Uber Technologies, Inc

Previous wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our 2024 Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. You should review the sections titled “Special Note Regarding Forward-Looking Statements” for a discussion of forward-looking statements and Part II, Item 1A, “Risk Factors” for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this Quarterly Report on Form 10-Q.

Current wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our 2025 Annual Report on Form 10-K. In addition to our historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. You should review the sections titled “Special Note Regarding Forward-Looking Statements” for a discussion of forward-looking statements and Part II, Item 1A, “Risk Factors” for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this Quarterly Report on Form 10-Q.

Previous wording

For a discussion of risk factors related to how misclassification challenges may impact our business, result of operations, financial position and operating condition and cash flows, see the risk factor titled “-Our business would be adversely affected if Drivers were classified as employees, workers or quasi-employees” included in Part II, Item 1A, “Risk Factors”, and Note 10 – Commitments and Contingencies in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Current wording

For a discussion of risk factors related to how misclassification challenges may impact our business, result of operations, financial position and operating condition and cash flows, see the risk factor titled “-Our business would be adversely affected if Drivers were classified as employees, workers or quasi-employees” included in Part II, Item 1A, “Risk Factors”, and Note 11 – Commitments and Contingencies in the notes to our condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Previous wording

In the third quarter of 2025, our MAPCs were 189 million, growing 17% compared to the same period in 2024.

Current wording

In the first quarter of 2026, our MAPCs were 199 million, growing 17% compared to the same period in 2025.

Previous wording

Overall Gross Bookings increased to $49.7 billion in the third quarter of 2025, up 21% on a constant currency basis, compared to the same period in 2024. Mobility Gross Bookings grew 19% year-over-year, on a constant currency basis primarily due to an increase in Mobility Trip volumes. Delivery Gross Bookings grew 24% year-over-year, on a constant currency basis, primarily driven by an increase in Delivery Trip volumes. Freight Gross Bookings remained flat year-over-year, on a constant currency basis.

Current wording

Overall Gross Bookings increased to $53.7 billion in the first quarter of 2026, up 21% on a constant currency basis, compared to the same period in 2025. Mobility Gross Bookings grew 20% year-over-year, on a constant currency basis primarily due to an increase in Mobility Trip volumes. Delivery Gross Bookings grew 23% year-over-year, on a constant currency basis, primarily driven by an increase in Delivery Trip volumes. Freight Gross Bookings grew 6% year-over-year, on a constant currency basis, primarily driven by an increase in Freight Trip volumes.

Previous wording

Revenue was $13.5 billion, up 20% year-over-year, primarily attributable to an increase in Gross Bookings of 21%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes.

Current wording

Revenue was $13.2 billion, up 14% year-over-year, primarily attributable to an increase in Gross Bookings of 25%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes. The increase in revenue was partially offset by Mobility business model changes in the United Kingdom (“UK”) that negatively impacted revenue by $1.0 billion.

Previous wording

Net income attributable to Uber Technologies, Inc. was $6.6 billion, which includes: (i) a $4.9 billion benefit from the release of our Netherlands’ deferred tax assets valuation allowance and (ii) the favorable impact of a pre-tax unrealized gain on debt and equity securities, net of $1.5 billion primarily related to changes in the fair value of our equity securities, including: a $760 million unrealized gain on our Didi investment, a $530 million unrealized gain on our Grab investment, and a $181 million net unrealized gain on our other investments.

Current wording

Net income attributable to Uber Technologies, Inc. was $263 million, which includes the unfavorable impact of a pre-tax unrealized loss on debt and equity securities, net of $1.5 billion primarily related to changes in the fair value of our equity securities, including: a $713 million net unrealized loss on our Grab investment and a $674 million net unrealized loss on our Didi investment.

Previous wording

We ended the quarter with $9.1 billion in unrestricted cash, cash equivalents, and short-term investments. We intend to redeem our $1.15 billion 2025 Convertible Notes pursuant to a scheduled redemption in December 2025. For additional information, see Note 4 – Long-Term Debt and Credit Arrangements in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Current wording

We ended the quarter with $6.1 billion in unrestricted cash, cash equivalents, and short-term investments. Subsequent to quarter end, on April 16, 2026, we completed the acquisition of SpotHero, Inc., a leading digital parking aggregator, for total cash consideration of approximately $600 million. For additional information, see Note 14 – Subsequent Event in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Previous wording

We would expect revenue to fluctuate on an absolute dollar basis for the foreseeable future based upon factors such as Trip volume, Driver supply, macroeconomic conditions, global travel activities and management pricing and promotional activities.

