Uber Technologies, Inc.
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ITEM 1. BUSINESS
Overview
Uber Technologies, Inc. (“Uber,” the “Company,” “we,” “our,” or “us”) is a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B. We develop and operate proprietary technology applications supporting a variety of offerings on our platform (“platform(s)” or “Platform(s)”). We connect consumers (“Rider(s)”) with independent providers of ride services (“Mobility Driver(s)”) for ridesharing services, and connect Riders and other consumers (“Eater(s)”) with restaurants, grocers and other stores (collectively, “Merchants”) with delivery service providers (“Couriers”) for meal preparation, grocery and other delivery services. Riders and Eaters are collectively referred to as “end-user(s)” or “consumer(s).” Mobility Drivers and Couriers are collectively referred to as “Driver(s).” We also connect consumers with public transportation networks. We use this same network, technology, operational excellence and product expertise to connect shippers (“Shipper(s)”) with carriers (“Carrier(s)”) in the freight industry by providing Carriers with the ability to book a shipment, transportation management and other logistics services. Uber is also developing technologies designed to provide new solutions to solve everyday problems.
Our technology is available in over 70 countries around the world, principally in the United States (“U.S.”) and Canada, Latin America (“LatAm”), Europe (excluding Russia), the Middle East, Africa, and Asia Pacific (“APAC”, excluding China and Southeast Asia).
Our Segments
As of December 31, 2025, we had three operating and reportable segments: Mobility, Delivery and Freight. Mobility, Delivery and Freight platform offerings each address large, fragmented markets.
Mobility
Our Mobility offering connects consumers with a wide range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and more—helping customers go almost anywhere they need. We believe our global leadership position—and the vast amount of marketplace data that comes along with it—means that we have the best technical and data platform to innovate faster than other companies with similar products.
We believe our scale and global availability allows our Mobility segment to offer better consumer experiences to riders in a variety of vehicle types, providing consumers with higher reliability and Drivers with better earnings opportunities. Mobility also includes activity related to our financial partnerships products and advertising.
Delivery
Our Delivery offering allows consumers to search for and discover the best of local commerce—from restaurants to grocery, alcohol, convenience and other retailers—order a meal or other items, and either pick-up at the restaurant or have it delivered. We refer to the grocery, alcohol, convenience, and retail categories collectively as Grocery & Retail. After launching our Delivery app, Uber Eats, over ten years ago, we believe our Delivery offering increases consumer engagement with the Uber platform overall, which in turn results in broader reach for our Merchants who can attract Uber Eats consumers from Uber without increasing their own costs. For Drivers, we believe the Delivery offering leverages, and has expanded, our earner base by increasing utilization and earnings across the network. We also believe it attracts new Drivers to the platform who do not have access to Mobility-qualified vehicles. Over the last several years, our Delivery business has expanded to include Uber Direct, our white-label Delivery-as-a-Service offering to retailers and restaurants around the world, as well as advertising.
Freight
We believe that Freight is revolutionizing the logistics industry. Freight powers a managed transportation and logistics network and connects Shippers and Carriers in a digital marketplace to move shipments while leveraging our proprietary technology, brand awareness, and experience revolutionizing industries. Freight provides an on-demand platform to automate and accelerate logistics transactions end-to-end while providing visibility and control of logistics networks. Freight connects Carriers with Shippers’ shipments available on our platform, and gives Carriers upfront, transparent pricing and the ability to book a shipment with the touch of a button. Freight serves Shippers ranging from small- and medium-sized businesses to global enterprises. By leveraging logistics solutions expertise and value-add solutions, Freight enables Shippers to create and tender shipments, secure capacity on demand with real-time pricing, and track those shipments from pickup to delivery. Freight operations are principally based in North America and Europe. We believe that all of these factors represent significant efficiency improvements over traditional transportation management and freight brokerage providers.
