Uber Announces Results for Second Quarter 2026

Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended June 30, 2026.

“Uber’s platform advantage continues to compound: record consumers and engagement, and profitable growth across our business,” said Dara Khosrowshahi, CEO. “In fact, we’ve added more first-time users over the past twelve months than in any period over the past five years. We’re investing from a position of strength, as we accelerate our cross-platform strategy at a global scale and build the world’s largest platform for autonomous vehicles.”

“We continue to convert strong top-line growth into faster earnings and significant cash generation,” said Balaji Krishnamurthy, CFO. “Gross Bookings grew 22%, Non-GAAP EPS grew 35%, and trailing twelve-month free cash flow exceeded $10 billion for the first time in Uber’s history—giving us the flexibility to both invest for the future and pursue strategic opportunities, while continuing to reduce our share count.”

Financial and Operational Highlights for Second Quarter 2026

• Trips during the quarter grew 18% year-over-year (“YoY”) to 3.9 billion, driven by Monthly Active Platform Consumers (“MAPCs”) growth of 16% YoY and monthly Trips per MAPC growth of 2% YoY.

• Gross Bookings grew 24% YoY to $58.0 billion, and 22% on a constant currency basis.

• Revenue grew 12% YoY to $14.2 billion, or 11% on a constant currency basis. Business model changes negatively impacted total revenue YoY growth by 8 percentage points on a reported and constant currency basis.

• GAAP Income from operations grew 30% YoY to $1.9 billion.

• GAAP Net income attributable to Uber Technologies, Inc. was $2.4 billion, which includes a $1.6 billion net benefit (pre-tax) from revaluations of Uber’s equity investments. GAAP Diluted earnings per share (“EPS”) was $1.17.

• Adjusted EBITDA grew 33% YoY to $2.8 billion. Adjusted EBITDA margin as a percentage of Gross Bookings was 4.9%, up from 4.5% in Q2 2025.

• Non-GAAP Operating Income grew 40% YoY to $2.1 billion. Non-GAAP Operating Income as a percentage of Gross Bookings was 3.7%, up from 3.3% in Q2 2025.

• Non-GAAP Net Income grew 29% YoY to $1.7 billion and Non-GAAP EPS grew 35% YoY to $0.81.

• Net cash provided by operating activities was $2.9 billion and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $2.8 billion.

• Unrestricted cash, cash equivalents, and short-term investments were $5.4 billion at the end of the second quarter.

Outlook for Q3 2026

For Q3 2026, we anticipate:

• Gross Bookings of $58.25 billion to $60.25 billion, representing growth of 18% to 22% YoY on a constant-currency basis.
  • Our outlook assumes a roughly 1 percentage-point currency headwind to total reported YoY growth.

• Non-GAAP EPS of $0.84 to $0.88, representing growth of 28% to 35% YoY.
  • Our outlook translates to Adjusted EBITDA of $2.86 billion to $2.96 billion.

Financial and Operational Highlights for Second Quarter 2026

		Three Months Ended June 30,
(In millions, except percentages and per share amounts)		2025			2026			% Change			% Change (Constant Currency (1))
Monthly Active Platform Consumers (“MAPCs”)			180			208		16	%
Trips			3,268			3,867		18	%
Gross Bookings		$	46,756		$	58,022		24	%		22	%
Revenue		$	12,651		$	14,191		12	%		11	%
GAAP Income from operations		$	1,450		$	1,890		30	%
GAAP Net income attributable to Uber Technologies, Inc. (2)		$	1,355		$	2,394		77	%
GAAP Diluted EPS		$	0.63		$	1.17		85	%
Adjusted EBITDA (1)		$	2,119		$	2,819		33	%
Non-GAAP Operating Income (1)		$	1,534		$	2,143		40	%
Non-GAAP Net Income (1)		$	1,280		$	1,652		29	%
Non-GAAP EPS (1)		$	0.60		$	0.81		35	%
Net cash provided by operating activities		$	2,564		$	2,862		12	%
Free cash flow (1)		$	2,475		$	2,792		13	%

(1)		See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.
(2)		Q2 2025 net income includes a $17 million net headwind (pre-tax) from revaluations of Uber’s equity investments. Q2 2026 net income includes a $1.6 billion net benefit (pre-tax) from revaluations of Uber’s equity investments.

