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Uber T echnologies, Inc. Q4 2025 EarningsSupplemental Data February 4, 2026 1
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2 Non-GAAP Financial Measures Disclosure To supplement our financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP , we use the following non-GAAP financial measures: Adjusted EBITDA; Non-GAAP Operating Income; Non-GAAP Net Income; Non-GAAP EPS; Non-GAAP Costs and Operating Expenses; Trailing Twelve Months Adjusted EBITDA; Trailing Twelve Months Free Cash Flow; Free Cash Flow as well as revenue growth rates in constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP . We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non- GAAP financial measures also facilitate management’s internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision- making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. There are a number of limitations related to the use of non-GAAP financial measures. In light of these limitations we provide specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP . For more information on these non-GAAP financial measures, please see the section titled “Non-GAAP Reconciliations” included at the end of this deck. In regards to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking Non-GAAP EPS and Adjusted EBITDA measures to the closest corresponding GAAP measures without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items. These items include, but are not limited to, significant legal settlements, unrealized gains and losses on equity investments, tax and regulatory reserve changes, restructuring costs and acquisition and financing related impacts.
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3 Forward Looking Statements This presentation contains forward-looking statements regarding our future business expectations, which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: competition, managing our growth and corporate culture, financial performance, investments in new products or offerings, our ability to attract drivers, consumers and other partners to our platform, our brand and reputation, other legal and regulatory developments, particularly with respect to our relationships with drivers and couriers, and the impact of the global economy, including rising inflation and interest rates. In addition, other potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent quarterly report on Form 10-Q for the quarter ended September 30, 2025 and subsequent annual reports, quarterly reports and other filings filed with the Securities and Exchange Commission from time to time. All information provided in this presentation is as of the date hereof and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of such date. We undertake no duty to update this information unless required by law.
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Q4 2025 Earnings 4 Financial and Operational Highlights Segment Details Autonomous Vehicles Spotlight Condensed Consolidated Financials Non-GAAP Reconciliations
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-0.3 -0.2 -0.1 0 0.1 0.2 0.3 0.4 Q4 2025 Earnings 5 Autonomous vehicles likely to drive incremental category growth 5 U.S. T op 20 Cities 5 Atlanta Austin A V launch in city Uber Mobility Trips (Y oY Growth) Note 1: Uber trip growth in Atlanta and Austin based on A V operating zone. U.S. top 20 cities based on city limits as defined by U.S. Census Bureau and reflects Uber's top cities by Mobility Gross Bookings. Note 2: First Time Riders and Trips per Rider calculated as acceleration in Y oY growth rate from month before launch to second half of 2025. First Time Riders Y oY Growth Acceleration Trips per Rider Y oY Growth Acceleration +9pp +3pp Pre A V launch Post A V launch Jan ‘25 Dec ‘25
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Q4 2025 Earnings San Francisco is a uniquely favorable market for A V deployments Concentrated Demand Affluent Demographics Shorter Trips San Francisco Los Angeles U.S. T op 50 Cities Population Density San Francisco Los Angeles T op 50 US Cities 2x 4x Median Income San Francisco Los Angeles T op 50 US Cities 2x 2x Miles per Trip Los Angeles T op 50 US Cities San Francisco -60% -46% San Francisco Los Angeles U.S. T op 50 Cities San Francisco Los Angeles U.S. T op 50 Cities Note 1: U.S. top 50 cities based on city limits as defined by U.S. Census Bureau and reflects Uber's top cities by Mobility Gross Bookings. 6