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Platform Synergies
Our Platform
The foundation of our platform is our massive network, leading technology, operational excellence, and product expertise. Together, these elements power movement from point A to point B.
| Massive Network | Our massive, efficient, and intelligent network consists of hundreds of millions of Drivers, consumers, Merchants, Shippers and Carriers, as well as underlying data, technology, and shared infrastructure. Our network becomes smarter with every trip. In more than 15,000 cities around the world (as of December 31, 2025), our network powers movement at the touch of a button for millions, and we hope eventually billions, of people. | ||||||
| Leading Technology | We have built proprietary marketplace, routing, and payments technologies. Marketplace technologies are the core of our deep technology advantage and include demand prediction, matching and dispatching, and pricing technologies. Our technologies make it extremely efficient to launch new businesses and operationalize existing ones. | ||||||
| Operational Excellence | Our regional on-the-ground operations teams use their extensive market-specific knowledge to rapidly launch and scale products in cities, support Drivers, consumers, Merchants, Shippers, and Carriers, and build and enhance relationships with cities and regulators. | ||||||
| Product Expertise | Our products are built with the expertise that allows us to set the standard for powering movement on-demand, provide platform users with a contextual, intuitive interface, continually evolve features and functionality, and deliver safety and trust. | ||||||
We intend to continue to invest in new platform offerings that we believe will further strengthen our platform and existing offerings.
We believe that all of these synergies serve the customer experience, enabling us to attract new platform users and to deepen engagement with existing platform users. Both of these dynamics grow our network scale and liquidity, which further increases the value of our platform-to-platform users. 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.
Membership
With our platform, we are making it even easier for our consumers to unlock convenience—Uber One is our single cross-platform membership program that brings together the best of Uber. Uber One members have access to discounts, cash back, special pricing, priority service, and exclusive perks across our rides, delivery and grocery and retail offerings. Uber One is available in over 30 countries. Our Uber One membership program is designed to make utilizing our suite of products a seamless and rewarding experience for our consumers. As of December 31, 2025, Uber One member base reached 46 million.
Advertising
We are also utilizing our data and scale to offer marketplace-centric advertising to connect merchants and brands with our platform network and unlocking cross-platform advertising formats. During October 2022, we officially launched Uber’s advertising division and introduced Uber Journey Ads, an engaging way for brands to connect with consumers throughout the entire ride process. We also offer a model that enables brands to partner with Uber on a variety of advertising options on the Uber and Uber Eats apps, and beyond, while connecting with consumers in brand-safe and captivating ways. We provide comprehensive reporting and analysis, which helps brands fine-tune their understanding of consumers and create more impactful campaigns as they connect with consumers at relevant points throughout their journeys and transactions. We believe that our advertising further strengthens the power of our platform and will continue to do so as we onboard more advertisers.
Competitive Environment
We compete on a global basis in highly fragmented markets. We face significant competition in each of the mobility and delivery industries globally and in the logistics industry in the North America from existing, well-established, and low-cost alternatives, and in the future we expect to face competition from new market entrants given the low barriers to entry that characterize these industries. As we and our competitors introduce new products and offerings, and as existing products evolve, we expect to become subject to additional competition. While we work to expand globally and introduce new products and offerings across a range of industries, many of our competitors remain focused on a limited number of products or on a narrow geographic scope, allowing them to develop specialized expertise and employ resources in a more targeted manner than we do. The competition we face in each of our offerings includes:
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•Mobility. Our Mobility offering competes with personal vehicle ownership and usage, which accounts for the majority of passenger miles in the markets that we serve, and traditional transportation services, including taxicab companies and taxi-hailing services, livery and other car services. In addition, public transportation can be a superior substitute to our Mobility offering and in many cases, offers a faster and lower-cost travel option in many cities. We also compete with other ridesharing companies for Drivers and Riders, including Bolt, Didi, Lyft, and Ola. There are also a number of companies developing and introducing autonomous vehicles and technologies that either are competing with us or may compete with us in the future, including Alphabet (Waymo), Amazon (Zoox), and Tesla.
•Delivery. Our Delivery offering competes with numerous companies in the meal, grocery and other delivery space in various regions for Drivers, consumers, and merchants, including DoorDash, Instacart, Gopuff, Rappi, Delivery Hero, Just Eat Takeaway, and Amazon. Our Delivery offering also competes with restaurants and other merchants, including those that offer their own delivery and/or take-away, meal kit delivery services, grocery delivery services, and traditional grocers.
•Freight. Our Freight offering competes with global and North American freight brokers and managed transportation providers such as C.H. Robinson, Total Quality Logistics, RXO, XPO, Echo Global Logistics, and DHL.
Government Regulation
We operate in a particularly complex legal and regulatory environment. Our business is subject to a variety of U.S. federal, state, local and foreign laws, rules, and regulations, including those related to Internet activities, privacy, cybersecurity, data protection, intellectual property, competition, consumer protection, payments, labor and employment, transportation services, transportation network companies, licensing regulations and taxation. These laws and regulations are constantly evolving and may be interpreted, applied, created, or amended, in a manner that could harm our business. Examples of certain laws and regulations we are subject to are described below. For further discussion of risks relating to government regulation, see our risk factors, including the risk factors in the section titled “Legal and Regulatory Risks Related to Our Business” in Part I, Item 1A of this Annual Report on Form 10-K.
