Coca-Cola vs Uber: Revenue, Profit and Business Model
Coca-Cola reported $47.9B of revenue in FY2025 and $13.1B of net income. Uber reported $52B of revenue in FY2025 and $10.1B of net income.
Latest financial snapshot
Financial summary
Coca-Cola
Coca-Cola's financial profile comes from its asset-light franchise model. It sells concentrates and syrups to independent bottlers, which own the capital-intensive plants, trucks and coolers, so the parent company keeps high margins on a relatively small asset base. FY2025 revenue was $47.941 billion with $13.107 billion in net income, up from $47.061 billion in revenue in 2024. In Q2 2026, net revenue grew 7% to $13.4 billion and comparable EPS rose 11% to $0.97. That cash supports the dividend: in February 2026 the board approved a 64th consecutive annual increase, to $0.53 per quarter. Berkshire Hathaway has held 400 million shares since the early 1990s, making it the largest single shareholder.
Uber
Uber moved from years of heavy losses to steady profitability. Revenue grew from $37.3 billion in FY2023 to $44.0 billion in FY2024 and $52.0 billion in FY2025, while net income attributable to Uber was $10.053 billion in FY2025 (FY2024's $9.856 billion included a large tax valuation allowance release). Growth continued into 2026: Q2 2026 gross bookings rose 24% year over year to $58.0 billion and revenue rose about 12% to roughly $14.2 billion, and trailing twelve-month free cash flow passed $10 billion. The pending Delivery Hero deal, valued at $14.8 billion in equity, would be Uber's largest acquisition.
Revenue and profit by year
Coca-Cola
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $47.9B | $13.1B | 27.3% | +1.9% | Source |
| FY2024 | $47.1B | — | 0.0% | +2.9% | Source |
| FY2023 | $45.8B | $10.7B | 23.4% | +6.4% | Source |
| FY2022 | $43B | $9.5B | 22.2% | +11.3% | Source |
| FY2021 | $38.7B | — | 0.0% | +17.1% | Source |
| FY2020 | $33B | — | 0.0% | -11.4% | Source |
| FY2019 | $37.3B | $8.9B | 23.9% | — | Source |
Uber
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $52B | $10.1B | 19.3% | +18.3% | Source |
| FY2024 | $44B | $9.9B | 22.4% | +18.0% | Source |
| FY2023 | $37.3B | $1.9B | 5.1% | +17.0% | Source |
| FY2022 | $31.9B | -$9.1B | -28.7% | +82.6% | Source |
| FY2021 | $17.5B | -$496M | -2.8% | +56.7% | Source |
| FY2020 | $11.1B | -$6.8B | -60.8% | -14.3% | Source |
| FY2019 | $13B | -$8.5B | -65.4% | +24.6% | Source |
| FY2018 | $10.4B | $997M | 9.6% | +31.5% | Source |
| FY2017 | $7.9B | -$4B | -50.8% | — | Source |
Where the revenue comes from
Coca-Cola
- Concentrate operations
Roughly 55-60% of net operating revenue
Sales of concentrates, syrups and beverage bases to authorized bottlers and fountain customers; the high-margin core of the model.
- Finished product operations
Roughly 40-45% of net operating revenue
Company-owned bottling operations, Costa Coffee, fairlife and other businesses that sell finished beverages directly to retailers and distributors.
Uber
- Mobility
~52% (Q2 2026)
Fees from ride-hailing trips, including UberX, Uber Black, taxis and autonomous rides on partner vehicles. About $7.36B of Q2 2026 revenue.
- Delivery
~37% (Q2 2026)
Fees from Uber Eats restaurant, grocery and retail orders, plus delivery advertising. About $5.25B of Q2 2026 revenue.
- Freight
~11% (Q2 2026)
Uber Freight brokerage and managed transportation services for shippers.
Business model and strategy
Coca-Cola
How it makes money
Coca-Cola runs a franchise model. The company develops or acquires beverage recipes and runs global marketing, including sponsorships such as the Olympics. It earns revenue by selling concentrate to independent bottling companies around the world, such as Coca-Cola Europacific Partners. The bottlers add water, package the drinks and handle distribution, and pay Coca-Cola for the right to sell its brands.
Growth strategy
Coca-Cola calls itself a 'total beverage company': it keeps trademark Coca-Cola and Coca-Cola Zero Sugar at the center while building scale in coffee (Costa), sports hydration (BodyArmor, Powerade), premium water (Smartwater, Topo Chico) and value-added dairy (fairlife).
Competitive advantage
Coca-Cola's advantage is its brand and its distribution network. Its products reach even very remote places through a system of bottlers, trucks and independent shopkeepers that took more than a century to build. A new drinks company can develop a product people like, but it cannot quickly match Coca-Cola's reach into shops and refrigerators worldwide.
Uber
How it makes money
Uber does not own most of the cars, restaurants or trucks on its platform. It matches riders with independent drivers (Mobility), consumers with restaurants, grocers and couriers (Delivery), and shippers with carriers (Freight), and keeps a share of each transaction as revenue.
Growth strategy
Uber's growth strategy centers on cross-platform engagement between Mobility and Delivery, Uber One membership, advertising, autonomous-vehicle partnerships, and international delivery scale. The €41.50-per-share Delivery Hero tender, launched September 18, 2026 after Delivery Hero's boards recommended it on September 2, would extend delivery density; Uber expects closing in the second half of 2027.
Competitive advantage
Uber's advantage comes from local marketplace liquidity, brand recognition, routing data, payments, driver and courier networks, merchant relationships, subscriptions, and cross-sell between Mobility and Delivery.
Questions about Coca-Cola vs Uber
Which company has higher revenue — The Coca-Cola Company or Uber Technologies, Inc.?
The Coca-Cola Company reported $47.9B (FY2025), while Uber Technologies, Inc. reported $52.0B (FY2025). By last reported revenue, Uber Technologies, Inc. is the larger business, with The Coca-Cola Company reporting a smaller revenue base.
What is the market cap of The Coca-Cola Company vs Uber Technologies, Inc.?
The Coca-Cola Company's market capitalisation stands at $379.0B, while Uber Technologies, Inc.'s is $142.0B. The Coca-Cola Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Uber Technologies, Inc..
Which is more financially efficient — The Coca-Cola Company or Uber Technologies, Inc.?
The Coca-Cola Company generates $727k / employee in revenue per employee, while Uber Technologies, Inc. generates $1.53M / employee. Uber Technologies, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do The Coca-Cola Company and Uber Technologies, Inc. make money?
The Coca-Cola Company and Uber Technologies, Inc. generate revenue in fundamentally different ways. The Coca-Cola Company: Coca-Cola runs a franchise model. Uber Technologies, Inc.: Uber does not own most of the cars, restaurants or trucks on its platform.
Which company is valued higher relative to revenue — The Coca-Cola Company or Uber Technologies, Inc.?
On a price-to-sales (P/S) basis, The Coca-Cola Company trades at 7.9x P/S and Uber Technologies, Inc. at 2.7x P/S. The Coca-Cola Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Uber Technologies, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Coca-Cola Company bigger than Uber Technologies, Inc.?
By last reported revenue, Uber Technologies, Inc. ($52.0B (FY2025)) is the larger company compared to The Coca-Cola Company ($47.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Coca-Cola vs Uber overview