Uber Announces Results for Third Quarter 2026
GAAP Income from operations of $1.4 billion; Non-GAAP Operating Income of $2.3 billion, up 38% year-over-year
– Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2026.
“Uber delivered its fifth consecutive quarter of 20%+ Gross Bookings growth, driven by record audience and consumer engagement,” said Dara Khosrowshahi, CEO. “We’re investing from a position of strength to expand Mobility supply, build on Delivery’s momentum, and deepen engagement across our platform. Our focus on autonomous is now on commercial execution, with approximately 700 fully driverless vehicles expected on Uber by year-end and over 2,000 in 2027.” “Uber continues to translate strong growth into expanding profitability, with Non-GAAP Operating Income margins reaching a record 3.9% of Gross Bookings and Non-GAAP EPS growing 35%," said Balaji Krishnamurthy, CFO. “Our Q4 outlook reinforces our confidence in the durability of our financial model as we enter 2027. We remain disciplined in capital allocation, maintaining a high bar for investments in our core businesses and autonomy to drive Uber’s next phase of growth.”
Financial and Operational Highlights for Third Quarter 2026 • Trips during the quarter grew 16% year-over-year (“YoY”) to 4.1 billion, driven by Monthly Active Platform Consumers (“MAPCs") growth of 14% YoY and monthly Trips per MAPC growth of 2% YoY.
• Gross Bookings grew 20% YoY to $59.8 billion, and 20% on a constant currency basis.
• Revenue grew 10% YoY to $14.8 billion, and 10% on a constant currency basis. Business model changes negatively impacted total revenue YoY growth by 8 percentage points on a reported and constant currency basis.
• GAAP Income from operations grew 30% YoY to $1.4 billion. • GAAP Net income attributable to Uber Technologies, Inc. was $512 million, which includes a $476 million net loss (pre-tax) from revaluations of Uber’s equity investments. GAAP Diluted earnings per share (“EPS”) was $0.25.
• Adjusted EBITDA grew 31% YoY to $3.0 billion. Adjusted EBITDA margin as a percentage of Gross Bookings was 5.0%, up from 4.5% in Q3 2025. • Non-GAAP Operating Income grew 38% YoY to $2.3 billion. Non-GAAP Operating Income as a percentage of Gross Bookings was 3.9%, up from 3.4% in Q3 2025.
• Non-GAAP Net Income grew 29% YoY to $1.8 billion and Non-GAAP EPS grew 35% YoY to $0.88.
• Net cash provided by operating activities was $2.6 billion and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $2.5 billion.
• Unrestricted cash, cash equivalents, and short-term investments were $10.1 billion at the end of the third quarter.
• Gross Bookings of $63.25 billion to $65.25 billion, representing growth of 18% to 22% YoY on a constant-currency basis.
◦ Our outlook assumes a roughly 1 percentage-point currency headwind to total reported YoY growth.
(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) Q3 2025 net income includes a $4.9 billion benefit from a tax valuation release and a $1.5 billion net benefit (pre-tax) from revaluations of Uber’s equity investments. Q3 2026 net income includes a $476 million net loss (pre- tax) from revaluations of Uber’s equity investments.
(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) “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. 3
A live audio webcast of our third quarter ended September 30, 2026 earnings release call will be available at https://investor.uber.com/, along with the earnings press release and slide presentation. The call begins on November 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.
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 83 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.
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 annual report on Form 10-K for the year ended December 31, 2025 and subsequent 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.
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. 4 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, tax and regulatory reserve changes, restructuring related charges, gain or loss on debt and equity securities, acquisition and financing related impacts.
