Uber
Uber Technologies, Inc. (“Uber,” the “Company,” “we,” “our,” or “us”) is a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B.
10-K, Feb 13, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001543151-26-000015 · filed Feb 13, 2026
Business
How does Uber make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, $19 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $52.0B
- Gross profit: $20.7B
- Operating income: $5.6B
- Net income: $10.1B
- Free cash flow: $9.8B
Where do customers sit?
50.9% of revenue is from US & Canada.
Source and method
Revenue by region, latest annual report.
10-K · 0001543151-26-000015 · XBRL revenue by region · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“We develop and operate proprietary technology applications supporting a variety of offerings on our platform (“platform(s)” or “Platform(s)”).”
“We connect consumers (“Rider(s)”) with independent providers of ride services (“Mobility Driver(s)”) for ridesharing services, and connect Riders and other consumers (“Eater(s)”) with restaurants, grocers and other stores (collectively, “Merchants”) with delivery service providers (“Couriers”) for meal preparation, grocery and other delivery services.”
“Riders and Eaters are collectively referred to as “end-user(s)” or “consumer(s).”
Item 1 · Business · 10-K · 0001543151-26-000015 · filed Feb 13, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +18%
“Revenue was $52.0 billion, up 18% year-over-year, primarily attributable to an increase in Gross Bookings of 19%.”
Item 7 · MD&A · 10-K · 0001543151-26-000015 · filed Feb 13, 2026
Number check (revenue): stated $52.0B matches the stored value ($52.0B, ±10%)
Revenue: $52.0B FY2025 · +18.3% vs FY2024 · KPIs
Position (in the company’s words)
“Our technology is available in over 70 countries around the world, principally in the United States (“U.S.”) and Canada, Latin America (“LatAm”), Europe (excluding Russia), the Middle East, Africa, and Asia Pacific (“APAC”, excluding China and Southeast Asia).”
Item 1 · Business · 10-K · 0001543151-26-000015 · filed Feb 13, 2026
R&D +9%
“Research and development expenses increased $293 million, or 9%, primarily attributable to $313 million increase in employee headcount costs.”
Item 7 · MD&A · 10-K · 0001543151-26-000015 · filed Feb 13, 2026
Number check (R&D expense): stated $293M matches the stored change ($293M, ±10%)
R&D expense: $3.4B FY2025 · +9.4% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 18% to $52.0B.
Revenue grew 12% YoY to $14.2B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 52.0%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
10.7% operating margin, up from 6.4%.
39.8% gross margin, up from 39.4%.
Operating income grew 99% to $5.6B.
Net income grew 2.0% to $10.1B.
R&D grew 9.4% to $3.4B.
SG&A grew 2.0% to $8.1B.
EPS diluted grew 3.7% to $4.73.
13.3% operating margin, up from 11.5%.
44.9% gross margin, up from 39.8%.
Operating income grew 30% YoY to $1.9B.
Net income grew 77% YoY to $2.4B.
R&D grew 24% YoY to $1.0B.
SG&A grew 30% YoY to $2.5B.
EPS diluted grew 86% YoY to $1.17.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $19 of every $100 as free cash.
Operating cash flow grew 42% to $10.1B.
Capex grew 39% to $336M.
Buybacks grew 421% to $6.5B.
Stock-based compensation grew 1.7% to $1.8B.
Free cash flow grew 13% YoY to $2.8B.
Operating cash flow grew 12% YoY to $2.9B.
Capex fell 21% YoY to $70.0M.
Buybacks fell 62% YoY to $518M.
Stock-based compensation grew 17% YoY to $556M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$7.1B cash vs $10.5B debt.
Total debt grew 11% to $10.5B.
Interest expense fell 16% to $440M.
Total assets grew 21% to $61.8B.
Equity grew 25% to $27.0B.
Cash fell 24% YoY to $4.9B.
Total debt grew 19% YoY to $12.7B.
Interest expense grew 18% YoY to $127M.
Total assets grew 18% YoY to $65.8B.
Equity grew 21% YoY to $27.3B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Uber depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Uber annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Uber
No supplier among the covered companies is named in the filings.
