Start here if you're new
what it is
Uber runs the app you use to get a ride, order dinner, or move freight.
how it gets paid
FY 2025 platform revenue was ~$52.0B in the table below. Q4 2025 company revenue was ~$14.4B (+20% YoY)— read the release for GAAP vs. adjusted lines.
why it's growing
Revenue grew 18.3% last year. The business kept growing fast, with trips up 22% and gross bookings up 21%.
what just happened
Q4 2025 revenue ~$14.4B beat revenue consensus but adjusted EPS ~$0.71 missed the ~$0.80 whisper— MAPC ~202M (+18%), trips ~3.8B (+22%), gross bookings ~$54.1B (+22%).
At a glance
B++ balance sheet — above average — nothing keeping you up at night
20/100 earnings predictability — expect surprises
24.6x trailing p/e — priced about right
16.5% return on capital — nothing to write home about
xvary composite: 58/100 — below average
What they do
Uber runs the app you use to get a ride, order dinner, or move freight.
The moat is habit. Q4 2025 MAPC was ~202M (+18% YoY) while trips grew ~22%— people are using the platform more often, not just trying it once.
How they make money
$52.0B
annual revenue · their business grew +18.3% last year
Mobility
$27.0B
+23.0%
Delivery
$16.5B
+18.0%
Freight
$6.0B
+5.0%
Other platform revenue
$2.5B
+15.0%
The products that matter
ridesharing marketplace
Mobility
inside a $52.0B platform
this is still the center of gravity. The company generated $52.0B in total revenue last year, and Mobility is the part most tied to driver supply, pickup times, and brand habit. If this piece weakens, the whole story gets harder to defend.
core behavior
food and local delivery
Delivery
part of 18.3% company growth
delivery matters because it keeps users and drivers active outside commute hours. That makes the app more useful all day, not just at 8 a.m. and 6 p.m. The revenue table does show segment dollars—margin by segment still needs the filing, not this page.
frequency engine
digital freight brokerage
Freight
most cyclical piece
freight is the least clean part of the story. It sits inside the same $52.0B revenue base, but it is also the piece most exposed to trucking demand and pricing noise. With earnings predictability at 20/100, you should assume this segment contributes to the messiness.
cyclical add-on
Key numbers
$4.00
fy2026 eps est
$84B
fy2028 rev est
24.6x
trailing p/e
n/a
dividend yield
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $12.0B (6% of capital)
- net profit margin 13.6% — keeps 14 cents of every dollar in revenue
- return on equity 20% — $0.20 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in UBER 3 years ago → it's now worth $28,820.
The index would have given you $14,770.
source: institutional data · total return
What just happened
adjusted EPS miss
Q4 2025 revenue ~$14.4B (+20% YoY); adjusted EPS ~$0.71 vs. ~$0.80 consensus.
Trips ~3.8B (+22%), gross bookings ~$54.1B (+22%), MAPC ~202M (+18%). GAAP net income can include equity-accounting noise— compare like-for-like adjusted lines from the earnings release, not headlines mixed across quarters.
~$14.4B
Q4 revenue
~$0.71
Q4 adj. EPS
202M
MAPC (+18%)
the number that mattered
Trips grew ~22% while MAPC grew ~18%— frequency is rising faster than the user base, which is the habit loop you care about.
-
uber technologies reported Q4 2025 results with strong top-line growth.
-
revenues advanced roughly 20% from a year ago.
-
trips increased ~22% and gross bookings were up ~22%.
-
monthly active platform consumers rose ~18% to ~202M.adjusted EPS ~$0.71 missed the ~$0.80 estimate even as revenue ~$14.4B edged past consensus— check GAAP vs. non-GAAP tables in the release.
-
segment recaps: mobility revenue ~$8.2B and delivery ~$4.9B in Q4 2025 (wire summaries).use the earnings release tables for exact definitions— reported segment revenue ≠ gross bookings.
source: Uber Q4 / FY 2025 materials · CNBC recap · earnings release (SEC)
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What could go wrong
Uber's risk stack is not abstract. This company depends on having enough drivers at the right price, enough riders willing to pay up, and rules that do not suddenly make that matching engine more expensive.
med
uber black rule changes are a live cost test
new rules for Uber Black drivers in the US and Canada can raise compliance costs or shrink supply in a premium part of the network. That matters because the whole service runs on density, not just downloads.
If driver supply tightens, wait times rise first and margins usually get hit next. A 14.2% net margin does not stay 14.2% if fulfillment gets more expensive.
med
pricing discipline is part of the thesis now
Uber competes on price, incentives, wait times, and geographic coverage. If rivals force heavier discounting in rides or delivery, revenue can still grow while profit quality quietly deteriorates.
That is the risk inside a 24.6x trailing p/e. The stock is pricing in more than activity growth. It is pricing in decent margins on that growth.
med
the segment mix is still too blurry
This snapshot does not include a clean Mobility, Delivery, and Freight revenue split. That leaves you underwriting part of the story with incomplete visibility, especially around which segments are carrying the margin improvement.
With earnings predictability at 20/100, you should expect noise. If growth stays at 18.3% but profit swings widen, the market can decide the cleaner narrative was early.
Here is the simple version: if regulation lifts supply costs, competition keeps fares tight, and the margin mix stays hard to read, the stock stops looking like a cleaned-up compounder and starts looking expensive again.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
regulatory rollout for uber black
the existing rule changes in the US and Canada are the clearest live test of whether compliance costs start eating into network efficiency.
metric
net margin versus the 14.2% baseline
revenue grew 18.3% last year. Here is the thing: what matters next is whether net margin holds near or above 14.2% once the quarterly noise settles.
trend
institutional buying streak
three straight quarters of net buying is real support. If that streak breaks while the stock stays near the top of its $55–$102 range, pay attention.
calendar
next earnings versus the 20/100 predictability score
this stock does not owe you smooth quarters. Each report tests whether the cleaner profit story is becoming normal or whether one loud print did too much work.
Analyst rankings
short-term outlook
average
momentum score 3 means the stock is trading more like the market than a runaway winner right now.
risk profile
average
stability score 3 says this is middle-of-the-pack risk — not a bunker stock, not a chaos trade.
chart momentum
top 20%
technical score 2 places UBER in the top 20% for expected price performance. in human-speak, the tape still looks friendlier than the earnings history.
earnings predictability
20 / 100
this is the warning label. The business improved. The consistency still has work to do.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 1,455 buyers vs. 802 sellers in 3q2025. total institutional holdings: 1.7B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$66
$151
$85
current price
$109
target midpoint · +28% from current · 3-5yr high: $200 (+135% · 24% ann'l return)
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