As of December As of September 31, 2025 30, 2026 ────────────────────────────────────────────────────────────────────────────── Assets Cash and cash equivalents $ 7,105 $ 9,558 Short-term investments 528 510 Restricted cash and cash 631 616 equivalents Accounts receivable, net 3,827 4,427 Prepaid expenses and other current 1,902 2,758 assets Total current assets 13,993 17,869 Restricted cash and cash 1,911 1,988 equivalents Restricted investments 8,874 8,768 Investments 9,178 7,975 Equity method investments 287 3,498 Property and equipment, net 1,897 1,816 Operating lease right-of-use 1,114 1,634 assets Intangible assets, net 1,048 1,370 Goodwill 8,931 10,577 Deferred tax assets 10,951 10,118 Other non-current assets 3,618 5,454 Total assets $ 61,802 $ 71,067 Liabilities, redeemable non-controlling interests and equity Accounts payable $ 1,013 $ 1,479 Short-term insurance reserves 3,387 4,220 Operating lease liabilities, 169 176 current Accrued and other current 7,751 8,631 liabilities Total current liabilities 12,320 14,506 Long-term insurance reserves 9,076 9,489 Long-term debt, net of current 10,521 15,664 portion Operating lease liabilities, 1,390 1,897 non-current Other non-current liabilities 412 548 Total liabilities 33,719 42,104 Redeemable non-controlling 165 388 interests Equity Common stock — — Additional paid-in capital 38,101 35,501 Accumulated other comprehensive -432 -461 loss Accumulated deficit -10,628 -7,381 Total Uber Technologies, Inc. 27,041 27,659 stockholders' equity Non-redeemable non-controlling 877 916 interests Total equity 27,918 28,575 Total liabilities, redeemable non-controlling interests and $ 61,802 $ 71,067 equity
(In millions, except share amounts which are reflected in thousands, and per share amounts)
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.
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.
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.
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.
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.
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: Non-GAAP Operating Income; Non-GAAP Net Income; Non-GAAP EPS; Free cash flow; as well as, reve nue growth rates in constant currency, which are described below, to evaluate our business. Adjusted EBITDA is no longer a key measure used by management; we include a disclosure on Adjusted EBITDA to assist during the transition to our new non-GAAP measures. 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.
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.
• Amortization of acquired intangible assets. Management views amortization of acquired intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of acquired intangible assets is a static expense, which is not typically affected by operations during any particular period and is not reflective of ongoing operating performance. Although we exclude the amortization of acquired intangibles, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.
• Legal, non-income tax, and regulatory reserve changes and settlements. Legal, non-income tax, and regulatory reserve changes and settlements are primarily related to certain significant legal proceedings or governmental investigations related to worker classification definitions, or tax agencies challenging our non-income tax positions. These matters have limited precedent, cover extended historical periods and are unpredictable in both magnitude and timing, therefore are distinct from normal, recurring legal, non-income tax and regulatory matters and related expenses incurred in our ongoing operating performance.
9 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.
• Other income (expense), net. Primarily includes items not indicative of our ongoing operating performance. From time to time, we may exclude other gains, losses, benefits, or charges that are unpredictable, in both magnitude and timing, and items not indicative of our ongoing operating performance. These items include, but are not limited to: foreign currency exchange gain (loss), gain or loss on debt and equity securities, fair value adjustments relating to total return swaps and exchangeable notes.
• Income tax effects. Primarily include the income tax effects of the adjustments excluded from Non-GAAP Net Income and exclude other income tax benefits or expenses that are unpredictable, in both magnitude and timing, and not indicative of the tax associated with our ongoing operating performance.
• Adjustment to redeemable non-controlling interests. Primarily reflects changes in the carrying value of redeemable non-controlling interests that are subject to put or call arrangements not solely within our control, which are remeasured to their estimated redemption value on a quarterly basis. These adjustments are non-cash in nature and are not indicative of our ongoing operating performance.
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:
• These non-GAAP financial measures exclude certain recurring, non-cash charges, such as amortization of acquired intangible assets, and although these are non- cash charges, the assets being amortized may have to be replaced in the future, and Non-GAAP Operating Income and Non-GAAP Net Income do not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
• These non-GAAP financial measures exclude certain restructuring and related charges, part of which may be settled in cash;
• These non-GAAP financial measures exclude certain legal, non-income tax, and regulatory reserve changes and settlements that may reduce cash available to us;
• These non-GAAP financial measures exclude other items not indicative of our ongoing operating performance; and
• These non-GAAP financial measures do not reflect the components of other income (expense), net, which primarily includes: foreign currency exchange gain (loss), gain or loss on debt and equity securities, fair value adjustments relating to total return swaps and exchangeable notes.
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.
• Legal, non-income tax, and regulatory reserve changes and settlements. Legal, non-income tax, and regulatory reserve changes and settlements are primarily related to certain significant legal proceedings or governmental investigations related to worker classification definitions, or tax agencies challenging our non-income tax positions. These matters have limited 10 precedent, cover extended historical periods and are unpredictable in both magnitude and timing, therefore are distinct from normal, recurring legal, non- income tax and regulatory matters and related expenses incurred in our ongoing operating performance.
