olivLaw · US equity research
UBER UBER
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Uber Technologies, Inc. (NYSE: UBER) operates a technology platform for mobility, delivery and freight. In the second quarter of 2026 Gross Bookings grew 24% (22% constant currency) to $58.0 billion, and revenue reached $14.2 billion. The company reports that profit is growing faster than sales, but driver classification remains a major legal risk.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, UBER (UBER) stock was 66.60 USD (−0.16% on the day), with market capitalisation 136.0 bn USD, P/E 14.6 on diluted EPS of 4.55 USD over the last 12 months, dividend yield 0.00%, beta 1.01, 52-week range 65.25–94.67 USD. Latest reported quarter (Q2 2026): revenue of 14.2 bn USD (+12.2% YoY), net income of 2.4 bn USD (+76.7% YoY), diluted EPS 1.17 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.4
- weak (30–45)
- Bollinger (20, 2)
- 64.01 – 72.76
- in the lower half of the band · %B 0.30 · band width 12.8%
- SMA 50 / 200
- 70.72 / 73.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.31 / -1.20
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.2% | −2.0% | −0.2 pp | — |
| 3 months | −7.5% | −2.2% | −5.3 pp | — |
| 6 months | −8.7% | +4.3% | −13.0 pp | — |
| Year to date | −18.5% | +10.6% | −29.1 pp | — |
| 1 year | −33.2% | +10.5% | −43.7 pp | +1.8% |
| 3 years | +39.5% | +73.7% | −34.2 pp | +1.0% |
| 5 years | +47.1% | +61.7% | −14.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.2 bn | 12.0 bn | 11.5 bn | 12.7 bn | 13.5 bn | 14.4 bn | 13.2 bn | 14.2 bn |
| Cost of revenue | 6.8 bn | 7.2 bn | 6.9 bn | 7.6 bn | 8.1 bn | 8.7 bn | 7.3 bn | 7.8 bn |
| Research & development | 774.0 m | 785.0 m | 815.0 m | 840.0 m | 862.0 m | 885.0 m | 951.0 m | 1.0 bn |
| Operating income | 1.1 bn | 770.0 m | 1.2 bn | 1.5 bn | 1.1 bn | 1.8 bn | 1.9 bn | 1.9 bn |
| Depreciation & amortisation | 179.0 m | 169.0 m | 171.0 m | 175.0 m | 188.0 m | 185.0 m | 184.0 m | 188.0 m |
| Interest expense | 143.0 m | 117.0 m | 105.0 m | 108.0 m | 112.0 m | 115.0 m | 108.0 m | 127.0 m |
| Pre-tax income | 2.8 bn | 909.0 m | 1.4 bn | 1.5 bn | 2.6 bn | 291.0 m | 496.0 m | 3.3 bn |
| Income tax | 158.0 m | -6.0 bn | -402.0 m | 142.0 m | -4.0 bn | -40.0 m | 194.0 m | 840.0 m |
| Net income | 2.6 bn | 6.9 bn | 1.8 bn | 1.4 bn | 6.6 bn | 296.0 m | 263.0 m | 2.4 bn |
| Diluted EPS | 1.20 | 3.21 ≈ | 0.83 | 0.63 | 3.11 | 0.14 ≈ | 0.13 | 1.17 |
| Operating cash flow | 2.2 bn ≈ | 1.8 bn | 2.3 bn | 2.6 bn ≈ | 2.3 bn ≈ | 2.9 bn | 2.4 bn | 2.9 bn ≈ |
| Capex | 42.0 m ≈ | 44.0 m | 74.0 m | 89.0 m ≈ | 98.0 m ≈ | 75.0 m | 65.0 m | 70.0 m ≈ |
| Share repurchases | 372.0 m ≈ | 555.0 m | 1.8 bn | 1.4 bn ≈ | 1.5 bn ≈ | 1.9 bn | 3.0 bn | 518.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 25 percentile of its own 12-quarter history (min 12.6, median 17.6, max 121.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.4 bn | 13.0 bn | 11.1 bn | 17.5 bn | 31.9 bn | 37.3 bn | 44.0 bn | 52.0 bn |
| Revenue YoY | +31.5% | +24.6% | −14.3% | +56.7% | +82.6% | +17.0% | +18.0% | +18.3% |
| Net income | 997.0 m | -8.5 bn | -6.8 bn | -496.0 m | -9.1 bn | 1.9 bn | 9.9 bn | 10.1 bn |
| Net income YoY | unavailable | −953.2% | unavailable | unavailable | unavailable | unavailable | +422.3% | +2.0% |
| Diluted EPS | 0.00 | -6.81 | -3.86 | -0.29 | -4.65 | 0.87 | 4.56 | 4.73 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +424.1% | +3.7% |
| net % | 9.6% | -65.4% | -60.8% | -2.8% | -28.7% | 5.1% | 22.4% | 19.3% |
