Meta vs Uber: Revenue, Profit and Business Model
Meta reported $201B of revenue in FY2025 and $60.5B of net income. Uber reported $52B of revenue in FY2025 and $10.1B of net income.
Latest financial snapshot
Financial summary
Meta
Meta's revenue grew from $116.609B in 2022 to $200.966B in 2025, and net income rose from $23.2B to $60.458B. FY2025 income from operations was $83.276B. In 2026 the story is spending: Q2 2026 costs rose 55% to $42.03B, the operating margin fell to 31% from 43%, and quarterly capex of $31.08B left free cash flow at $784M. Meta had $90.26B of cash and marketable securities and $83.66B of long-term debt at June 30, 2026. It expects 2026 total expenses of $165-169B and still expects 2026 operating income to exceed 2025.
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
Meta
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $201B | $60.5B | 30.1% | +22.2% | Source |
| FY2024 | $164.5B | $62.4B | 37.9% | +21.9% | Source |
| FY2023 | $134.9B | $39.1B | 29.0% | +15.7% | Source |
| FY2022 | $116.6B | $23.2B | 19.9% | -1.1% | Source |
| FY2021 | $117.9B | $39.4B | 33.4% | +37.2% | Source |
| FY2020 | $86B | $29.1B | 33.9% | +21.6% | Source |
| FY2019 | $70.7B | $18.5B | 26.1% | +26.6% | Source |
| FY2018 | $55.8B | $22.1B | 39.6% | +37.4% | Source |
| FY2017 | $40.7B | $15.9B | 39.2% | +47.1% | Source |
| FY2016 | $27.6B | $10.2B | 37.0% | — | 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
Meta
- Advertising
~97.6% (FY2025)
Ads across Facebook, Instagram, Messenger, Threads and WhatsApp; $196.175B in FY2025.
- Other revenue and Reality Labs
~2.4% (FY2025)
WhatsApp Business messaging, Meta Verified subscriptions, Quest headsets and Ray-Ban Meta glasses.
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
Meta
How it makes money
Meta makes money by selling ads. Facebook, Instagram, Messenger, WhatsApp and Threads are free to use, and advertisers pay to reach people in feeds, Stories, Reels and click-to-message formats. Advertising produced $196.175B of Meta's $200.966B FY2025 revenue, about 97.6%. Q2 2026 growth came from 14% more ad impressions and a 12% higher average price per ad.
Growth strategy
Meta's growth plan runs through AI. Better ranking and ad-delivery models raise engagement on Reels and feeds and lift ad prices, which drove the 28% revenue growth in Q2 2026. Meta Superintelligence Labs, led by former Scale AI CEO Alexandr Wang, released the first Muse Spark model in April 2026, followed by a paid API and the Muse consumer AI agent in September 2026.
Competitive advantage
Meta's moat is distribution plus data. Its apps reach 3.60 billion people every day, so new products such as Threads, Meta AI and Muse can launch to a huge audience at once. Advertisers stay because Meta's AI ad tools such as Advantage+ convert across that audience at a scale only Google matches. Meta also owns its compute, custom MTIA chips and frontier models, which reduces its dependence on outside AI suppliers.
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 Meta vs Uber
Which company has higher revenue — Meta Platforms, Inc. or Uber Technologies, Inc.?
Meta Platforms, Inc. reported $201.0B (FY2025), while Uber Technologies, Inc. reported $52.0B (FY2025). By last reported revenue, Meta Platforms, Inc. is the larger business, with Uber Technologies, Inc. reporting a smaller revenue base.
What is the market cap of Meta Platforms, Inc. vs Uber Technologies, Inc.?
Meta Platforms, Inc.'s market capitalisation stands at $1.90T, while Uber Technologies, Inc.'s is $142.0B. Meta Platforms, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Uber Technologies, Inc..
Which is more financially efficient — Meta Platforms, Inc. or Uber Technologies, Inc.?
Meta Platforms, Inc. generates $2.66M / employee in revenue per employee, while Uber Technologies, Inc. generates $1.53M / employee. Meta Platforms, 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 Meta Platforms, Inc. and Uber Technologies, Inc. make money?
Meta Platforms, Inc. and Uber Technologies, Inc. generate revenue in fundamentally different ways. Meta Platforms, Inc.: Meta makes money by selling ads. 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 — Meta Platforms, Inc. or Uber Technologies, Inc.?
On a price-to-sales (P/S) basis, Meta Platforms, Inc. trades at 9.5x P/S and Uber Technologies, Inc. at 2.7x P/S. Meta Platforms, Inc. 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 Meta Platforms, Inc. bigger than Uber Technologies, Inc.?
By last reported revenue, Meta Platforms, Inc. ($201.0B (FY2025)) is the larger company compared to Uber Technologies, Inc. ($52.0B (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 Meta vs Uber overview