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:
• Adjusted EBITDA excludes certain recurring, non-cash charges, such as depreciation of property and equipment and amortization of intangible assets, and although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
• Adjusted EBITDA excludes stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy;
• Adjusted EBITDA excludes certain restructuring and related charges, part of which may be settled in cash; • Adjusted EBITDA excludes other items not indicative of our ongoing operating performance; • Adjusted EBITDA does not reflect period to period changes in taxes, income tax expense or the cash necessary to pay income taxes;
• Adjusted EBITDA does not reflect the components of other income (expense), net, which primarily includes: foreign currency exchange gain (loss), gain or loss on debt and equity securities, fair value adjustments relating to total return swaps and exchangeable notes; and
• Adjusted EBITDA excludes certain legal, non-income tax, and regulatory reserve changes and settlements that may reduce cash available to us.
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.
We define free cash flow as net cash flows from operating activities less capital expenditures. 11
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:
(1) Income tax effects include the impact of a stock loss, capitalized research and development expenses, and the release of a valuation allowance on our deferred tax assets in the Netherlands through Q3 2025 and the deferred U.S. tax impact related to our equity securities through Q3 2026.
(2) Per share amounts are calculated using unrounded numbers and therefore may not recalculate. 12
The following table presents reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measure for each of the periods indicated:
(1) Stock-based compensation expense included in the Adjusted EBITDA reconciliation tables above excludes stock-based compensation expense related to acquisitions, restructuring initiatives and settlement of legacy awards, which are included in their respective lines.
The following tables present reconciliations of free cash flow to the most directly comparable GAAP financial measure for each of the periods indicated:
Full text with the tables
Exhibit 99.1
Uber Announces Results for Third Quarter 2026
Gross Bookings grew 20% year-over-year on a constant currency basis
GAAP Income from operations of $1.4 billion; Non-GAAP Operating Income of $2.3
billion, up 38% year-over-year
GAAP Diluted EPS of $0.25; Non-GAAP EPS of $0.88, up 35% year-over-year
SAN FRANCISCO – November 4, 2026
– Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the
quarter ended September 30, 2026.
“Uber delivered its fifth consecutive quarter of 20%+ Gross Bookings growth,
driven by record audience and consumer engagement,” said Dara Khosrowshahi, CEO.
“We’re investing from a position of strength to expand Mobility supply, build on
Delivery’s momentum, and deepen engagement across our platform. Our focus on
autonomous is now on commercial execution, with approximately 700 fully
driverless vehicles expected on Uber by year-end and over 2,000 in 2027.”
“Uber continues to translate strong growth into expanding profitability, with
Non-GAAP Operating Income margins reaching a record 3.9% of Gross Bookings and
Non-GAAP EPS growing 35%," said Balaji Krishnamurthy, CFO. “Our Q4 outlook
reinforces our confidence in the durability of our financial model as we enter
2027. We remain disciplined in capital allocation, maintaining a high bar for
investments in our core businesses and autonomy to drive Uber’s next phase of
growth.”
Financial and Operational Highlights for Third Quarter 2026
• Trips during the quarter grew 16% year-over-year (“YoY”) to 4.1 billion,
driven by Monthly Active Platform Consumers (“MAPCs") growth of 14% YoY and
monthly Trips per MAPC growth of 2% YoY.
• Gross Bookings grew 20% YoY to $59.8 billion, and 20% on a constant currency
basis.
• Revenue grew 10% YoY to $14.8 billion, and 10% on a constant currency basis.
Business model changes negatively impacted total revenue YoY growth by 8
percentage points on a reported and constant currency basis.
• GAAP Income from operations grew 30% YoY to $1.4 billion.
• GAAP Net income attributable to Uber Technologies, Inc. was $512 million,
which includes a $476 million net loss (pre-tax) from revaluations of Uber’s
equity investments. GAAP Diluted earnings per share (“EPS”) was $0.25.
• Adjusted EBITDA grew 31% YoY to $3.0 billion. Adjusted EBITDA margin as a
percentage of Gross Bookings was 5.0%, up from 4.5% in Q3 2025.
• Non-GAAP Operating Income grew 38% YoY to $2.3 billion. Non-GAAP Operating
Income as a percentage of Gross Bookings was 3.9%, up from 3.4% in Q3 2025.
