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

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 ~$2,973 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. As with all Q4-derived figures on this site, 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 the clearest illustration yet of why this site treats Uber's net income line with 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 FY2021 - ending the multi-year streak of widening or persistent losses this site has tracked.

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), and this site continues to recommend investors read operating income, Adjusted EBITDA, and free cash flow as the primary indicators of Uber's year-over-year performance, treating net income as 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 strongest full-year Adjusted EBITDA on record. Freight's loss narrowed 55% for the full year, its best annual result since this site began tracking the segment's persistent weakness.

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 in this site's coverage: 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 in a future post 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

The valuation compressed meaningfully in Q4 even as the underlying operating metrics kept improving sharply - operating income nearly doubled for the full year and free cash flow grew 42%. This site continues to hold off on a full DCF; the multiple's Q4 decline looks driven by the stock's own pullback rather than any deterioration in the underlying business, consistent with the pattern flagged after Q4 2024's similar decline.

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