Results by Offering and Segment

Gross Bookings

		Three Months Ended June 30,
(In millions, except percentages)		2025			2026			% Change			% Change (Constant Currency)
Gross Bookings:
Mobility		$	23,762		$	28,988		22	%		20	%
Delivery			21,734			27,463		26	%		25	%
Freight			1,260			1,571		25	%		25	%
Total		$	46,756		$	58,022		24	%		22	%

Revenue

		Three Months Ended June 30,
(In millions, except percentages)		2025			2026			% Change			% Change (Constant Currency)
Revenue:
Mobility		$	7,288		$	7,363		1	%		0	%
Delivery			4,102			5,245		28	%		26	%
Freight			1,261			1,583		26	%		25	%
Total		$	12,651		$	14,191		12	%		11	%

Non-GAAP Operating Income and Segment Operating Income (Loss)

		Three Months Ended June 30,
(In millions, except percentages)		2025				2026				% Change
Segment Operating Income (Loss):
Mobility		$	1,729			$	2,215			28	%
Delivery			766				1,055			38	%
Freight			(26	)			(24	)		8	%
Corporate G&A and Platform R&D (1)			(935	)			(1,103	)		(18	)%
Non-GAAP Operating Income (2)		$	1,534			$	2,143			40	%

(1)		Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change.
(2)		“Non-GAAP Operating Income” is a non-GAAP measure as defined by the SEC. See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

Webcast and conference call information

A live audio webcast of our second quarter ended June 30, 2026 earnings release call will be available at https://investor.uber.com/, along with the earnings press release and slide presentation. The call begins on August 5, 2026 at 5:00 AM (PT) / 8:00 AM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site.

We also provide announcements regarding our financial performance and other matters, including SEC filings, investor events, press and earnings releases, on our investor relations website (https://investor.uber.com/), and our blogs (https://uber.com/blog) and X accounts (@uber and @dkhos), as a means of disclosing material information and complying with our disclosure obligations under Regulation FD.

About Uber

Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 79 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Forward-Looking Statements

This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: competition, managing our growth and corporate culture, financial performance, investments in new products or offerings, our ability to attract drivers, consumers and other partners to our platform, our brand and reputation and other legal and regulatory developments, particularly with respect to our relationships with drivers and couriers and the impact of the global economy, including rising inflation and interest rates. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our annual report on Form 10-K for the year ended December 31, 2025 and subsequent quarterly reports and other filings filed with the Securities and Exchange Commission from time to time. All information provided in this release and in the attachments is as of the date of this press release and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

Non-GAAP Financial Measures

To supplement our financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we use the following non-GAAP financial measures: Adjusted EBITDA; Non-GAAP Operating Income; Non-GAAP Net Income; Non-GAAP EPS; Free cash flow; as well as, revenue growth rates in constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results.

We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.

There are a number of limitations related to the use of non-GAAP financial measures. In light of these limitations, we provide specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.

For more information on these non-GAAP financial measures, please see the sections titled “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” included at the end of this release. In regards to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking Non-GAAP EPS and Adjusted EBITDA measures to the closest corresponding GAAP measures without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items. These items include, but are not limited to, significant legal settlements, unrealized gains and losses on equity investments, tax and regulatory reserve changes, restructuring costs and acquisition and financing related impacts.

UBER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited)
		As of December 31, 2025				As of June 30, 2026
Assets
Cash and cash equivalents		$	7,105			$	4,870
Short-term investments			528				521
Restricted cash and cash equivalents			631				661
Accounts receivable, net			3,827				4,298
Prepaid expenses and other current assets			1,902				2,179
Total current assets			13,993				12,529
Restricted cash and cash equivalents			1,911				1,646
Restricted investments			8,874				9,486
Investments			9,178				8,759
Equity method investments			287				3,773
Property and equipment, net			1,897				1,809
Operating lease right-of-use assets			1,114				1,558
Intangible assets, net			1,048				1,132
Goodwill			8,931				9,472
Deferred tax assets			10,951				10,162
Other non-current assets			3,618				5,475
Total assets		$	61,802			$	65,801
Liabilities, redeemable non-controlling interests and equity
Accounts payable		$	1,013			$	1,366
Short-term insurance reserves			3,387				3,758
Operating lease liabilities, current			169				178
Short-term debt			—				1,997
Accrued and other current liabilities			7,751				7,572
Total current liabilities			12,320				14,871
Long-term insurance reserves			9,076				9,528
Long-term debt, net of current portion			10,521				10,726
Operating lease liabilities, non-current			1,390				1,830
Other non-current liabilities			412				447
Total liabilities			33,719				37,402
Redeemable non-controlling interests			165				180
Equity
Common stock			—				—
Additional paid-in capital			38,101				35,698
Accumulated other comprehensive loss			(432	)			(432	)
Accumulated deficit			(10,628	)			(7,950	)
Total Uber Technologies, Inc. stockholders’ equity			27,041				27,316
Non-redeemable non-controlling interests			877				903
Total equity			27,918				28,219
Total liabilities, redeemable non-controlling interests and equity		$	61,802			$	65,801