| Free cash flow | -2.1 bn | -4.9 bn | -3.4 bn | -743.0 m | 390.0 m | 3.4 bn | 6.9 bn | 9.8 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.1 bn USD
- Financial debt
- 10.5 bn USD
- Net debt
- 3.4 bn USD
- Equity
- 27.9 bn USD
- Total assets
- 61.8 bn USD
- Debt / equity
- 0.38x
- Current ratio
- 1.14x
- ROE
- 40.0%
- ROA
- 17.8%
- FCF margin
- 18.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.1 bn | 17.5 bn | 31.9 bn | 37.3 bn | 44.0 bn | 52.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 5.2 bn | 9.4 bn | 19.7 bn | 22.5 bn | 26.7 bn | 31.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 6.0 bn ≈ | 8.1 bn ≈ | 12.2 bn ≈ | 14.8 bn ≈ | 17.3 bn ≈ | 20.7 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Research & development | 2.2 bn | 2.1 bn | 2.8 bn | 3.2 bn | 3.1 bn | 3.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | -4.9 bn | -3.8 bn | -1.8 bn | 1.1 bn | 2.8 bn | 5.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 575.0 m | 902.0 m | 947.0 m | 823.0 m | 711.0 m | 719.0 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | -4.3 bn ≈ | -2.9 bn ≈ | -885.0 m ≈ | 1.9 bn ≈ | 3.5 bn ≈ | 6.3 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | 458.0 m | 483.0 m | 565.0 m | 633.0 m | 523.0 m | 440.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | -6.9 bn | -1.0 bn | -9.4 bn | 2.3 bn | 4.1 bn | 5.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | -192.0 m | -492.0 m | -181.0 m | 213.0 m | -5.8 bn | -4.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Net income | -6.8 bn | -496.0 m | -9.1 bn | 1.9 bn | 9.9 bn | 10.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | -3.86 | -0.29 | -4.65 | 0.87 | 4.56 | 4.73 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 1.8 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.2 bn | 2.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.6 bn | 4.3 bn | 4.2 bn | 4.7 bn | 5.9 bn | 7.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 1.1 bn | 2.4 bn | 2.8 bn | 3.4 bn | 3.3 bn | 3.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 9.9 bn | 8.8 bn | 9.2 bn | 11.3 bn | 12.2 bn | 14.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 1.8 bn | 1.9 bn | 2.1 bn | 2.1 bn | — | — | SEC (XBRL)· 15 Feb 2024verified |
| Goodwill | 6.1 bn | 8.4 bn | 8.3 bn | 8.2 bn | 8.1 bn | 8.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.6 bn | 2.4 bn | 1.9 bn | 1.4 bn | 1.1 bn | 1.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 33.3 bn | 38.8 bn | 32.1 bn | 38.7 bn | 51.2 bn | 61.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 235.0 m | 860.0 m | 728.0 m | 790.0 m | 858.0 m | 1.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 27.0 m | 27.0 m | 27.0 m | 25.0 m | 1.2 bn | 0 | SEC (XBRL)· 05 Aug 2026verified |
| Long-term debt | 7.6 bn | 9.3 bn | 9.3 bn | 9.5 bn | 8.3 bn | 10.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 6.9 bn | 9.0 bn | 8.9 bn | 9.5 bn | 11.5 bn | 12.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 19.5 bn | 23.4 bn | 23.6 bn | 26.0 bn | 28.8 bn | 33.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 13.0 bn | 15.1 bn | 8.1 bn | 12.0 bn | 22.4 bn | 27.9 bn | SEC (XBRL)· 13 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -2.7 bn | -445.0 m | 642.0 m | 3.6 bn | 7.1 bn | 10.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 616.0 m | 298.0 m | 252.0 m | 223.0 m | 242.0 m | 336.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | -3.4 bn ≈ | -743.0 m ≈ | 390.0 m ≈ | 3.4 bn ≈ | 6.9 bn ≈ | 9.8 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -2.9 bn | -1.2 bn | -1.6 bn | -3.2 bn | -3.2 bn | -3.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | 1.4 bn | 1.8 bn | 15.0 m | -95.0 m | -2.1 bn | -5.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 1.3 bn | 6.5 bn | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 136.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation60
