Uber Technologies (UBER) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw accelerated trips to a 15 billion annual run rate, over 200 million monthly active users, and robust expansion in autonomous vehicle (AV) operations, driving gross bookings up 22% year-over-year.

• Achieved record quarterly GAAP income from operations of $1.8B and adjusted EBITDA of $2.5B, up 35% year-over-year.

• Full-year gross bookings totaled $193.5B, revenue $52.0B, and adjusted EBITDA $8.7B, all showing strong double-digit growth.

• Leadership transition announced: CFO Prashanth Mahendra-Rajah stepping down, succeeded by Balaji Krishnamurthy.

Financial highlights

• Q4 2025 gross bookings reached $54.1B, up 22% year-over-year; revenue grew 20% to $14.4B.

• Adjusted EBITDA for Q4 2025 was $2.5B, up 35% year-over-year, with a margin of 4.6% of gross bookings.

• Non-GAAP net income for Q4 was $1.5B, up 25% year-over-year; non-GAAP EPS was $0.71, up 27%.

• Net cash from operating activities was $2.9B in Q4, with free cash flow of $2.8B, both up 65% year-over-year.

• Full-year free cash flow was $9.8B, up 42% year-over-year.

Outlook and guidance

• Entering 2026 with strong momentum, a profitable platform, and a clear operating framework for durable growth.

• Q1 2026 gross bookings expected between $52.0B and $53.5B, representing 17% to 21% year-over-year growth on a constant currency basis.

• Q1 2026 non-GAAP EPS projected at $0.65 to $0.72, up 37% at the midpoint; adjusted EBITDA guidance is $2.37B to $2.47B.

• Plans to become the largest facilitator of AV trips globally by 2029, with expansion into new cities and partnerships with leading hardware and self-driving technology providers.

• Forward-looking statements highlight risks from competition, regulatory changes, and macroeconomic factors such as inflation and interest rates.