework adequate for personal data transfers from the EU (and the rest of the EEA) to the United States, this Framework has been challenged. If we cannot rely on existing mechanisms for transferring personal data from the EEA, the United Kingdom, or other jurisdictions, we may be unable to transfer personal data of Drivers, consumers, or employees in those regions, which could have an adverse effect on our business, financial condition, and operating results, and has resulted in and may result in substantial fines, enforcement actions, litigation, injunctive relief, and other penalties that may be costly or that may impact our business. In addition, we may be required are subject to disclose regulations that prohibit the transfer of personal data pursuant to, or access to demands from government agencies, personal data from, certain countries, such as those implemented by the DOJ prohibiting the bulk transfer of U.S. persons’ sensitive personal data to specified countries, including from state China and city regulators as a requirement for obtaining or maintaining a license or otherwise, from law enforcement agencies, and from intelligence agencies. This disclosure or potential disclosure may result in a failure or perceived failure by us to comply with privacy and data protection policies, notices, laws, rules, and regulations, its territories. Such prohibitions could result in proceedings or actions against us in the same or other jurisdictions, and could have an adverse adversely impact on our reputation and brand. In addition, Careem has historically shared certain user data with certain government authorities, which conflicts with our global policies regarding data use, sharing, and ownership. We expect to maintain our data use, sharing, and ownership practices for both our business and Careem’s business, and doing so may cause our relationship with government authorities in certain jurisdictions to suffer, and may result in such government authorities assessing fines or penalties against us. Further, if any jurisdiction in which we operate changes its laws, rules, or regulations relating to data residency or local computation such that operations. In the event we are unable to comply in a timely manner with such prohibitions, we could be subject to investigations, enforcement actions, criminal penalties, and other penalties that may be costly or at all, we that may risk losing impact our rights to operate in such jurisdictions. This could adversely affect the manner in which we provide our products and offerings and thus materially affect our operations and financial results. business.

Source: Item 1A, 10-K 0001543151-26-000015 vs Item 1A, 10-K 0001543151-25-000008

MD&A 154 words changed in this paragraph; it is 58% similar to last year's version.
Net cash provided by operating activities was $3.6 $10.1 billion for the year ended December 31, 2023, 2025, primarily consisting of $2.2 $10.1 billion of net income including non-controlling interests, adjusted for certain non-cash items, which primarily included $1.9 $4.8 billion of deferred income taxes, $1.8 billion of stock-based compensation expense, $1.6 billion of unrealized gains from equity securities, $823 $747 million of depreciation and amortization expense, $204 million gain from business divestiture, as well as a $165 million $2.2 billion increase in cash from working capital. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves, reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by an increase the settlement of the Foodpanda Taiwan termination fee as described in prepaid expenses Note 1 – Description of Business and other assets as well as accounts receivable. Net cash provided by operating activities reflects a cash outflow Summary of approximately $789 million (£631 million) cash outflow related to payments of HMRC VAT for assessments for the period of March 2022 to June 2023. For additional information on this matter, refer to Note 14 – Commitments and Contingencies Significant Accounting Policies to our consolidated financial statements included in Part II, Item 8, “Financial Statements and Supplementary Data,” of this Annual Report on Form 10-K. 10-K, as well as an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the Non-Income Tax Matters section below.

Source: Item 7, 10-K 0001543151-26-000015 vs Item 7, 10-K 0001543151-25-000008

Accounting Policies 142 words changed in this paragraph; it is 68% similar to last year's version.
We account for credit losses on available-for-sale debt securities in accordance with ASC 326, Financial Instruments - Credit Losses (“ASC 326”). Under ASC 326, at each reporting period, we evaluate our available-for-sale debt securities at the individual security level to determine whether there is a decline in the fair value below its amortized cost basis (an impairment). In circumstances where we intend to sell, or are more likely than not required to sell, the security before it recovers its amortized cost basis, the difference between fair value and amortized cost is recognized as a loss in the consolidated statements of operations, with a corresponding write-down of the security’s amortized cost. In circumstances where neither condition exists, we then evaluate whether a decline is due to credit-related factors. The factors considered in determining whether a credit loss exists can include the extent to which fair value is less than the amortized cost basis, changes in the credit quality of the underlying loan obligors, credit ratings actions, as well as other factors. To determine the portion of a decline in fair value that is credit-related, we compare the present value of the expected cash flows of the security discounted at the security’s effective interest rate to the amortized cost basis of the security. A credit-related impairment is limited to the difference between fair value and amortized cost, and recognized as an allowance for credit loss on the consolidated balance sheet with a corresponding adjustment to net income (loss). Any remaining decline in fair value that is non-credit related is recognized in other comprehensive income (loss), net of tax. Improvements in expected cash flows due to improvements in credit are recognized through reversal of the credit loss and corresponding reduction in the allowance for credit loss.

