Q4 2025 · NYSE · Feb 13, 2026

UBER Uber's FY2025 - Operating Income Nearly Doubles to $5.6 Billion, While Net Income Growth Stalls on a Second Tax Release

Uber's FY2025 10-K shows full-year income from operations of $5,565 million, up 99% year-over-year, on revenue up 18% to $52,017 million. Adjusted EBITDA grew 35% to $8,730 million and free cash flow rose 42% to $9,763 million. Net income attributable to Uber was $10,053 million, up just 2% from FY2024's already tax-inflated $9,856 million - this year's headline included a $5.0 billion Netherlands deferred tax valuation release, on top of FY2024's $6.4 billion US release, plus a $97 million net unrealized equity-stake loss led by an $802 million Aurora markdown.

Operating Income Nearly Doubles - But Two Straight Years of Tax Releases Have Flattened the Net Income Trend

Full-year income from operations was $5,565 million, up 99% from $2,799 million in FY2024 - Uber's third consecutive profitable fiscal year, and the largest yet by a wide margin. Adjusted EBITDA grew 35% year-over-year to $8,730 million, and full-year free cash flow reached $9,763 million, up 42% from $6,895 million in FY2024. Revenue grew 18% to $52,017 million, crossing $50 billion for the first time.

Derived Q4 2025 standalone results (full-year total less the nine-month total already reported through the 2025-09 post): revenue ~$14,366 million, income from operations ~$1,774 million (a new single-quarter high, up from Q3's $1,113 million), Adjusted EBITDA ~$2,487 million (also a new high), free cash flow ~$2,808 million, and net income attributable to Uber of only ~$296 million - a sharp sequential drop from Q3's $6,626 million, since most of this year's tax-related benefit was recognized in Q3 rather than Q4. Like all Q4-derived figures, these are computed rather than separately disclosed by the company.

Net income attributable to Uber was $10,053 million for the year, up just 2% from FY2024's $9,856 million - a striking deceleration next to operating income's 99% growth, and a clear illustration of why Uber's net income line deserves caution. Both years' headlines were inflated by one-time items of comparable size: FY2024's $6.4 billion US federal/state deferred-tax valuation release, and FY2025's $5.0 billion Netherlands release (recognized after management concluded, based on a 12-quarter cumulative Netherlands income position, that the underlying deferred tax assets were more-likely-than-not realizable). FY2025 also saw a modest $97 million net unrealized loss on debt and equity securities - an $802 million Aurora markdown and a $155 million Lucid markdown, partly offset by a $409 million Didi gain, $179 million on a newly-disclosed Waabi stake, and $145 million on Grab. Strip out both years' tax releases and net income growth would look far closer to the operating story - a reminder that comparing headline net income year-over-year, without adjusting for these one-time items, would badly understate FY2025's actual operating improvement.

Segment Adjusted EBITDA for the full year: Mobility grew 22% to $7,899 million and Delivery grew 45% to $3,572 million, both new full-year highs. Freight's loss narrowed 55% to $(33) million from $(74) million, its first full-year improvement since FY2022, after the loss widened in both FY2023 and FY2024.

The Prescription

FY2025 is Uber's strongest operating year yet by a clear margin - operating income nearly doubled, Adjusted EBITDA grew 35%, and free cash flow grew 42% to just under $9.8 billion. The net income line, however, tells a badly misleading story on its own: +2% year-over-year looks like near-stagnation, when the underlying business accelerated sharply. This is now the second consecutive fiscal year in which a single tax valuation-allowance release exceeding $5 billion has dominated the net income headline (US in FY2024, Netherlands in FY2025), so operating income, Adjusted EBITDA, and free cash flow are the better primary indicators of Uber's year-over-year performance, with net income a secondary, noisier metric.

Freight's return to full-year improvement, after narrowing for two consecutive quarters mid-year (flagged in the 2025-03 and 2025-06 posts) and then widening again in Q3, is worth confirming as a genuine turn rather than quarter-to-quarter noise once Q1 2026 results are available.