• Non-GAAP Net Income grew 29% YoY to $1.8 billion and Non-GAAP EPS grew 35% YoY
to $0.88.
• Net cash provided by operating activities was $2.6 billion and free cash flow,
defined as net cash flows from operating activities less capital expenditures,
was $2.5 billion.
• Unrestricted cash, cash equivalents, and short-term investments were $10.1
billion at the end of the third quarter.
Outlook for Q4 2026
For Q4 2026, we anticipate:
• Gross Bookings of $63.25 billion to $65.25 billion, representing growth of 18%
to 22% YoY on a constant-currency basis.
◦ Our outlook assumes a roughly 1 percentage-point currency headwind to total
reported YoY growth.
• Non-GAAP EPS of $0.95 to $0.99, representing growth of 34% to 39% YoY.
◦ Our outlook translates to Adjusted EBITDA of $3.13 billion to $3.23 billion.
Financial and Operational Highlights for Third Quarter 2026
Three
Months
Ended
Septem…
30,
(In
mill…
exce… %
perc… 2025 2026 % Change
and Change (Const…
per Curren…
share
amou…
Mont…
Acti…
Plat… 189 215 14 %
Cons…
(“MA…
Trips 3,512 4,061 16 %
Gross $ 49,740 $ 59,819 20 % 20 %
Book…
Reve… $ 13,467 $ 14,766 10 % 10 %
GAAP
Inco… $ 1,113 $ 1,447 30 %
from
oper…
GAAP
Net
inco…
attr… $ 6,626 $ 512 -92 %
to
Uber
Tech…
Inc.…
GAAP
Dilu… $ 3.11 $ 0.25 -92 %
EPS
Adju… $ 2,256 $ 2,963 31 %
EBIT…
Non-…
Oper… $ 1,675 $ 2,304 38 %
Inco…
Non-…
Net $ 1,389 $ 1,796 29 %
Inco…
Non-… $ 0.65 $ 0.88 35 %
EPS(…
Net
cash
prov… $ 2,328 $ 2,639 13 %
by
oper…
acti…
Free
cash $ 2,230 $ 2,535 14 %
flow…
(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) Q3 2025 net income includes a $4.9 billion benefit from a tax valuation
release and a $1.5 billion net benefit (pre-tax) from revaluations of Uber’s
equity investments. Q3 2026 net income includes a $476 million net loss (pre-
tax) from revaluations of Uber’s equity investments.
Results by Offering and Segment
Gross Bookings
(In Three
milli… Months
except Ended %
perce… Septem… Change
Gross 30, % (Const…
Booki… 2025 2026 Change Curren…
──────────────────────────────────────────────────────────────────────────────
Mobil… $ 25,111 $ 29,512 18 % 17 %
Deliv… 23,322 28,539 22 % 23 %
Freig… 1,307 1,768 35 % 35 %
Total $ 49,740 $ 59,819 20 % 20 %
Revenue
Three
(In Months
milli… Ended %
except Septem… Change
perce… 30, % (Const…
Reven… 2025 2026 Change Curren…
──────────────────────────────────────────────────────────────────────────────
Mobil… $ 7,682 $ 7,520 -2 % -2 %
Deliv… 4,477 5,488 23 % 23 %
Freig… 1,308 1,758 34 % 34 %
Total $ 13,467 $ 14,766 10 % 10 %
2
Non-GAAP Operating Income and Segment Operating Income (Loss)
(In millions,
except
percentages) Three Months
Segment Ended September
Operating 30,
Income (Loss): 2025 2026 % Change
──────────────────────────────────────────────────────────────────────────────
Mobility $ 1,864 $ 2,362 27 %
Delivery 811 1,057 30 %
Freight -40 -33 18 %
Corporate G&A
and Platform -960 -1,082 -13 %
R&D(1)
Non-GAAP
Operating $ 1,675 $ 2,304 38 %
Income(2)
(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) “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.
3
Webcast and conference call information
A live audio webcast of our third quarter ended September 30, 2026 earnings
release call will be available at https://investor.uber.com/, along with the
earnings press release and slide presentation. The call begins on November 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 83 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 annual
report on Form 10-K for the year ended December 31, 2025 and subsequent
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.
4
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, tax and regulatory reserve changes,
restructuring related charges, gain or loss on debt and equity securities,
acquisition and financing related impacts.