Source: Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0001543151-26-000015 vs Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0001543151-25-000008

Legal Proceedings 26 words changed in this paragraph; it is 95% similar to last year's version.
We are a party to various legal actions and government investigations, and similar or other actions could be brought against us in the future. While it is not possible to determine the outcome of the legal actions, investigations, and proceedings brought against us, we believe that, except for the matters described above, below, the resolution of all such matters will not have a material adverse effect on our consolidated financial position or liquidity, but could be material to our consolidated results of operations in any one accounting period. We are currently involved in, and may in the future be involved in, legal proceedings, litigation, claims, and government investigations in the ordinary course of business. In addition, the nature of our business exposes us to claims related to the classification of Drivers and the compliance of our business with applicable law. This risk is enhanced in certain jurisdictions outside the United States where we may be less protected under local laws than we are in the United States. Although the results of the legal proceedings, claims, and government investigations in which we are involved cannot be predicted with certainty, we do not believe that the final outcome of these matters is reasonably likely to have a material adverse effect on our business, financial condition, or operating results. Regardless of final outcomes, however, any such legal proceedings, claims, and government investigations may nonetheless impose a significant burden on management and employees and may come with costly defense costs or unfavorable preliminary and interim rulings.

Source: Item 3, 10-K 0001543151-26-000015 vs Item 3, 10-K 0001543151-25-000008

Every change, by type

Sentences and paragraphs of UBER's Risk Factors and MD&A, 10-K 2026-02-13 against 10-K 2025-02-14. Each links to the text at sec.gov.

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
given the loss of flexibility under an employment model, and we may not be able to hire a majority of the Drivers currently using our platform. Another example is in France, where the government is seeking social security contributions based on an allegation that Drivers are employees. The government issued a demand for contributions, which we are challenging and which is subject to ongoing discussions and engagement with authorities. Further, any such reclassification would require us to fundamentally change our business model, and consequently have an adverse effect on our business, results of operations, financial position and cash flows.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
We are not able to control or predict the actions of platform users and third parties, either during their use of our platform or otherwise, and we may be unable to protect or provide a safe environment for Drivers and consumers as a result of certain actions by

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
cyberattacks. Any actual or perceived failure to maintain the performance, reliability, security, and availability of our products, offerings, and technical infrastructure to the satisfaction of platform users, shareholders and certain regulators would likely harm our reputation and result in loss of revenue from the adverse impact to our reputation and brand, disruption to our business, decreased ability to attract and retain Drivers, consumers, merchants, Shippers, and Carriers, and subject us to regulatory scrutiny or legal liability.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
If we are not able to adequately address any of these concerns, we could suffer significant reputational harm, which could adversely impact our business. Expanding cash payments to additional cities or countries could amplify these risks.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
Our ability to meet our electrification and waste reduction related goals is dependent on many external factors, including such factors as rapidly changing regulatory developments, governmental or political shifts, policies and related interpretation, action from policymakers and the wider industry, advances in technology such as battery storage, industry-wide investment, sufficient packaging

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
Our performance is subject to economic conditions and their impact on levels of discretionary consumer spending. Some of the factors that have an impact on discretionary consumer spending include general economic conditions, unemployment, consumer debt, reductions in net worth, residential real estate and mortgage markets, taxation, energy prices, interest rates, consumer confidence, tariffs, and other macroeconomic factors. A deterioration of general macroeconomic conditions, including slower growth or recession,

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
storage and computational capacity sufficiently or on commercially reasonable terms, our ability to innovate and introduce new products on our platform may be delayed or compromised, which would have an adverse effect on our growth and business.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
Our failure to share such data in accordance with these regulations may result in government authorities assessing significant fines or penalties against us or shutting down our or Careem’s app in Egypt on either a temporary or indefinite basis.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
consuming regulatory investigations and litigation from other government entities, as well as potentially material fines and penalties imposed by other U.S. and international regulators. Investigations and enforcement actions from such entities, as well as continued negative publicity and an erosion of current and prospective platform users’ trust, could severely disrupt our business.