Our platform, and in particular our Mobility products, are subject to differing, and sometimes conflicting, laws, rules, and regulations in the numerous jurisdictions in which we operate. A large number of proposals are before various national, regional, and local legislative bodies and regulatory entities, both within the United States and in foreign jurisdictions, regarding issues related to our business model.
In the United States, many state and local laws, rules, and regulations impose legal restrictions and other requirements on operating our Mobility products, including licensing, insurance, screening, and background check requirements. Outside of the United States, certain jurisdictions have adopted similar laws, rules, and regulations while other jurisdictions have not adopted any laws, rules, and regulations which govern our Mobility business. Further, certain jurisdictions have adopted laws, rules, and regulations banning certain ridesharing products or imposing extensive operational restrictions. This uncertainty and fragmented regulatory environment creates significant complexities for our business and operating model. In addition, our Delivery and Freight products are also subject to laws, regulations and standards that govern the transportation of food, alcohol and other goods.
Substantially all states in the United States and numerous municipalities in the United States and around the world have adopted Transportation Network Company (“TNC”) regulations. These regulations generally focus on companies that operate websites or mobile apps that connect individual drivers with their own vehicles to passengers willing to pay to be driven to their destinations. These regulations often require TNCs to comply with rules regarding, among other things, background checks, vehicle inspections, accessible vehicles, driver and consumer safety, insurance, driver training, driver conduct, and other similar matters.
In addition, many jurisdictions have adopted regulations that apply to how we classify the Drivers who use our platform. This uncertainty and fragmented regulatory environment creates significant complexities for our business and operating model. As we continue to expand our offerings, we may be subject to additional regulations separate from those that apply to our existing products. See the section titled “Risk Factors” included in Part I, Item 1A and “Note 14 – Commitments and Contingencies” to our consolidated financial statements included in Part II, Item 8, “Financial Statements and Supplementary Data,” of this Annual Report on Form 10-K.
Data Privacy and Protection
Our technology platform, and the user data we collect and process to run our business, are an integral part of our business model and, as a result, our compliance with laws dealing with the collection and processing of personal data is core to our strategy to improve platform user experience and build trust. Regulators around the world have adopted or proposed requirements regarding the collection, use, transfer, security, storage, destruction, and other processing of personal data, and these laws are increasing in number, enforcement, fines, and other penalties. Two examples of such regulations that have significant implications for our business are the European Union’s General Data Protection Regulation (the “GDPR”), a law which went into effect in May 2018 and implemented more stringent requirements for processing personal data relating to individuals in the EU, and the California Consumer Privacy Act (the “CCPA”), which went into effect in January 2020 and established new consumer rights and data privacy and protection requirements for covered businesses. U.S. state, city, federal, and foreign regulators are expected to continue proposing and adopting significant laws impacting the processing of personal data and other data relating to individuals, such as the California Privacy Rights Act (“CPRA”) passed in California (effective in January 2023), and India’s Digital Personal Data Protection Act enacted in 2023.
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Payments and Financial Services
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our 2025 Annual Report on Form 10-K. In addition to our historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. You should review the sections titled “Special Note Regarding Forward-Looking Statements” for a discussion of forward-looking statements and Part II, Item 1A, “Risk Factors” for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this Quarterly Report on Form 10-Q.
Overview
We are a technology platform that uses a massive network, leading technology, operational excellence, and product expertise to power movement from point A to point B. We develop and operate proprietary technology applications supporting a variety of offerings on our platform. We connect consumers with providers of ride services, merchants as well as delivery service providers for meal preparation, grocery and other delivery services. Uber also connects consumers with public transportation networks. We use this same network, technology, operational excellence, and product expertise to connect Shippers with Carriers in the freight industry by providing Carriers with the ability to book a shipment, transportation management and other logistics services. We are also developing technologies designed to provide new solutions to solve everyday problems.
