Uber Technologies, Inc
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
UBER$68.59-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001543151-26-000032
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001543151-26-000041
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 176 previous paragraphs and 183 current paragraphs.
106 unchanged; 52 reworded; 23 added; 18 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
Highlights for the Third Quarter 2026
Current report
Net income attributable to Uber Technologies, Inc. was $512 million, which includes a $476 million net loss (pre-tax) from revaluations of equity securities, including: a $354 million loss on our Grab investment and a $239 million loss on our Aurora investment, offset by a $161 million gain on our Didi investment.
Current report
Effective July 1, 2026, we implemented a change in our methodology for allocating network costs across our lines of business and expense categories to more closely reflect actual consumption. As a result of this change, certain network costs previously recorded in cost of revenue are now recorded in operating expenses.
Current report
Revenue increased$1.3 billion or 10% in the three months ended September 30, 2026, primarily attributable to an increase in Gross Bookings of 20%. 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 $1.1 billion.
Current report
Revenue increased$4.5 billionor 12%in the nine months ended September 30, 2026, primarily attributable to an increase in Gross Bookings of 23%. 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 $3.2 billion.
Current report
Operations and support expenses increased$140 million or 19%in the three months ended September 30, 2026, primarily attributable to a $114 million increase in employee compensation costs including stock-based compensation.
Current report
Research and development expenses increased $411 million or 48%in the three months ended September 30, 2026, primarily attributable to a $255 million increase in employee compensation costs including stock-based compensation and a $130 million increase in network costs primarily due to the change in our cost allocation methodology.
Current report
Research and development expenses increased $750 million or 30% in the nine months ended September 30, 2026, primarily attributable to a $531 million increase in employee compensation costs including stock-based compensation and a $173 million increase in network costs primarily due to the change in our cost allocation methodology.
Current report
General and administrative expenses increased $271 million or 11% in the nine months ended September 30, 2026, primarily attributable to a $227 million increase in employee compensation costs including stock-based compensation and a $130 million increase in contractor and professional service costs, partially offset by a $172 million decrease inlegal and non-income tax related accruals and expenses.
Current report
During the three months ended September 30, 2025, gains (losses) on debt and equity securities, net, primarily includes: a $760 million gain on our Didi investment, a $530 million gain on our Grab investment, and a $181 million net gain on our other investments.
Current report
During the nine months ended September 30, 2026, gains (losses) on debt and equity securities, net, primarily includes: a $1.0 billion loss on our Grab investment, a $950 million loss on our Didi investment, a $191 million loss on our Lucid investment, partially offset by a $980 million gain on our Delivery Hero investment, a $752 million gain on our Aurora investment, and a $78 million net gain on our other investments.
Current report
The change in our income tax provision in the nine months ended September 30, 2026 is a result of the release of our valuation allowance on the Netherlands’ deferred tax assets in thenine months ended September 30, 2025.
Current report
Mobility revenue decreased primarily attributable to business model changes in the UK that negatively impacted revenue by $1.1 billion, partially offset by an increase in Mobility Gross Bookings of 18%, driven by an increase in Trip volumes.
Current report
Mobility Segment Operating Income increased primarily attributable to an increase in Mobility Gross Bookings and a $41 million decrease in insurance expense due to lower rate per mile, partially offset by a $201 million increase in employee compensation costs including stock-based compensation.
Current report
Mobility Segment Operating Income increased primarily attributable to an increase in Mobility Gross Bookings and a $156 million decrease in insurance expense driven by lower rate per mile, partially offset by a $376 million increase in employee compensation costs including stock-based compensation and a $287 million increase in indirect advertising and marketing.
Current report
The proceeds of any loans under the term loan credit agreement will be used to finance the takeover offer, to provide funding for related transactions, to refinance certain indebtedness of Delivery Hero and for the payment of related transaction costs. Loans under the term loan credit agreement will bear interest at EURIBOR plus an applicable margin. The term loan credit agreement is unsecured and is not guaranteed by any subsidiary of Uber, and contains certain customary covenants restricting our and certain of our subsidiaries' ability to incur liens, certain of our subsidiaries' ability to incur debt, and our ability to undergo certain fundamental changes, as well as a financial covenant. The term loan credit agreement also contains customary events of default.
Current report
As of September 30, 2026, no funds have been drawn under the bridge and term loan credit agreement, and we were in compliance with all covenants in the bridge and term loan credit agreement.
