UBERHIGH SIGNALFINANCIAL10-K

Uber achieved substantially higher operating profitability while expanding its membership program and cross-platform engagement metrics.

The dramatic improvement in operating leverage demonstrates Uber's platform is reaching meaningful scale efficiencies, with revenue growth translating into substantially amplified profit generation. The evolution from "Eats Pass" to a unified "Uber One" program with 46 million members, combined with cross-platform users generating over three times the gross bookings, indicates successful execution of the super-app strategy that investors have long anticipated.

Comparing 2026-02-13 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

Uber delivered strong top-line growth of 18% to $52 billion in revenue, but the standout performance was operating profitability which roughly doubled to $5.6 billion, showcasing exceptional operating leverage. The company strengthened its balance sheet across all major categories, with stockholders' equity growing 25% to $27 billion and operating cash flow expanding meaningfully to $10.1 billion. The financial profile reflects a maturing platform business achieving the scale benefits that justify its network effects thesis.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+98.8%
$2.8B→$5.6B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+41.5%
$7.1B→$10.1B

Operating cash flow surged 41.5% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
+38.8%
$242.0M→$336.0M

Capital expenditure jumped 38.8% — major investment cycle underway; assess returns on deployment.

Stockholders Equity
Balance Sheet
+25.4%
$21.6B→$27.0B

Equity base grew 25.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+20.6%
$51.2B→$61.8B

Asset base grew 20.6% — expansion through organic growth, acquisitions, or capital deployment.

Cash & Equivalents
Balance Sheet
+20.6%
$5.9B→$7.1B

Cash grew 20.6% — improving liquidity position supports investment and shareholder returns.

Revenue
P&L
+18.3%
$44.0B→$52.0B

Revenue growing 18.3% — solid top-line momentum, watch margins for quality of growth.

Total Liabilities
Balance Sheet
+17.2%
$28.8B→$33.7B

Liabilities increased 17.2% — monitor debt-to-equity ratio and interest coverage.

Accounts Receivable
Balance Sheet
+14.8%
$3.3B→$3.8B

Receivables grew 14.8% — monitor days sales outstanding for collection efficiency.

Current Assets
Balance Sheet
+14.3%
$12.2B→$14.0B

Current assets grew 14.3% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-14
ADDED
) and Canada, Latin America ( LatAm ), Europe (excluding Russia), the Middle East, Africa, and Asia Pacific ( APAC , excluding China and Southeast Asia).
For example, Delivery attracts new consumers to our network for the three months ended December 31, 2025, approximately 58% of first-time Delivery consumers were new to our platform.
Additionally, for the three months ended December 31, 2025, consumers who used both Mobility and Delivery generated over three times the Gross Bookings as compared to consumers who used a single offering in countries where both Mobility and Delivery were offered.
We believe that these trends will improve as we further leverage the power of our platform, especially as only approximately one in five eligible consumers are currently active monthly across both of our businesses.
Our Uber One membership program is designed to make utilizing our suite of products a seamless and rewarding experience for our consumers.
+7 more — sign up free →
REMOVED
) and Canada, Latin America, Europe (excluding Russia), the Middle East, Africa, and Asia Pacific ( APAC , excluding China and Southeast Asia).
For example, Delivery attracts new consumers to our network for the three months ended December 31, 2024, approximately 61% of first-time Delivery consumers were new to our platform.
Additionally, for the three months ended December 31, 2024, consumers who used both Mobility and Delivery generated 11.4 Trips per month on average, compared to 5.2 Trips per month on average for consumers who used a single offering in cities where both Mobility and Delivery were offered.
We believe that these trends will improve as we further leverage the power of our platform.
Our Eats Pass membership program continues to remain available in select cities as a subscription offering.
+7 more — sign up free →
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