Current wording

We would expect revenue to fluctuate on an absolute dollar basis for the foreseeable future based upon factors such as Trip volume, Driver supply, macroeconomic conditions, global travel activities and management pricing and promotional activities. Effective January 2, 2026, we implemented a business model change in certain UK markets, primarily driven by regulatory and tax considerations. As a result of this business model change, we are no longer responsible for the Mobility services in these markets, and accordingly, payments to drivers are recorded as a reduction of revenue instead of cost of revenue.

Previous wording

For additional discussion related to our revenue, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates - Revenue Recognition” as well as “Note 1 – Description of Business and Summary of Significant Accounting Policies - Revenue Recognition” and “Note 2 – Revenue” to our audited consolidated financial statements included in our Annual Report Form 10-K for the year ended December 31, 2024, and Note 9 – Segment Information and Geographic Information in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Current wording

For additional discussion related to our revenue, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates - Revenue Recognition” as well as “Note 1 – Description of Business and Summary of Significant Accounting Policies - Revenue Recognition” to our audited consolidated financial statements included in our Annual Report Form 10-K for the year ended December 31, 2025, and Note 10 – Segment Information and Geographic Information in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Previous wording

We expect that cost of revenue, exclusive of depreciation and amortization, will fluctuate on an absolute dollar basis for the foreseeable future primarily driven by Trip volume changes on the platform.

Current wording

We expect that cost of revenue, exclusive of depreciation and amortization, will fluctuate on an absolute dollar basis for the foreseeable future primarily driven by Trip volume changes on the platform. Effective January 2, 2026, we implemented a business model change in certain UK markets, primarily driven by regulatory and tax considerations. As a result of this business model change, we are no longer responsible for the Mobility services in these markets, and accordingly, payments to drivers are recorded as a reduction of revenue instead of cost of revenue.

Previous wording

•Interest income, which consists primarily of interest earned on our cash and cash equivalents, short-term investments, restricted cash and cash equivalents and restricted investments.

Current wording

Interest income consists primarily of interest earned on our cash and cash equivalents, short-term investments, restricted cash and cash equivalents and restricted investments.

Previous wording

Based on all available evidence, including the objective and verifiable positive evidence as described above and anticipated future earnings, we concluded it is more-likely-than-not that our Netherlands’ deferred tax assets will be realizable. Accordingly, we released $4.9 billion of our Netherlands valuation allowance during the quarter ended September 30, 2025. We will continue to monitor the need for a valuation allowance against our deferred tax assets on a quarterly basis.

Current wording

We will continue to monitor the need for a valuation allowance against our deferred tax assets on a quarterly basis.

Previous wording

Income (loss) from equity method investments primarily includes the results of our share of income or loss from our equity method investments.

Current wording

Loss from equity method investments primarily includes the results of our share of loss from our equity method investments.

Previous wording

The following discussion and analysis is for the three and nine months ended September 30, 2025 compared to the same periods in 2024.

Current wording

The following discussion and analysis is for the three months ended March 31, 2026 compared to the same period in 2025.

Previous wording

Cost of revenue, exclusive of depreciation and amortization, increased$1.3 billion, or 20%, mainly due to a $513 million increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Mobility Gross Bookings in certain markets; a $495 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Delivery Gross Bookings in certain markets; and a $137 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven in our Mobility business.

Current wording

Cost of revenue, exclusive of depreciation and amortization, increased$321 million, or 5%, primarily attributable to a $631 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Delivery Gross Bookings in certain markets; a $116 million increase in credit card processing costs, as a result of increased Gross Bookings; an $85 million increase in insurance expense due to an increase in miles driven in our Mobility and Delivery businesses; an $81 million increase in Carrier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Freight Gross Bookings; and a $78 million increase in network costs. These increases were partially offset by a $606 million decrease in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of Mobility business model changes in the UK despite an increase in Mobility Gross Bookings in certain markets, and a $165 million decrease in legal tax and regulatory reserve changes and settlements.

Previous wording

Operations and support expenses increased $48 million, or 7%, primarily attributable to a $32 million increase in employee headcount costs and a $10 million increase in other service expenses.

Current wording

Operations and support expenses increased $95 million, or 14%, primarily attributable to a $74 million increase in employee headcount costs and a $8 million increase in stock-based compensation.