Contacts
Investors and analysts: investor@uber.com
Media: press@uber.com
5
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
As of December As of September
31, 2025 30, 2026
──────────────────────────────────────────────────────────────────────────────
Assets
Cash and cash equivalents $ 7,105 $ 9,558
Short-term investments 528 510
Restricted cash and cash 631 616
equivalents
Accounts receivable, net 3,827 4,427
Prepaid expenses and other
current 1,902 2,758
assets
Total current assets 13,993 17,869
Restricted cash and cash 1,911 1,988
equivalents
Restricted investments 8,874 8,768
Investments 9,178 7,975
Equity method investments 287 3,498
Property and equipment, net 1,897 1,816
Operating lease right-of-use 1,114 1,634
assets
Intangible assets, net 1,048 1,370
Goodwill 8,931 10,577
Deferred tax assets 10,951 10,118
Other non-current assets 3,618 5,454
Total assets $ 61,802 $ 71,067
Liabilities, redeemable
non-controlling
interests and equity
Accounts payable $ 1,013 $ 1,479
Short-term insurance reserves 3,387 4,220
Operating lease liabilities, 169 176
current
Accrued and other current 7,751 8,631
liabilities
Total current liabilities 12,320 14,506
Long-term insurance reserves 9,076 9,489
Long-term debt, net of current 10,521 15,664
portion
Operating lease liabilities, 1,390 1,897
non-current
Other non-current liabilities 412 548
Total liabilities 33,719 42,104
Redeemable non-controlling 165 388
interests
Equity
Common stock — —
Additional paid-in capital 38,101 35,501
Accumulated other comprehensive -432 -461
loss
Accumulated deficit -10,628 -7,381
Total Uber Technologies, Inc. 27,041 27,659
stockholders' equity
Non-redeemable non-controlling 877 916
interests
Total equity 27,918 28,575
Total liabilities, redeemable
non-controlling interests and $ 61,802 $ 71,067
equity
6
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands, and per
share amounts)
(Unaudited)
Three Nine
Months Months
Ended Ended
Septem… Septem…
2025 30, 2026 2025 30, 2026
──────────────────────────────────────────────────────────────────────────────
Reven… $ 13,467 $ 14,766 $ 37,651 $ 42,160
Costs
and
expen…
Cost
of
reven…
exclu…
of
depre… 8,109 8,349 22,657 23,422
and
amort…
shown
separ…
below
Opera…
and 735 875 2,099 2,443
suppo…
Sales
and 1,277 1,563 3,544 4,404
marke…
Resea…
and 862 1,273 2,517 3,267
devel…
Gener…
and 1,183 1,047 2,509 2,780
admin…
Depre…
and 188 212 534 584
amort…
Total
costs 12,354 13,319 33,860 36,900
and
expen…
Income
from 1,113 1,447 3,791 5,260
opera…
Inter… -112 -152 -325 -387
expen…
Inter… 193 176 543 523
income
Other
income 1,426 -616 1,500 -768
(expe…
net
Income
before
income
taxes
and 2,620 855 5,509 4,628
incom…
from
equity
method
inves…
Provi…
for
(bene… -4,046 244 -4,306 1,278
from)
income
taxes
Loss
from
equity -14 -42 -39 -83
method
inves…
Net
income
inclu… 6,652 569 9,776 3,267
non-c…
inter…
Less:
net
income
attri…
to 26 57 19 98
non-c…
inter…
net of
tax
Net
income
attri…
to $ 6,626 $ 512 $ 9,757 $ 3,169
Uber
Techn…
Inc.
Net
income
per
share
attri…
to
Uber
Techn…
Inc.