Driver Classification Developments
The classification of Drivers is currently being challenged in courts, by legislators and by government agencies in the United States and abroad. We are involved in numerous legal proceedings globally, including putative class and collective class action lawsuits, demands for arbitration, charges and claims before administrative agencies, and investigations or audits by labor, social security, and tax authorities that claim that Drivers should be treated as our employees (or as workers or quasi-employees where those statuses exist), rather than as independent contractors. Of particular note are proceedings in California, where on May 5, 2020, the California Attorney General, in conjunction with the city attorneys for San Francisco, Los Angeles and San Diego, filed a complaint in San Francisco Superior Court (the “Court”) against Uber and Lyft, Inc., alleging that drivers are misclassified, and sought an injunction and monetary damages related to the alleged competitive advantage caused by the alleged misclassification of drivers.
To comply with Proposition 22, we have incurred and expect to incur additional expenses, including expenses associated with a guaranteed minimum earnings floor for Drivers, insurance for injury protection and subsidies for health care. We do not expect these changes will have a material impact on our business, results of operations, financial position, or cash flows.
If, as a result of legislation or judicial decisions, we are required to classify Drivers as employees, workers or quasi-employees where those statuses exist, we would incur significant additional expenses for compensating Drivers, including expenses associated with the application of wage and hour laws (including minimum wage, overtime, and meal and rest period requirements), employee benefits, social security contributions, taxes (direct and indirect), and potential penalties. Additionally, we may not have adequate Driver supply as Drivers may opt out of our platform given the loss of flexibility under an employment model, and we may not be able to hire a majority of the Drivers currently using our platform. Any of these events could negatively impact our business, results of operations, financial position, and cash flows.
For a discussion of risk factors related to how misclassification challenges may impact our business, result of operations, financial position and operating condition and cash flows, see the risk factor titled “-Our business would be adversely affected if Drivers were classified as employees, workers or quasi-employees” included in Part II, Item 1A, “Risk Factors”, and Note 11 – Commitments and Contingencies in the notes to our condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.
In addition, if we are required to classify Drivers as employees, this may impact our current financial statement presentation including revenue, cost of revenue, incentives and promotions as further described in our significant and critical accounting policies in the section titled “Critical Accounting Estimates” and Note 1 in the section titled “Notes to Consolidated Financial Statements” included in our Annual Report on Form 10-K for the year ended December 31, 2025.
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Financial and Operational Highlights
| Three Months Ended March 31, | |||||||||||||||||||||||||
| (In millions, except percentages) | 2025 | 2026 | % Change | % Change (Constant Currency (1)) | |||||||||||||||||||||
Monthly Active Platform Consumers (“MAPCs”) (2) | 170 | 199 | 17 | % | |||||||||||||||||||||
Trips (2) | 3,036 | 3,643 | 20 | % | |||||||||||||||||||||
Gross Bookings (2) | $ | 42,818 | $ | 53,720 | 25 | % | 21 | % | |||||||||||||||||
| Revenue | $ | 11,533 | $ | 13,203 | 14 | % | 10 | % | |||||||||||||||||
| Income from operations | $ | 1,228 | $ | 1,923 | 57 | % | |||||||||||||||||||
| Net income attributable to Uber Technologies, Inc. | $ | 1,776 | $ | 263 | (85) | % | |||||||||||||||||||
Net cash provided by operating activities | $ | 2,324 | $ | 2,351 | 1 | % | |||||||||||||||||||
Free cash flow (1) | $ | 2,250 | $ | 2,286 | 2 | % | |||||||||||||||||||
(1) See the section titled “Reconciliations of Non-GAAP Financial Measures” for more information and reconciliations to the most directly comparable GAAP financial measure.
(2) See the section titled “Certain Key Metrics” for more information.
Highlights for the First Quarter 2026
In the first quarter of 2026, our MAPCs were 199 million, growing 17% compared to the same period in 2025.
Overall Gross Bookings increased to $53.7 billion in the first quarter of 2026, up 21% on a constant currency basis, compared to the same period in 2025. Mobility Gross Bookings grew 20% year-over-year, on a constant currency basis primarily due to an increase in Mobility Trip volumes. Delivery Gross Bookings grew 23% year-over-year, on a constant currency basis, primarily driven by an increase in Delivery Trip volumes. Freight Gross Bookings grew 6% year-over-year, on a constant currency basis, primarily driven by an increase in Freight Trip volumes.
Revenue was $13.2 billion, up 14% year-over-year, primarily attributable to an increase in Gross Bookings of 25%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes. The increase in revenue was partially offset by Mobility business model changes in the United Kingdom (“UK”) that negatively impacted revenue by $1.0 billion.