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7Q4 2025 Earnings Note 1: Reflects Q4 estimates for observed A V deployments in San Francisco, Los Angeles, and Phoenix using publicly filed data with the California Public Utilities Commission (CPUC), third party data sources, and external reports. Reflects weighted average comparison against observed performance of current 1P deployments A V ET A (mins)A V Trips per Vehicle per Day Current 1P San Francisco Los Angeles Phoenix A Vs on Uber Austin Atlanta ~30% higher ~25% faster A Vs on Uber are significantly busier and more reliable than 1P deployments
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Q4 2025 Earnings 8 Trips 1250 2500 3750 5000 A V Trips T otal Mobility Trips Peak Demand Monday Tuesday Wednesday Thursday Friday Saturday Sunday 1 Stable engagement for A Vs, which serve as a fixed base load supply 2Human drivers provide boost supply to meet demand spikes through the week An A V only competitor must hold significant underutilized supply to match Uber’s reliability and prices or deliver worse consumer experience and leave significant demand on the table 3 Rideshare demand is highly variable through the week. A typical Monday is ~45% of a Saturday while daily troughs are ~5% of peaks. Austin A V Operating Zone Uber's network delivers the highest A V utilization against highly variable demand
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9Q4 2025 Earnings 9Q4 2025 Earnings Note 1. City limits defined by U.S. Census Bureau. Includes trips that originate and end in given city. Data as of FY’25. ~30% of U.S. Mobility Gross Bookings ~25% of U.S. Mobility profits generated within our Mobility cities Uber Trips ~95% U.S. population coverage Markets outside the top 20 cities represent the vast majority of U.S. Gross Bookings and profits Uber operates in 8,000+ U.S. markets, covering 95% of U.S. population U.S. top 20
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Q4 2025 Earnings 1010Q4 2025 Earnings Self-Driving T echnologyHardware Platform Fleet Management More announcements coming soon •Bay Area, CA •Hong Kong, HK •Houston, TX •London, UK •Los Angeles, CA •Madrid, ES •Munich, DE •Zurich, CH Upcoming cities: •Abu Dhabi, UAE •Atlanta, GA •Austin, TX •Dallas, TX •Dubai, UAE •Phoenix, AZ •Riyadh, KSALive cities: We intend to be the largest facilitator of A V trips in the world by 2029
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Q4 2025 Earnings 11 Segment Details Financial and Operational Highlights Condensed Consolidated Financials Non-GAAP Reconciliations Autonomous Vehicles Spotlight
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Note 1: MAPCs is the number of unique consumers who completed a Mobility ride or received a Delivery order on our platform at least once in a given month, averaged over each month in the quarter. Note 2: We define Trips as the number of completed consumer Mobility rides and Delivery orders in a given period. Note 3: We define Frequency as Monthly Trips divided by MAPCs for a given period. Operating Metrics Figures in Millions, excluding Monthly Trips / MAPC 12 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 MAPCs +18%MAPCs Growth Y oY Monthly Trips / MAPC +3%Frequency Growth Y oY Trips +22%Trips Growth Y oY 14% 14% 15% 17% 18% % Growth Y oY % Growth Y oY % Growth Y oY 3% 3% 2% 4% 3% 18% 18% 18% 22% 22% Q4 2025 Earnings 171 170 180 189 6.0 6.16.0 6.2 3,068 3,2683,036 3,512 202 6.2 3,751
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$ in Millions Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 % Growth Y oY Note 1: We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of: Mobility rides, Delivery orders (in each case without any adjustment for consumer discounts and refunds, Driver and Merchant earnings, and Driver incentives) and Freight Revenue. Gross Bookings do not include tips earned by Drivers. Note 2: “% Constant Currency Growth Y oY” is calculated by translating our current period financial results using the corresponding prior period’s monthly exchange rates for our transacted currencies other than the U.S. dollar. % Constant Currency Growth Y oY 18% 14% 17% 21% 22% 21% 18% 18% 21% 22% Gross Bookings +22%Gross Bookings Constant Currency Growth Y oY 13Q4 2025 Earnings $42,818 $46,756 $49,740 $44,197 $54,140
