Revenue growth accelerated to 12.2% YoY in 2026Q2, with gross margin expanding to 44.9% and operating margin reaching 14.6%, reflecting strong pricing power and cost discipline.
Uber Technologies, Inc. (UBER) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 55.23B | 52.02B | 43.98B | 37.28B | 31.88B | 17.45B | 11.14B | 13B | 10.43B | 7.93B | 3.85B |
| Revenue Growth % | 16.68% | 18.28% | 17.96% | 16.95% | 82.62% | 56.7% | -14.32% | 24.6% | 31.53% | 106.29% | - |
| Cost of Goods Sold | 31.86B | 31.34B | 26.65B | 22.46B | 19.66B | 9.35B | 5.15B | 6.06B | 4.79B | 5.51B | 2.23B |
| COGS % of Revenue | - | 60.25% | 60.6% | 60.24% | 61.67% | 53.57% | 46.27% | 46.62% | 45.87% | 69.52% | 57.95% |
| Gross Profit | 23.36B | 20.68B | 17.33B | 14.82B | 12.22B | 8.1B | 5.99B | 6.94B | 5.65B | 2.42B | 1.62B |
| Gross Margin % | 42.31% | 39.75% | 39.4% | 39.76% | 38.33% | 46.43% | 53.73% | 53.38% | 54.13% | 30.48% | 42.05% |
| Gross Profit Growth % | - | 19.35% | 16.88% | 21.33% | 50.77% | 35.41% | -13.75% | 22.88% | 133.54% | 49.54% | - |
| Operating Expenses | 16.48B | 15.11B | 14.53B | 13.71B | 14.05B | 11.94B | 10.85B | 15.54B | 8.68B | 6.5B | 4.64B |
| OpEx % of Revenue | - | 29.06% | 33.03% | 36.79% | 44.08% | 68.39% | 97.39% | 119.5% | 83.2% | 81.92% | 120.68% |
| Selling, General & Admin | 9.12B | 8.14B | 7.98B | 7.04B | 7.89B | 7.11B | 6.25B | 7.92B | 5.23B | 4.56B | 2.58B |
| SG&A % of Revenue | - | 15.65% | 18.14% | 18.88% | 24.76% | 40.7% | 56.1% | 60.96% | 50.16% | 57.54% | 66.97% |
| Research & Development | 3.74B | 3.4B | 3.11B | 3.16B | 2.8B | 2.05B | 2.21B | 4.84B | 1.5B | 1.22B | 864M |
| R&D % of Revenue | - | 6.54% | 7.07% | 8.49% | 8.78% | 11.77% | 19.8% | 37.2% | 14.43% | 15.32% | 22.47% |
| Other Operating Expenses | 4M | 3.57B | 3.44B | 3.51B | 3.36B | 2.78B | 2.39B | 2.77B | 1.94B | 719M | 1.2B |
| Operating Income | 6.89B | 5.57B | 2.8B | 1.11B | -1.83B | -3.83B | -4.86B | -8.6B | -3.03B | -4.08B | -3.02B |
| Operating Margin % | 12.47% | 10.7% | 6.36% | 2.98% | -5.75% | -21.97% | -43.66% | -66.12% | -29.07% | -51.44% | -78.62% |
| Operating Income Growth % | - | 98.82% | 152.16% | 160.59% | 52.22% | 21.16% | 43.43% | -183.42% | 25.66% | -34.97% | - |
| EBITDA | 7.66B | 6.31B | 3.54B | 1.93B | -885M | -2.93B | -4.29B | -8.12B | -2.61B | -3.57B | -2.7B |
| EBITDA Margin % | 13.86% | 12.13% | 8.04% | 5.18% | -2.78% | -16.8% | -38.5% | -62.49% | -24.99% | -45.01% | -70.3% |
| EBITDA Growth % | 46.37% | 78.51% | 82.93% | 318.42% | 69.82% | 31.62% | 47.22% | -211.62% | 26.97% | -32.08% | - |
| D&A (Non-Cash Add-back) | 767M | 747M | 737M | 823M | 947M | 902M | 575M | 472M | 426M | 510M | 320M |
| EBIT | 7.25B | 6.24B | 4.65B | 2.95B | -8.86B | -542M | -6.49B | -7.87B | 1.96B | -4.1B | -2.88B |
| Net Interest Income | 278M | 303M | 198M | -149M | -426M | -446M | -403M | -325M | -544M | -408M | -312M |
| Interest Income | 740M | 743M | 721M | 484M | 139M | 37M | 55M | 234M | 104M | 71M | 22M |
| Interest Expense | 462M | 440M | 523M | 633M | 565M | 483M | 458M | 559M | 648M | 479M | 334M |
| Other Income/Expense | -273M | 182M | 1.29B | 1.26B | -7.49B | 2.77B | -2.12B | 129M | 4.3B | -495M | -195M |
| Pretax Income | 6.62B | 5.75B | 4.09B | 2.37B | -9.32B | -1.06B | -6.98B | -8.47B | 1.27B | -4.58B | -3.22B |
| Pretax Margin % | 11.98% | 11.05% | 9.29% | 6.35% | -29.23% | -6.08% | -62.66% | -65.13% | 12.17% | -57.68% | -83.69% |
| Income Tax | -3.05B | -4.35B | -5.76B | 213M | -181M | -492M | -192M | 45M | 283M | -542M | 28M |
| Effective Tax Rate % | -46.14% | -75.62% | -140.89% | 8.99% | 1.94% | 46.33% | 2.75% | -0.53% | 22.28% | 11.85% | -0.87% |
| Net Income | 9.58B | 10.05B | 9.86B | 1.89B | -9.14B | -496M | -6.75B | -8.48B | 997M | -4.03B | -370M |
| Net Margin % | 17.34% | 19.33% | 22.41% | 5.06% | -28.68% | -2.84% | -60.63% | -65.22% | 9.56% | -50.84% | -9.62% |
| Net Income Growth % | -24.13% | 2% | 422.31% | 120.64% | -1742.94% | 92.66% | 20.34% | -950.35% | 124.72% | -990% | - |
| Net Income (Continuing) | 9.67B | 10.09B | 9.85B | 2.16B | -9.14B | -570M | -6.79B | -8.51B | 987M | -4.03B | -3.25B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.88B |
| Minority Interest | 1.08B | 1.04B | 918M | 1.43B | 1.16B | 891M | 1.49B | 993M | 0 | 0 | 0 |
| EPS (Diluted) | 4.67 | 4.73 | 4.56 | 0.87 | -4.65 | -0.26 | -3.85 | -6.79 | 0.59 | -2.38 | -0.24 |
| EPS Growth % | -22.49% | 3.73% | 424.14% | 118.71% | -1688.46% | 93.25% | 43.3% | -1250.85% | 124.79% | -891.67% | - |
| EPS (Basic) | - | 4.82 | 4.71 | 0.90 | -4.64 | -0.26 | -3.85 | -6.79 | 0.59 | -2.38 | -0.25 |
| Diluted Shares Outstanding | 2.05B | 2.12B | 2.15B | 2.09B | 1.97B | 1.89B | 1.75B | 1.25B | 1.68B | 1.69B | 1.53B |