Read it in 10-K 2026-02-13 at sec.gov ↗

RemovedRisk Factors
Law and reclassify all mobility and delivery earners who make more than one minimum salary a month as employees, with traditional labor law rights, including sharing into the profits of the company.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
While we have taken significant steps to rehabilitate our brand and reputation, the successful rehabilitation of our brand will depend largely on maintaining a good reputation, minimizing the number of safety incidents, continuing an improved culture and workplace practices, improving our compliance programs, continuing to invest in safety features and improvements, maintaining a

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
In 2024, 62% of our Gross Bookings were paid by either credit card or debit card. As such, the loss of our credit card acceptance privileges would significantly limit our business model. We are required by our payment processors to comply with payment card network operating rules, including the Payment Card Industry (“PCI”) and Data Security Standard (the “Standard”). The Standard is a comprehensive set of requirements for enhancing payment account data security developed by the PCI Security Standards Council to

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
In addition, under certain of our existing debt instruments, we and certain of our subsidiaries are subject to limitations regarding our business and operations, including limitations on incurring additional indebtedness and liens, limitations on certain consolidations,

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
As of December 31, 2024, we had U.S. federal net operating loss carryforwards of $176 million that begin to expire in 2031 and $8.2 billion that have an unlimited carryover period. As of December 31, 2024, we had U.S. state net operating loss carryforwards of

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
In addition, we are currently involved in litigation in a number of the jurisdictions in which we operate. We initiated some of these legal challenges to contest the application of certain laws and regulations to our business. Others have been brought by taxicab owners, local regulators, local law enforcement, and platform users, including Drivers and consumers. These include individual,