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$ in Millions Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 % Growth Y oY Note 1: "% Constant Currency Growth Y oY" is calculated by translating our current period results using the corresponding prior period's monthly exchange rates for our transacted currencies other than the U.S. dollar. % Constant Currency Growth Y oY 20% 14% 18% 20% 20% 21% 17% 18% 19% 19% Revenue 14 +19%Revenue Constant Currency Growth Y oY Q4 2025 Earnings $11,533 $12,651 $13,467 $11,959 $14,366
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Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Note 1: We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from discontinued operations, net of income taxes, (ii) net income (loss) attributable to non-controlling interests, net of tax, (iii) provision for (benefit from) income taxes, (iv) income (loss) from equity method investments, (v) interest expense, (vi) interest income, (vii) other income (expense), net, (viii) depreciation and amortization, (ix) stock-based compensation expense, (x) certain legal, non-income tax, and regulatory reserve changes and settlements, (xi) goodwill and asset impairments/loss on sale of assets, (xii) acquisition, financing and divestitures related expenses, (xiii) restructuring and related charges and (xiv) other items not indicative of our ongoing operating performance. Note 2: We define Adjusted EBITDA margin as a percentage of Gross Bookings as Adjusted EBITDA divided by Gross Bookings. Note 3: See Non-GAAP reconciliations for reconciliation of non-GAAP measures. Adjusted EBITDA Margin as a % of Gross Bookings +35%Adjusted EBITDA Growth Y oY Adjusted EBITDA $ in Millions 15 44% 35% 35% 33% 35% % Growth Y oY Q4 2025 Earnings $1,868 $2,119 $2,256 $1,842 4.2% 4.4% 4.5% 4.5% 4.6% $2,487
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Q1 2025 Q2 2025 Q3 2025 Q4 2025 Note 1: We define Non-GAAP Operating Income as income from operations, excluding (i) amortization of acquired intangible assets, (ii) certain legal, non-income tax, and regulatory reserve changes and settlements, (iii) goodwill and asset impairments/loss on sale of assets, (iv) acquisition, financing and divestitures related expenses, (v) restructuring and related charges, and (vi) other items not indicative of our ongoing operating performance. Note 2: We define Non-GAAP Operating Income margin as a percentage of Gross Bookings as Non-GAAP Operating Income divided by Gross Bookings Note 3: See Non-GAAP reconciliations for a reconciliation of non-GAAP measures Non-GAAP Operating Income as a % of Gross Bookings +46%Non-GAAP Operating Income Growth Y oY Non-GAAP Operating Income $ in Millions 16 62% 50% 46% 46% % Growth Y oY Q4 2025 Earnings $1,534 $1,675 $1,326 3.1% 3.3% 3.4% 3.5% $1,918
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Q1 2025 Q2 2025 Q3 2025 Q4 2025 Note 1: We define Non-GAAP EPS as Non-GAAP Net Income attributable to common stockholders divided by Non-GAAP weighted-average shares outstanding. Adjustments to GAAP diluted weighted-average shares outstanding are for any potentially dilutive outstanding securities in periods where Non-GAAP Net Income is positive, but GAAP Net income was in a loss position. Note 2: See Non-GAAP reconciliations for a reconciliation of non-GAAP measures +27%Non-GAAP EPS Growth Y oY Non-GAAP EPS 17 43% 50% 27% 27% % Growth Y oY Q4 2025 Earnings $0.60 $0.65 $0.50 $0.71
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Q4 2025 Earnings 18 Condensed Consolidated Financials Non-GAAP Reconciliations Autonomous Vehicles Spotlight Financial and Operational Highlights Segment Details