- Returns73
- Quality63
- Balance sheet63
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 37.53 – 135.58 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)84.83 – 134.92 (Mid 104.08)WACC 8.9% · starting FCFF 10.5 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -3.9%
- Peers: EV/EBITDA37.53 – 57.67 (Mid 53.33)8 companies used · median multiple 15.7x · quartiles 11.4x – 16.9xBR, CPAY, EBAY, FICO, FIS, GPN, MELI, PYPL
- Peers: P/E68.22 – 135.58 (Mid 95.23)11 companies used · median multiple 20.9x · quartiles 15.0x – 29.8xACN, BR, CPAY, EBAY, FICO, FIS, FISV, MA, MELI, MSCI, PYPL
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.6% | 45 (vs peers) | 12% |
| Net margin · Quality | 17.3% | 54 (vs peers) | 7% |
| FCF conversion · Quality | 105.6% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 17.7% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.1x | 64 (vs peers) | 12% |
| Interest coverage · Balance sheet | 14.5x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.8x | 4 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 14.6x | 73 (vs peers) | 12% |
| EV/EBITDA · Valuation | 19.3x | 22 (vs peers) | 12% |
| FCF yield · Valuation | 7.4% | 93 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 5.1% | 73 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet63/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality63/100 · 3/3 factors with a value
- Returns· partial73/100 · 1/2 factors with a value
- Valuation60/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Uber Technologies, Inc (UBER). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 52.0 bn USD in 2025; YoY growth 18.3%; net margin 17.3%; ROE 38.4%; net debt/EBITDA 1.1x.
The estimated value range is 68.22–134.92 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 95.23 USD, the price of 66.60 USD leaves a potential of 43.0% (value / price − 1) and a margin of safety of 30.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 105.6%
- Revenue CAGR 3Y: 17.7%
- Interest coverage: 14.5x
- P/E (TTM): 14.6x
- FCF yield: 7.4%
- Shareholder yield (distributions): 5.1%
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.8x
- EV/EBITDA: 19.3x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 13 companies
Only companies with a capitalisation between 17.6 bn and 1,128.6 bn (within 8× of the company's); 86 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc | 136.0 bn | 14.6 | 38.4% | 17.3% | +18.3% | −33% / +39% |
| MELIMercadoLibre, Inc. | 84.3 bn | 45.2 | 27.5% | 5.3% | +39.1% | −20% / +3% |
| EBAYeBay Inc. | 52.1 bn | 25.8 | 46.6% | 16.9% | +7.9% | +43% / +189% |
| PYPLPayPal Holdings, Inc. | 48.4 bn | 11.1 | 23.8% | 13.8% | +4.3% | −7% / +1% |
| MSCIMsci Inc. | 45.7 bn | 33.9 | — | 40.3% | +9.7% | +13% / +23% |
| FISVFiserv, Inc. | 31.1 bn | 11.2 | 10.7% | 13.4% | +3.6% | −5% / −55% |
| CPAYCorpay, Inc | 26.7 bn | 24.7 | 30.5% | 22.7% | +13.9% | +37% / +69% |
| GPNGlobal Payments Inc. | 25.9 bn | — | -4.1% | -9.1% | −0.4% | +29% / −16% |
| BRBroadridge Financial Solutions, Inc. | 20.8 bn | 20.3 | 40.2% | 13.9% | +8.5% | −19% / −5% |
| FISFidelity National Information Services, Inc. | 20.1 bn | 6.0 | 22.3% | 27.6% | +5.4% | −41% / −34% |
| FICOFair Isaac Corp | 15.6 bn | 20.9 | — | 34.1% | +15.9% | −60% / −33% |