Current report
Pending Acquisition of ezCater
Current report
On September 15, 2026, we issued €4.5 billion aggregate principal amount of Euro-denominated Senior Notes in five tranches maturing September 2029 through September 2046. We received net proceeds of approximately €4.5 billion, or $5.2 billion based on the exchange rate on the settlement date, after underwriting discounts and offering expenses. We intend to use the net proceeds for general corporate purposes.
Current report
United Kingdom
Current report
Australia Payroll Tax
Current report
On November 3, 2026, the High Court of Australia ruled against us in our challenge to New South Wales (“NSW”) payroll tax assessments for July 2014 through June 2020. Given the unprecedented nature of this ruling, we evaluated the impact to other relevant Australian states and territories. The amount accrued for this matter is recorded within accrued and other current liabilities on the condensed consolidated balance sheet as of September 30, 2026.
Current report
Additionally, we have capital funding commitments and vehicle offtake commitments with various partners contingent upon the achievement of specified technical and operational milestones. We anticipate that part of these offtake commitments will transition to third-party financing structures over time.
Removed paragraphs (18)
Previous report
Highlights for the Second Quarter 2026
Previous report
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 report
Revenue increased$1.5 billion or 12% in the three months ended June 30, 2026 , primarily attributable to an increase in Gross Bookings of 24%. 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 $1.1 billion.
Previous report
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 report
Operations and support expenses increased$204 million or 15%in the six months ended June 30, 2026, primarily attributable to a $163 million increase in employee compensation costs including stock-based compensation, and a$22 million increase in contractor and professional service costs.
Previous report
Research and development expenses increased$203 million or 24%in the three months ended June 30, 2026, primarily attributable to a $189 million increase in employee compensation costs including stock-based compensation.
Previous report
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 report
General and administrative expenses increased$407 million or 31% in the six months ended June 30, 2026, primarily attributable to a $148 million increase in legal-related accruals and expenses, a $111 million increase in employee compensation costs including stock-based compensation, a $92 million increase in contractor and professional service costs, and a $33 million increase in general insurance expense.
Previous report
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 report
During the six months ended June 30, 2026, gains (losses) on debt and equity securities, net, primarily includes: a $990 million gain on our Aurora investment, and a $980 million unrealized gain on our Delivery Hero investment, partially offset by a $1.1 billion unrealized loss on our Didi investment; a $654 million net unrealized loss on our Grab investment, and a $67 million net unrealized loss on our other investments.
Previous report
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 report
Mobility Segment Operating Income increased primarily attributable to an increase in Mobility Gross Bookings and an $813 million decrease in Driver payments and incentives, partially offset by a $121 million increase in indirect advertising and marketing and a $114 million increase in employee compensation costs including stock-based compensation.
Previous report
Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 23%, driven by an increase in Trip volumes, partially offset by business model changes in the UK that negatively impacted revenue by $2.1 billion.
Previous report
Mobility Segment Operating Income increased primarily attributable to an increase in Mobility Gross Bookings and a $1.4 billion decrease in Driver payments and incentives, partially offset by a $212 million increase in indirect advertising and marketing, a $175 million increase in employee compensation costs including stock-based compensation and a $141 million increase in network costs.
Previous report
Acquisition of Getir
Previous report
On July 1, 2026, we completed the acquisition of Getir’s delivery business. We acquired 100% of Getir’s food delivery business and a minority interest in its grocery delivery business for approximately $465 million in cash. For additional information, see Note 15 – 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 report
Pending Acquisition of Blacklane
Previous report
In June 2026, we entered into a Term Loan Credit Agreement providing for an unsecured term loan credit facility with aggregate commitments of up to $3.0 billion. As of June 30, 2026, the Company had borrowed $2.0 billion under the facility and had remaining available commitments of $1.0 billion. The proceeds under the term loan facility are for general corporate purposes.
Reworded paragraphs (52)
Previous wording
Trips increased to 3.9 billion in the second quarter of 2026, up 18% year-over-year, driven by MAPCs growth of 16% YoY and monthly Trips per MAPC growth of 2% YoY.
Current wording
Trips increased to 4.1 billion in the third quarter of 2026, up 16% year-over-year, driven by MAPCs growth of 14% year-over-year and monthly Trips per MAPC growth of 2% YoY.
Previous 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.