Read it in 10-K 2025-02-14 at sec.gov ↗

RewordedRisk Factors
Other examples of judicial decisions include a decision by the French Supreme Court that a driver for a third-party meal delivery service was under a “subordinate relationship” of the service, indicating an employment relationship, a decision decisions by the French Supreme Court in 2020 and 2023 that reclassified an two UberX Driver Drivers as an employee employees (which has been were followed by inconsistent appellate decisions regarding employee status), status, and, in July 2025, by two French Supreme Court decisions analyzing Uber’s more recent model that concluded that the Drivers were independent contractors), decisions by several Swiss governmental bodies ruling that Drivers should be classified as employees for Swiss social security or regulatory purposes, a recent Spanish regulation of food delivery platforms that presumes employment status and a ruling in September 2021 by a Netherlands court that Mobility Drivers are employees within the meaning of the taxi collective bargaining agreement.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
Those inquiries and investigations cover a broad range of matters, including but not limited to, our business practices, such as fees, driver and courier earnings, consumer pricing, earner benefits, and related disclosures, financial products that may be offered by our partners on our platform, policies and practices related to use of our platform by consumers safety incidents, and compliance with disabilities, relationships with third parties, data privacy practices, and data privacy and security incidents. federal or state anti-discrimination laws.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
As another example, in December 2024, the Mexican Congress passed a bill to amend Mexico’s Federal Labor Law and reclassify all mobility and delivery earners who make more than one minimum salary a month as employees, with traditional labor law rights, including sharing into the profits of the company.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
In the context of our business, this includes market shifts toward electric vehicles (“EVs”) (“EVs”), investing in the transition to operating high-power fast-charging infrastructure for autonomous vehicles, and lower carbon business models, which carry a potential of increasing energy costs and potential increased energy costs. emissions, despite advancing fleet electrification.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
Public responses to our safety reports or any future safety reports or similar public reporting of safety incidents claimed to have occurred on our platform, which may include disclosure of reports provided to regulators and other government authorities, as well as public responses to any third-party assessments of our civil rights impact, may continue to result in positive and negative media coverage, increased regulatory scrutiny, and litigation, and could adversely affect our reputation with platform users.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
In the event that our competitors bring autonomous vehicles to market before we are able to offer autonomous vehicles on our platform, deploy their autonomous vehicles on ridesharing, delivery or logistics platforms other than ours, or their technology is or is perceived to be superior to the technology of parties with which we partner to offer autonomous vehicles on our platform, or their infrastructure or operational expertise in support of autonomous vehicles is or is perceived to be superior or more efficient or profitable than offerings on our platform, they may be able to leverage such technology to compete more effectively with us, which would adversely impact our financial performance and our prospects.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
Additionally, we may not have adequate Driver supply as Drivers may opt out of our platform given the loss of flexibility under an employment model, and we may not be able to hire a majority of the Drivers currently using our platform.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
If iOS users do not grant us such permission, our ability to target those users for advertisements and to measure the effectiveness of such advertisements may be adversely affected, which could decrease the effectiveness of our advertising, and increase our costs to acquire and engage users on our platform.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
If a company we acquire or in which we have an interest loses rights to valuable intellectual property or is found to infringe third party intellectual property rights in such lawsuits, the value of our investment may materially decline.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
We incurred an operating loss of $1.8 billion in the year ended December 31, 2022, and as As of December 31, 2024, 2025, we had an accumulated deficit of $20.7 $10.6 billion.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
If we cannot license or develop alternative technology, content, branding, or business methods for any allegedly infringing aspect of our business, we may be unable to compete effectively or we may be prevented from operating our business in certain jurisdictions.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
We have taken, and may continue to take, certain environmental and social actions, including the establishment of environmental and social goals, including those that relate to climate change electrification and waste reduction goals and other social matters.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
In June 2025, we established a commercial paper program (the “Program”) under which we may issue unsecured commercial paper notes, not to exceed $2.0 billion outstanding at any time, with maturities of up to 397 days. The commercial paper notes will rank at least pari passu in right of payment with all of our other unsecured and unsubordinated indebtedness except any indebtedness owing to creditors whose claims are mandatorily preferred by laws of general application. We intend to use the net proceeds of the Program for general corporate purposes. As of December 31, 2025, we had no commercial paper notes outstanding.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
Due to a legislative change effective from January 2, 2026, UK Private Hire Operators are no longer permitted to apply the VAT Order 1987 in respect of supplies made on or after that date. Accordingly, Uber UK ceased applying the VAT Order 1987 after January 2, 2026.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
In July 2025, we agreed to purchase, or have our designated fleet operators purchase, a minimum of 20,000 Lucid vehicles equipped with Nuro’s Level 4 autonomous driving systems over a six-year period following the start of production, which is targeted for 2026. This agreement is subject to risks and uncertainties, which could cause actual outcomes to differ materially. These include, but are not limited to: production timelines; vehicles meeting certain quality thresholds and complying with other requirements; and fleet operator participation. 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.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
Improvements in expected cash flows due to improvements in credit are recognized through reversal of the credit loss and a corresponding reduction in the allowance for credit loss.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
experience, internal and external comparable data and are inherently uncertain. Unanticipated events and circumstances may occur that could affect either the accuracy or validity of such assumptions, estimates, or actual results.

Read it in 10-K 2026-02-13 at sec.gov ↗

RemovedMD&A
During the year ended December 31, 2023, we implemented a business model change in certain major markets resulting in end-users becoming our customers. Promotions to end-users considered customers are recognized as contra-revenue while promotions to end-users not considered customers are recognized as sales and marketing expenses.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
•Revaluation of MLU B.V. call option, which represents changes in fair value recorded on the call option granted to Yandex (“MLU B.V. Call Option”).

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
Based on our assessment of current income and anticipated future earnings, there is a reasonable possibility that we will have sufficient evidence to release a significant portion of the valuation allowance in the Netherlands within the next 12 months. However, our judgment regarding future earnings and the exact timing and amount of any valuation allowance release is subject to change due to many factors, including future market conditions and the ability to successfully execute our business plans and/or tax planning strategies. Release of the valuation allowance would result in the recognition of net deferred tax assets on our consolidated balance sheet and would result in an income tax benefit in the period the release is recorded.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
Depreciation and amortization expenses decreased $112 million, or 14%, primarily attributable to a $103 million decrease in amortization and depreciation expenses due to various acquired intangible and fixed assets becoming fully amortized and depreciated during the period.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
The change in income (loss) from equity method investments primarily due to our portion of the net income (loss) of our equity method investment in Careem Technologies in 2024.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
In January 2025, we announced that we entered into an accelerated share repurchase (“ASR”) agreement with a large financial institution to repurchase $1.5 billion of our outstanding common stock as part of our previously announced Share Repurchase Program. The transactions under the ASR agreement were completed during the first quarter of 2025.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
The outcomes of litigation, regulatory, indirect tax examinations and investigations are inherently uncertain. Therefore, if one or more of these matters were resolved against us for amounts in excess of management’s expectations, our results of operations, financial condition, or cash flows, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
Based on our assessment of current income and anticipated future earnings, there is a reasonable possibility that we will have sufficient evidence to release a significant portion of the valuation allowance in the Netherlands within the next 12 months. However, our judgment regarding future earnings and the exact timing and amount of any valuation allowance release is subject to change due to many factors, including future market conditions and the ability to successfully execute our business plans and/or tax planning strategies. Release of the valuation allowance would result in the recognition of net deferred tax assets on our consolidated balance sheet and would result in an income tax benefit in the period the release is recorded.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
While management believes that the insurance reserve amount is adequate, the ultimate liability may be in excess of, or less than, the amount provided.