| VVisa Inc. | — | — | 60.3% | 51.7% | +11.3% | +26% / +64% |
| ACNAccenture plc | — | 18.8 | 26.7% | 11.3% | +6.5% | +2% / −24% |
| MAMastercard Incorporated | — | 33.8 | 231.4% | 46.7% | +16.4% | +18% / +56% |
1- and 3-year price returns: for UBER from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 44.85 Total return -33% · Per year -33% | 78.93 Total return 19% · Per year 19% | 118.40 Total return 78% · Per year 78% |
| 3 years | 53.20 Total return -20% · Per year -7% | 104.39 Total return 57% · Per year 16% | 170.49 Total return 156% · Per year 37% |
| 5 years | 63.10 Total return -5% · Per year -1% | 138.05 Total return 107% · Per year 16% | 245.51 Total return 269% · Per year 30% |
- Exit P/E± 26.10
- Net margin± 18.27
- Annual revenue growth± 13.62
- Annual dilution± 1.54
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (04 Nov 2026 · results).
In brief
Uber Technologies, Inc. (NYSE: UBER) operates a technology platform for mobility, delivery and freight. In the second quarter of 2026 Gross Bookings grew 24% (22% constant currency) to $58.0 billion 23, and revenue reached $14.2 billion 3. The company reports that profit is growing faster than sales, but driver classification remains a major legal risk 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Driver classificationhigh
Court or legislative decisions requiring employee status could significantly raise costs and change the business model 1.
- Intense competitionhigh
Well-funded competitors could force fare reductions or incentives, which could hurt margins 1.
- Data securitymedium
Security or privacy breaches could lead to fines, litigation and loss of trust 1.
- Local regulationmedium
Varying transport and data protection laws may limit operations in some jurisdictions 1.
- Investment gains and losseslow
Reported results include gains and losses from revaluing equity stakes, which can make net income volatile 23.
Investment thesis
What would need to be true (bull case)
- Rapid growth in Gross Bookings and users, together with rising operating profit, could support sustainable expansion if these trends hold 23.
- Generating free cash flow above ten billion dollars over the trailing twelve months could provide flexibility for investment and share count reduction 3.
- Combined services and the membership program could increase the value of each customer over time 1.
What would break the thesis
- If courts or legislators require employee status for drivers, costs could rise sharply and the model could become less profitable 1.
- The Freight segment remains at an operating loss, and logistics markets can stay difficult 3.
- Competition in delivery and in autonomous vehicles could reduce margins or market share 1.
What to watch
- Actual Gross Bookings against the Q3 2026 outlookQ3 2026
- Developments in driver classification rules in the US and Europe2027
- Effect of the United Kingdom model change on reported revenueQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (04 Nov 2026 · results).
The business
Uber builds its platform on a network of drivers, consumers, merchants, shippers and carriers, supported by proprietary technology, local operations and product expertise 1. The company is available in over 70 countries and more than 15,000 cities, with approximately 34,000 employees as of December 31, 2025 1. Revenue is presented net, as an agent, after driver and merchant earnings, except in markets where Uber is directly responsible for services 1. The Uber One membership program had 46 million members as of December 31, 2025 1.
