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 significant expansion in autonomous vehicle (AV) operations, driving gross bookings up 22% year-over-year and marking the fifth consecutive year of 20%+ annual gross bookings growth.

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

• Leadership transition announced: CFO Prashanth Mahendra-Rajah stepping down, with Balaji Krishnamurthy named as incoming CFO.

Financial highlights

• Q4 2025 revenue reached $14.4B, up 20% year-over-year; full-year revenue was $52.0B.

• Gross bookings for Q4 2025 were $54.1B, up 22% year-over-year; full-year gross bookings totaled $193.5B.

• Adjusted EBITDA for Q4 2025 was $2.5B, up 35% year-over-year; full-year adjusted EBITDA was $8.7B.

• Free cash flow for the year was $9.8B, up 42% year-over-year, with net cash from operating activities at $10.1B.

• Non-GAAP EPS for Q4 2025 was $0.71, a 27% increase year-over-year.

Outlook and guidance

• Entering 2026 with strong momentum, a profitable platform, and a clear framework for durable growth, with Q1 2026 gross bookings expected between $52.0B and $53.5B, and non-GAAP EPS projected at $0.65 to $0.72.

• 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.

• Expectation to be in 15 cities with AV deployments by year-end, with further expansion planned.

• Ongoing commitment to return approximately 50% of free cash flow to shareholders, while maintaining aggressive share repurchases.