Uber Technologies, Inc. (UBER) FY2025 10-K and Q2 FY2026 10-Q Summary

Business

From the FY2025 Form 10-K, accession 0001543151-26-000015.

Uber operates proprietary technology applications that connect consumers with independent providers of services. It connects Riders with Mobility Drivers for ridesharing; connects Riders and Eaters with restaurants, grocers and other Merchants, and with Couriers, for meal, grocery and other delivery; connects consumers with public transportation networks; and connects Shippers with Carriers in the freight industry, providing booking, transportation management and other logistics services. Mobility Drivers and Couriers are collectively referred to as Drivers. The platform is available in over 70 countries and, as of December 31, 2025, in more than 15,000 cities, principally in the United States and Canada, Latin America, Europe (excluding Russia), the Middle East, Africa and Asia Pacific (excluding China and Southeast Asia). As of December 31, 2025, Uber and its subsidiaries had approximately 34,000 employees.

Three reportable segments.

• Mobility connects consumers with ridesharing, carsharing, micromobility, rentals, public transit, taxis and other modalities. Mobility also includes activity related to financial partnership products and advertising.
• Delivery covers restaurant meals plus the Grocery & Retail categories (grocery, alcohol, convenience and retail), for delivery or pick-up, through the Uber Eats app. It also includes Uber Direct, a white-label Delivery-as-a-Service offering to retailers and restaurants, and advertising. Management views Delivery as expanding the earner base, because it attracts Drivers who lack Mobility-qualified vehicles.
• Freight operates a managed transportation and logistics network connecting Shippers and Carriers in a digital marketplace, with upfront transparent pricing and shipment tracking. Freight operations are principally based in North America and Europe.

How revenue is recognised. Substantially all revenue comes from fees paid by Drivers and Merchants for use of the platform. Uber has concluded it is an agent in these arrangements, so revenue is presented net of Driver and Merchant earnings and Driver incentives. In certain markets Uber is responsible for the Mobility or Delivery service, and in most markets for the Freight service, and there it presents revenue from end-users and Shippers gross, with payments to Drivers and Carriers recorded in cost of revenue.

Gross Bookings, the scale measure. Uber defines Gross Bookings as the total dollar value of Mobility rides and Delivery orders, including any applicable taxes, tolls and fees, and without adjustment for consumer discounts and refunds, Driver and Merchant earnings or Driver incentives, plus Freight revenue; tips earned by Drivers are excluded. It is the measure of transaction volume flowing across the platform. Revenue is the net amount Uber recognises as agent out of that volume, and is accordingly a fraction of Gross Bookings.

Platform synergies. Management points to cross-platform effects: for the three months ended December 31, 2025, approximately 58% of first-time Delivery consumers were new to the platform, and consumers who used both Mobility and Delivery generated over three times the Gross Bookings of single-offering consumers in countries where both were available. Only about one in five eligible consumers were active monthly across both businesses. Uber One, the cross-platform membership giving discounts, cash back, special pricing and priority service, is available in over 30 countries and reached 46 million members as of December 31, 2025. The advertising division launched in October 2022 with Uber Journey Ads and other formats across the Uber and Uber Eats apps.

Competition. Mobility competes with personal vehicle ownership (which accounts for the majority of passenger miles in Uber's markets), taxicabs and taxi-hailing services, livery and car services, public transportation, and ridesharing companies including Bolt, Didi, Lyft and Ola, plus autonomous-vehicle developers including Alphabet (Waymo), Amazon (Zoox) and Tesla. Delivery competes with DoorDash, Instacart, Gopuff, Rappi, Delivery Hero, Just Eat Takeaway and Amazon, as well as merchants' own delivery and take-away. Freight competes with brokers and managed transportation providers including C.H. Robinson, Total Quality Logistics, RXO, XPO, Echo Global Logistics and DHL.

Regulation. Mobility is subject to conflicting laws across jurisdictions; substantially all U.S. states and numerous municipalities worldwide have adopted Transportation Network Company rules covering background checks, vehicle inspections, accessible vehicles, safety, insurance and driver training. Many jurisdictions regulate how Uber classifies Drivers. Payments activity is licensed: Uber Payments B.V. is authorised as an electronic money institution by De Nederlandsche Bank, with similar licences held in the United Kingdom (Financial Conduct Authority) and Mexico (Comisión Nacional Bancaria y de Valores). Data handling is governed by regimes including the EU GDPR, the CCPA and CPRA in California, and India's Digital Personal Data Protection Act. Competition authorities in the EU, United States, Brazil and India scrutinise pricing parity, price-fixing and abuse of market power.