Previous wording

Sales and marketing expenses increased $181 million, or 17%, primarily attributable to a $90 million increase in consumer discounts, promotions, credits and refunds to $448 million, compared to $358 million in the same period in 2024, and a $63 million increase in indirect advertising and marketing.

Current wording

Sales and marketing expenses increased $269 million, or 25%, primarily attributable to a $115 million increase in indirect advertising and marketing, a $112 million increase in consumer discounts, promotions, credits and refunds to $483 million compared to $371 million in the same period in 2025, and a $48 million increase in employee headcount costs.

Previous wording

General and administrative expenses decreased $16 million, or 1%, primarily attributable to a $136 million decrease in legal-related accruals and expenses, partially offset by a $59 million increase in other corporate expenses, a $30 million increase in employee headcount costs, and a $25 million increase in external contractor expenses.

Current wording

General and administrative expenses increased $141 million, or 21%, primarily attributable to a $40 million increase in employee headcount costs, a $39 million increase in external contractor expenses, a $39 million increase in other corporate expenses, and a $10 million increase in legal-related accruals and expenses.

Previous wording

Unrealized gain (loss) on debt and equity securities, net decreased by $193 million primarily due to changes in the fair value of our equity securities. During the three months ended September 30, 2024, unrealized gain on debt and equity securities, net, primarily includes: a $1.0 billion unrealized gain on our Aurora investment; a $322 million unrealized gain on our Didi investment; a $141 million unrealized gain on our Delivery Hero investment, and a $134 million unrealized gain on our Grab investment.

Current wording

Unrealized gain (loss) on debt and equity securities, net decreased by $1.5 billion primarily due to changes in the fair value of our equity securities. During the three months ended March 31, 2025, unrealized gain on debt and equity securities, net, primarily includes: a $155 million unrealized gain on our Didi investment and a $137 million unrealized gain on our Aurora investment; partially offset by a $102 million unrealized loss on our Grab investment and a $139 million net unrealized loss on our other investments.

Previous wording

During the three months ended September 30, 2025, unrealized gain on debt and equity securities, net, primarily includes: a $760 million unrealized gain on our Didi investment; a $530 million unrealized gain on our Grab investment, and a $181 million net unrealized gain on our other investments. For additional information, refer to Note 2 – Investments and Fair Value Measurement in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Current wording

During the three months ended March 31, 2026, unrealized loss on debt and equity securities, net, primarily includes a $713 million loss on our Grab investment and a $674 million loss on our Didi investment. For additional information, refer to Note 3 – Investments and Fair Value Measurement in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Previous wording

Mobility Adjusted EBITDA increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $513 million increase in Driver payments and incentives recorded in Mobility Platform Participant direct transaction costs, a $137 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven, a $48 million increase in network costs, a $46 million increase in indirect advertising and marketing, and a $38 million increase in credit card processing costs as a result of increased Gross Bookings, recorded in Mobility other expense.

Current wording

Mobility Segment Operating Income increased primarily attributable to an increase in Mobility Gross Bookings and a $606 million decrease in Driver payments and incentives recorded in Mobility Platform Participant direct transaction costs, as a result of business model changes in the UK, partially offset by: a $91 million increase in indirect advertising and marketing; a $63 million increase in network costs; a $53 million increase in employee headcount costs; a $51 million increase in credit card processing costs as a result of increased Gross Bookings; a $45 million increase in insurance expense primarily due an increase in miles driven; and a $42 million increase in fees and other expenses, recorded in Mobility other expense.

Previous wording

For the three months ended September 30, 2025 compared to the same period in 2024, Mobility revenue increased $1.3 billion, or 20%, and Mobility Adjusted EBITDA increased $356 million, or 21%.

Current wording

For the three months ended March 31, 2026 compared to the same period in 2025, Delivery revenue increased $1.3 billion, or 34%, and Delivery Segment Operating Income increased $290 million, or 43%.

Previous wording

Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 25%, driven by an increase in Trip volumes, and a $146 million increase in advertising revenue.

Current wording

Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 28%, driven by an increase in Trip volumes, and a $180 million increase in advertising revenue.

Previous wording

Delivery Adjusted EBITDA increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by a $1.0 billion increase in Courier payments and incentives recorded in Delivery Platform Participant direct transaction costs, and a $229 million increase in employee headcount costs, a $90 million increase in indirect advertising and marketing, an $84 million increase in partnership and other fees, and a $81 million increase in credit card processing costs as a result of increased Gross Bookings, recorded in Delivery other expense.

