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.