Uber Technologies, Inc

Previous 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.

Current wording

Overall Gross Bookings increased to $58.0 billion in the second quarter of 2026, up 22% 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 25% year-over-year, on a constant currency basis, primarily driven by an increase in Delivery Trip volumes. Freight Gross Bookings grew 25% year-over-year, on a constant currency basis, primarily driven by an increase in Freight Trip volumes.

Previous 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.

Current wording

Revenue was $14.2 billion, up 12% year-over-year, primarily attributable to an increase in Gross Bookings of 24%. The increase in Gross Bookings was primarily driven by an increase in Trip volumes. The increase in revenue was partially offset by Mobility business model changes in the United Kingdom (“UK”) that negatively impacted revenue by $1.1 billion.

Previous 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.

Current wording

Net income attributable to Uber Technologies, Inc. was $2.4 billion, which includes the favorable impact of a pre-tax unrealized gain on debt and equity securities, net of $1.6 billion primarily related to changes in the fair value of our equity securities, including: a $1.1 billion net unrealized gain on our Delivery Hero investment and $899 million net gain on our Aurora investment, offset by a $437 million net unrealized loss on our Didi investment.

Previous wording

Operations and support expenses primarily consist of compensation expenses, including stock-based compensation, for employees that support operations in cities, including the general managers, Driver operations, platform user support representatives and community managers. Also included is the cost of customer support, Driver background checks and the allocation of certain corporate costs.

Current wording

Operations and support expenses primarily consist of compensation costs, including stock-based compensation, for employees that support operations in cities, including the general managers, Driver operations, platform user support representatives and community managers. Also included is the contractor and professional service costs, cost of customer support, Driver background checks and the allocation of certain corporate costs.

Previous wording

Sales and marketing expenses primarily consist of advertising costs, product marketing costs, consumer discounts, promotions, credits and refunds provided to end-users who are not customers, compensation costs, including stock-based compensation to sales and marketing employees, and the allocation of certain corporate costs. We expense advertising and other promotional expenditures as incurred.

Current wording

Sales and marketing expenses primarily consist of advertising costs, product marketing costs, consumer discounts, promotions, credits and refunds provided to end-users who are not customers, compensation costs, including stock-based compensation to sales and marketing employees, contractor and professional service costs, and the allocation of certain corporate costs. We expense advertising and other promotional expenditures as incurred.

Previous wording

We would expect sales and marketing expenses to vary from period to period as a percentage of revenue due to timing of marketing campaigns.

Current wording

We would expect sales and marketing expenses to vary from period to period on an absolute dollar basis and as a percentage of revenue due to timing of marketing campaigns.

Previous wording

Research and development expenses primarily consist of compensation costs, including stock-based compensation, for employees in engineering, design and product development. Expenses also include ongoing improvements to, and maintenance of, existing products and services, and allocation of certain corporate costs. We expense substantially all research and development expenses as incurred.

Current wording

Research and development expenses primarily consist of compensation costs, including stock-based compensation, for employees in engineering, design and product development. Expenses also include ongoing improvements to, and maintenance of, existing products and services, contractor and professional service costs, and allocation of certain corporate costs. We expense substantially all research and development expenses as incurred.

Previous wording

General and administrative expenses primarily consist of compensation costs, including stock-based compensation, for executive management and administrative employees, including finance and accounting, human resources, policy and communications, legal, and certain impairment charges, as well as allocation of certain corporate costs, occupancy, and general corporate insurance costs. General and administrative expenses also include certain legal-related accruals and expenses.

Current wording

General and administrative expenses primarily consist of compensation costs, including stock-based compensation, for executive management and administrative employees, including finance and accounting, human resources, policy and communications, legal, and certain impairment charges, contractor and professional service costs, as well as allocation of certain corporate costs, occupancy, and general corporate insurance costs. General and administrative expenses also include certain legal-related accruals and expenses.

Previous wording

We would expect general and administrative expenses to increase on an absolute dollar basis for the foreseeable future as our business continues to grow and Trip volume increases, but decrease as a percentage of revenue as we achieve improved fixed cost leverage and efficiencies in our internal support functions. General and administrative expenses as a percentage of revenue may vary from period to period as a percentage of revenue due to the variability of legal and regulatory-related expenses.

Current wording

We would expect general and administrative expenses to increase on an absolute dollar basis for the foreseeable future as our business continues to grow, but decrease as a percentage of revenue as we achieve improved fixed cost leverage and efficiencies in our internal support functions. General and administrative expenses as a percentage of revenue are expected to decrease over time, but may vary from period to period due to the variability of legal and regulatory-related expenses.