Seasonality. Mobility typically generates higher Gross Bookings in the fourth quarter on holiday and business demand and lower Gross Bookings in the first quarter; Delivery typically increases in the fourth quarter.

Risk factors

From the FY2025 Form 10-K, accession 0001543151-26-000015, with the updates carried into the Form 10-Q, accession 0001543151-26-000032.

Driver classification is the defining risk, not a boilerplate one. Classification is being challenged in courts, by legislators and by government agencies in the United States and abroad, through class and collective actions, arbitration demands, administrative charges, and audits by labour, social security and tax authorities. More than 150,000 U.S. Drivers who signed arbitration agreements have filed or expressed an intention to file classification arbitration demands; a majority have been resolved under individual settlements. In California, AB5 took effect in January 2020 and the state Attorney General, with the city attorneys of San Francisco, Los Angeles and San Diego, sued Uber and Lyft in May 2020; a preliminary injunction was dissolved in April 2021 after Proposition 22 passed, but the claims for pre-Proposition 22 periods remain pending and the California Supreme Court has upheld Proposition 22's constitutionality. Uber's Massachusetts case was resolved in June 2024 with drivers continuing as independent contractors. Outside the United States: several Swiss bodies have classified Drivers or Couriers as employees for social security purposes (Federal Tribunal rulings in 2023 and, for Geneva, June 2022); French Supreme Court decisions in 2020 and 2023 reclassified two UberX Drivers as employees, though two July 2025 French Supreme Court decisions analysing Uber's more recent model concluded the Drivers were independent contractors, and France's URSSAF issued a social security reassessment in June 2025 that Uber has appealed; a Netherlands court ruled in September 2021 that Mobility Drivers fall within the taxi collective bargaining agreement; Mexico's Congress passed a bill in December 2024 reclassifying mobility and delivery earners above one minimum salary a month as employees; the New Zealand Supreme Court ruled in November 2025 that four drivers are employees while logged into the app; and a Brazilian case is pending before that country's Supreme Court with a hearing expected in 2026. Reclassification would bring wage-and-hour, benefits, social security and tax costs, could reduce Driver supply because of lost flexibility, could lead to unionisation, and would change financial statement presentation of revenue, cost of revenue and incentives. Uber states it anticipates significant price increases for Riders to offset such costs and believes competitors would be similarly affected.

Competition and pricing pressure. The mobility, delivery and logistics industries have low barriers to entry, low switching costs, and well-capitalised competitors in nearly every major region. Consumers shift to the lowest-cost or highest-quality provider, Drivers to the highest earnings, merchants to the lowest service fee. Uber has lowered fares and service fees and offered Driver incentives and consumer discounts, at times with incentives meeting or exceeding the Gross Bookings generated for a Trip, and expects to continue doing so where it lacks a leading category position. Divestitures have left Uber contractually restricted from competing with certain minority-owned entities, in Southeast Asia with respect to Grab, and in the Middle East, North Africa and Pakistan with respect to Careem Technologies, while those entities are not necessarily restricted from competing with Uber.

Profitability history. Uber had an accumulated deficit of $10.6 billion as of December 31, 2025 and $8.0 billion as of June 30, 2026. It expects operating expenses to increase and may not maintain profitability in its largest markets, including the United States, and notes it sometimes introduces products with lower Gross Bookings per Trip or lower Revenue Margin, revenue as a percentage of Gross Bookings, and charges lower service fees to some merchants, which can produce negative Revenue Margin on those transactions.

Autonomous vehicles. Uber has invested substantially in partners offering autonomous vehicle technologies rather than building its own commercial fleet. Waymo runs a commercialised autonomous ridehailing fleet on its own platform in addition to making vehicles available through Uber's platform; Tesla and Zoox are also developing the technology. If competitors reach market first, deploy on rival platforms, or are perceived as technically superior, or if partnerships expire or partners withdraw vehicles, Uber's financial performance and prospects would be adversely affected, particularly because autonomous vehicles could substantially reduce the cost of providing rides and let competitors undercut Uber's prices. Collisions, including fatal ones, have occurred in the industry, and failures or crashes involving partners' technology could create substantial liability, negative publicity and regulatory scrutiny. Autonomous-vehicle regulation is still developing and may prevent Uber from offering the technology as expected. Uber also notes that investing in autonomous vehicles may add to Driver dissatisfaction over time as it reduces the need for Drivers, and that it may need to incur additional debt to finance autonomous vehicles or supporting infrastructure.

