Revenue growth has normalized to a 14.5% rate in 2026Q1, while operating margins have expanded to 14.6% as the company decouples corporate overhead from platform bookings.
| Sales/Revenue | 53.69B | 52.02B | 43.98B | 37.28B | 31.88B | 17.45B | 11.14B | 13B | 10.43B | 7.93B | 3.85B |
| Revenue Growth % | 18.31% | 18.28% | 17.96% | 16.95% | 82.62% | 56.7% | -14.32% | 24.6% | 31.53% | 106.29% | - |
| Cost of Goods Sold | 31.66B | 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 | 22.03B | 20.68B | 17.33B | 14.82B | 12.22B | 8.1B | 5.99B | 6.94B | 5.65B | 2.42B | 1.62B |
| Gross Margin % | 41.03% | 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 | 15.77B | 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 | 8.55B | 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 | 3.54B | 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 | 6.26B | 5.57B | 2.8B | 1.11B | -1.83B | -3.83B | -4.86B | -8.6B | -3.03B | -4.08B | -3.02B |
| Operating Margin % | 11.66% | 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 | 7.01B | 6.31B | 3.54B | 1.93B | -885M | -2.93B | -4.29B | -8.12B | -2.61B | -3.57B | -2.7B |
| EBITDA Margin % | 13.06% | 12.13% | 8.04% | 5.18% | -2.78% | -16.8% | -38.5% | -62.49% | -24.99% | -45.01% | -70.3% |
| EBITDA Growth % | 53.26% | 78.51% | 82.93% | 318.42% | 69.82% | 31.62% | 47.22% | -211.62% | 26.97% | -32.08% | - |
| D&A (Non-Cash Add-back) | 753M | 747M | 737M | 823M | 947M | 902M | 575M | 472M | 426M | 510M | 320M |
| EBIT | 5.1B | 6.24B | 4.65B | 2.95B | -8.86B | -542M | -6.49B | -7.87B | 1.96B | -4.1B | -2.88B |
| Net Interest Income | 306M | 303M | 198M | -149M | -426M | -446M | -403M | -325M | -544M | -408M | -312M |
| Interest Income | 749M | 743M | 721M | 484M | 139M | 37M | 55M | 234M | 104M | 71M | 22M |
| Interest Expense | 443M | 440M | 523M | 633M | 565M | 483M | 458M | 559M | 648M | 479M | 334M |
| Other Income/Expense | -1.39B | 182M | 1.29B | 1.26B | -7.49B | 2.77B | -2.12B | 129M | 4.3B | -495M | -195M |
| Pretax Income | 4.87B | 5.75B | 4.09B | 2.37B | -9.32B | -1.06B | -6.98B | -8.47B | 1.27B | -4.58B | -3.22B |
| Pretax Margin % | 9.07% | 11.05% | 9.29% | 6.35% | -29.23% | -6.08% | -62.66% | -65.13% | 12.17% | -57.68% | -83.69% |
| Income Tax | -3.75B | -4.35B | -5.76B | 213M | -181M | -492M | -192M | 45M | 283M | -542M | 28M |
| Effective Tax Rate % | -76.99% | -75.62% | -140.89% | 8.99% | 1.94% | 46.33% | 2.75% | -0.53% | 22.28% | 11.85% | -0.87% |
| Net Income | 8.54B | 10.05B | 9.86B | 1.89B | -9.14B | -496M | -6.75B | -8.48B | 997M | -4.03B | -370M |
| Net Margin % | 15.91% | 19.33% | 22.41% | 5.06% | -28.68% | -2.84% | -60.63% | -65.22% | 9.56% | -50.84% | -9.62% |
| Net Income Growth % | -30.49% | 2% | 422.31% | 120.64% | -1742.94% | 92.66% | 20.34% | -950.35% | 124.72% | -990% | - |
| Net Income (Continuing) | 8.62B | 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 | 1.06B | 1.04B | 918M | 1.43B | 1.16B | 891M | 1.49B | 993M | 0 | 0 | 0 |
| EPS (Diluted) | 4.12 | 4.73 | 4.56 | 0.87 | -4.65 | -0.26 | -3.85 | -6.79 | 0.59 | -2.38 | -0.24 |
| EPS Growth % | -29.77% | 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 | 2.07B | 2.12B | 2.15B | 2.09B | 1.97B | 1.89B | 1.75B | 1.25B | 1.68B | 1.69B | 1.53B |
| Basic Shares Outstanding | 2.05B | 2.09B | 2.09B | 2.04B | 1.97B | 1.89B | 1.75B | 1.25B | 1.68B | 1.69B | 1.46B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Regulatory worker classification shifts
As reported in recent financial filings, Uber's revenue growth has stabilized around the 14-20% range, with the 2026Q1 figure of $13.2B reflecting a deceleration from the peak growth rates observed in previous periods as the company matures within its core mobility and delivery markets.
The transition from hyper-growth to a more sustainable expansion phase suggests that Uber is increasingly reliant on existing user retention and cross-platform penetration rather than aggressive new market entry. Investors should monitor whether the current growth trajectory can be maintained without significant increases in customer acquisition costs or promotional spending.
Based on the provided income statement data, Uber's gross margin has remained remarkably consistent, hovering near 39-40% for most of the last ten quarters, with a notable outlier in 2026Q1 reaching 45% that warrants further investigation into potential changes in revenue recognition or cost allocation.
This persistent margin profile suggests that the company's variable cost structure, primarily driven by driver payouts and insurance, remains a significant anchor on profitability. The recent uptick in 2026Q1 may indicate early success in shifting toward higher-margin advertising services, though it remains to be seen if this represents a permanent structural improvement.
According to the company's quarterly results, operating income has demonstrated a clear upward trend, scaling from $172M in 2024Q1 to $1.9B by 2026Q1, which suggests that management is successfully decoupling fixed corporate overhead from the rapid expansion of gross bookings across the platform.
The ability to expand operating margins while maintaining consistent R&D investment implies that the platform is achieving meaningful economies of scale. This trend appears to validate the strategic pivot toward operational discipline, though investors should remain cautious regarding the sustainability of these gains if competitive pressures necessitate a return to higher incentive spending.
As evidenced by the dramatic swings in net income, such as the $6.9B profit in 2024Q4 compared to the $654M loss in 2024Q1, Uber's bottom line is heavily influenced by non-operating items, specifically the revaluation of minority equity stakes in global logistics peers.
The disparity between GAAP net income and operating income suggests that investors should prioritize Adjusted EBITDA or operating income to assess the underlying health of the business. The consistent presence of stock-based compensation, averaging over $400M per quarter, further dilutes the quality of reported earnings and warrants careful scrutiny for its long-term impact on shareholder value.
While the income statement shows improving profitability, the persistent threat of reclassifying independent contractors as employees remains a significant tail risk, as noted in recent regulatory disclosures, which could fundamentally undermine the current cost structure and necessitate a complete overhaul of the company's pricing model.
Short-term margin expansion may be masking the potential for a structural cost shock if labor regulations tighten in key jurisdictions. Investors should consider whether the current valuation adequately prices in the possibility of a permanent increase in labor-related expenses that would likely compress margins and limit future operating leverage.
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.