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Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2025 Earnings % Constant Currency Growth Y oY Gross Bookings Revenue % Constant Currency Growth Y oY Note 1: Revenue Margin is defined as Revenue as a percentage of Gross Bookings. Note 2: See Non-GAAP reconciliations for reconciliation of non-GAAP measures. Note 3: All measures are for Mobility segment unless otherwise noted. +19%Gross Bookings Constant Currency Growth Y oY $ in Millions 24% 20% 18% 19% 19% 26% 18% 18% 18% 18% Revenue Margin Adjusted EBITDA: Segment Adjusted EBITDA Margin as a % of Gross Bookings 19 Mobility Highlights $22,798 $21,182 $23,762 $25,111 $6,911 $6,496 $7 ,288 $7 ,682 $1,769 $1,753 $1,905 $2,038 30.3% 30.7% 30.7% 30.6% 29.9% 7 .8% 8.3% 8.0% 8.1% 8.0% $27 ,442 $8,204 $2,203 22% 19% 22% 21% 25% Adjusted EBITDA % Reported Growth Y oY
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Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 18% 18% 20% 24% 26% % Constant Currency Growth Y oY Gross Bookings 20% 22% 23% 27% 29% Delivery Highlights $ in Millions Revenue Margin Adjusted EBITDA: Segment Adjusted EBITDA Margin as a % of Gross Bookings 20 Note 1: Revenue Margin is defined as Revenue as a percentage of Gross Bookings. Note 2: See Non-GAAP reconciliations for reconciliation of non-GAAP measures. Note 3: All measures are for Delivery segment unless otherwise noted. Revenue % Constant Currency Growth Y oY Q4 2025 Earnings $20,126 $20,377 $21,734 $23,322 $25,431 $3,773 $3,777 $4,102 $4,477 $4,892 18.7% 18.5% 18.9% 19.2% 19.2% $727 $763 $873 $921 $1,015 3.6% 3.7% 4.0% 3.9% 4.0% +26%Gross Bookings Constant Currency Growth Y oY 53% 45% 48% 47% 40% Adjusted EBITDA % Reported Growth Y oY
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Adjusted EBITDA: Segment Adjusted EBITDA Margin as a % of Revenue Note 1: See Non-GAAP reconciliations for reconciliation of non-GAAP measures. Note 2: All measures are for Freight segment unless otherwise noted. Freight Highlights $ in Millions Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue % Constant Currency Growth Y oY Adjusted EBITDA 0% (1%) (1%) 0% (1%) 21Q4 2025 Earnings $1,275 $1,260 $1,261 $1,308 $1,270 ($22) ($7) ($6) ($20) $0 (1.7%) (0.6%) (0.5%) (1.5%) 0%
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Q4 2025 Earnings 22 Segment Details Non-GAAP Reconciliations Autonomous Vehicles Spotlight Financial and Operational Highlights Condensed Consolidated Financials
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Q4 2025 Earnings $ in Millions, except share amounts, which are in thousands, and per share amounts 23 Condensed Consolidated Statements of Operations (Unaudited) 2024 2025 2024 2025 Revenue $11,959 $14,366 $43,978 $52,017 Costs and expenses Cost of revenue, exclusive of depreciation and amortization shown separately below 7 ,234 8,681 26,651 31,338 Operations and support 678 755 2,732 2,854 Sales and marketing 1,209 1,354 4,337 4,898 Research and development 785 885 3,109 3,402 General and administrative 1,114 732 3,639 3,241 Depreciation and amortization 169 185 711 719 T otal costs and expenses $11,189 $12,592 $41,179 $46,452 Income from operations $770 $1,774 $2,799 $5,565 Interest expense (117) (115) (523) (440) Interest income 191 200 721 743 Other income (expense), net 65 (1,568) 1,128 (68) Income before income taxes and loss from equity method investments 909 291 4,125 5,800 Provision for (benefit from) income taxes (6,002) (40) (5,758) (4,346) Loss from equity method investments (10) (14) (38) (53) Net income including non-controlling interests 6,901 317 9,845 10,093 Less: net income (loss) attributable to non-controlling interests, net of tax 18 21 (11) 40 Net income attributable to Uber T echnologies, Inc. $6,883 $296 $9,856 $10,053 Net income per share attributable to Uber T echnologies, Inc. common stockholders: Basic $3.27 $0.14 $4.71 $4.82 Diluted $3.21 $0.14 $4.56 $4.73 Weighted-average shares used to compute net income per share attributable to common stockholders: Basic 2,105,899 2,073,483 2,094,602 2,085,253 Diluted 2,141,426 2,106,011 2,150,508 2,119,689 Three Months Ended Dec 31, Y ear Ended Dec 31,
