Uber Technologies, Inc. (NYSE: UBER) is the world's largest ride-sharing and on-demand delivery marketplace, operating in 70+ countries across six continents. Founded in 2009 and headquartered in San Francisco, Uber connects riders, eaters, shippers, and businesses with independent drivers, couriers, and freight carriers through its technology platform. In 2025, the platform facilitated $193.4 billion in gross bookings across over 10 billion trips.
Uber's business model is fundamentally asset-light: the company earns a take rate (approximately 26–27% of gross bookings) by intermediating transactions between demand-side users and supply-side earners. This flywheel model creates powerful network effects — more demand attracts more supply, which lowers wait times and raises service quality, which attracts more demand.
| Metric | Value | YoY |
|---|---|---|
| Gross Bookings | $193.4B | +18% |
| Trips Completed | ~10.5B | +18% |
| Monthly Active Platform Consumers | ~171M | +14% |
| Revenue Take Rate | 26.9% | +0bps YoY |
| Adjusted EBITDA Margin | 16.8% | +210bps |
| Free Cash Flow | $9.763B | +42% |
| Countries of Operation | 70+ | Global |
| Active Earners (Drivers+Couriers) | ~9M+ | Growing |
| Segment ($M) | FY2022 | FY2023 | YoY | FY2024 | YoY | FY2025 | YoY | TTM Q1-26 | vs FY25 | FY2026E | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mobility | $14,030 | $19,830 | +41.3% | $25,090 | +26.5% | $29,670 | +18.3% | $29,970 | +1.0% | $33,000E | +11.2%E |
| Delivery | $10,900 | $12,200 | +11.9% | $13,750 | +12.7% | $17,250 | +25.5% | $18,540 | +7.5% | $20,000E | +16.0%E |
| Freight | $6,950 | $5,250 | −24.5% | $5,140 | −2.1% | $5,100 | −0.8% | $5,180 | +1.6% | $5,200E | +2.0%E |
| Total Revenue | $31,880 | $37,280 | +17.0% | $43,980 | +18.0% | $52,020 | +18.3% | $53,690 | +3.2% | $58,200E | +11.9%E |
| Quarter | Revenue ($B) | Mobility | Delivery | Freight | QoQ | YoY | Adj. EBITDA | Non-GAAP EPS |
|---|---|---|---|---|---|---|---|---|
| Q1 2025 | $11.5B | $6.56B | $3.91B | $1.03B | −3.8% | +14.0% | $1.900B | $0.50 |
| Q2 2025 | $12.6B | $7.14B | $4.28B | $1.14B | +9.6% | +17.8% | $2.100B | $0.60 |
| Q3 2025 | $13.6B | $7.77B | $4.56B | $1.27B | +8.0% | +21.4% | $2.300B | $0.64 |
| Q4 2025 | $14.4B | $8.20B | $4.89B | $1.27B | +5.6% | +20.1% | $2.487B | $0.71 |
| Q1 2026 | $13.2B | $6.86B | $5.20B | $1.11B | −8.1% | +14.8% | $2.500B | $0.72 |
| Q2 2026E | ~$14.5BE | ~$8.3BE | ~$5.0BE | ~$1.2BE | +9.8%E | +15.1%E | $2.70–2.80BE | $0.78–0.82E |
| Geography ($M) | FY2022 | FY2023 | YoY | FY2024 | YoY | FY2025 | YoY | TTM Q1-26 | FY2026E |
|---|---|---|---|---|---|---|---|---|---|
| Americas | $18,100 | $23,000 | +27.1% | $26,400 | +14.8% | $30,500 | +15.5% | $31,500 | $33,800E |
| EMEA | $8,900 | $9,900 | +11.2% | $12,600 | +27.3% | $15,000 | +19.0% | $15,700 | $17,000E |
| Asia Pacific | $4,880 | $4,380 | −10.2% | $5,000 | +14.2% | $6,520 | +30.4% | $6,490 | $7,400E |