UBER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are reflected in thousands, and per share amounts) (Unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2026				2025				2026
Revenue		$	12,651			$	14,191			$	24,184			$	27,394
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below			7,611				7,815				14,548				15,073
Operations and support			696				805				1,364				1,568
Sales and marketing			1,210				1,515				2,267				2,841
Research and development			840				1,043				1,655				1,994
General and administrative			669				935				1,326				1,733
Depreciation and amortization			175				188				346				372
Total costs and expenses			11,201				12,301				21,506				23,581
Income from operations			1,450				1,890				2,678				3,813
Interest expense			(108	)			(127	)			(213	)			(235	)
Interest income			181				172				350				347
Other income (expense), net			(19	)			1,342				74				(152	)
Income before income taxes and loss from equity method investments			1,504				3,277				2,889				3,773
Provision for (benefit from) income taxes			142				840				(260	)			1,034
Loss from equity method investments			(12	)			(21	)			(25	)			(41	)
Net income including non-controlling interests			1,350				2,416				3,124				2,698
Less: net income (loss) attributable to non-controlling interests, net of tax			(5	)			22				(7	)			41
Net income attributable to Uber Technologies, Inc.		$	1,355			$	2,394			$	3,131			$	2,657
Net income per share attributable to Uber Technologies, Inc. common stockholders:
Basic		$	0.65			$	1.18			$	1.50			$	1.30
Diluted		$	0.63			$	1.17			$	1.46			$	1.29
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic			2,091,106				2,036,458				2,091,781				2,044,279
Diluted			2,125,628				2,050,225				2,124,181				2,060,763

UBER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2026				2025				2026
Cash flows from operating activities
Net income including non-controlling interests		$	1,350			$	2,416			$	3,124			$	2,698
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			181				195				359				386
Stock-based compensation			475				550				910				1,023
Deferred income taxes			87				665				(325	)			771
(Gains) losses on debt and equity securities, net			17				(1,612	)			(34	)			(138	)
(Gains) losses on foreign currency transactions, net			(101	)			(58	)			(152	)			(53	)
Other			106				296				79				316
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable			(212	)			(425	)			(335	)			(499	)
Prepaid expenses and other assets			(251	)			(163	)			(748	)			(375	)
Operating lease right-of-use assets			46				38				89				100
Accounts payable			125				161				131				345
Accrued insurance reserves			812				387				1,487				830
Accrued expenses and other liabilities			(20	)			447				410				(94	)
Operating lease liabilities			(51	)			(35	)			(107	)			(97	)
Net cash provided by operating activities			2,564				2,862				4,888				5,213
Cash flows from investing activities
Purchases of property and equipment			(89	)			(70	)			(163	)			(135	)
Purchases of non-marketable equity securities			(12	)			(175	)			(191	)			(507	)
Purchases of marketable securities			(5,095	)			(10,887	)			(7,635	)			(17,646	)
Purchases of notes receivable			—				(111	)			—				(298	)
Proceeds from maturities and sales of marketable securities			4,636				8,119				7,033				14,665
Acquisition of businesses, net of cash acquired			(804	)			(647	)			(804	)			(653	)
Purchase of total return swaps			—				(1,640	)			—				(1,640	)
Other investing activities			(97	)			22				(243	)			52
Net cash used in investing activities			(1,461	)			(5,389	)			(2,003	)			(6,162	)
Cash flows from financing activities
Proceeds from term loan, notes, and credit facility, net of issuance costs			1,127				3,997				1,127				3,997
Principal repayment on term loan, notes, and credit facility			—				(2,000	)			—				(2,000	)
Principal payments on finance leases			(28	)			(42	)			(75	)			(82	)
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan			120				136				120				136
Repurchases of common stock			(1,363	)			(518	)			(3,148	)			(3,529	)
Other financing activities			(51	)			(33	)			(81	)			(73	)
Net cash provided by (used in) financing activities			(195	)			1,540				(2,057	)			(1,551	)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents			159				54				229				30
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents			1,067				(933	)			1,057				(2,470	)
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period			8,600				8,110				8,610				9,647
End of period		$	9,667			$	7,177			$	9,667			$	7,177

Key Terms for Our Key Metrics

Driver(s). The term Driver collectively refers to independent providers of ride or delivery services who use our platform to provide Mobility or Delivery services, or both.