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Q4 2025 Earnings 2024 2025 Assets Cash and cash equivalents $5,893 $7 ,105 Short-term investments 1,084 528 Restricted cash and cash equivalents 545 631 Accounts receivable, net 3,333 3,827 Prepaid expenses and other current assets 1,390 1,902 T otal current assets $12,245 $13,993 Restricted cash and cash equivalents 2,172 1,911 Restricted investments 7,0 19 8,874 Investments 8,460 9,178 Equity method investments 302 287 Property and equipment, net 1,952 1,897 Operating lease right-of-use assets 1,158 1,114 Intangible assets, net 1,125 1,048 Goodwill 8,066 8,931 Deferred tax assets 6,171 10,951 Other assets 2,574 3,618 T otal assets $51,244 $61,802 As of December 31, As of December 31, 24 Condensed Consolidated Balance Sheets (Unaudited) $ in Millions
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Q4 2025 Earnings 2024 2025 Liabilities, redeemable non-controlling interests and equity Accounts payable $858 $1,013 Short-term insurance reserves 2,754 3,387 Operating lease liabilities, current 175 169 Accrued and other current liabilities 7 ,689 7, 7 5 1 T otal current liabilities $11,476 $12,320 Long-term insurance reserves 7 ,042 9,076 Long-term debt, net of current portion 8,347 10,521 Operating lease liabilities, non-current 1,454 1,390 Other long-term liabilities 449 412 T otal liabilities $28,768 $33,719 Redeemable non-controlling interests 93 165 Equity Common stock - - Additional paid-in capital 42,801 38,101 Accumulated other comprehensive loss (517) (432) Accumulated deficit (20,726) (10,628) T otal Uber T echnologies, Inc. stockholders' equity $21,558 $27 ,041 Non-redeemable non-controlling interests 825 877 T otal equity $22,383 $27 ,918 T otal liabilities, redeemable non-controlling interests and equity $51,244 $61,802 25 Condensed Consolidated Balance Sheets (Unaudited) $ in Millions Continued: As of December 31, As of December 31,
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Q4 2025 Earnings 26 Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Millions Condensed Consolidated Statements of Cash Flows (Unaudited) 2024 2025 2024 2025 Cash flows from operating activities Net income including non-controlling interests $6,901 $317 $9,845 $10,093 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 176 193 737 747 Stock-based compensation 419 451 1,796 1,826 Deferred income taxes (6,128) (287) (6,027) (4,779) Accretion of discounts on marketable debt securities, net (62) (35) (251) (158) Unrealized gain (loss) on debt and equity securities, net (556) 1,602 (1,832) 97 Unrealized foreign currency transactions 135 10 308 (120) Other 92 (20) 187 166 Change in assets and liabilities, net of impact of business acquisitions and disposals: Accounts receivable 246 (109) (142) (466) Prepaid expenses and other assets (30) (154) (694) (1,028) Operating lease right-of-use assets 59 42 196 177 Accounts payable 62 (106) 86 126 Accrued insurance reserves 658 581 2,819 2,660 Accrued expenses and other liabilities (158) 446 330 967 Operating lease liabilities (64) (48) (221) (209) Net cash provided by operating activities $1,750 $2,883 $7 ,137 $10,099 Three Months Ended Dec 31, Y ear Ended Dec 31,
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Q4 2025 Earnings 27 Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Millions Continued: Condensed Consolidated Statements of Cash Flows (Unaudited) 2024 2025 2024 2025 Cash flows from investing activities Purchases of property and equipment ($44) ($75) ($242) ($336) Purchases of non-marketable equity securities (1) (390) (289) (676) Purchases of marketable securities (3,020) (7 ,502) (12,765) (21,447) Proceeds from maturities and sales of marketable securities 4,437 6,499 10,204 20,046 Acquisition of businesses, net of cash acquired - (11) - (815) Other investing activities 61 (135) (85) (336) Net cash provided by (used in) investing activities $1,433 ($1,614) ($3,177) ($3,564) Cash flows from financing activities Issuance of term loan and notes, net of issuance costs - - 3,972 3,359 Principal repayment on term loan and notes (2,000) (1,150) (3,986) (2,350) Principal payments on finance leases (50) (45) (172) (157) Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 53 63 156 183 Repurchases of common stock (555) (1,912) (1,252) (6,523) Redemption of non-controlling interests (851) (70) (851) (109) Other financing activities 6 (4) 46 (116) Net cash used in financing activities ($3,397) ($3,118) ($2,087) ($5,713) Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents (179) 13 (267) 215 Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents ($393) ($1,836) $1,606 $1,037 Cash and cash equivalents, and restricted cash and cash equivalents Beginning of period 9,003 11,483 7 ,004 8,610 End of period $8,610 $9,647 $8,610 $9,647 Three Months Ended Dec 31, Y ear Ended Dec 31,