| Total | $31,880 | $37,280 | +17.0% | $44,000 | +18.0% | $52,020 | +18.3% | $53,690 | $58,200E |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | TTM Q1-26 | FY2026E |
|---|---|---|---|---|---|---|
| Revenue ($B) | $31.9 | $37.3 | $44.0 | $52.0 | $53.7 | $58.2E |
| Revenue Growth | n.a. | +17.0% | +18.0% | +18.3% | +18.5% | +11.9%E |
| Gross Bookings ($B) | $115.4 | $137.1 | $162.8 | $193.4 | $203.0 | $220.0E |
| GAAP Gross Margin | n.a. | 37.3% | 39.4% | 39.8% | 39.9% | 40.5%E |
| Adj. EBITDA ($B) | $1.70 | $4.10 | $6.48 | $8.73 | $9.20 | $11.0E |
| Adj. EBITDA Margin | 5.3% | 11.0% | 14.7% | 16.8% | 17.1% | 18.9%E |
| Non-GAAP EPS | $0.11 | $1.30 | $1.82 | $2.45 | $2.67 | $2.95E |
| Free Cash Flow ($B) | −$0.52 | +$1.41 | +$6.90 | +$9.76 | ~$10.4 | ~$12.0E |
| Cash & Short-Term Invest. | $6.86 | $5.15 | $7.00 | $7.63 | ~$7.8 | n.a. |
| Long-Term Debt ($B) | $9.27 | $9.46 | $8.39 | $10.52 | ~$10.5 | n.a. |
| Quarter | Revenue ($B) | Gross Bookings | GAAP GM% | Adj. EBITDA | EBITDA Margin | Non-GAAP EPS |
|---|---|---|---|---|---|---|
| Q1 2025 | $11.5B | $45.0B | 39.5% | $1.900B | 16.5% | $0.50 |
| Q2 2025 | $12.6B | $48.1B | 39.4% | $2.100B | 16.7% | $0.60 |
| Q3 2025 | $13.6B | $51.2B | 39.7% | $2.300B | 16.9% | $0.64 |
| Q4 2025 | $14.4B | $54.1B | 39.6% | $2.487B | 17.3% | $0.71 |
| Q1 2026 | $13.2B | $53.7B | 39.9% | $2.500B | 18.9% | $0.72 |
| Q2 2026E (Guidance) | ~$14.5BE | $56.25–57.75BE | ~40%E | $2.70–2.80BE | ~19.0%E | $0.78–0.82E |
| Metric | Q2 2026 Guidance | vs Q2 2025 |
|---|---|---|
| Gross Bookings | $56.25B–$57.75B | +17–21% YoY |
| Adj. EBITDA | $2.70B–$2.80B | +29–33% YoY |
| Non-GAAP EPS | $0.78–$0.82E | +30–37% YoY |
| Revenue (est.) | ~$14.5BE | +15% YoY est. |
| Metric | FY2025 Actual | FY2026E | Growth |
|---|---|---|---|
| Revenue | $52.02B | $58.2BE | +11.9%E |
| Gross Bookings | $193.4B | ~$220BE | +13.7%E |
| Adj. EBITDA | $8.73B | ~$11.0BE | +26.0%E |
| Adj. EBITDA Margin | 16.8% | ~18.9%E | +210bps |
| Non-GAAP EPS | $2.45 | $2.95E | +20.4%E |
| Free Cash Flow | $9.76B | ~$12.0BE | +22.9%E |
| Multiple | FY2025A | FY2026E | Commentary |
|---|---|---|---|
| EV / Revenue | 3.1x | 2.8xE | Discount to Lyft (1.8x) · premium justified by scale & geography |
| EV / Adj. EBITDA | 18.6x | 14.7xE | Compressing rapidly as EBITDA grows ~26% in FY2026E |
| P/E (Non-GAAP) | 30.8x | 25.6xE | Reasonable for 20%+ EPS CAGR platform |
| P/FCF | 16.3x | 13.3xE | Very attractive for a 42%+ FCF grower |
| PEG Ratio (NTM P/E ÷ Growth) | — | ~1.27xE | Based on 20% EPS growth vs 25.6x P/E |
| FCF Yield | 6.1% | ~7.5%E | Rare for a $159B mkt cap growth company |
| Item | Amount |
|---|---|
| Unrestricted Cash + Short-Term Investments | $7.633B |
| Total Assets | $61.802B |
| Long-Term Debt | $10.521B |
| Net Debt (Debt − Cash) | $2.888B |
| Net Debt / Adj. EBITDA | 0.33x |
| Shares Repurchased FY2025 | $6.523B |
| Remaining Buyback Authorization | $7.0B |