Net income attributable to Uber Technologies, Inc. was $263 million, which includes the unfavorable impact of a pre-tax unrealized loss on debt and equity securities, net of $1.5 billion primarily related to changes in the fair value of our equity securities, including: a $713 million net unrealized loss on our Grab investment and a $674 million net unrealized loss on our Didi investment.
Mobility Segment Operating Income was $2.0 billion, up $442 million compared to the same period in 2025. Delivery Segment Operating Income was $961 million, up $290 million compared to the same period in 2025.
We ended the quarter with $6.1 billion in unrestricted cash, cash equivalents, and short-term investments. Subsequent to quarter end, on April 16, 2026, we completed the acquisition of SpotHero, Inc., a leading digital parking aggregator, for total cash consideration of approximately $600 million. For additional information, see Note 14 – Subsequent Event in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Components of Results of Operations
Revenue
We generate substantially all of our revenue from fees paid by Drivers and Merchants for use of our platform. We have concluded that we are an agent in these arrangements as we arrange for other parties to provide the service to the end-user. Under this model, revenue is net of Driver and Merchant earnings and Driver incentives. We act as an agent in these transactions by connecting consumers to Drivers and Merchants to facilitate a Trip, meal, grocery or other delivery service. In certain markets we are responsible for the Mobility or Delivery services (and in most markets we are responsible for the Freight services), and in these markets we present revenue from end-users and from Shippers on a gross basis, with the payments to Drivers and Carriers classified within cost of revenue, exclusive of depreciation and amortization.
We would expect revenue to fluctuate on an absolute dollar basis for the foreseeable future based upon factors such as Trip volume, Driver supply, macroeconomic conditions, global travel activities and management pricing and promotional activities. Effective January 2, 2026, we implemented a business model change in certain UK markets, primarily driven by regulatory and tax considerations. As a result of this business model change, we are no longer responsible for the Mobility services in these markets, and accordingly, payments to drivers are recorded as a reduction of revenue instead of cost of revenue.
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For additional discussion related to our revenue, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates - Revenue Recognition” as well as “Note 1 – Description of Business and Summary of Significant Accounting Policies - Revenue Recognition” to our audited consolidated financial statements included in our Annual Report Form 10-K for the year ended December 31, 2025, and Note 10 – Segment Information and Geographic Information in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.
Cost of Revenue, Exclusive of Depreciation and Amortization
Cost of revenue, exclusive of depreciation and amortization, primarily consists of costs incurred for certain Mobility and Delivery transactions where we are primarily responsible for Mobility and Delivery services and pay Drivers and Couriers for services, certain insurance costs related to our Mobility and Delivery offerings, costs incurred with Carriers for Uber Freight transportation services, credit card processing fees, bank fees, data center and networking expenses, mobile device and service costs, and amounts related to fare chargebacks and other credit card losses.
We expect that cost of revenue, exclusive of depreciation and amortization, will fluctuate on an absolute dollar basis for the foreseeable future primarily driven by Trip volume changes on the platform. Effective January 2, 2026, we implemented a business model change in certain UK markets, primarily driven by regulatory and tax considerations. As a result of this business model change, we are no longer responsible for the Mobility services in these markets, and accordingly, payments to drivers are recorded as a reduction of revenue instead of cost of revenue.
Operations and Support
Operations and support expenses primarily consist of compensation expenses, including stock-based compensation, for employees that support operations in cities, including the general managers, Driver operations, platform user support representatives and community managers. Also included is the cost of customer support, Driver background checks and the allocation of certain corporate costs.
We would expect operations and support expenses to vary from period to period on an absolute dollar basis, but decrease as a percentage of revenue as we become more efficient in supporting platform users.
Sales and Marketing
Sales and marketing expenses primarily consist of advertising costs, product marketing costs, consumer discounts, promotions, credits and refunds provided to end-users who are not customers, compensation costs, including stock-based compensation to sales and marketing employees, and the allocation of certain corporate costs. We expense advertising and other promotional expenditures as incurred.
We would expect sales and marketing expenses to vary from period to period as a percentage of revenue due to timing of marketing campaigns.
Research and Development
Research and development expenses primarily consist of compensation costs, including stock-based compensation, for employees in engineering, design and product development. Expenses also include ongoing improvements to, and maintenance of, existing products and services, and allocation of certain corporate costs. We expense substantially all research and development expenses as incurred.
We would expect research and development expenses to increase on an absolute dollar basis and vary from period to period as a percentage of revenue as we continue to invest in research and development activities relating to ongoing improvements to and maintenance of our platform offerings and other research and development programs.