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Q4 2025 Earnings 28 Segment Details Condensed Consolidated Financials Autonomous Vehicles Spotlight Financial and Operational Highlights Non-GAAP Reconciliations
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Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 Sept 30, ‘25 Dec 31, ‘25 Mobility $1,769 $1,753 $1,905 $2,038 $2,203 Delivery 727 763 873 921 1,015 Freight (22) (7) (6) (20) - Corporate G&A and Platform R&D (632) (641) (653) (683) (731) Adjusted EBITDA $1,842 $1,868 $2,119 $2,256 $2,487 Add (deduct): Legal, non-income tax, and regulatory reserve changes and settlements (462) (28) - (479) (57) Goodwill and asset impairments / loss on sale of assets (6) - - (2) - Restructuring and related charges (5) (1) - (3) (5) Loss on lease arrangements, net (2) (2) - - - Acquisition, financing and divestitures related expenses (9) (3) (19) (6) (15) Depreciation and amortization (169) (171) (175) (188) (185) Stock-based compensation expense (419) (435) (475) (465) (451) Income from operations $770 $1,228 $1,450 $1,113 $1,774 Add (deduct): Other income (expense), net 65 93 (19) 1,426 (1,568) Interest expense (117) (105) (108) (112) (115) Interest income 191 169 181 193 200 Loss from equity method investments (10) (13) (12) (14) (14) (Provision for) benefit from income taxes 6,002 402 (142) 4,046 40 Net (income) loss attributable to non-controlling interests, net of tax (18) 2 5 (26) (21) Net income attributable to Uber T echnologies, Inc. $6,883 $1,776 $1,355 $6,626 $296 $ in Millions Adjusted EBITDA Reconciliation (Unaudited) 29 Three Months Ended Q4 2025 Earnings
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Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 Sept 30, ‘25 Dec 31, ‘25 Adjusted EBITDA $6,484 $6,970 $7 ,519 $8,085 $8,730 Add (deduct): Legal, non-income tax, and regulatory reserve changes and settlements (1,123) (624) (490) (969) (564) Goodwill and asset impairments / loss on sale of assets (3) (6) (6) (8) (2) Restructuring and related charges (25) (19) (10) (9) (9) Loss on lease arrangements, net (2) (4) (4) (4) (2) Acquisition, financing and divestitures related expenses (25) (23) (39) (37) (43) Depreciation and amortization (711) (692) (694) (703) (719) Stock-based compensation expense (1,796) (1,747) (1,767) (1,794) (1,826) Income from operations $2,799 $3,855 $4,509 $4,561 $5,565 Add (deduct): Other income (expense), net 1,128 2,058 1,795 1,565 (68) Interest expense (523) (504) (473) (442) (440) Interest income 721 731 736 734 743 Loss from equity method investments (38) (47) (47) (49) (53) (Provision for) benefit from income taxes 5,758 6,189 6,104 10,308 4,346 Net (income) loss attributable to non-controlling interests, net of tax 11 4 2 (37) (40) Net income attributable to Uber T echnologies, Inc. $9,856 $12,286 $12,626 $16,640 $10,053 $ in Millions Adjusted EBITDA Reconciliation - TTM (Unaudited) 30 Trailing Twelve Months (TTM) Ended Q4 2025 Earnings
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Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 Sept 30, ‘25 Dec 31, ‘25 Mobility $1,608 $1,587 $1,729 $1,864 $2,027 Delivery 639 671 766 811 905 Freight (41) (25) (26) (40) (18) Corporate G&A and Platform R&D (888) (907) (935) (960) (996) Non-GAAP Operating Income $1,318 $1,326 $1,534 $1,675 $1,918 Add (deduct): Amortization of acquired intangible assets (64) (64) (65) (72) (67) Legal, non-income tax, and regulatory reserve changes and settlements (462) (28) - (479) (57) Goodwill and asset impairment/loss on sale of assets (6) - - (2) - Acquisition, financing, and divestitures related expenses (9) (3) (19) (6) (15) Loss on lease arrangements, net (2) (2) - - - Restructuring and related charges (5) (1) - (3) (5) GAAP Income from Operations $770 $1,228 $1,450 $1,113 $1,774 $ in Millions 31 Three Months Ended Q4 2025 Earnings Non-GAAP Operating Income Reconciliation (Unaudited)