Gross Bookings. We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of: Mobility rides, Delivery orders (in each case without any adjustment for consumer discounts and refunds, Driver and Merchant earnings, and Driver incentives) and Freight revenue. Gross Bookings do not include tips earned by Drivers. Gross Bookings are an indication of the scale of our current platform, which ultimately impacts revenue.

Monthly Active Platform Consumers (“MAPCs”). We define MAPCs as the number of unique consumers who completed a Mobility ride or received a Delivery order on our platform at least once in a given month, averaged over each month in the quarter. While a unique consumer can use multiple product offerings on our platform in a given month, that unique consumer is counted as only one MAPC.

Segment Operating Income (Loss). We define each segment’s Operating Income (Loss) as segment revenue less direct costs and expenses of that segment as well as any applicable exclusions from Non-GAAP Operating Income.

Trips. We define Trips as the number of completed consumer Mobility rides and Delivery orders in a given period. For example, an UberX Share ride with three paying consumers represents three unique Trips, whereas an UberX ride with three passengers represents one Trip. We believe that Trips are a useful metric to measure the scale and usage of our platform.

Definitions of Non-GAAP Measures

We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to revenue, net income (loss), income (loss) from operations, and other results under GAAP, we use: Non-GAAP Operating Income; Non-GAAP Net Income; Non-GAAP EPS; Free cash flow; as well as, revenue growth rates in constant currency, which are described below, to evaluate our business. Adjusted EBITDA is no longer a key measure used by management; we include a disclosure on Adjusted EBITDA to assist during the transition to our new non-GAAP measures. We have included these non-GAAP financial measures because they are key measures used by our management to evaluate our operating performance, generate future operating plans, and make strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. In addition, they provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain non-cash expenses, certain variable charges and other gains, losses, benefits, or charges that are unpredictable, in both magnitude and timing, and items not indicative of our ongoing operating performance. Our calculation of these non-GAAP financial measures may differ from similarly-titled non-GAAP measures, if any, reported by our peer companies. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP.

Non-GAAP Operating Income

We define Non-GAAP Operating Income as income from operations, excluding (i) amortization of acquired intangible assets, (ii) certain legal, non-income tax, and regulatory reserve changes and settlements, (iii) goodwill and asset impairments/loss on sale of assets, (iv) acquisition, financing and divestitures related expenses, (v) restructuring and related charges, and (vi) other items not indicative of our ongoing operating performance.

• Amortization of acquired intangible assets. Management views amortization of acquired intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of acquired intangible assets is a static expense, which is not typically affected by operations during any particular period and is not reflective of ongoing operating performance. Although we exclude the amortization of acquired intangibles, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

• Legal, non-income tax, and regulatory reserve changes and settlements. Legal, non-income tax, and regulatory reserve changes and settlements are primarily related to certain significant legal proceedings or governmental investigations related to worker classification definitions, or tax agencies challenging our non-income tax positions. These matters have limited precedent, cover extended historical periods and are unpredictable in both magnitude and timing, therefore are distinct from normal, recurring legal, non-income tax and regulatory matters and related expenses incurred in our ongoing operating performance.

Non-GAAP Net Income

Our Non-GAAP Net Income excludes the adjustments that are excluded from Non-GAAP Operating Income, as well as certain components below income from operations, such as certain items that are not indicative of our recurring core business operating results and certain income tax effects.

• Other income (expense), net. Primarily includes items not indicative of our ongoing operating performance. From time to time, we may exclude other gains, losses, benefits, or charges that are unpredictable, in both magnitude and timing, and items not indicative of our ongoing operating performance. These items include, but are not limited to: foreign currency exchange gain (losses), net, and unrealized (gain) loss on debt and equity securities, net.