Previous wording

Interest expense consists primarily of interest expense associated with our outstanding debt, including amortization of debt discount and issuance costs. For additional detail related to our debt obligations, see Note 5 – 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

Interest expense consists primarily of interest expense associated with our outstanding debt, including amortization of debt discount and issuance costs. For additional detail related to our debt obligations, see Note 5 – 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.

Previous wording

•Foreign currency exchange gains (losses), net, which consist primarily of remeasurement of transactions and monetary assets and liabilities denominated in currencies other than the functional currency at the end of the period.

Current wording

•Foreign currency exchange gains (losses), net, which consist primarily of remeasurement of transactions and monetary assets and liabilities denominated in currencies other than the functional currency at the end of the period and the impact of foreign exchange contracts not designated as hedging instruments.

Previous wording

•Unrealized gain (loss) on debt and equity securities, net, which consists primarily of gains (losses) from fair value adjustments relating to our marketable and non-marketable securities.

Current wording

•Gains (losses) on debt and equity securities, net, which consists primarily of gains (losses) from fair value adjustments relating to our marketable and non-marketable securities.

Previous wording

In addition, the Organisation for Economic Co-operation and Development (“OECD”) has led international efforts among approximately 140 countries and taxing jurisdictions to propose and implement changes to numerous long-standing tax principles, including a framework that imposes a minimum tax rate of 15% in each taxing jurisdiction. Under this guidance, we will be required to determine a combined effective tax rate for all entities located in a jurisdiction. If the jurisdictional effective tax rate determined under these rules is less than 15%, a top-up tax will be due to bring the jurisdictional effective tax rate up to 15%. We are continuing to monitor the pending implementation of these rules by individual countries and the potential impact on our business. We expect the provisions effective in 2026 to have an insignificant impact on our tax obligations for 2026.

Current wording

In addition, the Organisation for Economic Co-operation and Development (“OECD”) has led international efforts among approximately 140 countries and taxing jurisdictions to propose and implement changes to numerous long-standing tax principles, including a framework that imposes a minimum tax rate of 15% in each taxing jurisdiction. Under this guidance, we are required to determine a combined effective tax rate for all entities located in a jurisdiction. If the jurisdictional effective tax rate determined under these rules is less than 15%, a top-up tax will be due to bring the jurisdictional effective tax rate up to 15%. We are continuing to monitor the pending implementation of these rules by individual countries and the potential impact on our business. We expect the provisions effective in 2026 to have an insignificant impact on our tax obligations for 2026.

Previous wording

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

Current wording

The following discussion and analysis is for the three and six months ended June 30, 2026 compared to the same period in 2025.

Previous wording

Revenue increased$1.7 billion, or 14%, 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 UK that negatively impacted revenue by $1.0 billion.

Current wording

Revenue increased$3.2 billionor 13%in the six months ended June 30, 2026, primarily attributable to an increase in Gross Bookings of 25%. The increase in Gross Bookings was primarily driven by an increase in Trip volumes, partially offset by Mobility business model changes in the UK that negatively impacted revenue by $2.1 billion.

Previous 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.

Current wording

Cost of revenue, exclusive of depreciation and amortization, increased$525 million or 4%in the six months ended June 30, 2026, mainly due to a $1.2 billion increase in Courier payments and incentives, as a result of increased Delivery Gross Bookings in certain markets; a $400 million increase in Carrier payments and incentives, as a result of increased Freight Gross Bookings; and a$248 million increase in credit card processing costs, as a result of increased Gross Bookings. These increases were partially offset by a $1.4 billion decrease in Driver payments and incentives, as a result of Mobility business model changes in the UK.

Previous 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.

Current wording

Sales and marketing expenses increased $574 million or 25%in the six months ended June 30, 2026, primarily attributable to a $248 million increase in consumer discounts, promotions, credits and refunds, a $231 million increase in indirect advertising and marketing, and a$103 million increase in employee compensation costs including stock-based compensation.

Previous 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.

Current wording

General and administrative expenses increased$266 million or 40% in the three months ended June 30, 2026, primarily attributable to a $138 million increase in legal-related accruals and expenses, a $66 million increase in employee compensation costs including stock-based compensation and a $53 million increase in contractor and professional service costs.

Previous wording

The change in depreciation and amortization expenses was not material.

Current wording

The change in depreciation and amortization expenses was not material in the three and six months ended June 30, 2026.

Previous wording

The change in interest expense was not material.

Current wording

The change in interest expense was not material in the three and six months ended June 30, 2026.

Previous wording

The change in interest income was not material.

Current wording

The change in interest income was not materialin the three and six months ended June 30, 2026.

Previous 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.

Current wording

During the three months ended June 30, 2025, gains (losses) on debt and equity securities, net, primarily includes: a $482 million unrealized loss on our Aurora investment, partially offset by a $268 million unrealized gain on our Grab investment, and a $197 million net unrealized gain on our other investments.