Current wording
Overall Gross Bookings increased to $59.8 billion in the third quarter of 2026, up 20% on a constant currency basis, compared to the same period in 2025. Mobility Gross Bookings grew 17% 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 35% year-over-year, on a constant currency basis, primarily driven by an increase in gross booking per trip.
Previous 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.
Current wording
Revenue was $14.8 billion, up 10% year-over-year, primarily attributable to an increase in Gross Bookings of 20%. 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
Unrestricted cash, cash equivalents, and short-term investments were $5.4 billion at the end of the second quarter.
Current wording
Unrestricted cash, cash equivalents, and short-term investments were $10.1 billion at the end of the third quarter.
Previous wording
Loss from equity method investments primarily includes the results of our share of loss from our equity method investments.
Current wording
Loss from equity method investments primarily includes the results of our share of income/loss from our equity method investments.
Previous wording
The following discussion and analysis is for the three and six months ended June 30, 2026 compared to the same period in 2025.
Current wording
The following discussion and analysis is for the three and nine months ended September 30, 2026 compared to the same periods in 2025.
Previous wording
Cost of revenue, exclusive of depreciation and amortization, increased$204 millionor 3%in the three months ended June 30, 2026, primarily attributable to a $545 million increase in Courier payments and incentives, as a result of increased Delivery Gross Bookings in certain markets; a $320 million increase in Carrier payments and incentives, as a result of increased Freight Gross Bookings; and a $132 million increase in credit card processing costs, as a result of increased Gross Bookings, partially offset by a $808 million decrease in Driver payments and incentives, as a result of Mobility business model changes in the UK.
Current wording
Cost of revenue, exclusive of depreciation and amortization, increased$240 millionor 3%in the three months ended September 30, 2026, mainly due to a $434 million increase in Carrier payments and incentives, as a result of increased Freight Gross Bookings, a $430 million increase in Courier payments and incentives, as a result of increased Delivery Gross Bookings in certain markets, a $342 million increase in legal, non-income tax, and regulatory reserve changes and settlements and a $26 million increase in insurance expense primarily due to an increase in miles driven in our Mobility and Delivery businesses. The increases were partially offset by a $1.1 billion decrease in Driver payments and incentives, as a result of Mobility business model changes in the UK despite an increase in Mobility Gross Bookings in certain markets.
Previous 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.
Current wording
Cost of revenue, exclusive of depreciation and amortization, increased $765 million or 3% in the nine months ended September 30, 2026, mainly due to a $1.6 billion increase in Courier payments and incentives, as a result of increased Delivery Gross Bookings in certain markets; an $834 million increase in Carrier payments and incentives, as a result of increased Freight Gross Bookings;a $301 million increase in credit card processing costs, as a result of increased Gross Bookings, a $177 million increase in legal, non-income tax, and regulatory reserve changes and settlements, and a $129 million increase in network costs driven by increased usage, partially offset by a change in our cost allocation methodology. These increases were partially offset by a $2.5 billion decrease in Driver payments and incentives, primarily as a result of Mobility business model changes in the UK despite an increase in Mobility Gross Bookings in certain markets, and a $10 million decrease in insurance expense primarily due to lower rate per mile in our Mobility business.
Previous wording
Operations and support expenses increased$109 million or 16%in the three months ended June 30, 2026, primarily attributable to a $80 million increase in employee compensation costs including stock-based compensation, and a $15 million increase in contractor and professional service costs.
Current wording
Operations and support expenses increased$344 million or 16%in the nine months ended September 30, 2026, primarily attributable to a $277 million increase in employee compensation costs including stock-based compensation.
Previous wording
Sales and marketing expenses increased$305 millionor 25%in the three months ended June 30, 2026, primarily attributable to a a $136 million increase in consumer discounts, promotions, credits and refunds and a $115 million increase in indirect advertising and marketing.
Current wording
Sales and marketing expenses increased $286 million or 22%in the three months ended September 30, 2026, primarily attributable to a $141 million increase in consumer discounts, promotions, credits and refunds and a $91 million increase in employee compensation costs including stock-based compensation.
Previous 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.
Current wording
Sales and marketing expenses increased $860 million or 24%in the nine months ended September 30, 2026, primarily attributable to a $389 million increase in consumer discounts, promotions, credits and refunds, a $279 million increase in indirect advertising and marketing, and a $194 million increase in employee compensation costs including stock-based compensation.