• Income tax effects. Primarily include the income tax effects of the adjustments excluded from Non-GAAP Net Income and exclude other income tax benefits or expenses that are unpredictable, in both magnitude and timing, and not indicative of the tax associated with our ongoing operating performance.

		Three Months Ended June 30,						Six Months Ended June 30,
		2025			2026			2025			2026
GAAP effective tax rate		9	%		26	%		(9	)%		27	%
Total adjustments to GAAP provision for income taxes		12	%		(2	)%		31	%		(3	)%
Non-GAAP effective tax rate		21	%		24	%		22	%		24	%

• Adjustment to redeemable non-controlling interests. Primarily reflects changes in the carrying value of redeemable non-controlling interests that are subject to put or call arrangements not solely within our control, which are remeasured to their estimated redemption value on a quarterly basis. These adjustments are non-cash in nature and are not indicative of our ongoing operating performance.

Non-GAAP EPS

We define Non-GAAP EPS as Non-GAAP Net Income attributable to common stockholders divided by Non-GAAP weighted-average shares outstanding. Adjustments to GAAP diluted weighted-average shares outstanding are for any potentially dilutive outstanding securities in periods where Non-GAAP Net Income is positive, but GAAP Net income was in a loss position.

Limitations of Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP EPS and Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP EPS Reconciliations

These non-GAAP financial measures have limitations as financial measures, should be considered as supplemental in nature, and are not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:

• These non-GAAP financial measures exclude certain recurring, non-cash charges, such as amortization of acquired intangible assets, and although these are non-cash charges, the assets being amortized may have to be replaced in the future, and Non-GAAP Operating Income and Non-GAAP Net Income do not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

• These non-GAAP financial measures exclude certain restructuring and related charges, part of which may be settled in cash;

• These non-GAAP financial measures exclude certain legal, non-income tax, and regulatory reserve changes and settlements that may reduce cash available to us;

• These non-GAAP financial measures exclude other items not indicative of our ongoing operating performance; and

• These non-GAAP financial measures do not reflect the components of other income (expense), net, which primarily includes: foreign currency exchange gains (losses), net; and unrealized gain (loss) on debt and equity securities, net.

Adjusted EBITDA

We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from discontinued operations, net of income taxes, (ii) net income (loss) attributable to non-controlling interests, net of tax, (iii) provision for (benefit from) income taxes, (iv) income (loss) from equity method investments, (v) interest expense, (vi) interest income, (vii) other income (expense), net, (viii) depreciation and amortization, (ix) stock-based compensation expense, (x) certain legal, non-income tax, and regulatory reserve changes and settlements, (xi) goodwill and asset impairments/loss on sale of assets, (xii) acquisition, financing and divestitures related expenses, (xiii) restructuring and related charges and (xiv) other items not indicative of our ongoing operating performance.

• Legal, non-income tax, and regulatory reserve changes and settlements. Legal, non-income tax, and regulatory reserve changes and settlements are primarily related to certain significant legal proceedings or governmental investigations related to worker classification definitions, or tax agencies challenging our non-income tax positions. These matters have limited precedent, cover extended historical periods and are unpredictable in both magnitude and timing, therefore are distinct from normal, recurring legal, non-income tax and regulatory matters and related expenses incurred in our ongoing operating performance.

Limitations of Adjusted EBITDA and Adjusted EBITDA Reconciliation

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:

• Adjusted EBITDA excludes certain recurring, non-cash charges, such as depreciation of property and equipment and amortization of intangible assets, and although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

• Adjusted EBITDA excludes stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy;

• Adjusted EBITDA excludes certain restructuring and related charges, part of which may be settled in cash;

• Adjusted EBITDA excludes other items not indicative of our ongoing operating performance;

• Adjusted EBITDA does not reflect period to period changes in taxes, income tax expense or the cash necessary to pay income taxes;

• Adjusted EBITDA does not reflect the components of other income (expense), net, which primarily includes: foreign currency exchange gains (losses), net; and unrealized gain (loss) on debt and equity securities, net; and

• Adjusted EBITDA excludes certain legal, non-income tax, and regulatory reserve changes and settlements that may reduce cash available to us.

Constant Currency

We compare the percent change in our current period results from the corresponding prior period using constant currency disclosure. We present constant currency growth rate information to provide a framework for assessing how our underlying revenue performed excluding the effect of foreign currency rate fluctuations. We calculate constant currency by translating our current period financial results using the corresponding prior period’s monthly exchange rates for our transacted currencies other than the U.S. dollar.

