Uber

Uber is a technology platform that connects consumers with providers of ride services, merchants and delivery service providers. It has three platform offerings: Mobility, which covers ridesharing, carsharing, micromobility, rentals, public transit and taxis; Delivery, which covers restaurants, grocery, alcohol, convenience and other retailers; and Freight. Uber says each addresses a large, fragmented market.

Uber’s revenue was $52.0 billion in 2025, up 18% year-over-year, primarily from a 19% increase in Gross Bookings. Mobility revenue comes from service fees paid by Drivers, amounts charged to end-users for Mobility services and platform fees charged to end-users in certain markets. Delivery revenue comes from service fees paid by Couriers and Merchants, amounts charged to end-users for Delivery and platform fees charged to end-users in certain markets. Freight revenue comes from freight brokerage, transportation management and related services provided to Shippers. Gross profit on this page is revenue less cost of revenue exclusive of depreciation and amortization, which Uber shows as a separate line.

Delivery revenue increased 25% in 2025, primarily from a 22% increase in Delivery Gross Bookings and a $568 million increase in advertising revenue. Mobility revenue increased 18% and Mobility Adjusted EBITDA increased 22%. Its MAPCs, the unique consumers who completed a Mobility ride or received a Delivery order in a month, averaged over the quarter, were 202 million in the fourth quarter of 2025, growing 18% from a year earlier.

Uber says its business would be adversely affected if Drivers were classified as employees, workers or quasi-employees instead of independent contractors. It names Alphabet (Waymo), Amazon (Zoox) and Tesla as companies developing autonomous vehicles that compete or may compete with it in the future. Cost of revenue rose 18% in 2025, mainly on higher Driver and Courier payments and incentives and an $851 million increase in insurance expense, primarily due to a higher insurance rate per mile and more miles driven in Mobility. Freight revenue decreased 1%, primarily attributable to a 1% decrease in Freight Gross Bookings due to lower revenue per load in a challenging freight market cycle.