Previous wording
Research and development expenses increased$339 million or 20% in the six months ended June 30, 2026, primarily attributable to a $320 million increase in employee compensation costs including stock-based compensation.
Current wording
General and administrative expenses decreased $136 million or 11% in the three months ended September 30, 2026, primarily attributable to a $320 million decrease in legal and non-income tax related accruals and expenses, partially offset by a $116 million increase in employee compensation costs including stock-based compensation.
Previous wording
The change in depreciation and amortization expenses was not material in the three and six months ended June 30, 2026.
Current wording
The change in depreciation and amortization expenses was not material in the three and nine months ended September 30, 2026.
Previous wording
The change in interest expense was not material in the three and six months ended June 30, 2026.
Current wording
The change in interest expense was not material in the three and nine months ended September 30, 2026.
Previous wording
The change in interest income was not materialin the three and six months ended June 30, 2026.
Current wording
The change in interest income was not materialin the three and nine months ended September 30, 2026.
Previous wording
Gains (losses) on debt and equity securities, net increased by $1.6 billion primarily due to changes in the fair value of our equity securities in the three months ended June 30, 2026.
Current wording
Gains (losses) on debt and equity securities, net decreased by $1.9 billion primarily due to changes in the fair value of our equity securities in the three months ended September 30, 2026.
Previous wording
During the three months ended June 30, 2026, gains (losses) on debt and equity securities, net, primarily includes: a $1.1 billion unrealized gain on our Delivery Hero investment, a $899 million gain on our Aurora investment, and a net $102 million unrealized gain on other investments, partially offset by a $437 million loss on our Didi investment.
Current wording
During the three months ended September 30, 2026, gains (losses) on debt and equity securities, net, primarily includes: a $354 million loss on our Grab investment, a $239 million loss on our Aurora investment, a $44 million net loss on other investments, partially offset by a $161 million gain on our Didi investment.
Previous wording
Gains (losses) on debt and equity securities, net increased by $104 million primarily due to changes in the fair value of our equity securities in the six months ended June 30, 2026.
Current wording
Gains (losses) on debt and equity securities, net decreased by $1.8 billion primarily due to changes in the fair value of our equity securities in the nine months ended September 30, 2026.
Previous wording
During the six months ended June 30, 2025, gains (losses) on debt and equity securities, net, primarily includes: a $190 million unrealized gain on our Didi investment, and a $190 million net unrealized gain on our other investments, partially offset by a $346 million unrealized loss on our Aurora investment.
Current wording
During the nine months ended September 30, 2025, gains (losses) on debt and equity securities, net, primarily includes: a $950 million gain on our Didi investment, a $697 million gain on our Grab investment, and a $155 million net gain on our other investments, partially offset by a $297 million loss on our Aurora investment.
Previous wording
The change in our income tax provision in the three months ended June 30, 2026 is primarily driven by the tax expense on our earnings and the deferred U.S. tax impact related to our equity securities.
Current wording
The change in our income tax provision in the three months ended September 30, 2026 is a result of the release of our valuation allowance on the Netherlands’ deferred tax assets in thethree months ended September 30, 2025, offset by the deferred U.S. tax impact related to our equity securities.
Previous wording
The change in loss from equity method investmentswas not material in the three and six months ended June 30, 2026.
Current wording
The change in loss from equity method investmentswas not material in the three and nine months ended September 30, 2026.
Previous wording
For the six months ended June 30, 2026 compared to the same period in 2025, Mobility revenue increased $377 million, or 3%, and Mobility Segment Operating Income increased $928 million, or 28%.
Current wording
For the three months ended September 30, 2026 compared to the same period in 2025, Mobility revenue decreased $162 million, or 2%, and Mobility Segment Operating Income increased $498 million, or 27%.
Previous 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%.
Current wording
For the nine months ended September 30, 2026 compared to the same period in 2025, Mobility revenue increased $215 million, or 1%, and Mobility Segment Operating Income increased $1.4 billion, or 28%.
Previous 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.
Current wording
Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 21%, driven by an increase in Trip volumes, partially offset by business model changes in the UK that negatively impacted revenue by $3.2 billion.
Previous 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%.
Current wording
For the three months ended September 30, 2026 compared to the same period in 2025, Delivery revenue increased $1.0 billion, or 23%, and Delivery Segment Operating Income increased $246 million, or 30%.
Previous 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.