| Basic Shares Outstanding | 2.04B | 2.09B | 2.09B | 2.04B | 1.97B | 1.89B | 1.75B | 1.25B | 1.68B | 1.69B | 1.46B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying UBER stock.
For fiscal year 2025, Uber Technologies, Inc. (UBER) reported total revenue of $52.02B. This represents a 1252.8% increase compared to $3.85B in 2016.
Uber Technologies, Inc. (UBER) is profitable, generating $10.05B in net income for the fiscal year ending 2025 with a net profit margin of 19.3%.
Uber Technologies, Inc. (UBER) reported an operating income of $5.57B, resulting in an operating profit margin of 10.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Uber Technologies, Inc. (UBER) generated $20.68B in gross profit for the year, representing a gross profit margin of 39.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and competitive pressures
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates
Uber's revenue grew 12.2% year-over-year in 2026Q2, accelerating from 10.7% in 2025Q4, according to recent financial statements, indicating sustained demand across mobility and delivery segments.
The sequential acceleration from 2025Q4's 20.1% growth to 2026Q2's 12.2% may reflect a normalization from pandemic-era volatility, but the consistent double-digit expansion suggests durable market share gains. Investors should monitor whether growth is driven by volume increases or pricing power, as the latter could be more sustainable in a competitive landscape.
Gross Margin Expansion Signals Pricing Power
Gross margin improved from 39.1% in 2024Q1 to 44.9% in 2026Q2, as reported in quarterly filings, suggesting Uber is capturing more value per trip despite competitive pressures.
The 580 basis point expansion over ten quarters indicates that Uber's platform is becoming more efficient, possibly due to better driver supply utilization and higher take rates. However, this margin level still trails DoorDash's 50.9%, implying room for improvement but also potential vulnerability if competitors intensify price competition.
Operating Leverage Drives Profitability
Operating margin expanded from 1.7% in 2024Q1 to 14.6% in 2026Q2, as per income statement data, demonstrating that revenue growth is translating into disproportionate profit gains.
The operating income growth outpaced revenue growth significantly, with operating income rising from $172 million to $2.1 billion over the period. This suggests that Uber's cost structure is scaling efficiently, with SG&A and R&D growing slower than gross profit. The trend may indicate that Uber has reached a scale where fixed costs are well-covered, but investors should watch for any resurgence in spending.
Earnings Volatility Masks Underlying Strength
Net income swung from a $654 million loss in 2024Q1 to a $2.4 billion profit in 2026Q2, but EPS growth has been erratic, with a 95.6% decline in 2025Q4, based on reported figures.
The volatility in net income is largely attributable to non-operating items, such as mark-to-market gains on equity investments, which inflated net income in 2025Q3 and 2024Q4. Excluding these, operating income has been steadily improving, suggesting that core profitability is solid. However, the high stock-based compensation (SBC) of $1.0 billion in 2026Q2, which is nearly half of operating income, dilutes shareholders and may warrant scrutiny.
Cost Discipline Amidst Growth Investments
R&D and SG&A expenses grew at a slower pace than revenue, with SG&A as a percentage of revenue declining from 20.8% in 2024Q1 to 17.6% in 2026Q2, as per financial statements.
Uber appears to be managing its cost structure effectively, with R&D spending increasing only modestly from $790 million to $1.0 billion over the period, while revenue grew by over 40%. This suggests that Uber is not over-investing in new initiatives, which could limit future growth opportunities. The reduction in SG&A leverage indicates improved operational efficiency, but investors should monitor whether this is achieved at the expense of customer acquisition or driver incentives.
Sustainability of Margin Gains Questioned
Despite strong margin expansion, Uber's gross margin of 44.9% in 2026Q2 still lags DoorDash's 50.9%, and the company's reliance on SBC and non-operating gains may overstate earnings quality, as per peer data.
Short-sellers might argue that Uber's profitability is not as robust as it appears, given that SBC of $1.0 billion in 2026Q2 represents a significant drag on cash earnings. Additionally, the competitive landscape in ride-hailing and delivery remains intense, with Lyft and DoorDash aggressively vying for market share, which could pressure pricing and margins. The recent acceleration in revenue growth may be unsustainable if consumer spending weakens or regulatory actions increase driver costs.