Read it in 10-K 2025-02-14 at sec.gov ↗

RewordedMD&A
(i) a $6.4 $5.0 billion benefit from the release of our valuation allowance of certain U.S. federal and state Netherlands’ deferred tax assets valuation allowance and (ii) the favorable unfavorable impact of a pre-tax unrealized gain loss on debt and equity securities, net, of $1.8 billion $97 million primarily related to changes in the fair value of our equity securities, including: a $723 $802 million net unrealized loss on our Aurora investment, a $155 million net unrealized loss on our Lucid investment, partially offset by a $409 million net unrealized gain on our Didi investment, a $179 million net unrealized gain on our Waabi investment, and a $145 million net unrealized gain on our Grab investment, a $629 million net unrealized gain on our Aurora investment, and a $357 million net unrealized gain on our Didi investment.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Cost of revenue, exclusive of depreciation and amortization, increased $4.2 $4.7 billion, or 19%, 18%, mainly due to a $1.3 billion increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven in our Mobility business, a $1.3 $1.6 billion increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Mobility Gross Bookings in certain markets, a $718 million $1.6 billion increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Delivery Gross Bookings in certain markets, and a $303 $851 million increase in credit card processing costs, as a result of increased Gross Bookings. insurance expense primarily due to an increase in insurance rate per mile and miles driven in our Mobility business.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Other Income (Expense), NetYear Ended December 31, % Change (In millions, except percentages) 2023 2024 Interest income $ 484 $ 721 49% 2025 Foreign currency exchange gains (losses), net (182) (391) (115)% Gain on business divestitures, net 204 — (100)% Loss from sale of investment (74) — 100% 89 ** Unrealized gain (loss) on debt and equity securities, net 1,610 1,832 14% (97) ** Acquisition termination fee (1) (236) — (236) (100)% 100% Other, net (198) (77) 61% Other income (expense), net $ 1,844 $ 1,849 —% Percentage of revenue 5 % 4 % (60) 22%

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
The following table summarizes our consolidated statements of operations for each of the periods presented (in millions):Year Ended December 31, 2023 2024 2025 Revenue $ 37,281 43,978 $ 43,978 52,017 Costs and expenses Cost of revenue, exclusive of depreciation and amortization shown separately below 22,457 26,651 31,338 Operations and support 2,689 2,732 2,854 Sales and marketing 4,356 4,337 4,898 Research and development 3,164 3,109 3,402 General and administrative 2,682 3,639 3,241 Depreciation and amortization 823 711 719 Total costs and expenses 36,171 41,179 46,452 Income from operations 1,110 2,799 5,565 Interest expense (633) (523) (440) Interest income 721 743 Other income (expense), net 1,844 1,849 1,128 (68) Income before income taxes and income (loss) loss from equity method investments 2,321 4,125 5,800 Provision for (benefit from) income taxes 213 (5,758) Income (loss) (4,346) Loss from equity method investments 48 (38) (53) Net income including non-controlling interests 2,156 9,845 10,093 Less: net income (loss) attributable to non-controlling interests, net of tax 269 (11) 40 Net income attributable to Uber Technologies, Inc. $ 1,887 9,856 $ 9,856 10,053