Safety, brand and reputation. Uber receives a high degree of negative media coverage worldwide. There have been numerous incidents and allegations globally of Drivers, or people impersonating Drivers, sexually assaulting, abusing, kidnapping or fatally injuring consumers. Uber released a third safety report in 2024 covering reported sexual assaults and other critical safety incidents in the United States; public and regulatory responses to such reporting may continue to generate scrutiny and litigation. Qualification and background-check standards for Couriers are generally less extensive than for Mobility Drivers, and Uber does not independently test driving skills. Growth of Delivery and lower-cost product types has increased the number of Drivers and consumers on scooters, bicycles and motorbikes, who face more severe injuries in collisions.

Concentration. In 2025, 15% of Mobility Gross Bookings came from trips that either started or were completed at an airport, exposing Uber to airport-specific licensing, fees and bans. Gross Bookings are also concentrated in large metropolitan areas, where competition, incentives and local regulation are most intense, and Uber expects continued difficulty penetrating lower-density suburban and rural areas. A significant amount of Delivery Gross Bookings comes from a limited number of large restaurant groups and other merchants.

Payments and cash. In 2025, more than 75% of Gross Bookings were paid by credit card, debit card or digital wallet, so loss or modification of payment acceptance privileges would significantly limit the business model. In 2025, cash-paid trips accounted for approximately 6% of global Gross Bookings, in jurisdictions including India, Brazil and Mexico; cash raises regulatory, anti-money-laundering, collection and physical safety risks, with serious safety incidents involving robberies and violent attacks on Drivers reported in Brazil. Strong Customer Authentication requirements in the EEA, the UK and Mexico may reduce convenience and cause payment failures.

Data privacy and security. Uber collects location data, drivers' licence and Social Security numbers, payment card data and bank details. In October and November 2016, outside actors downloaded personal data of approximately 57 million Drivers and consumers, including the drivers' licence numbers of approximately 600,000 Drivers; a September 2022 cybersecurity incident gave an attacker access to internal corporate systems. Consequences of the 2016 breach include an April 2018 FTC consent decree requiring a comprehensive privacy programme, biennial third-party assessments and no misrepresentation of consumer data protection through 2038; September 2018 stipulated judgments with all 50 state attorneys general and the District of Columbia involving payment of $148 million; and a July 2022 non-prosecution agreement with the DOJ. GDPR non-compliance carries fines of up to the greater of €20 million or 4% of worldwide revenue. Careem has historically shared certain user data with government authorities in conflict with Uber's global policies.

Legal, regulatory and tax exposure. Uber's ridesharing model has been blocked, capped or suspended, or Uber has been required to change its model, in jurisdictions including Argentina, Germany, Italy, Japan, South Korea and Spain. Specific constraints include New York City's per-mile and per-minute minimum trip payment formula effective February 2019 and a continuing for-hire vehicle licence freeze; a Washington state minimum pay standard enacted March 2022; a Chicago surcharge of up to $3 per trip; a San Francisco ridesharing surcharge; and a growing number of municipal delivery network fee caps and surge-pricing caps. Uber is the subject of DOJ inquiries and investigations, plus enforcement inquiries by other federal, state, local and foreign agencies, covering fees, driver and courier earnings, consumer pricing, earner benefits and related disclosures, financial products offered by partners, safety-incident practices and anti-discrimination compliance. Certain jurisdictions, including Australia, the Kingdom of Saudi Arabia and the UK, require assessed taxes to be paid before their applicability can be contested, a "pay-to-play" requirement that can materially affect liquidity while matters are litigated. Uber holds large tax attributes whose realisation depends on future income: as of December 31, 2025, U.S. federal net operating loss carryforwards of $43 million expiring from 2031 and $4.1 billion with unlimited carryover, U.S. state carryforwards of $7.0 billion, and foreign carryforwards of $20.3 billion. The OECD 15% global minimum tax framework may generate top-up taxes.

