Uber delivered a record-breaking fourth quarter and full year, demonstrating strong acceleration in its platform strategy with significant growth in trips and Gross Bookings. The company achieved record operational cash flow and free cash flow, alongside substantial increases in GAAP Income from Operations and Adjusted EBITDA, indicating robust profitability and operational efficiency.
Gross Bookings grew 22% YoY to $54.1 billion in Q4 2025, and 22% on a constant currency basis, indicating strong demand and platform expansion.
positiveRevenue grew 20% YoY to $14.4 billion in Q4 2025, or 19% on a constant currency basis, reflecting continued top-line growth.
positiveGAAP Income from operations grew 130% YoY to $1.8 billion in Q4 2025, showcasing significant improvement in profitability.
positiveAdjusted EBITDA grew 35% YoY to $2.5 billion in Q4 2025, with Adjusted EBITDA margin as a percentage of Gross Bookings improving to 4.6% from 4.2% in Q4 2024.
positiveRecord quarterly operating cash flow of $2.9 billion and Free cash flow of $2.8 billion in Q4 2025, up 65% YoY, demonstrating strong cash generation capabilities.
positiveFull year 2025 Gross Bookings reached $193 billion, up 19% YoY, and revenue was $52 billion, up 18% YoY.
positiveFull year 2025 Free cash flow was $9.8 billion, up 42% YoY, highlighting sustained strong cash generation.
positiveGAAP Net income attributable to Uber Technologies, Inc. was $296 million in Q4 2025, a significant decrease of 96% YoY, primarily due to a $1.6 billion net headwind from revaluations of Uber’s equity investments compared to a $556 million net benefit in Q4 2024.
attentionGAAP Diluted EPS was $0.14 in Q4 2025, a decrease of 96% YoY, impacted by the equity investment revaluation headwinds.
attentionFreight Gross Bookings decreased 1% YoY to $1.3 billion in Q4 2025, indicating a slight decline in this segment.
attentionFreight revenue was flat YoY at $1.3 billion in Q4 2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Mobility | N/A | — | — | — | +18.0% |
Delivery | N/A | — | — | — | +29.0% |
Freight | N/A | — | — | — | -1.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| trips on platform | 15 billion annual run rate | Q4 2025 | — | — |
| monthly active users | more than 200 million | Q4 2025 | — | — |
| annual growth bookings | over 20% | FY2025 | — | — |
| adjusted EBITDA | $8.7 billion | FY2025 | — | — |
| free cash flow | $9.8 billion | FY2025 | — | — |
| autonomous vehicle deployments | 15 cities | end of FY2026 | — | — |
| monthly active users growth | 18% year on year | end of FY2025 | — | — |
| membership program growth | 55% year on year | Q4 2025 | — | — |
| free cash flow generation | about $10 billion | FY2025 | — | — |
| free cash flow growth | 40% | FY2025 | — | — |
| share count reduction | healthy amount | going forward | — | — |
| US trips and gross bookings acceleration | accelerating | FY2026 | — | — |
| low-end and high-end growth | 40% | FY2025 | — | — |
| passenger vehicles on Wabi platform | first 25,000 | going forward | — | — |
| real world data collection | over 3 million hours | going forward | — | — |
| autonomous vehicle deployments | 15 cities | end of FY2026 | — | — |
| delivery advertising penetration | exceeding 2% | Q4 2025 | — | — |
| delivery growth rate drivers | five factors | coming quarters | — | — |
| delivery merchants on platform | accelerating | coming quarters | — | — |
| membership growth | faster than 50% | Q4 2025 | — | — |
| members as % of gross bookings | close to 50% | Q4 2025 | — | — |
| delivery international expansion | still some international growth | coming quarters | — | — |
Uber accelerated into another record-breaking quarter, with more than 200 million monthly users completing more than 40 million trips every day—our largest and most engaged consumer base ever.
We enter 2026 with a rapidly growing topline, significant cash flow, and a clear path to becoming the largest facilitator of AV trips in the world.
Our performance this year reflects the significant power of our platform strategy, with $193 billion in Gross Bookings and $10 billion in free cash flow.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.