Free Cash Flow

We define free cash flow as net cash flows from operating activities less capital expenditures.

Reconciliations of Non-GAAP Measures

Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP EPS

The following tables present reconciliations of GAAP and Non-GAAP Operating Income, GAAP and Non-GAAP Net Income and GAAP and Non-GAAP EPS:

		Three Months Ended June 30,								Six Months Ended June 30,
(In millions, except share amounts which are reflected in thousands, and per share amounts)		2025				2026				2025				2026
GAAP Income from operations		$	1,450			$	1,890			$	2,678			$	3,813
Add (deduct):
Amortization of acquired intangible assets			65				61				129				120
Legal, non-income tax, and regulatory reserve changes and settlements			—				141				28				12
Goodwill and asset impairments/loss on sale of assets			—				4				—				4
Acquisition, financing and divestitures related expenses			19				31				22				56
Loss on lease arrangement, net			—				—				2				5
Restructuring and related charges			—				16				1				16
Total adjustments excluded from Non-GAAP Operating Income			84				253				182				213
Non-GAAP Operating Income		$	1,534			$	2,143			$	2,860			$	4,026
GAAP Net income attributable to Uber Technologies, Inc.			1,355				2,394				3,131				2,657
Adjustments excluded from Non-GAAP Operating Income (see above)			84				253				182				213
Other (income) expense, net			19				(1,342	)			(74	)			152
Income tax effects (1)			(190	)			315				(912	)			61
Loss from equity method investments			12				21				25				41
Adjustment to redeemable non-controlling interests			—				11				—				21
Non-GAAP Net Income			1,280				1,652				2,352				3,145
Assumed net loss attributable to Freight Holding contingently issuable shares			(14	)			—				(27	)			—
Non-GAAP Net Income attributable to common stockholders		$	1,266			$	1,652			$	2,325			$	3,145
Diluted weighted-average shares outstanding			2,125,628				2,050,225				2,124,181				2,060,763
GAAP Diluted EPS (2)		$	0.63			$	1.17			$	1.46			$	1.29
Non-GAAP EPS (2)		$	0.60			$	0.81			$	1.09			$	1.53

(1)		Income tax effects include the impact of a stock loss and capitalized research and development expenses through Q2 2025 and the deferred U.S. tax impact related to our equity securities through Q2 2026.
(2)		Per share amounts are calculated using unrounded numbers and therefore may not recalculate.

Adjusted EBITDA

The following table presents reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measure for each of the periods indicated:

		Three Months Ended June 30,								Six Months Ended June 30,
(In millions)		2025				2026				2025				2026
Adjusted EBITDA reconciliation:
Net income attributable to Uber Technologies, Inc.		$	1,355			$	2,394			$	3,131			$	2,657
Add (deduct):
Net income (loss) attributable to non-controlling interests, net of tax			(5	)			22				(7	)			41
Loss from equity method investments			12				21				25				41
Provision for (benefit from) income taxes			142				840				(260	)			1,034
Other (income) expense, net			19				(1,342	)			(74	)			152
Interest expense			108				127				213				235
Interest income			(181	)			(172	)			(350	)			(347	)
Income from operations			1,450				1,890				2,678				3,813
Add (deduct):
Depreciation and amortization			175				188				346				372
Stock-based compensation expense			475				549				910				1,022
Legal, non-income tax, and regulatory reserve changes and settlements			—				141				28				12
Goodwill and asset impairments/loss on sale of assets, net			—				4				—				4
Acquisition, financing and divestitures related expenses			19				31				22				56
Loss on lease arrangement, net			—				—				2				5
Restructuring and related charges			—				16				1				16
Adjusted EBITDA		$	2,119			$	2,819			$	3,987			$	5,300

Free Cash Flow

The following tables present reconciliations of free cash flow to the most directly comparable GAAP financial measure for each of the periods indicated:

		Three Months Ended June 30,								Six Months Ended June 30,
(In millions)		2025				2026				2025				2026
Free cash flow reconciliation:
Net cash provided by operating activities		$	2,564			$	2,862			$	4,888			$	5,213
Purchases of property and equipment			(89	)			(70	)			(163	)			(135	)
Free cash flow		$	2,475			$	2,792			$	4,725			$	5,078

 

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