Key Financial Metrics

FY2025 vs. FY2024 - consolidated, reported in USD

Metric FY2025 FY2024 YoY
Revenue $52,017M $43,978M +18%
Adjusted EBITDA» $8,730M $6,484M +35%
Income (Loss) from Operations $5,565M $2,799M +99%
Net Income (Loss) attributable to Uber $10,053M $9,856M +2%, both years inflated by large one-time tax valuation releases
Free Cash Flow $9,763M $6,895M +42%

Balance sheet: Dec 2024 vs. Dec 2025

Balance sheet metric Dec 2025 Dec 2024 Change
Cash and Cash Equivalents $7,105M $5,893M +21%
Total Assets $61,802M $51,244M +21%
Total Liabilities $33,719M $28,768M up 17%
Long-term Debt, net of current $10,521M $8,347M up 26%
Goodwill $8,931M $8,066M up 11%

Total assets grew 21% for the year, substantially on the deferred tax asset created by the Netherlands valuation-allowance release (deferred tax assets rose to $10,951 million from $6,171 million). Long-term debt rose 26% even after the $1.15 billion debt redemption completed in Q4; the company ended the year with $7.6 billion in unrestricted cash, cash equivalents, and short-term investments.

Uber's FY2025 operating income nearly doubled to $5,565 million and free cash flow grew 42% to $9,763 million - but net income grew just 2% to $10,053 million, as a $5.0 billion Netherlands tax valuation release this year offset the comparison against FY2024's own $6.4 billion US tax release.

Segment Results

Segment Adjusted EBITDA, FY2025 vs. FY2024

Segment Adj. EBITDA FY2025 Adj. EBITDA FY2024 Change
Mobility $7,899M $6,497M +22%
Delivery $3,572M $2,471M +45%
Freight $(33)M $(74)M narrower loss

Mobility and Delivery both posted their highest full-year Adjusted EBITDA in the FY2019 to FY2025 series. Freight's loss narrowed 55% for the full year.

Beyond the Usual

Two Consecutive Years, Two Multi-Billion-Dollar Tax Valuation Releases

FY2024's net income included a $6.4 billion release of a US federal/state deferred tax valuation allowance; FY2025's included a $5.0 billion release of a Netherlands valuation allowance, recognized substantially in Q3 2025 (uber/2025-09 post) after management determined a 12-quarter cumulative Netherlands income position provided sufficient positive evidence of realizability. Combined, these two releases total roughly $11.4 billion of non-operating net income recognized across two fiscal years - large enough that a reader comparing FY2025's $10,053 million net income to FY2024's $9,856 million and concluding "flat year" would miss that operating income nearly doubled underneath.

New Names in the Equity-Stake Disclosures: Lucid and Waabi

FY2025's equity-stake breakdown discloses two names not previously called out: a $155 million unrealized loss on a Lucid investment and a $179 million unrealized gain on a Waabi investment (an autonomous-trucking company). Together with the now-familiar Aurora, Grab, Didi, and Joby positions, and last year's newly-disclosed Delivery Hero stake, Uber's minority-investment portfolio continues to grow more complex - worth a dedicated look once more detail on the Lucid and Waabi stakes is available.

Stock Price Since Last Quarter

Uber's stock declined through the fourth quarter: from a September 30, 2025 close of $97.97, down to $96.50 in October (roughly flat), then declines to $87.54 in November and $81.71 at the December 31, 2025 close - a decline of roughly 17% for the quarter. For the full year, the stock rose from $60.32 (December 31, 2024 close) to $81.71 (December 31, 2025 close), up roughly 35% for calendar 2025, a reversal from FY2024's roughly 2% decline.

Target Valuation Range

Undervalued. Uber traded at an EV/Revenue multiple of roughly 3.7x against FY2025 revenue as of year-end - down from Q3 2025's ~4.6x, on the stock's sharp Q4 decline.

With approximately 2,058,115,983 shares outstanding as of February 10, 2026 (per the 10-K's cover page) and a December 31, 2025 close of $81.71, Uber's market capitalization was approximately $168.2 billion. Against total liabilities of $33.72 billion and cash and cash equivalents of $7.11 billion, enterprise value was roughly $194.8 billion - down from the ~$229.3 billion calculated in the 2025-09 post, as the stock's Q4 decline outweighed the modest debt reduction. Against FY2025 revenue of $52,017 million, that implies an EV/Revenue» of roughly 3.7x.

Dec 2025 Sep 2025
TTM/FY Revenue $52.0B $49.6B
Enterprise Value $194.8B $229.3B
EV/Revenue 3.7x 4.6x

Uber Technologies, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC in February 2026.