Current wording

Delivery Segment Operating Income increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by: a $631 million increase in Courier payments and incentives recorded in Delivery Platform Participant direct transaction costs; a $118 million increase in employee headcount costs; a $65 million increase in credit card processing costs as a result of increased Gross Bookings; a $41 million increase in insurance expense primarily due to an increase in miles driven; a $33 million increase in fees and other expenses; a $30 million increase in chargebacks and fraud; a $25 million increase in indirect advertising and marketing; and a $16 million increase in stock-based compensation, recorded in Delivery other expense.

Previous wording

For the three months ended September 30, 2025 compared to the same period in 2024, Freight revenue was flat, and Freight Adjusted EBITDA declined $1 million, or 5%.

Current wording

For the three months ended March 31, 2026 compared to the same period in 2025, Freight revenue increased $77 million or 6%, and Freight Segment Operating Loss increased $5 million, or 20%.

Previous wording

Freight Adjusted EBITDA declined primarily attributable to a $4 million increase in Freight other expenses, partially offset by a $4 million decrease in Freight Carrier payments recorded in Freight Platform Participant direct transaction costs.

Current wording

Freight Segment Operating Loss increased primarily attributable to an $81 million increase in Freight Carrier payments recorded in Freight Platform Participant direct transaction costs, partially offset by a $77 million increase in Freight revenue.

Previous wording

Gross Bookings. We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of: Mobility rides, Delivery orders (in each case without any adjustment for consumer discounts and refunds, Driver and Merchant earnings, and Driver incentives) and Freight revenue. Gross Bookings do not include tips earned by Drivers. Gross Bookings are an indication of the scale of our current platform, which ultimately impacts revenue.

Current wording

Gross Bookings. We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of: Mobility rides, Delivery orders (in each case without any adjustment for consumer discounts and refunds, Driver and Merchant earnings, and

Previous wording

We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to revenue, net income (loss), income (loss) from operations, and other results under GAAP, we use Adjusted EBITDA, revenue growth rates in constant currency and free cash flow, which are described below, to evaluate our business. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results.

Current wording

We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to revenue, net income, income from operations, and other results under GAAP, we use revenue growth rates in constant currency and free cash flow, which are described below, to evaluate our business. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by enabling evaluation of underlying revenue performance excluding the impact of foreign currency fluctuations and by providing insight into the cash generated from operations after capital expenditures.

Previous wording

Net cash provided by operating activities was $5.4 billion for the nine months ended September 30, 2024, primarily consisting of $2.9 billion of net income, adjusted for certain non-cash items, which primarily includes: $1.4 billion of stock-based compensation expense, and $561 million of depreciation and amortization expense; partially offset by$1.3 billion in unrealized gains on debt and equity securities, net. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the “Non-Income Tax Matters” section below.

Current wording

Net cash provided by operating activities was $2.4 billion for the three months ended March 31, 2026, primarily consisting of $282 million of net income including non-controlling interests, adjusted for certain non-cash items, which primarily includes: $1.5 billion in unrealized losses on debt and equity securities, net; $473 million of stock-based compensation expense; $191 million of depreciation and amortization expense; $106 million of deferred income taxes, as well as a $200 million decrease in cash from working capital. The decrease in cash from working capital was primarily driven by a decrease in our accrued expenses and other liabilities, partially offset by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out.

Previous wording

Net cash provided by operating activities was $7.2 billion for the nine months ended September 30, 2025, primarily consisting of $9.8 billion of net income, adjusted for certain non-cash items, which primarily includes: $4.5 billion of deferred income taxes; $1.5 billion in unrealized gains on debt and equity securities, net; $1.4 billion of stock-based compensation expense; $554 million of depreciation and amortization expense, as well as a $1.6 billion increase in cash from working capital. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the “Non-Income Tax Matters” section below.

Current wording

Net cash provided by operating activities was $2.3 billion for the three months ended March 31, 2025, primarily consisting of $1.8 billion of net income including non-controlling interests, adjusted for certain non-cash items, which primarily includes: $435 million of stock-based compensation expense; $412 million of deferred income taxes; $178 million of depreciation and amortization expense; $51 million in unrealized gains on debt and equity securities, net, as well as a $478 million increase in cash from working capital. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the “Non-Income Tax Matters” section below.