Market context
Uber operates in fragmented mobility, delivery and logistics markets where barriers to entry are low and competition is intense 1. Gross Bookings grew 24% year-over-year in the second quarter of 2026 3. The third-quarter 2026 outlook projects Gross Bookings between $58.25 and $60.25 billion 3, which could indicate slower growth if the current pace does not hold.
Platform activity is seasonal, with the fourth quarter usually the strongest for Gross Bookings and the first quarter usually the weakest 1. Currency movements and macroeconomic conditions can change reported results, and the company's outlook assumes a currency headwind of about one percentage point 3.
Trends
- Driver classificationheadwind
If drivers were reclassified as employees, compensation, benefits and social security costs could rise, and the company could raise rider prices 1. This could also reduce the supply of available drivers 1.
- Cross-platform membership and usagetailwind
Consumers who use both Mobility and Delivery generate much higher Gross Bookings than single-service users, which could support growth 1.
- Autonomous vehiclesmixed
Development of autonomous vehicles could reshape mobility competition, and the company acknowledges it may face competitors that scale such technology faster 13.
- United Kingdom model changeheadwind
From January 2, 2026 Uber is no longer responsible for Mobility services in certain UK markets, and driver payments are recorded as a reduction of revenue, which lowers reported revenue 23.
Competitive position
In mobility Uber competes with Bolt, Didi, Lyft and Ola, with public transit and taxis, and with autonomous vehicle developers Alphabet (Waymo), Amazon (Zoox) and Tesla 1. In delivery it competes with DoorDash, Instacart, Gopuff, Rappi, Delivery Hero, Just Eat Takeaway and Amazon 1. In freight it competes with C.H. Robinson, Total Quality Logistics, RXO, XPO, Echo Global Logistics and DHL 1.
The company notes that many competitors focus on a limited number of products or narrow geographies, which lets them build specialized expertise 1. Competition can lead to lower fares or large driver and consumer incentives 1.
- DoorDashDASH
Direct competitor in meal and local commerce delivery 1.
- LyftLYFT
Competitor in ridesharing, named alongside Uber in driver classification proceedings 1.
- Instacart
Competitor in grocery and retail delivery 1.
- C.H. RobinsonCHRW
Freight broker and managed transportation provider, competitor to the Freight segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Uber Technologies files for FTC review of Delivery Hero stake acquisitionKorea Times — Business · 22 Sept 2026 · EN
- Uber Technologies files for FTC review of Delivery Hero stake acquisitionYonhap News (KR, EN) · 22 Sept 2026 · EN
- Carnival vs. Uber Technologies: Which Consumer Stock Is a Better Buy in 2026?Yahoo Finance — News · 15 Sept 2026 · EN
- Dutch Bros vs. Uber Technologies: Which Consumer Stock Is a Better Buy in 2026?Yahoo Finance — News · 14 Sept 2026 · EN
- Uber Technologies Targets Sparse Markets, AV Scale as Uber One Membership Tops 50 MillionYahoo Finance — News · 11 Sept 2026 · EN
- Chewy vs. Uber Technologies: Which Consumer Stock Is a Better Buy in 2026?Yahoo Finance — News · 07 Sept 2026 · EN
- Better High-Growth Stock for 2026: Amazon.com vs. Uber TechnologiesYahoo Finance — News · 03 Sept 2026 · EN
- Uber Technologies Stock: Is UBER Underperforming the Technology Sector?Yahoo Finance — News · 01 Sept 2026 · EN
- Acțiunile Delivery Hero, care deține Glovo, au urcat după ce compania a confirmat interesul pentru preluarea ei de către Uber Technologies / De Delivery Hero a fost interesată și Doordash, prezentă prin platforma Wolt în RomâniaEconomedia · 25 May 2026 · RO
The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report15 Sept 2026Other events · Financial statements and exhibits
- Current report07 Aug 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report16 Jul 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report11 May 2026Departure or appointment of officers
- Current report08 May 2026Shareholder vote
- Quarterly report06 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / UBER · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / UBER · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / UBER · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.