Uber Technologies, Inc.
CorpDigest
Uber Technologies, Inc.
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$52B
Market Cap
$177.2B
Net Income
$10.1B
Employees
34,000
Uber's revenue trajectory from $31.9 billion in fiscal 2022 to $52 billion in fiscal 2025 represents a 63% increase over three years — growth that would be remarkable for any company and that reflects the combination of Mobility recovery from pandemic lows, Delivery maintaining post-pandemic scale, and expanding take rates as the platform's pricing power has strengthened with market consolidation. Net income of $10.05 billion in fiscal 2025 on $52 billion in revenue is a 19.3% net margin — transformationally different from the annual losses that characterized Uber's first decade as a public company. The profitability reflects the operating leverage embedded in the platform model: as gross bookings grow, the incremental cost of processing additional transactions is minimal because the infrastructure is already built. Driver supply, restaurant partnerships, and insurance reserves scale with transactions, but software and engineering headcount does not need to grow at the same rate. The $177.18 billion market capitalization prices Uber at approximately 3.4 times fiscal 2025 revenue — a modest multiple given the 63% three-year revenue growth and 19% net margin. The market appears to price in the driver reclassification risk as a permanent discount to what the financials alone would suggest. If European employment courts impose employee status on drivers, the cost structure impact would be significant and would reduce margins materially. The advertising and subscription businesses represent the highest-margin revenue streams in the portfolio. Uber Eats advertising — brands paying for premium placement in the Delivery feed — generates margins that dwarf the underlying delivery transaction economics. MembershipePlus subscribers generate higher lifetime value and lower acquisition cost per order than non-subscribers. Both of those revenue streams are growing faster than total Gross Bookings, suggesting continued mix improvement in revenue quality.
Revenue Trend Analysis
YoY Change
+18.3%
8-Year CAGR
+26.5%
Peak Year
2025
Trend
Consistent Growth
Uber Technologies, Inc. has reported revenue across 9 fiscal years, compounding at +26.5% annually over 8 years. The most recent year saw a 18.3% increase versus the prior year. Revenue peaked in 2025 at $52.0B. Out of 8 reported periods, 7 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $52.0B | $10.1B | +18.3% |
| FY2024 | $44.0B | — | +18.0% |
| FY2023 | $37.3B | — | +17.0% |
| FY2022 | $31.9B | — | +82.6% |
| FY2021 | $17.5B | — | +56.7% |
| FY2020 | $11.1B | — | -14.3% |
| FY2019 | $13.0B | — | +24.6% |
| FY2018 | $10.4B | — | +31.5% |
| FY2017 | $7.9B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Uber reported full year 2024 revenue of $43.97 billion, up 18 percent from $37.3 billion in 2023. Gross bookings reached $162.8 billion, up 18 percent year over year, with Mobility bookings of $81.8 billion and Delivery bookings of $74.0 billion. Net income attributable to Uber was $9.86 billion, although that figure was inflated by a $6.4 billion tax benefit from the release of a valuation allowance on deferred tax assets and unrealized gains on equity investments. Adjusted EBITDA, the cleaner profitability measure management emphasizes, was $6.5 billion, up 60 percent from $4.05 billion in 2023, with margin expanding to 4.0 percent of gross bookings. Free cash flow hit $6.9 billion, up from $3.4 billion in 2023. The company ended 2024 with $7.0 billion in cash and short-term investments. Monthly active platform consumers reached 171 million in the fourth quarter of 2024, up 14 percent year over year, and trips topped 3.1 billion in the quarter, both record highs. Uber repurchased $1.5 billion of stock in 2024 under a $7 billion authorization announced in February 2024.
Uber posted its first ever full year GAAP operating profit in 2023, reporting $1.11 billion in operating income on $37.28 billion of revenue, versus a $1.83 billion operating loss in 2022 and a $3.83 billion loss in 2021. The 2023 result also marked Uber's first profitable year on a net income basis at $1.89 billion, although that figure was boosted by gains on equity investments. The path to profitability took 14 years from founding and four years from the May 2019 IPO. Management credited the swing to scale leverage in Mobility, the Delivery business reaching positive adjusted EBITDA in the second quarter of 2022, headcount discipline after the May 2020 layoffs of 6,700 staff, the 2020 divestiture of money-losing Advanced Technologies Group to Aurora, and the rollout of advertising and Uber One subscription revenue. Operating margin expanded further to 2.5 percent in 2024. The 2023 milestone was significant for index inclusion. S&P 500 added Uber in December 2023, which triggered passive fund buying and contributed to the stock more than doubling that year.
Uber went public on May 10, 2019 at $45 per share for an $82 billion fully diluted valuation, immediately below the $120 billion private market valuation it had carried in 2018. Shares fell 7.6 percent on day one and traded below the IPO price for most of the next 18 months, bottoming around $14 in March 2020 during the COVID crash, which dropped market cap to roughly $25 billion. Recovery began in late 2020 on Postmates accretion and ATG divestiture, with shares topping $60 in February 2021. The 2022 tech selloff dragged Uber back to the low $20s by mid-2022. The turn came in 2023 as Uber posted its first operating profit and was added to the S&P 500 in December 2023. Shares climbed from $25 at the start of 2023 to over $61 by year end, a 152 percent gain. Market cap reached approximately $177 billion by early 2025 at around $85 per share, finally exceeding the original IPO valuation. Total return from the IPO through early 2025 was approximately 90 percent, trailing the S&P 500 over the same period.
Uber's capital allocation under Dara Khosrowshahi has shifted decisively from growth-at-all-costs to disciplined returns since the 2019 IPO. In February 2024 Uber announced its first ever share repurchase authorization of $7 billion, with $1.5 billion executed in 2024. The company has paid down debt aggressively, retiring high-cost notes and refinancing into lower-rate instruments, reducing net debt from a peak of around $7 billion in 2020 to roughly $3 billion at end of 2024. Uber has monetized equity stakes from past international retreats, selling its remaining Didi shares in 2022 for about $1.7 billion and reducing its Aurora and Grab positions to fund the buyback. Acquisitions have been bolt-on rather than transformational, with no deals approaching the size of the $2.65 billion Postmates purchase since 2020. Capex remained modest at roughly $200 to $300 million annually given the asset-light model. Khosrowshahi has explicitly told investors that Uber is moving from a growth story to a free cash flow compounder, targeting mid-30s percent adjusted EBITDA growth and over 90 percent free cash flow conversion through 2026.
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CorpDigest. "Uber Technologies, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/uber/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Uber Technologies, Inc. reported $52B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/uber/financials" target="_blank" rel="noopener">CorpDigest — Uber Technologies, Inc. financials</a></div>