Leverage. Total outstanding indebtedness was $10.6 billion aggregate principal as of December 31, 2025 and $12.6 billion as of June 30, 2026, with up to approximately $128 million of Careem Convertible Notes still subject to future issuance. Uber expects to incur additional debt in connection with the proposed Delivery Hero acquisition and may need more to finance autonomous vehicles. Existing debt instruments restrict additional secured indebtedness, liens, consolidations, asset sales and dividends.

Minority stakes and Investment Company Act. A significant portion of assets consists of minority ownership positions, including in Didi, Grab and Aurora. Uber has limited influence over these companies, is contractually limited in selling or transferring the stakes, and is exposed to their market valuations, which flow through net income. Because a significant portion of assets are investments in non-controlled entities, Uber addresses the risk of being deemed an investment company under the Investment Company Act, which would impose burdensome restrictions and could force asset sales and significant taxes.

Other named risks. Dependence on third parties Uber does not control, including Google Maps for mapping, the Apple App Store and Google Play for distribution, third-party cloud services and co-located data centres, and payment processors; growing use of AI and machine learning, with algorithmic bias, unclear IP rights in outputs, and new frameworks such as the EU AI Act effective August 2024; climate physical and transition risks, including California's requirement that 90% of rideshare vehicle miles be zero-emission by 2030 with interim targets from 2023, and Uber's own statement that it did not achieve some of its 2025 electrification and waste-reduction goals and that its 2030 goals remain out of reach; catastrophic events and pandemics; management of international operations across more than 70 countries; foreign-exchange exposure; acquisition integration, including heightened FCPA risk from Careem; reliance on key personnel including Chief Executive Officer Dara Khosrowshahi; the possibility that the share repurchase programme is not fully consummated; insurance dependence and the adequacy of self-insurance reserves held partly through a wholly-owned captive; and the volatility of the common stock, on which Uber has never paid and does not expect to pay dividends.

Management's discussion, fiscal year 2025

From the FY2025 Form 10-K, accession 0001543151-26-000015.

Headline results. Fourth-quarter 2025 Monthly Active Platform Consumers (MAPCs) were 202 million, up 18% year over year. Trips for the year were 13,567 million, up 20%. Gross Bookings were $193,454 million, up 19% (20% in constant currency), an increase of $30.7 billion. Revenue was $52,017 million, up 18%. Income from operations was $5,565 million, up 99%. Net income attributable to Uber Technologies, Inc. was $10,053 million, up 2%. Adjusted EBITDA was $8,730 million, up 35%. Net cash provided by operating activities was $10,099 million, up 42%, and free cash flow was $9,763 million, up 42%.

What moved the segments. Mobility revenue rose $4.6 billion, or 18%, to $29,670 million, on a 17% increase in Mobility Gross Bookings driven by Trip volumes; Mobility Adjusted EBITDA rose $1.4 billion, or 22%, to $7,899 million, held back by a $1.6 billion increase in Driver payments and incentives, an $851 million increase in insurance expense from a higher insurance rate per mile and more miles driven, $224 million more network costs and $164 million more card processing costs. Delivery revenue rose $3.5 billion, or 25%, to $17,248 million, on 22% Gross Bookings growth plus a $568 million increase in advertising revenue; Delivery Adjusted EBITDA rose $1.1 billion, or 45%, to $3,572 million, offset by a $1.6 billion increase in Courier payments and incentives and $337 million more headcount cost. Freight revenue fell $42 million, or 1%, to $5,099 million on lower revenue per load in a challenging freight market cycle, while Freight Adjusted EBITDA improved $41 million, or 55%, to a $33 million loss. Corporate G&A and Platform R&D costs, which are not attributable to segments, rose $298 million to $2,708 million.

Consolidated expense lines. Cost of revenue, exclusive of depreciation and amortisation, rose $4.7 billion, or 18%, on $1.6 billion more Driver payments and incentives, $1.6 billion more Courier payments and incentives, and $851 million more insurance expense. Operations and support rose $122 million, or 4%. General and administrative fell $398 million, or 11%, chiefly on a $549 million decrease in legal-related accruals and expenses. Interest expense fell $83 million, or 16%, on refinancing in the second halves of 2024 and 2025.