common
stock…
Basic $ 3.18 $ 0.25 $ 4.67 $ 1.55
Dilut… $ 3.11 $ 0.25 $ 4.57 $ 1.54
Weigh…
shares
used
to
compu…
net
income
per
share
attri…
to
common
stock…
Basic 2,084,… 2,038,3… 2,089,… 2,042,2…
Dilut… 2,124,… 2,050,3… 2,124,… 2,057,2…
7
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Nine
Cash Months Months
flows Ended Ended
from Septem… Septe…
opera… 30, 30,
activ… 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Net
income
inclu… $ 6,652 $ 569 $ 9,776 $ 3,267
non-c…
inter…
Adjus…
to
recon…
net
income
to
net
cash
provi…
by
opera…
activ…
Depre…
and 195 218 554 604
amort…
Stock… 465 591 1,375 1,614
compe…
Defer…
income -4,167 118 -4,492 889
taxes
(Gain…
losses
on
debt -1,471 476 -1,505 338
and
equity
secur…
net
(Gain…
losses
on
forei… 22 134 -130 81
curre…
trans…
net
Other -16 -98 63 218
Change
in
assets
and
liabi…
net of
impact
of
busin…
acqui…
and
dispo…
Accou… -22 -99 -357 -598
recei…
Prepa…
expen…
and -126 -629 -874 -1,004
other
assets
Opera…
lease 46 65 135 165
right…
assets
Accou… 101 45 232 390
payab…
Accru…
insur… 592 423 2,079 1,253
reser…
Accru…
expen…
and 111 880 521 786
other
liabi…
Opera…
lease -54 -54 -161 -151
liabi…
Net
cash
provi… 2,328 2,639 7,216 7,852
by
opera…
activ…
Cash
flows
from
inves…
activ…
Purch…
of
prope… -98 -104 -261 -239
and
equip…
Purch…
of
non-m… -95 -298 -286 -805
equity
secur…
Purch…
of -6,310 -8,444 -13,945 -26,0…
marke…
secur…
Purch…
of
loan — -29 -78 -327
and
notes
recei…
Proce…
from
matur…
and 6,514 9,840 13,547 24,505
sales
of
marke…
secur…
Acqui…
of
busin… — -902 -804 -1,555
net of
cash
acqui…
Purch…
of
total — — — -1,640
return
swaps
Other
inves… 42 10 -123 62
activ…
Net
cash
provi…
by 53 73 -1,950 -6,089
(used
in)
inves…
activ…
Cash
flows
from
finan…
activ…
Proce…
from
debt, 2,232 5,139 3,359 9,136
net of
issua…
costs
Princ…
repay… -1,200 -2,000 -1,200 -4,000
on
debt
Princ…
payme…
on -37 -42 -112 -124
finan…
leases
Proce…
from
the
issua…
of
common
stock — — 120 136
under
the
Emplo…
Stock
Purch…
Plan
Repur…
of -1,463 -750 -4,611 -4,279
common
stock
Other
finan… -70 -40 -151 -113
activ…
Net
cash
provi…
by -538 2,307 -2,595 756
(used
in)
finan…
activ…
Effect
of
excha…
rate
chang…
on
cash
and -27 -34 202 -4
cash
equiv…
and
restr…
cash
and
cash
equiv…
Net
incre…
in
cash
and
cash
equiv… 1,816 4,985 2,873 2,515
and
restr…
cash
and
cash
equiv…
8
Cash and cash
equivalents, and
restricted cash and cash
equivalents
Beginning of period 9,667 7,177 8,610 9,647
──────────────────────────────────────────────────────────────────────────────
End of period $ 11,483 $ 12,162 $ 11,483 $ 12,162
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 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:
Non-GAAP Operating Income; Non-GAAP Net Income; Non-GAAP EPS; Free cash flow; as
well as, reve nue growth rates in constant currency, which are described below,
to evaluate our business. Adjusted EBITDA is no longer a key measure used by
management; we include a disclosure on Adjusted EBITDA to assist during the
transition to our new non-GAAP measures. 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.
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.
• Amortization of acquired intangible assets. Management views amortization of
acquired intangible assets as items arising from pre-acquisition activities
determined at the time of an acquisition. While these intangible assets are
continually evaluated for impairment, amortization of acquired intangible assets
is a static expense, which is not typically affected by operations during any
particular period and is not reflective of ongoing operating performance.
Although we exclude the amortization of acquired intangibles, management
believes that it is important for investors to understand that such intangible
assets were recorded as part of purchase accounting and contribute to revenue
generation.
• Legal, non-income tax, and regulatory reserve changes and settlements. Legal,
non-income tax, and regulatory reserve changes and settlements are primarily
related to certain significant legal proceedings or governmental investigations
related to worker classification definitions, or tax agencies challenging our
non-income tax positions. These matters have limited precedent, cover extended
historical periods and are unpredictable in both magnitude and timing, therefore
are distinct from normal, recurring legal, non-income tax and regulatory matters
and related expenses incurred in our ongoing operating performance.