Previous 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.

Current wording

For additional information, refer to Note 2 – Financial Instruments 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

The change in our income tax provision is primarily driven by a stock loss and capitalized research and development expenses in 2025.

Current wording

The change in our income tax provision in the six months ended June 30, 2026 is primarily driven by the tax expense on our earnings, the deferred U.S. tax impact related to our equity securities, and a stock loss and capitalized research and development expenses.

Previous wording

The change in loss from equity method investmentswas not material.

Current wording

The change in loss from equity method investmentswas not material in the three and six months ended June 30, 2026.

Previous wording

For the three months ended March 31, 2026 compared to the same period in 2025, Mobility revenue increased $302 million, or 5%, and Mobility Segment Operating Income increased $442 million, or 28%.

Current wording

For the three months ended June 30, 2026 compared to the same period in 2025, Mobility revenue increased $75 million, or 1%, and Mobility Segment Operating Income increased $486 million, or 28%.

Previous wording

Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 25%, driven by an increase in Trip volumes. The increase in revenue was partially offset by business model changes in the UK that negatively impacted revenue by $1.0 billion.

Current wording

Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 22%, driven by an increase in Trip volumes, partially offset by business model changes in the UK that negatively impacted revenue by $1.1 billion.

Previous 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%.

Current wording

For the three months ended June 30, 2026 compared to the same period in 2025, Delivery revenue increased $1.1 billion, or 28%, and Delivery Segment Operating Income increased $289 million, or 38%.

Previous 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.

Current wording

Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 26%, driven by an increase in Trip volumes, and a $182 million increase in advertising revenue.

Previous 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.

Current wording

Delivery Segment Operating Income increased primarily attributable to an increase in Delivery revenue, partially offset by a $545 million increase in Courier payments and incentives, a $123 million increase in employee compensation costs including stock-based compensation, and a $65 million increase in credit card processing costs as a result of increased Gross Bookings.

Previous 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.

Current wording

Freight Segment Operating Loss decreased primarily attributable to a $322 million increase in Freight revenue, partially offset by an $320 million increase in Freight Carrier payments.

Previous 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%.

Current wording

For the six months ended June 30, 2026 compared to the same period in 2025, Freight revenue increased $399 million, or 16%, and Freight Segment Operating Loss increased $3 million, or 6%.

Previous wording

Freight revenue increased primarily attributable to a 6% increase in Freight Gross Bookings due to an increase in Trip volume.

Current wording

Freight revenue increased primarily attributable to a 16% increase in Freight Gross Bookings due to an increase in revenue per trip and trip volume.

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

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 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.

Previous 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.

Current wording

Net cash provided by operating activities was $5.2 billion for the six months ended June 30, 2026, primarily consisting of $2.7 billion of net income including non-controlling interests, adjusted for certain non-cash items, which primarily includes: $1.0 billion of stock-based compensation expense; $771 million of deferred income taxes, $386 million of depreciation and amortization expense; $138 million in gains on debt and equity securities, net; as well as a $210 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 accounts payment, partially offset by a decrease in accounts receivable and prepaid expenses and other assets.

Previous 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.

Current wording

Net cash provided by operating activities was $4.9 billion for the six months ended June 30, 2025, primarily consisting of $3.1 billion of net income including non-controlling interests, adjusted for certain non-cash items, which primarily includes: $910 million of stock-based compensation expense; $359 million of depreciation and amortization expense; $325 million of deferred income taxes; $34 million in unrealized gains on debt and equity securities, net, as well as a $927 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 $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.

Current wording

Net cash used in investing activities was $6.2 billion for the six months ended June 30, 2026, primarily consisting of: purchases of marketable securities of $17.6 billion, purchase of total return swaps of $1.6 billion, acquisition of businesses, net of cash acquired of $653 million, purchases of non-marketable equity securities of $507 million, purchases of notes receivable of $298 million, and purchase of property and equipment of $135 million; partially offset by proceeds from maturities and sales of marketable securities of $14.7 billion.

Previous 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.

Current wording

Net cash used in investing activities was $2.0 billion for the six months ended June 30, 2025, primarily consisting of: purchases of marketable securities of $7.6 billion, acquisition of businesses, net of cash acquired of $804 million, purchases of non-marketable equity securities of $191 million, and $163 million in purchases of property and equipment; partially offset by proceeds from maturities and sales of marketable securities of $7.0 billion.

Previous 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.

Current wording

Net cash used in financing activities was $2.1 billion for the six months ended June 30, 2025, primarily consisting of $3.1 billion in repurchases of common stock and $75 million of principal payments on finance leases, partially offset by $1.1 billion in issuance of term loan and notes, net of issuance costs.

Previous 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.

Current wording

As of June 30, 2026, $1.9 billion of our $4.9 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.