Financial Trends -- 8/10
Uber has delivered one of the most impressive financial transformations in recent tech history.
Revenue compounded at ~31% CAGR from FY2021 to FY2025. Adjusted EBITDA swung from ($774M) to
$8.7B. FCF of $9.8B converts at 112% of EBITDA. Take rates are stable-to-expanding in both
Mobility (~30%) and Delivery (~19%), driven by advertising, membership, and operating leverage.
Share count is now declining for the first time. The only blemishes are Freight drag and a
Q4 2025 mobility take rate dip to 29.9%.
Weight: 25%
FY2025 Revenue
$52.0B
+18% YoY | 31% CAGR from FY2021
FY2025 Adj. EBITDA
$8.7B
+35% YoY | from ($774M) in FY2021
Free Cash Flow
$9.8B
112% FCF conversion of EBITDA
Non-GAAP EPS
$2.45
+35% YoY
Annual Financial Summary (FY2021 - FY2025, $Millions)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|
| Total Revenue | $17,500M | $31,900M | $37,300M | $44,000M | $52,000M |
| Mobility GB | $36,600M | $52,700M | $68,900M | $83,000M | $97,500M |
| Delivery GB | $51,600M | $55,800M | $63,700M | $74,600M | $90,900M |
| Freight GB | $2,100M | $7,000M | $5,200M | $5,100M | $5,100M |
| Adjusted EBITDA | ($774M) | $1,700M | $4,100M | $6,500M | $8,700M |
| Free Cash Flow | ($743M) | $390M | $3,400M | $6,900M | $9,800M |
| Non-GAAP EPS | — | — | — | $1.82 | $2.45 |
| GAAP Net Income | ($496M) | ($9,100M) | $1,900M | $9,900M | $10,100M |
| Shares Out (M) | 1,954 | 2,010 | 2,076 | 2,089 | 2,058 |
| Share Repurchase | — | — | — | $1,300M | $6,500M |
Key trends
- Revenue compounding at 31% CAGR: From $17.5B (FY2021) to $52.0B (FY2025), driven by gross bookings growth across Mobility and Delivery
- EBITDA margin expansion is dramatic: From negative to 4.5% of total gross bookings ($8.7B on ~$194B GB). Operating leverage is the key driver
- FCF conversion exceeds 100% of EBITDA: $9.8B FCF vs $8.7B EBITDA reflects low capex intensity and working capital favorability
- Share count declining for the first time: $6.5B in FY2025 buybacks reduced shares from 2,089M to 2,058M. $20B+ total authorization outstanding
- Freight is the only drag: $5.1B in flat gross bookings, loss-making. The Transplace acquisition (~$2.25B in 2021) has not delivered
Quarterly Adjusted EBITDA and Non-GAAP EPS (8 Quarters)
Quarterly Gross Bookings by Segment ($Millions)
| Metric | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 |
|---|
| Mobility | $18,700M | $20,600M | $21,000M | $22,800M | $21,200M | $23,800M | $25,100M | $27,400M |
| Delivery | $17,700M | $18,100M | $18,700M | $20,100M | $20,400M | $21,700M | $23,300M | $25,400M |
| Freight | $1,300M | $1,300M | $1,300M | $1,300M | $1,300M | $1,300M | $1,300M | $1,300M |
Quarterly Take Rates (Revenue / Gross Bookings)
Key trends
- Mobility take rate stable at ~30%: Consistent across 8 quarters with a slight dip to 29.9% in Q4 2025. Driven by advertising, Uber One, and operating leverage
- Delivery take rate expanding: From 18.2% (Q1 2024) to 19.2% (Q4 2025), a meaningful improvement driven by ad penetration exceeding the 2% target and improved unit economics
- Quarterly EBITDA growth accelerating: 33-35% YoY growth consistently across all four quarters of FY2025
- Non-GAAP EPS trajectory is strong: From $0.35 in Q1 2024 to $0.71 in Q4 2025, a doubling in under two years
Consensus Estimates (FY2026E)
| Metric |
FY2025A |
FY2026E (Street) |
Implied Growth |
| Revenue |
$52.0B |
~$60.1B |
~16% |
| Non-GAAP EPS |
$2.45 |
~$3.52 |
~44% |
| Adj. EBITDA |
$8.7B |
~$11.5B (est.) |
~32% |
Score rationale
Score: 8/10 -- Uber financial trajectory is exceptional. Revenue has compounded at ~31% CAGR from FY2021 to FY2025. Gross bookings across Mobility and Delivery have shown consistent mid-to-high-teens growth. EBITDA margins have expanded from negative to 4.5% of gross bookings. FCF conversion exceeds 100% of EBITDA. Take rates are stable-to-expanding in both Mobility (~30%) and Delivery (~19%), driven by advertising, membership, and operating leverage. The only blemish is Freight, which remains flat and loss-making. Share count is now declining for the first time (down ~30M shares in FY2025), with $6.5B repurchased. This is a durable compounder with strong operating leverage. Score docked slightly for Q4 2025 mobility take rate dip (29.9%) and Freight drag.
Data sourced from
Daloopa, company filings, and earnings transcripts.