Previous wording

Net cash used in investing activities was $2.0 billion for the nine months ended September 30, 2025, primarily consisting of: purchases of marketable securities of $13.9 billion; acquisition of businesses, net of cash acquired of $804 million; purchases of non-marketable equity securities of $286 million, and $261 million in purchases of property and equipment; partially offset by proceeds from maturities and sales of marketable securities of $13.5 billion.

Current wording

Net cash used in investing activities was $773 million for the three months ended March 31, 2026, primarily consisting of: purchases of marketable securities of $6.8 billion, purchases of non-marketable equity securities of $332 million, and purchases of notes receivable of $187 million; partially offset by proceeds from maturities and sales of marketable securities of $6.5 billion.

Previous wording

Net cash used in investing activities was $4.6 billion for the nine months ended September 30, 2024, primarily consisting of: purchases of marketable securities of $9.7 billion; purchases of non-marketable equity securities of $288 million, and $198 million in purchases of property and equipment; partially offset by proceeds from maturities and sales of marketable securities of $5.8 billion.

Current wording

Net cash used in investing activities was $542 million for the three months ended March 31, 2025, primarily consisting of: purchases of marketable securities of $2.5 billion, purchases of non-marketable equity securities of $179 million, and $74 million in purchases of property and equipment; partially offset by proceeds from maturities and sales of marketable securities of $2.4 billion.

Previous wording

Net cash used in financing activities was $2.6 billion for the nine months ended September 30, 2025, primarily consisting of: $4.6 billion in repurchases of common stock; $1.2 billion in principal repayment on term loan and notes, and $112 million of principal payments on finance leases; partially offset by $3.4 billion in issuance of term loan and notes, net of issuance costs, and $120 million in proceeds from the issuance of common stock under the Employee Stock Purchase Plan. For additional information on the issuance and redemption of our senior notes, see Note 4 – Long-Term Debt and Credit Arrangements in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Current wording

Net cash used in financing activities was $3.1 billion for the three months ended March 31, 2026, primarily consisting of $3.0 billion in repurchases of common stock and $40 million of principal payments on finance leases.

Previous wording

As of September 30, 2025, $3.2 billion of our $8.4 billion in cash and cash equivalents was held by our foreign subsidiaries. Cash held outside the United States may be repatriated, subject to certain limitations, and would be available to be used to fund our domestic operations. Repatriation of funds may result in immaterial tax liabilities.

Current wording

As of March 31, 2026, $2.8 billion of our $5.6 billion in cash and cash equivalents was held by our foreign subsidiaries. Cash held outside the United States may be repatriated, subject to certain limitations, and would be available to be used to fund our domestic operations. Repatriation of funds may result in immaterial tax liabilities.

Previous wording

In February 2024, our board of directors authorized the repurchase of up to $7.0 billion in shares of our outstanding common stock. In July 2025, our board of directors authorized an additional $20.0 billion for the repurchase of common stock. These authorizations (collectively, the “Share Repurchase Program”) total $27.0 billion. The timing, manner, price and amount of any repurchases are determined by the discretion of management, depending on market conditions and other factors. Repurchases may be made through open market purchases and accelerated share repurchases. The exact number of shares to be repurchased by us, if any, is not guaranteed. Depending on market conditions and other factors, these repurchases may be commenced or suspended at any time or periodically without prior notice.

Current wording

In July 2025, our board of directors authorized an additional $20.0 billion for the repurchase of common stock (“Share Repurchase Program”). The timing, manner, price and amount of any repurchases are determined by the discretion of management, depending on market conditions and other factors. Repurchases may be made through open market purchases and accelerated share repurchases. The exact number of shares to be repurchased by us, if any, is not guaranteed. Depending on market conditions and other factors, these repurchases may be commenced or suspended at any time or periodically without prior notice.

Previous wording

During the first quarter of 2025, we completed an accelerated share repurchase (“ASR”) to repurchase $1.5 billion of our outstanding common stock as part of our previously announced Share Repurchase Program. As of September 30, 2025, we had approximately $21.1 billion available to repurchase shares pursuant to the Share Repurchase Program.

Current wording

As of March 31, 2026, we had approximately $16.2 billion available to repurchase shares pursuant to the Share Repurchase Program.