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Financial and Operational HighlightsYear Ended December 31, (In millions, except percentages) 2023 2024 2025 % Change % Change (Constant Currency (1)) Monthly Active Platform Consumers (“MAPCs”) (2), (3) 150 171 14% 202 18% Trips (2) 9,448 11,273 19% 13,567 20% Gross Bookings (2) $137,865 $162,773 $193,454 19% 20% Revenue $43,978 $52,017 18% 21% Revenue $37,281 $43,978 18% 19% Income from operations $1,110 $2,799 152% $5,565 99% Net income attributable to Uber Technologies, Inc. $1,887 $9,856 ** $10,053 2% Adjusted EBITDA (1), (2) $4,052 (1) $6,484 60% $8,730 35% Net cash provided by operating activities (4) $3,585 $7,137 99% $10,099 42% Free cash flow (1), (4) $3,362 (1) $6,895 105% $9,763 42%

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Delivery Adjusted EBITDA increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by a $718 million $1.6 billion increase in Courier payments and incentives recorded in Delivery Platform Participant direct transaction costs, and a $168 $337 million increase in indirect advertising and marketing, employee headcount costs, a $160 million increase in insurance expense primarily due to an increase in miles driven, and a $127 $124 million increase in credit card processing costs as a result of increased Gross Bookings, a $118 million increase in indirect advertising and marketing, and a $105 million increase in other fees, recorded in Delivery other expense.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by the settlement of the Foodpanda Taiwan termination fee as described in Note 1 – Description of Business and Summary of Significant Accounting Policies to our consolidated financial statements included in Part II, Item 8, “Financial Statements and Supplementary Data,” of this Annual Report on Form 10-K, as well as an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the Non-Income Tax Matters section below.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Sales and marketing expenses decreased $19 increased $561 million, or 13%, primarily attributable to a $299 $221 million decrease increase in indirect advertising and marketing, a $207 million increase in consumer discounts, promotions, credits and refunds to $1.4 $1.6 billion compared to $1.7 $1.4 billion in the same period in 2023, partially offset by 2024, and a $238 $129 million increase in indirect advertising and marketing and a $41 million increase in external contractor expenses. employee headcount costs.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
The following table sets forth the components of our consolidated statements of operations for each of the periods presented as a percentage of revenue (1):Year Ended December 31, 2023 2024 2025 Revenue 100% 100% Costs and expenses Cost of revenue, exclusive of depreciation and amortization shown separately below 61% 60% 61% Operations and support 7% 6% 5% Sales and marketing 12% 10% 9% Research and development 8% 7% 7% General and administrative 7% 8% 6% Depreciation and amortization 2% 2% 1% Total costs and expenses 97% 94% 89% Income from operations 3% 6% 11% Interest expense (2)% (1)% (1)% Interest income 2% 1% Other income (expense), net 5% 4% 3% —% Income before income taxes and income (loss) loss from equity method investments 6% 9% 11% Provision for (benefit from) income taxes 1% (13)% Income (loss) (8)% Loss from equity method investments —% —% Net income including non-controlling interests 6% 22% 19% Less: net income (loss) attributable to non-controlling interests, net of tax 1% —% —% Net income attributable to Uber Technologies, Inc. 5% 22% 19%

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Net cash used in financing activities was $2.1 $5.7 billion for the year ended December 31, 2024, 2025, primarily consisting of $4.0 $6.5 billion in repurchases of common stock, $2.4 billion in principal repayment on term loan and notes, $1.3 billion in repurchases of common stock, $851 million in redemption of non-controlling interests, and $172 $157 million of principal payments on finance leases, and $109 million in redemption of non-controlling interests, partially offset by $4.0 $3.4 billion of proceeds from issuance of term loan and notes, net of issuance costs.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
In 2023, 2025, net unrealized gain loss on debt and equity securities, net, includes: a $985 $802 million net unrealized gain loss on our Aurora investments, investment, a $443 $155 million net unrealized loss on our Lucid investment, partially offset by a $409 million net unrealized gain on our Didi investment, a $84 $179 million net unrealized gain on our Joby Waabi investment, and an $80 a $145 million net unrealized gain on our Grab investment, investment.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
As of December 31, 2024, 2025, we had $5.8 $19.2 billion available to repurchase shares pursuant to the Share Repurchase Program For additional information, see Note 10 – Stockholders' Equity in the notes to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. Program.

Read it in 10-K 2026-02-13 at sec.gov ↗

Quiet changesMD&A
Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of the any impairment charges.

Read it in 10-K 2026-02-13 at sec.gov ↗

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