General and Administrative
General and administrative expenses primarily consist of compensation costs, including stock-based compensation, for executive management and administrative employees, including finance and accounting, human resources, policy and communications, legal, and certain impairment charges, as well as allocation of certain corporate costs, occupancy, and general corporate insurance costs. General and administrative expenses also include certain legal-related accruals and expenses.
We would expect general and administrative expenses to increase on an absolute dollar basis for the foreseeable future as our business continues to grow and Trip volume increases, but decrease as a percentage of revenue as we achieve improved fixed cost leverage and efficiencies in our internal support functions. General and administrative expenses as a percentage of revenue may vary from period to period as a percentage of revenue due to the variability of legal and regulatory-related expenses.
Depreciation and Amortization
Depreciation and amortization expenses primarily consist of depreciation on buildings, site improvements, computer and network equipment, software, leasehold improvements, furniture and fixtures, and amortization of intangible assets. Depreciation includes
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expenses associated with buildings, site improvements, computer and network equipment, furniture and fixtures, as well as leasehold improvements. Amortization includes expenses associated with our capitalized internal-use software and acquired intangible assets.
Interest Expense
Interest expense consists primarily of interest expense associated with our outstanding debt, including amortization of debt discount and issuance costs. For additional detail related to our debt obligations, see Note 5 – Long-Term Debt and Credit Arrangements in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.
Interest Income
Interest income consists primarily of interest earned on our cash and cash equivalents, short-term investments, restricted cash and cash equivalents and restricted investments.
Other Income (Expense), Net
Other income (expense), net primarily includes the following items:
•Foreign currency exchange gains (losses), net, which consist primarily of remeasurement of transactions and monetary assets and liabilities denominated in currencies other than the functional currency at the end of the period.
•Unrealized gain (loss) on debt and equity securities, net, which consists primarily of gains (losses) from fair value adjustments relating to our marketable and non-marketable securities.
•Other, net.
Provision for (Benefit from) Income Taxes
We are subject to income taxes in the United States and foreign jurisdictions in which we do business. These foreign jurisdictions have different statutory tax rates than those in the United States. Additionally, certain of our foreign earnings may also be taxable in the United States. Accordingly, our effective tax rate will vary depending on the relative proportion of foreign to domestic income, changes in the valuation allowance on our U.S. and Netherlands' deferred tax assets, and changes in tax laws.
We regularly assess the need for a valuation allowance against our deferred tax assets. In making that assessment, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of all available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will be realized.
Based on all available positive and negative evidence, we continue to maintain a valuation allowance against the California R&D credits, as we believe it is not more-likely-than-not to be realized, as we expect R&D tax credit generation to exceed our ability to use these credits in future periods.
We will continue to monitor the need for a valuation allowance against our deferred tax assets on a quarterly basis.
In addition, the Organisation for Economic Co-operation and Development (“OECD”) has led international efforts among approximately 140 countries and taxing jurisdictions to propose and implement changes to numerous long-standing tax principles, including a framework that imposes a minimum tax rate of 15% in each taxing jurisdiction. Under this guidance, we will be required to determine a combined effective tax rate for all entities located in a jurisdiction. If the jurisdictional effective tax rate determined under these rules is less than 15%, a top-up tax will be due to bring the jurisdictional effective tax rate up to 15%. We are continuing to monitor the pending implementation of these rules by individual countries and the potential impact on our business. We expect the provisions effective in 2026 to have an insignificant impact on our tax obligations for 2026.
For additional information, see Note 8 – Income Taxes in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.
Loss from Equity Method Investments
Loss from equity method investments primarily includes the results of our share of loss from our equity method investments.