Current wording
Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 22%, driven by an increase in Trip volumes, and a $176 million increase in advertising revenue.
Previous wording
Delivery Segment Operating Income increased primarily attributable to an increase in Delivery revenue, partially offset by a $1.2 billion increase in Courier payments and incentives, a $257 million increase in employee compensation costs including stock-based compensation, and a $130 million increase in credit card processing costs as a result of increased Gross Bookings.
Current wording
Delivery Segment Operating Income increased primarily attributable to an increase in Delivery revenue, partially offset by a $430 million increase in Courier payments and incentives, a $177 million increase in employee compensation costs including stock-based compensation, and a $67 million increase in insurance expense due to an increase in miles driven.
Previous wording
For the six months ended June 30, 2026 compared to the same period in 2025, Delivery revenue increased $2.4 billion, or 31%, and Delivery Segment Operating Income increased $579 million, or 40%.
Current wording
For the nine months ended September 30, 2026 compared to the same period in 2025, Delivery revenue increased $3.4 billion, or 28%, and Delivery Segment Operating Income increased $825 million, or 37%.
Previous wording
Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 27%, driven by an increase in Trip volumes, and a $362 million increase in advertising revenue.
Current wording
Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 25%, driven by an increase in Trip volumes, and a $538 million increase in advertising revenue.
Previous 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.
Current wording
Delivery Segment Operating Income increased primarily attributable to an increase in Delivery revenue, partially offset by a $1.6 billion increase in Courier payments and incentives, a $434 million increase in employee compensation costs including stock-based compensation, a $154 million increase in credit card processing costs as a result of increased Gross Bookings, and a $147 million increase in insurance expense due to an increase in miles driven.
Previous wording
For the three months ended June 30, 2026 compared to the same period in 2025, Freight revenue increased $322 million or 26%, and Freight Segment Operating Loss decreased $2 million, or 8%.
Current wording
For the three months ended September 30, 2026 compared to the same period in 2025, Freight revenue increased $450 million or 34%, and Freight Segment Operating Loss improved $7 million, or 18%.
Previous wording
Freight revenue increased primarily attributable to a 25% increase in Freight Gross Bookings due to an increase in gross booking per trip and trip volume.
Current wording
Freight revenue increased primarily attributable to a 35% increase in Freight Gross Bookings due to an increase in gross booking per trip and trip volume.
Previous 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.
Current wording
Freight Segment Operating Loss improved primarily attributable to a $450 million increase in Freight revenue, partially offset by an $434 million increase in Freight Carrier payments.
Previous 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%.
Current wording
For the nine months ended September 30, 2026 compared to the same period in 2025, Freight revenue increased $849 million, or 22%, and Freight Segment Operating Loss improved $4 million, or 4%.
Previous 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.
Current wording
Freight revenue increased primarily attributable to a 22% increase in Freight Gross Bookings due to an increase in gross booking per trip and trip volume.
Previous wording
Freight Segment Operating Loss increased primarily attributable to a $400 million increase in Freight Carrier payments partially offset by a $399 million increase in Freight revenue.
Current wording
Freight Segment Operating Loss improved primarily attributable to a $849 million increase in Freight revenue, partially offset by a $834 million increase in Freight Carrier payments.
Previous 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.
Current wording
Net cash provided by operating activities was $7.9 billion for the nine months ended September 30, 2026, primarily consisting of $3.3 billion of net income including non-controlling interests, adjusted for certain non-cash items, which primarily includes: $1.6 billion of stock-based compensation expense; $889 million of deferred income taxes, $604 million of depreciation and amortization expense; $338 million in losses on debt and equity securities, net; as well as a $841 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.
Previous 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.
Current 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 including non-controlling interests, 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 the settlement of Foodpanda Taiwan termination fee, as well as an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other non-current assets described in the “Non-Income Tax Matters” section below.
Previous 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.
Current wording
Net cash used in investing activities was $6.1 billion for the nine months ended September 30, 2026, primarily consisting of: purchases of marketable securities of $26.1 billion, purchase of total return swaps of $1.6 billion, acquisition of businesses, net of cash acquired of $1.6 billion, purchases of non-marketable equity securities of $805 million, purchases of loan and notes receivable of $327 million, and purchase of property and equipment of $239 million; partially offset by proceeds from maturities and sales of marketable securities of $24.5 billion.
Previous 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.
Current 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.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.