Below the operating line. Net income included a $5.0 billion benefit from releasing the valuation allowance on Netherlands deferred tax assets, reflecting a 12-quarter cumulative income position in that jurisdiction; the prior year had included a $6.4 billion release against U.S. federal and state deferred tax assets in the fourth quarter of 2024. Unrealised gain (loss) on debt and equity securities, net, swung $1.9 billion to a pre-tax net loss of $97 million, comprising an $802 million net unrealised loss on Aurora and a $155 million net unrealised loss on Lucid, partly offset by net unrealised gains of $409 million on Didi, $179 million on Waabi and $145 million on Grab. Uber maintains a valuation allowance against California R&D credits.

Cash flows. Operating cash flow of $10.1 billion consisted principally of $10.1 billion of net income including non-controlling interests, adjusted for $4.8 billion of deferred income taxes, $1.8 billion of stock-based compensation and $747 million of depreciation and amortisation, plus a $2.2 billion working-capital inflow driven by accrued insurance reserves (liabilities recorded exceeding claims paid) and accrued expenses, offset by settlement of the Foodpanda Taiwan termination fee and by tax matters recorded as a receivable. Investing used $3.6 billion: $21.4 billion of marketable-securities purchases, $815 million for acquisitions net of cash acquired, $676 million of non-marketable equity purchases and $336 million of capital expenditure, against $20.0 billion of maturities and sales. Financing used $5.7 billion: $6.5 billion of share repurchases, $2.4 billion of term loan and note repayments, $157 million of finance-lease payments and $109 million of non-controlling-interest redemptions, against $3.4 billion of term loan and note issuance net of costs.

Liquidity and capital structure. Uber ended 2025 with $7.6 billion of unrestricted cash, cash equivalents and short-term investments; $3.7 billion of the $7.1 billion in cash and cash equivalents was held by foreign subsidiaries. A commercial paper programme established in June 2025 permits up to $2.0 billion outstanding with maturities up to 397 days; none was outstanding at year end. In September 2025 Uber called and fully redeemed $700 million of 2027 Senior Notes and $500 million of 2028 Senior Notes using proceeds from the 2031 and 2035 Senior Notes, and in the fourth quarter redeemed $1.15 billion of 2025 Convertible Notes for cash. The share repurchase authorisation totals $27.0 billion ($7.0 billion authorised February 2024 plus $20.0 billion July 2025), with $19.2 billion remaining at December 31, 2025; 2025 repurchases included a $1.5 billion accelerated share repurchase completed in the first quarter. A hypothetical 100 basis point rise in interest rates would have reduced the fair value of Uber's notes by $538 million.

UK VAT. Uber UK became a merchant of transportation on March 14, 2022 and remitted VAT on a calculated margin under the Value Added (Tour Operators) Order 1987. As of December 31, 2025, HMRC had issued assessments disputing that treatment for March 2022 through September 2024 totalling approximately $1.8 billion (£1.4 billion). Uber paid the assessments to proceed with its appeal, without accepting them, and records the payments as a receivable in other assets because it expects to recover them with interest. It expects further assessments for 2023 through 2025. A legislative change effective January 2, 2026 bars UK Private Hire Operators from applying the 1987 Order to supplies made on or after that date, and Uber UK ceased applying it.

Commitments. As of December 31, 2025, Uber had $2.4 billion of non-cancelable commitments, including at least $2.1 billion under November 2022 cloud computing service agreements running through November 2029. In July 2025, Uber agreed to purchase, or have its 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, targeted for 2026, subject to production timelines, quality thresholds and fleet operator participation.

Critical estimates identified by management are revenue recognition (particularly gross versus net presentation), classification of end-user discounts and promotions, business combinations, valuation of non-marketable equity and debt securities and equity method investments, goodwill impairment, loss contingencies, income taxes, and insurance reserves.

Current quarter, three months ended June 30, 2026

From the Form 10-Q, accession 0001543151-26-000032; Q3 2026 outlook and non-GAAP profit measures from the earnings release furnished on Form 8-K, accession 0001543151-26-000027.

A note on the measures. Beginning in the first quarter of 2026 Uber replaced Adjusted EBITDA with Non-GAAP Operating Income as its headline non-GAAP profit measure and replaced Segment Adjusted EBITDA with Segment Operating Income as its segment performance measure, recasting the comparative periods; it continues to publish Adjusted EBITDA alongside the new measures. The segment profit figures below are therefore not on the same basis as the FY2025 segment figures above.