Results of Operations
The following table summarizes our condensed consolidated statements of operations for each of the periods presented (in millions):
| Three Months Ended March 31, | |||||||||||||||||||||
| 2025 | 2026 | ||||||||||||||||||||
| Revenue | $ | 11,533 | $ | 13,203 | |||||||||||||||||
| Costs and expenses | |||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization shown separately below | 6,937 | 7,258 | |||||||||||||||||||
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| Operations and support | 668 | 763 | ||||||||||||||||
| Sales and marketing | 1,057 | 1,326 | ||||||||||||||||
| Research and development | 815 | 951 | ||||||||||||||||
| General and administrative | 657 | 798 | ||||||||||||||||
| Depreciation and amortization | 171 | 184 | ||||||||||||||||
| Total costs and expenses | 10,305 | 11,280 | ||||||||||||||||
| Income from operations | 1,228 | 1,923 | ||||||||||||||||
| Interest expense | (105) | (108) | ||||||||||||||||
| Interest income | 169 | 175 | ||||||||||||||||
| Other income (expense), net | 93 | (1,494) | ||||||||||||||||
| Income before income taxes and loss from equity method investments | 1,385 | 496 | ||||||||||||||||
| Provision for (benefit from) income taxes | (402) | 194 | ||||||||||||||||
| Loss from equity method investments | (13) | (20) | ||||||||||||||||
| Net income including non-controlling interests | 1,774 | 282 | ||||||||||||||||
| Less: net income (loss) attributable to non-controlling interests, net of tax | (2) | 19 | ||||||||||||||||
| Net income attributable to Uber Technologies, Inc. | $ | 1,776 | $ | 263 | ||||||||||||||
The following table sets forth the components of our condensed consolidated statements of operations for each of the periods presented as a percentage of revenue (1):
| Three Months Ended March 31, | |||||||||||||||||||||
| 2025 | 2026 | ||||||||||||||||||||
| Revenue | 100 | % | 100 | % | |||||||||||||||||
| Costs and expenses | |||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization shown separately below | 60 | % | 55 | % | |||||||||||||||||
| Operations and support | 6 | % | 6 | % | |||||||||||||||||
| Sales and marketing | 9 | % | 10 | % | |||||||||||||||||
| Research and development | 7 | % | 7 | % | |||||||||||||||||
| General and administrative | 6 | % | 6 | % | |||||||||||||||||
| Depreciation and amortization | 1 | % | 1 | % | |||||||||||||||||
| Total costs and expenses | 89 | % | 85 | % | |||||||||||||||||
| Income from operations | 11 | % | 15 | % | |||||||||||||||||
| Interest expense | (1) | % | (1) | % | |||||||||||||||||
| Interest income | 1 | % | 1 | % | |||||||||||||||||
| Other income (expense), net | 1 | % | (11) | % | |||||||||||||||||
| Income before income taxes and loss from equity method investments | 12 | % | 4 | % | |||||||||||||||||
| Provision for (benefit from) income taxes | (3) | % | 1 | % | |||||||||||||||||
| Loss from equity method investments | — | % | — | % | |||||||||||||||||
| Net income including non-controlling interests | 15 | % | 2 | % | |||||||||||||||||
| Less: net income (loss) attributable to non-controlling interests, net of tax | — | % | — | % | |||||||||||||||||
| Net income attributable to Uber Technologies, Inc. | 15 | % | 2 | % | |||||||||||||||||
(1) Totals of percentage of revenues may not foot due to rounding.
The following discussion and analysis is for the three months ended March 31, 2026 compared to the same period in 2025.
Revenue
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||
| (In millions, except percentages) | 2025 | 2026 | % Change | |||||||||||||||||||||||||||
| Revenue | $ | 11,533 | $ | 13,203 | 14 | % | ||||||||||||||||||||||||
33
Revenue increased $1.7 billion, or 14%, primarily attributable to an increase in Gross Bookings of 25%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes. The increase in revenue was partially offset by Mobility business model changes in the UK that negatively impacted revenue by $1.0 billion.
Cost of Revenue, Exclusive of Depreciation and Amortization
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||
| (In millions, except percentages) | 2025 | 2026 | % Change | |||||||||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization | $ | 6,937 | $ | 7,258 | 5 | % | ||||||||||||||||||||||||
| Percentage of revenue | 60 | % | 55 | % | ||||||||||||||||||||||||||
Cost of revenue, exclusive of depreciation and amortization, increased $321 million, or 5%, primarily attributable to a $631 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Delivery Gross Bookings in certain markets; a $116 million increase in credit card processing costs, as a result of increased Gross Bookings; an $85 million increase in insurance expense due to an increase in miles driven in our Mobility and Delivery businesses; an $81 million increase in Carrier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Freight Gross Bookings; and a $78 million increase in network costs. These increases were partially offset by a $606 million decrease in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of Mobility business model changes in the UK despite an increase in Mobility Gross Bookings in certain markets, and a $165 million decrease in legal tax and regulatory reserve changes and settlements.
Operations and Support
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||
| (In millions, except percentages) | 2025 | 2026 | % Change | |||||||||||||||||||||||||||
| Operations and support | $ | 668 | $ | 763 | 14 | % | ||||||||||||||||||||||||
| Percentage of revenue | 6 | % | 6 | % | ||||||||||||||||||||||||||
Operations and support expenses increased $95 million, or 14%, primarily attributable to a $74 million increase in employee headcount costs and a $8 million increase in stock-based compensation.