Uber holds stakes in
No stake in a covered company found in SEC filings.
Others name Uber
1 other mention (e.g. Nebius) · 1 partner mention (e.g. Nebius) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 67 risk factors, one per theme.
Competition
“The mobility, delivery, and logistics industries are highly competitive, with well-established and low-cost alternatives that have been available for decades, low barriers to entry, low switching costs, and well-capitalized competitors in nearly every major geographic region. If we are unable to compete effectively in these industries, our business and financial prospects would be adversely impacted.”
Item 1A · Risk Factors · 10-K · 0001543151-26-000015 · filed Feb 13, 2026
Security, defects and outages
“We have experienced, and may again experience security or privacy breaches or other unauthorized or improper access to, use of, disclosure of, alteration of or destruction of our proprietary or confidential data, employee data, or platform user data, which could cause loss of revenue, harm to our brand, business disruption, and significant liabilities.”
Item 1A · Risk Factors · 10-K · 0001543151-26-000015 · filed Feb 13, 2026
Regulation and legal proceedings
“In certain jurisdictions, we allow consumers to pay for rides and meal or grocery deliveries using cash, which raises regulatory, operational, and safety concerns. If we do not successfully manage those concerns, we could become subject to adverse regulatory actions and suffer reputational harm or other adverse financial and accounting consequences.”
Item 1A · Risk Factors · 10-K · 0001543151-26-000015 · filed Feb 13, 2026
Users and engagement
“If platform users engage in, or are subject to, criminal, violent, inappropriate, or dangerous activity that results in major safety incidents, our ability to attract and retain Drivers, consumers, merchants, Shippers, and Carriers may be harmed, which could have an adverse impact on our reputation, business, financial condition, and operating results.”
Item 1A · Risk Factors · 10-K · 0001543151-26-000015 · filed Feb 13, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.53%.
Vanguard Capital Management LLC7.53%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
SB Cayman 2 Ltd.13% (then)
13G · as of Dec 31, 2019 · filed Feb 14, 2020 · older than 18 months, current position unknown
BlackRock Inc.6.8% (then)
13G · filed Jan 26, 2024 · older than 18 months, current position unknown
Capital Research Global Investors5.6% (then)
13G · as of Dec 31, 2024 · filed Feb 13, 2025 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
4 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.7.8%
146.0M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.1%
132.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Capital Research Global Investors7.0%
130.7M shares · 13F filed Aug 12, 2026 · share of 13F-reported
State Street Corp4.8%
89.7M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Morgan Stanley3.9%
72.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
2,434 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
5 purchases · 7 sales · $5.9M sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 36 SEC metrics, FY2016–FY2025
Income statement 12
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | |||||||||
| D&A | not reported | |||||||||
| G&A | not reported | |||||||||
| Gross profit calc. | not reported | |||||||||
| Income taxes | not reported | |||||||||
| Interest expense | not reported | |||||||||
| Net income | not reported | |||||||||
| Operating income | not reported | |||||||||
| Research and development | not reported | |||||||||
| Revenue | not reported | |||||||||
| SG&A calc. | not reported | |||||||||
| Sales & marketing | not reported | |||||||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | |||||||||
| Current liabilities | not reported | not reported | ||||||||
| Current portion of long-term debt | not reported | not reported | ||||||||
| Equity | not reported | |||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | ||||||||
| Total assets | not reported | not reported | ||||||||
| Total debt calc. | not reported | not reported | ||||||||
| Total liabilities & equity | not reported | not reported | ||||||||
Cash flow 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | |||||||
| Capex | not reported | |||||||||
| Free cash flow calc. | not reported | |||||||||
| Interest paid | not reported | |||||||||
| Operating cash flow | not reported | |||||||||
| Stock-based compensation | not reported | |||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | |||||||||
| EPS diluted | not reported | |||||||||
| Wtd. shares basic | not reported | |||||||||
| Wtd. shares diluted | not reported | |||||||||
Other 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | |||||||||
| Other income (incl. interest) | not reported | |||||||||
| Pretax income | not reported | |||||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |
| Total liabilities | not reported | not reported | ||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values