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Mar 31, ‘24Jun 30, ‘24Sept 30, ‘24Dec 31, ‘24Mar 31, ‘25Jun 30, ‘25Sept 30, ‘25Dec 31, ‘25 Non-GAAP Net Income $778 $881 $1,110 $1,201 $1,072 $1,280 $1,389 $1,496 Add (deduct): Adjustments excluded from Non-GAAP Operating Income (see prior slide) (649) (229) (85) (548) (98) (84) (562) (144) Other (income) expense, net (837) 244 1,656 65 93 (19) 1,426 (1,568) Income tax effects 58 131 (57) 6,175 722 190 4,387 526 Loss from equity method investments (4) (12) (12) (10) (13) (12) (14) (14) GAAP Net income attributable to Uber T echnologies, Inc. ($654) $1,015 $2,612 $6,883 $1,776 $1,355 $6,626 $296 Diluted weighted-average shares outstanding 2,150,101 2,150,019 2,154,466 2,141,426 2,122,618 2,125,628 2,124,391 2,106,011 Non-GAAP EPS $0.35 $0.40 $0.51 $0.56 $0.50 $0.60 $0.65 $0.71 GAAP Diluted EPS ($0.32) $0.47 $1.20 $3.21 $0.83 $0.63 $3.11 $0.14 $ in Millions, except share amounts, which are in thousands, and per share amounts Non-GAAP Net Income and EPS Reconciliations (Unaudited) 32 Three Months Ended Q4 2025 Earnings
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Q4 2025 Earnings Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited) Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 Sept 30, ‘25 Dec 31, ‘25 Revenue $11,959 $11,533 $12,651 $13,467 $14,366 GAAP Cost of Revenue, excluding D&A 7 ,234 6,937 7,6 1 1 8,109 8,681 Restructuring and related charges (2) - - - - Non-GAAP Cost of Revenue $7 ,232 $6,937 $7 ,611 $8,109 $8,681 Non-GAAP Operating Expenses GAAP Operations and support $678 $668 $696 $735 $755 Restructuring and related charges (1) - - - (2) Goodwill and asset impairment/loss on sale of assets (6) - - - - Loss on lease arrangements, net - (1) - - - Stock-based compensation (47) (52) (59) (58) (56) Non-GAAP Operations and support $624 $615 $637 $677 $697 Three Months Ended 33 $ in Millions
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Q4 2025 Earnings Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 Sept 30, ‘25 Dec 31, ‘25 GAAP Sales and marketing $1,209 $1,057 $1,210 $1,277 $1,354 Stock-based compensation (23) (24) (28) (26) (25) Non-GAAP Sales and marketing $1,186 $1,033 $1,182 $1,251 $1,329 GAAP Research and development $785 $815 $840 $862 $885 Acquisition, financing, and divestitures - - - - (1) Goodwill and asset impairment/loss on sale of assets - - - (2) - Stock-based compensation (260) (264) (284) (278) (275) Non-GAAP Research and development $525 $551 $556 $582 $609 GAAP General and administrative $1,114 $657 $669 $1,183 $732 Legal, non-income tax, and regulatory reserve changes and settlements (462) (28) - (479) - Restructuring and related charges (2) (1) - (1) (3) Loss on lease arrangements, net (2) (1) - - - Acquisition, financing, and divestitures related expenses (9) (3) (19) (6) (14) Stock-based compensation (89) (95) (104) (103) (95) Non-GAAP General and administrative $550 $529 $546 $594 $620 Three Months Ended Continued: 34 Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited)$ in Millions
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Free Cash Flow Reconciliation (Unaudited) $ in Millions Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 Sept 30, ‘25 Dec 31, ‘25 Free Cash Flow reconciliation: Net cash provided by operating activities 1,750 2,324 2,564 2,238 2,883 Purchases of property and equipment (44) (74) (89) (98) (75) Free Cash Flow $1,706 $2,250 $2,475 $2,230 $2,808 Three Months Ended 35 Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 Sept 30, ‘25 Dec 31, ‘25 TTM Free Cash Flow reconciliation: Net cash provided by operating activities 7 ,137 8,045 8,789 8,966 10,099 Purchases of property and equipment (242) (259) (249) (305) (336) Free Cash Flow $6,895 $7 ,786 $8,540 $8,661 $9,763 Adjusted EBITDA 6,484 6,970 7, 5 19 8,085 8,730 Free Cash Flow Conversion (% of Adj. EBITDA) 106% 112% 114% 107% 112% Trailing Twelve Months (TTM) Ended Q4 2025 Earnings