Previous wording

As of March 14, 2022, we modified our operating model in the UK, such that as of that date Uber UK is a merchant of transportation and is required to remit VAT. Uber UK is remitting VAT under the Value Added (Tour Operators) Order 1987 (“VAT Order 1987”), which allows for VAT remittance on a calculated margin, rather than on Gross Bookings.

Current wording

As of March 14, 2022, we modified our operating model in the UK, such that as of that date Uber UK became a merchant of transportation and is required to remit VAT. Uber UK began remitting VAT under the Value Added (Tour Operators) Order 1987 (“VAT Order 1987”), which allows for VAT remittance on a calculated margin, rather than on Gross Bookings.

Previous wording

As of September 30, 2025, we have received multiple assessments from the HMRC disputing our application of VAT Order 1987 for the period of March 2022 to September 2024, totaling approximately $1.8 billion (£1.4 billion) for unpaid VAT. Uber paid the assessments in order to proceed with the appeal process. The payments do not represent our acceptance of the assessments.

Current wording

As of March 31, 2026, we have received multiple assessments from His Majesty's Revenue & Customs (“HMRC”) disputing our application of VAT Order 1987 for the period of March 2022 to September 2024, totaling approximately $1.8 billion (£1.4 billion) for unpaid VAT. Uber paid the assessments in order to proceed with the appeal process. The payments do not represent our acceptance of the assessments.

Previous wording

The payments made in 2023 through 2025 are recorded as a receivable in other assets on our condensed consolidated balance sheet because we believe that we will be successful in our appeal, upon which, the full amount of our payments will be returned to us with interest upon completion of the appeals process. We expect to receive additional assessments related to this matter. HMRC has expressed their intention to not enforce assessments pending the determination of the appeal of a competitor on a related matter. If payment of future assessments is required, the payments would decrease operating cash flow and have no impact on our results of operations. We plan to vigorously defend our application of the VAT Order 1987 and are waiting to obtain hearing dates from the Tax Tribunal. For additional information, see Note 10 – Commitments and Contingencies in the notes to condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Current wording

The payments made in 2023 through 2025 are recorded as a receivable in other assets on our condensed consolidated balance sheet because we believe that we will be successful in our appeal, upon which, the full amount of our payments will be returned to us with interest upon completion of the appeals process. We expect to receive additional assessments related to the period 2023 through 2025. HMRC has expressed their intention to not enforce assessments pending the determination of the appeal of a competitor on a related matter. If payment of future assessments is required, the payments would decrease operating cash flow and have no impact on our results of operations. For periods March 2022 to December 2025, we plan to vigorously defend our application of the VAT Order 1987 and are waiting to obtain hearing dates from the Tax Tribunal. In addition, the application of VAT rules to our UK operations following the January 2, 2026 legislative changes involves significant judgment and could be subject to challenge by HMRC. For additional information, see Note 11 – Commitments and Contingencies in the notes to condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Previous wording

We have non-cancelable commitments which primarily relate to network and cloud services and other items in the ordinary course of business. These amounts are determined based on the non-cancelable quantities to which we are contractually obligated. In July 2025, we agreed to purchase, or have our designated fleet operators purchase, a minimum of 20,000 Lucid vehicles equipped with Nuro’s Level 4 autonomous driving systems over a six-year period following the start of production, which is targeted for next year. This agreement is subject to risks and uncertainties, which could cause actual outcomes to differ materially.

Current wording

We have non-cancelable commitments which primarily relate to network and cloud services and other items in the ordinary course of business. These amounts are determined based on the non-cancelable quantities to which we are contractually obligated. In March 2026, we entered into a five-year cloud infrastructure and technology services agreement with a major provider that includes a total minimum spend commitment of $1.1 billion through March 2031. There have been no additional material changes outside the ordinary course of business to the contractual obligations, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. In July 2025, we agreed to purchase, or have our designated fleet operators purchase, a minimum of 20,000 Lucid vehicles equipped with Nuro’s Level 4 autonomous driving systems over a six-year period following the start of production, which is targeted for this year. This agreement is subject to risks and uncertainties, which could cause actual outcomes to differ materially. These include, but are not limited to: production timelines; vehicles meeting certain quality thresholds and complying with other requirements; and fleet operator participation. As of March 31, 2026, our cash requirement has not been determined and there can be no assurance that such purchases will be completed as contemplated. Subsequent to quarter end, in April 2026, we increased our commitment to purchase vehicles from Lucid Group, Inc. to a minimum of 35,000 vehicles.