| Target Metric | Value |
|---|---|
| Average Price Target | $106.71 |
| High Target | $140 |
| Low Target | $75 |
| Current Price | ~$75.50 |
| Upside to Average Target | +41.3% |
Uber's most important long-term strategic asset is its position as the preferred marketplace for autonomous vehicle fleets. Rather than building its own AV technology (after selling its ATG unit to Aurora in 2020), Uber is the demand aggregator and distribution partner for every major AV player.
Active AV Partnerships: Waymo (10+ US cities including San Francisco, Phoenix, Austin), BYD (100,000 EV commitments), WeRide (Europe, Middle East, Asia), May Mobility (suburban routes), and discussions with multiple emerging AV companies. When an AV ride is completed on the Uber network, Uber earns a take rate with zero driver cost — resulting in significantly higher per-trip economics than human-driven rides.
This positions Uber not as a victim of AV disruption, but as the primary beneficiary: AV fleets need a massive demand network to stay utilized, and Uber has built that network over 15 years.
Uber One is Uber's premium membership program offering: $0 delivery fees on Uber Eats orders, 5–10% off rides, exclusive member pricing, and priority support. Priced at $9.99/month or $99.99/year, Uber One drives meaningfully higher engagement — members have been reported to order 3x more frequently than non-members.
With tens of millions of global Uber One subscribers (exact number not disclosed), the program creates predictable recurring revenue, reduces platform churn, and builds Uber's competitive moat against DoorDash, Lyft, and Instacart. Ongoing promotions and telecom operator bundling (e.g., with carriers in Europe and Asia) are accelerating membership growth.
Uber Advertising is building a high-margin ad business on top of its platform. With 171M+ monthly active users generating rich real-time behavioral signals (restaurant orders, ride patterns, time-of-day demand), Uber can offer targeted advertising inventory to CPG brands, restaurants, retailers, and consumer companies.
Advertising revenue, embedded in both the Delivery and Mobility segments, is structurally high margin (70–80% gross margins typical for ad tech). As Uber's advertising platform matures — adding sponsored listings in Eats, in-car entertainment advertising in Mobility, and CRM tools for merchants — it represents a meaningful upside optionality layer above and beyond the core platform take rate.
Uber for Business serves corporate clients with employee rides, meal allowances, event transportation, and managed ground travel. The B2B segment benefits from structured contracts, multi-market rollout, and integration into corporate expense management systems (SAP Concur, Expensify, etc.). As return-to-office trends solidify and corporate travel recovers post-pandemic, Uber for Business provides a steady, lower-churn revenue layer.