Non-GAAP Net Income
9
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.
• Other income (expense), net. Primarily includes items not indicative of our
ongoing operating performance. From time to time, we may exclude other gains,
losses, benefits, or charges that are unpredictable, in both magnitude and
timing, and items not indicative of our ongoing operating performance. These
items include, but are not limited to: foreign currency exchange gain (loss),
gain or loss on debt and equity securities, fair value adjustments relating to
total return swaps and exchangeable notes.
• Income tax effects. Primarily include the income tax effects of the
adjustments excluded from Non-GAAP Net Income and exclude other income tax
benefits or expenses that are unpredictable, in both magnitude and timing, and
not indicative of the tax associated with our ongoing operating performance.
Three Nine
Months Months
Ended Ended
Septem… Septemb…
30, 30,
2025 2026 2025 2026
GAAP
effec… -154 % 29 % -78 % 28 %
tax
rate
Total
adjus…
to
GAAP 173 % -6 % 99 % -5 %
provi…
for
income
taxes
Non-G…
effec… 19 % 23 % 21 % 23 %
tax
rate
• Adjustment to redeemable non-controlling interests. Primarily reflects changes
in the carrying value of redeemable non-controlling interests that are subject
to put or call arrangements not solely within our control, which are remeasured
to their estimated redemption value on a quarterly basis. These adjustments are
non-cash in nature and are not indicative of our ongoing operating performance.
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:
• These non-GAAP financial measures exclude certain recurring, non-cash charges,
such as amortization of acquired intangible assets, and although these are non-
cash charges, the assets being amortized may have to be replaced in the future,
and Non-GAAP Operating Income and Non-GAAP Net Income do not reflect all cash
capital expenditure requirements for such replacements or for new capital
expenditure requirements;
• These non-GAAP financial measures exclude certain restructuring and related
charges, part of which may be settled in cash;
• These non-GAAP financial measures exclude certain legal, non-income tax, and
regulatory reserve changes and settlements that may reduce cash available to us;
• These non-GAAP financial measures exclude other items not indicative of our
ongoing operating performance; and
• These non-GAAP financial measures do not reflect the components of other
income (expense), net, which primarily includes: foreign currency exchange gain
(loss), gain or loss on debt and equity securities, fair value adjustments
relating to total return swaps and exchangeable notes.
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.
• Legal, non-income tax, and regulatory reserve changes and settlements. Legal,
non-income tax, and regulatory reserve changes and settlements are primarily
related to certain significant legal proceedings or governmental investigations
related to worker classification definitions, or tax agencies challenging our
non-income tax positions. These matters have limited
10
precedent, cover extended historical periods and are unpredictable in both
magnitude and timing, therefore are distinct from normal, recurring legal, non-
income tax and regulatory matters and related expenses incurred in 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:
• Adjusted EBITDA excludes certain recurring, non-cash charges, such as
depreciation of property and equipment and amortization of intangible assets,
and although these are non-cash charges, the assets being depreciated and
amortized may have to be replaced in the future, and Adjusted EBITDA does not
reflect all cash capital expenditure requirements for such replacements or for
new capital expenditure requirements;
• Adjusted EBITDA excludes stock-based compensation expense, which has been, and
will continue to be for the foreseeable future, a significant recurring expense
in our business and an important part of our compensation strategy;
• Adjusted EBITDA excludes certain restructuring and related charges, part of
which may be settled in cash;
• Adjusted EBITDA excludes other items not indicative of our ongoing operating
performance;
• Adjusted EBITDA does not reflect period to period changes in taxes, income tax
expense or the cash necessary to pay income taxes;
• Adjusted EBITDA does not reflect the components of other income (expense),
net, which primarily includes: foreign currency exchange gain (loss), gain or
loss on debt and equity securities, fair value adjustments relating to total
return swaps and exchangeable notes; and
• Adjusted EBITDA excludes certain legal, non-income tax, and regulatory reserve
changes and settlements that may reduce cash available to us.
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.
