Financial Trends -- 8/10
Uber is in a powerful operating-leverage phase. Revenue compounds in the mid-to-high teens, GAAP
operating margin has expanded dramatically (annual 3.0% to 6.4% to 10.7% across 2023-2025), FCF is
large, positive, and growing (+42% in FY25 to $9.8B), and the share count has flipped from mild
dilution to net shrinkage as buybacks ramp (~$3B repurchased in Q1'26). The only blemish is that
revenue YoY is lumpy rather than cleanly accelerating (Q1'26 +14.5% on a take-rate / insurance
reclassification), which is the sole thing keeping this off a 9-10. No penalty modifiers trigger.
Weight: 25%
GAAP Op Margin
14.6%
+392bps YoY | Expanding
FY25 FCF
$9.8B
+41.6% YoY | High-teens margin
Share Count
Declining
-2.3% in Q1'26 | Buyback-driven
Quarterly Revenue Trajectory ($M)
Revenue YoY is lumpy/stable, not cleanly accelerating: +13.8% to +20.4% band, then +14.5% in Q1'26.
The Q1'26 step-down is a tougher-comp and take-rate (insurance pass-through) effect, not a demand
break -- gross bookings still grew +25% and trips +20% YoY in Q1'26. Underlying volume momentum
is intact; the lumpy net-revenue print is the only reason this dimension is an 8 rather than a 9-10.
Profitability Inflection (Q1'25 vs Q1'26)
Operating leverage is the strongest element of the trend.
Adj EBITDA grew ~33% YoY in Q1'26 and GAAP operating margin expanded +392bps to 14.6% -- driven by
fixed-cost leverage on opex (S&M, G&A growing slower than bookings) plus segment mix toward
profitable Mobility/Delivery. FCF is positive every quarter and high-teens margin; the modest +1.6%
Q1'26 YoY print is working-capital timing, not deterioration (FY25 FCF was +41.6%).
Annual Financial Summary (FY ends December)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue ($M) | $17,455M | $31,877M | $37,281M | $43,978M | $52,017M |
| Rev YoY | — | +82.6% | +17.0% | +18.0% | +18.3% |
| GAAP Op. Income ($M) | ($3,834M) | ($1,832M) | $1,110M | $2,799M | $5,565M |
| GAAP Op. Margin | -22.0% | -5.7% | 3.0% | 6.4% | 10.7% |
| Adj. EBITDA ($M) | — | — | — | $6,484M | $8,730M |
| Free Cash Flow ($M) | — | — | — | $6,895M | $9,763M |
| Gross Bookings ($M) | — | — | — | $162,773M | $193,454M |
| Trips (M) | — | — | — | 11,273 | 13,567 |
Key trends
- Revenue compounding in the high-teens: From $17.5B (2021) to $52.0B (2025); ~18% YoY in each of the last three years. Q1'26 net revenue +14.5% (take-rate/insurance-reclass optics) while gross bookings grew +25% and trips +20%
- Operating margin inflecting hard: GAAP operating margin went from -22.0% (2021) to 3.0% (2023) to 10.7% (2025), and +392bps YoY in Q1'26 to 14.6% -- opex leverage plus profitable-segment mix
- FCF large and growing: $6.9B (2024) to $9.8B (2025), +41.6% YoY, high-teens FCF margin; net-cash balance sheet
- Share count turning down: Non-GAAP weighted shares fell -2.3% in Q1'26 on the ~$3B buyback -- flipped from mild SBC dilution to net reduction
Segment Gross Bookings ($M, Quarterly)
Segment Operating Income ($M, Quarterly)
Both segments compounding profit. Mobility segment operating
income rose from $1,587M (Q1'25) to $2,029M (Q1'26, +28% YoY) and Delivery from $671M to $961M
(+43% YoY). This is the scale economics showing up in the P&L -- the two-sided network is
monetizing, not buying share.
Free Cash Flow ($M, Quarterly)
- FCF positive every quarter, high-teens margin: FY25 FCF $9,763M vs FY24 $6,895M = +41.6% YoY
- Net-cash balance sheet: Long-term debt range-bound (~$8.3B-$10.5B), not growing faster than revenue; no debt penalty
Share Count & Buybacks
- Share count declining: Non-GAAP weighted shares fell -2.3% YoY in Q1'26, buyback-driven (~$3B repurchased in the quarter)
- Flipped from dilution to reduction: GAAP diluted shares peaked mid-2024 on SBC and have since rolled over -- no dilution penalty
Blemishes -- Not Operational Deterioration
| Blemish | Detail | Penalty |
|---|---|---|
| Lumpy Revenue YoY | Net revenue YoY decelerated to +14.5% in Q1'26 (from a +18-20% band) on a take-rate / insurance pass-through reclassification; gross bookings still +25% and trips +20% YoY -- not a demand break | None |
| Q1'26 FCF Growth Slowed | Q1'26 FCF +1.6% YoY on working-capital timing; FCF remains positive, high-teens margin, and FY25 grew +41.6% | None |
Both blemishes are optical/timing, not operational.
The revenue-YoY step-down is a take-rate reclassification (gross bookings and trips still grew
double-digit), and the Q1'26 FCF wobble is working-capital seasonality against a +41.6% FY25 base.
Neither reflects deterioration in the underlying platform. Composite quality gate --
positiveGrowingFcf: YES.
Score Rationale
Score of 8/10 reflects a category-leading platform inflecting hard on profitability with no penalty modifiers applied.
Supports 8/10:
- GAAP operating margin expanded from 3.0% (2023) to 10.7% (2025) and +392bps YoY in Q1'26 -- clears the "+100bps expanding" bar by a wide margin
- Adj EBITDA grew ~35% in FY25 to $8.7B; Mobility and Delivery segment operating income both compounding (+28% and +43% YoY in Q1'26)
- FCF large, positive, and growing: $9.8B FY25, +41.6% YoY, high-teens margin
- Share count turning down (-2.3% in Q1'26) on a ~$3B buyback; net-cash balance sheet, debt flat
- Revenue compounding ~18%/yr; gross bookings +25% and trips +20% in Q1'26
Why not 9-10 (no penalty, just held):
- Revenue net-YoY is lumpy/stable rather than cleanly accelerating (+14.5% Q1'26 on take-rate reclass)
- Q1'26 FCF growth slowed to +1.6% YoY on working-capital timing
Data sourced from Daloopa (company_id: 10039). Fiscal year ends December 31. All financials in USD.