Results. MAPCs reached 208 million, up 16% year over year. Trips grew 18% to 3,867 million, with monthly Trips per MAPC up 2%. Gross Bookings grew 24% to $58,022 million (22% in constant currency). Revenue grew 12% to $14,191 million (11% in constant currency). Income from operations rose 30% to $1,890 million. Net income attributable to Uber Technologies, Inc. rose 77% to $2,394 million, and GAAP diluted EPS rose 85% to $1.17. Non-GAAP Operating Income grew 40% to $2,143 million, from $1,534 million a year earlier. Adjusted EBITDA grew 33% to $2,819 million, a margin of 4.9% of Gross Bookings versus 4.5% a year earlier. For the six months ended June 30, 2026, net cash provided by operating activities was $5,213 million, up 7%, and free cash flow was $5,078 million.

The UK business model change is the quarter's main distortion. Effective January 2, 2026, Uber implemented a business model change in certain UK markets, driven primarily by regulatory and tax considerations. Uber is no longer responsible for Mobility services in those markets, so payments to drivers are recorded as a reduction of revenue rather than in cost of revenue. The change reduced revenue by $1.1 billion in the quarter and $2.1 billion in the six-month period, and correspondingly reduced Driver payments in cost of revenue by $808 million in the quarter and $1.4 billion in the half. This is why revenue grew 12% while Gross Bookings grew 24%.

Segments. Mobility revenue was $7,363 million, up 1%, against a 22% increase in Mobility Gross Bookings to $28,988 million; Mobility Segment Operating Income rose 28% to $2,215 million, helped by the $813 million decrease in Driver payments and incentives and offset by $121 million more indirect advertising and marketing and $114 million more employee compensation. Delivery revenue was $5,245 million, up 28%, on a 26% increase in Delivery Gross Bookings to $27,463 million and a $182 million increase in advertising revenue; Delivery Segment Operating Income rose 38% to $1,055 million, offset by a $545 million increase in Courier payments and incentives. Freight revenue was $1,583 million, up 26%, on a 25% increase in Freight Gross Bookings to $1,571 million from higher Gross Bookings per trip and trip volume, and the Freight Segment Operating Loss narrowed $2 million to $24 million, a reversal of the segment's declining trend in 2025.

Other consolidated expense movements in the quarter. Cost of revenue rose $204 million, or 3%. Operations and support rose $109 million, or 16%, mostly employee compensation. Sales and marketing rose $305 million, or 25%, on $136 million more consumer discounts, promotions, credits and refunds and $115 million more indirect advertising and marketing. Research and development rose $203 million, or 24%, almost entirely employee compensation including stock-based compensation. General and administrative rose $266 million, or 40%, including a $138 million increase in legal-related accruals and expenses, $66 million more employee compensation and $53 million more contractor and professional service costs.

Investment portfolio drove the earnings beat below the operating line. Gains on debt and equity securities, net, increased by $1.6 billion in the quarter, including a $1.1 billion unrealised gain on Delivery Hero, an $899 million gain on Aurora and $102 million of net gains on other investments, partly offset by a $437 million loss on Didi. For the six months, gains included $990 million on Aurora and $980 million on Delivery Hero, offset by a $1.1 billion loss on Didi, a $654 million net loss on Grab and $67 million of other net losses. The carrying value of Uber's investments was $12.5 billion as of June 30, 2026, including equity method investments.

Delivery Hero moved onto the balance sheet as an equity method investment. During the quarter Uber acquired an additional equity interest in Delivery Hero SE for $2.3 billion in cash, taking total ownership to 24.99%. Concluding it can exercise significant influence, Uber transitioned prospectively to the equity method and recognised a $1.1 billion gain on the pre-existing interest immediately before the transition. The carrying value of the equity method investment was $3,502 million at June 30, 2026 (fair value $3.1 billion), against total equity method investments of $3,773 million. Uber also entered into total return swap agreements for $1.6 billion in cash during the quarter with Delivery Hero common stock as the underlying asset; the swaps carried a value of $1.5 billion at quarter end.

Acquisitions completed and pending. On April 16, 2026 Uber acquired 100% of SpotHero, Inc., a digital parking aggregator, for a total purchase price of $617 million in cash, $485 million allocated to goodwill (assigned to the Mobility segment), $165 million to intangible assets with a weighted average useful life of eight years, and negative $33 million of net tangible assets; SpotHero contributed an immaterial amount of revenue and loss before taxes through June 30. On March 28, 2026 Uber agreed to acquire Blacklane GmbH, a Berlin-based global chauffeur service provider, for approximately $550 million in cash, subject to regulatory approvals including antitrust review, with closing expected by the end of 2026. Uber's controlling stake in Trendyol GO, acquired at 85% in June 2025, stood at 92% at June 30, 2026, with the non-controlling interest classified as redeemable and subject to a put/call exercisable in the first quarter of 2031.

