Uber Technologies (UBER) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered record growth with gross bookings up 22% year-over-year to $54.1B, monthly active users up 18% to 202 million, and trips up 22% to 3.8B, driven by audience expansion and higher frequency.

• Full-year 2025 marked the fifth consecutive year of 20%+ annual gross bookings growth, with $193B in gross bookings, $52B in revenue, $8.7B in adjusted EBITDA (up 35%), and $9.8B in free cash flow (up 42%).

• Platform engagement deepened, with 40% of customers using multiple products and Uber One membership up 55% year-over-year to over 46 million members.

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

• Entering 2026 with strong momentum, a profitable platform, and targeted growth investments in AVs, AI, and international expansion.

Financial highlights

• Q4 2025 gross bookings: $54.1B (+22% YoY); revenue: $14.4B (+20% YoY); adjusted EBITDA: $2.5B (+35% YoY); non-GAAP operating income: $1.9B (+46% YoY); non-GAAP EPS: $0.71 (+27% YoY).

• Full-year gross bookings: $193B; revenue: $52B; adjusted EBITDA: $8.7B (+35% YoY); free cash flow: $9.8B (+42% YoY); free cash flow conversion: 112% of adjusted EBITDA.

• Q4 GAAP net income: $296M, impacted by a $1.6B equity investment revaluation headwind; unrestricted cash and equivalents at year-end: $7.6B.

• Repurchased $1.9B in stock in Q4, reducing diluted share count by 2% YoY.

Outlook and guidance

• Q1 2026 gross bookings expected at $52.0–53.5B (+17–21% YoY constant currency); non-GAAP EPS guidance: $0.65–0.72 (+37% YoY at midpoint); adjusted EBITDA: $2.37–2.47B.

• Plans to facilitate AV trips in up to 15 cities globally by end of 2026, aiming to become the largest AV trip facilitator by 2029.

• Full-year 2026 Mobility revenue margin to be ~350 bps lower due to UK accounting reclassification (no impact on profitability); cash tax rate expected at 10–15% over next few years.

• Forward-looking statements highlight risks from competition, regulatory changes, and macroeconomic factors.