11
Reconciliations of Non-GAAP Measures
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:
(In
milli…
except
share
amoun…
which
are
refle…
in
thous… Three Nine
and Months Months
per Ended Ended
share Septem… Septem…
amoun… 2025 30, 2026 2025 30, 2026
──────────────────────────────────────────────────────────────────────────────
GAAP
Income $ 1,113 $ 1,447 $ 3,791 $ 5,260
from
opera…
Add
(dedu…
Amort…
of
acqui… 72 82 201 202
intan…
assets
Legal,
non-i…
tax,
and
regul… 479 484 507 496
reser…
chang…
and
settl…
Goodw…
and
asset
impai… 2 — 2 4
on
sale
of
assets
Acqui…
finan…
and 6 55 28 111
dives…
relat…
expen…
Loss
on
lease — — 2 5
arran…
net
Restr…
and 3 186 4 202
relat…
charg…
Settl…
of — 50 — 50
legacy
awards
Total
adjus…
exclu…
from 562 857 744 1,070
Non-G…
Opera…
Income
Non-G…
Opera… $ 1,675 $ 2,304 $ 4,535 $ 6,330
Income
GAAP
Net
income
attri… 6,626 512 9,757 3,169
to
Uber
Techn…
Inc.
Adjus…
exclu…
from
Non-G… 562 857 744 1,070
Opera…
Income
(see
above)
Other
(inco… -1,426 616 -1,500 768
expen…
net
Income
tax -4,387 -288 -5,299 -227
effec…
Loss
from
equity 14 42 39 83
method
inves…
Adjus…
to
redee… — 57 — 78
non-c…
inter…
Non-G…
Net 1,389 1,796 3,741 4,941
Income
Assum…
net
loss
attri…
to -13 — -40 —
Freig…
Holdi…
conti…
issua…
shares
Non-G…
Net
Income
attri… $ 1,376 $ 1,796 $ 3,701 $ 4,941
to
common
stock…
Dilut…
weigh… 2,124,… 2,050,3… 2,124,… 2,057,2…
shares
outst…
GAAP
Dilut… $ 3.11 $ 0.25 $ 4.57 $ 1.54
EPS(2)
Non-G… $ 0.65 $ 0.88 $ 1.74 $ 2.40
EPS(2)
(1) Income tax effects include the impact of a stock loss, capitalized research
and development expenses, and the release of a valuation allowance on our
deferred tax assets in the Netherlands through Q3 2025 and the deferred U.S. tax
impact related to our equity securities through Q3 2026.
(2) Per share amounts are calculated using unrounded numbers and therefore may
not recalculate.
12
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 Nine
(In Months Months
millio… Ended Ended
Adjust… Septem… Septemb…
EBITDA 30, 30,
reconc… 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Net
income
attrib… $ 6,626 $ 512 $ 9,757 $ 3,169
to Uber
Techno…
Inc.
Add
(deduc…
Net
income
attrib…
to 26 57 19 98
non-co…
intere…
net of
tax
Loss
from
equity 14 42 39 83
method
invest…
Provis…
for
(benef… -4,046 244 -4,306 1,278
from)
income
taxes
Other
(incom… -1,426 616 -1,500 768
expens…
net
Intere… 112 152 325 387
expense
Intere… -193 -176 -543 -523
income
Income
from 1,113 1,447 3,791 5,260
operat…
Add
(deduc…
Deprec…
and 188 212 534 584
amorti…
Stock-…
compen… 465 529 1,375 1,551
expens…
Legal,
non-in…
tax,
and
regula… 479 484 507 496
reserve
changes
and
settle…
Goodwi…
and
asset
impair… 2 — 2 4
on
sale of
assets
Acquis…
financ…
and 6 55 28 111
divest…
related
expens…
Loss on
lease — — 2 5
arrang…
net
Restru…
and 3 186 4 202
related
charges
Settle…
of — 50 — 50
legacy
awards
Adjust… $ 2,256 $ 2,963 $ 6,243 $ 8,263
EBITDA
(1) Stock-based compensation expense included in the Adjusted EBITDA
reconciliation tables above excludes stock-based compensation expense related to
acquisitions, restructuring initiatives and settlement of legacy awards, which
are included in their respective lines.
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:
(In Three Nine
millio… Months Months
Free Ended Ended
cash September Septemb…
flow 30, 30,
reconc… 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Net
cash
provid… $ 2,328 $ 2,639 $ 7,216 $ 7,852
by
operat…
activi…
Purcha…
of
proper… -98 -104 -261 -239
and
equipm…
Free
cash $ 2,230 $ 2,535 $ 6,955 $ 7,613
flow
13