Balance sheet and financing. Unrestricted cash, cash equivalents and short-term investments were $5.4 billion at quarter end, down from $7.6 billion at the start of the year, reflecting the Delivery Hero purchase, swaps, SpotHero and buybacks. Cash and cash equivalents were $4.9 billion, of which $1.9 billion was held by foreign subsidiaries; cash including restricted cash was $7.2 billion, and marketable debt securities in short-term and restricted investments were $10.0 billion. Total outstanding indebtedness was $12.6 billion aggregate principal. In June 2026 Uber entered a Term Loan Credit Agreement providing an unsecured facility of up to $3.0 billion, of which $2.0 billion was drawn at June 30 with $1.0 billion of commitments remaining; Uber expects to replace its existing $5.0 billion September 2024 revolving credit agreement with a new revolving facility in the third quarter of 2026. In the six months, financing used $1.6 billion, $3.5 billion of share repurchases and $2.0 billion of repayments against $4.0 billion of issuance, and investing used $6.2 billion. Approximately $15.7 billion remained available under the share repurchase programme at June 30, 2026. In March 2026 Uber entered a five-year cloud infrastructure and technology services agreement with a minimum spend commitment of $1.1 billion through March 2031. Aggregate recorded liabilities for legal, regulatory and non-income tax matters that were probable and reasonably estimable fell to $1.8 billion from $2.1 billion at year end. The HMRC VAT assessments of approximately $1.8 billion (£1.4 billion) remain paid and under appeal. A hypothetical 100 basis point rise in interest rates would have reduced the fair value of Uber's notes by $479 million. Uber had approximately 36,600 global employees as of June 30, 2026, of whom approximately 22,000 were outside the United States, up from approximately 34,000 six months earlier.

Outlook for the third quarter of 2026. Management guided to Gross Bookings of $58.25 billion to $60.25 billion, representing 18% to 22% year-over-year constant-currency growth, with the outlook assuming roughly a one percentage point currency headwind to reported growth; and non-GAAP EPS of $0.84 to $0.88, representing 28% to 35% growth, which management said translates to Adjusted EBITDA of $2.86 billion to $2.96 billion.

Subsequent events

Post-period developments disclosed in the Form 10-Q for the quarter ended June 30, 2026, accession 0001543151-26-000032.

• Getir, completed July 1, 2026. Uber completed the acquisition of Getir Perakende Lojistik A.Ş.'s delivery businesses, acquiring 100% of Getir's food delivery business and a minority interest in its grocery delivery business for approximately $465 million in cash. Uber said it was still evaluating the financial impact. The transaction had been agreed with Mubadala Investment Company on February 8, 2026 for $435 million in cash on a cash- and debt-free basis subject to adjustments, structured to close in phases and disclosed as a subsequent event in the FY2025 Form 10-K (accession 0001543151-26-000015).

• Delivery Hero, business combination agreement signed July 16, 2026. Uber entered a business combination agreement under which it will launch a voluntary public takeover offer for Delivery Hero SE at cash consideration of €41.50 per share, representing an equity value of $14.8 billion implied for 100% of Delivery Hero. The offer is subject to a minimum acceptance threshold of 50% plus one share of Delivery Hero's outstanding share capital (inclusive of shares already owned by Uber, which held 24.99% at June 30, 2026) and to further conditions including merger control and financial regulatory clearances. The transaction is expected to close in the second half of 2027. Uber will fund the offer from existing cash and new debt financing, and on July 16, 2026 executed a bridge credit agreement providing €14.2 billion of aggregate commitments for senior unsecured loans; it expects to enter term loan facilities that will reduce the bridge commitments in the third quarter of 2026.

• Careem Technologies, control obtained July 30, 2026. Uber obtained a controlling interest in Careem Technologies through the purchase of additional equity interest. Uber's stake had risen to approximately 45% during the second quarter, from the approximately 42% minority position it retained when Emirates Telecommunication Group Company (e&) contributed $400 million for a majority stake in December 2023. Uber said it was still evaluating the financial impact of the transaction. Uber continues to fully own Careem's ridesharing business.