Sales and Marketing
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||
| (In millions, except percentages) | 2025 | 2026 | % Change | |||||||||||||||||||||||||||
| Sales and marketing | $ | 1,057 | $ | 1,326 | 25 | % | ||||||||||||||||||||||||
| Percentage of revenue | 9 | % | 10 | % | ||||||||||||||||||||||||||
Sales and marketing expenses increased $269 million, or 25%, primarily attributable to a $115 million increase in indirect advertising and marketing, a $112 million increase in consumer discounts, promotions, credits and refunds to $483 million compared to $371 million in the same period in 2025, and a $48 million increase in employee headcount costs.
Research and Development
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||
| (In millions, except percentages) | 2025 | 2026 | % Change | |||||||||||||||||||||||||||
| Research and development | $ | 815 | $ | 951 | 17 | % | ||||||||||||||||||||||||
| Percentage of revenue | 7 | % | 7 | % | ||||||||||||||||||||||||||
Research and development expenses increased $136 million, or 17%, primarily attributable to a $106 million increase in employee headcount costs and a $23 million increase in stock-based compensation.
General and Administrative
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||
| (In millions, except percentages) | 2025 | 2026 | % Change | |||||||||||||||||||||||||||
| General and administrative | $ | 657 | $ | 798 | 21 | % | ||||||||||||||||||||||||
| Percentage of revenue | 6 | % | 6 | % | ||||||||||||||||||||||||||
34
General and administrative expenses increased $141 million, or 21%, primarily attributable to a $40 million increase in employee headcount costs, a $39 million increase in external contractor expenses, a $39 million increase in other corporate expenses, and a $10 million increase in legal-related accruals and expenses.
Depreciation and Amortization
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||
| (In millions, except percentages) | 2025 | 2026 | % Change | |||||||||||||||||||||||||||
| Depreciation and amortization | $ | 171 | $ | 184 | 8 | % | ||||||||||||||||||||||||
| Percentage of revenue | 1 | % | 1 | % | ||||||||||||||||||||||||||
The change in depreciation and amortization expenses was not material.
Interest Expense
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||
| (In millions, except percentages) | 2025 | 2026 | % Change | |||||||||||||||||||||||||||
| Interest expense | $ | (105) | $ | (108) | 3 | % | ||||||||||||||||||||||||
| Percentage of revenue | (1) | % | (1) | % | ||||||||||||||||||||||||||
The change in interest expense was not material.
Interest Income
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||
| (In millions, except percentages) | 2025 | 2026 | % Change | |||||||||||||||||||||||||||
| Interest income | $ | 169 | $ | 175 | 4 | % | ||||||||||||||||||||||||
| Percentage of revenue | 1 | % | 1 | % | ||||||||||||||||||||||||||
The change in interest income was not material.
Other Income (Expense), Net
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||
| (In millions, except percentages) | 2025 | 2026 | % Change | |||||||||||||||||||||||||||
| Foreign currency exchange gains (losses), net | 50 | (21) | ** | |||||||||||||||||||||||||||
Next expected filings
- ~2026-08-06 10-Q expected by 2026-08-11 (in 52 days)
- ~2026-11-04 10-Q expected by 2026-11-09 (in 142 days)
- ~2027-02-11 10-K expected by 2027-02-25 (in 241 days)
- ~2027-05-06 10-Q expected by 2027-05-11 (in 325 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-05-11 8-K Officer/Director Change
- 2026-05-06 8-K Earnings Release; Financial Statements and Exhibits
- 2026-05-06 10-Q Quarterly Report
- 2026-04-20 DEFR14A DEFR14A
- 2026-02-13 10-K Annual Report
- 2026-02-04 8-K Earnings Release; Officer/Director Change; Financial Statements and Exhibits
- 2026-01-12 8-K Other Events
- 2025-11-04 10-Q Quarterly Report
- 2025-11-04 8-K Earnings Release; Financial Statements and Exhibits
- 2025-09-11 8-K Other Events; Financial Statements and Exhibits
- 2025-08-06 10-Q Quarterly Report
- 2025-08-06 8-K Earnings Release; Other Events; Financial Statements and Exhibits
- 2025-06-04 8-K Officer/Director Change
- 2025-06-02 8-K Officer/Director Change
- 2025-05-20 8-K Other Events; Financial Statements and Exhibits