Uber Eats has expanded far beyond restaurant food delivery into: grocery delivery (Instacart integration, own grocery dark stores in select markets), pharmacy delivery (same-day script fulfillment), convenience (15-minute delivery in dense urban areas), alcohol, and specialty retail. Each new vertical adds incremental order frequency and basket size to existing Uber Eats infrastructure, improving the economics of an already-deployed courier network.
| Category | % of Shares | Notes |
|---|---|---|
| Institutional Investors | 80.24% | Highly institutionalized |
| Insider / Management | ~1.2% | Relatively low — typical for mature large cap |
| Retail / Other | ~18.6% | Meaningful retail participation |
| Short Interest | ~1.8% | Very low — minimal short thesis |
| Rating | Count | % |
|---|---|---|
| Strong Buy | ~40 | 65.6% |
| Buy | ~15 | 24.6% |
| Hold | ~6 | 9.8% |
| Sell | 0 | 0.0% |
| Strong Sell | 0 | 0.0% |
At $9.76B in FY2025 FCF and a $159B market cap, Uber offers a 6.1% free cash flow yield — growing to ~7.5% in FY2026E. For comparison, Alphabet yields ~4% FCF, Meta ~4%, and Netflix ~3.5% at comparable sizes. Uber's FCF yield is materially higher because the market has not yet re-rated the stock to reflect the shift from loss-making platform to FCF compounder. As FCF compounds toward $12–15B annually, the yield argument becomes increasingly compelling for institutional rotators.
Uber does not need to build AV technology to win from AV adoption. Its platform is the demand aggregator every AV fleet operator needs. Waymo in 10+ US cities. BYD with 100,000 EVs committed globally. WeRide across multiple international markets. As AV rides scale on Uber's network, the economics improve dramatically: no driver cost means lower consumer prices, higher trip frequency, larger addressable market, and higher Uber take rates — all simultaneously. AV is the largest long-term growth driver not yet in analyst models.
Uber has expanded Adj. EBITDA margins from 5.3% (FY2022) to 16.8% (FY2025) to 18.9% (Q1 2026) in just three years. Each margin point on $52B+ revenue is worth ~$520M in annual EBITDA. The path to 20%+ margins is clear: Advertising revenue scales at ~80% gross margins; AV trips carry zero driver cost; Uber One subscribers spend more and churn less; and operating leverage kicks in as the platform grows without proportional fixed cost increases. Consensus models for FY2027–28 may significantly underestimate margin achievement.
Uber repurchased $6.523B of stock in FY2025 alone — roughly 4% of its total market cap in a single year. With $7B+ remaining authorization and FCF growing toward $12B annually, Uber can sustain this pace indefinitely while still funding bolt-on acquisitions. Mechanical share count reduction means Non-GAAP EPS grows faster than revenue (e.g., $2.45 → $2.95 in FY2026E = +20% EPS growth on ~12% revenue growth). As EPS compounds, the P/E multiple de-risks itself even if the stock price stays flat.
Uber One membership creates a powerful retention mechanism: members spend 2–3x more than non-members and churn far less frequently. As penetration of Uber's 171M+ monthly active consumer base rises, the platform becomes self-reinforcing and decreasingly susceptible to competitive pricing. Membership revenue provides visibility and smooths seasonal volatility. Over the next 3–5 years, Uber One could become as important to UBER's investment thesis as Prime membership is to Amazon.
With 171M monthly active consumers generating rich behavioral data across food preferences, travel patterns, location, and spending habits, Uber Advertising is one of the most valuable emerging ad platforms globally. Restaurant-sponsored listings, CPG brand integrations, and in-car digital advertising are in early innings. A $2–3B annual ad revenue run rate at 70–80% gross margins could add $1.5–2.5B in EBITDA with minimal incremental investment — representing 15–25% upside to current consensus EBITDA forecasts.
At ~$75.50, UBER trades at the low end of the 61-analyst price target distribution (range: $75–$140, average: $106.71). This is rare for a mega-cap company with 90%+ Buy/Strong Buy ratings and zero Sell ratings. No analyst with coverage has a bearish thesis. The stock's underperformance relative to consensus targets reflects broader market concerns about valuation and gig economy regulation — not operational underperformance. For long-term investors willing to look through short-term noise, the current price represents compelling entry with 40%+ upside to consensus in 12 months.