Item 1. FINANCIAL STATEMENTS

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except share amounts which are reflected in thousands, and per share amounts)

(Unaudited)

						As of December 31, 2025						As of March 31, 2026
Assets
Cash and cash equivalents						$	7,105					$	5,558
Short-term investments						528						533
Restricted cash and cash equivalents						631						680
Accounts receivable, net of allowance of $91 and $106, respectively						3,827						3,895
Prepaid expenses and other current assets						1,902						2,157
Total current assets						13,993						12,823
Restricted cash and cash equivalents						1,911						1,872
Restricted investments						8,874						9,026
Investments						9,178						8,109
Equity method investments						287						268
Property and equipment, net						1,897						1,842
Operating lease right-of-use assets						1,114						1,458
Intangible assets, net						1,048						990
Goodwill						8,931						8,919
Deferred tax assets						10,951						10,844
Other assets						3,618						3,734
Total assets						$	61,802					$	59,885
Liabilities, redeemable non-controlling interests and equity
Accounts payable						$	1,013					$	1,189
Short-term insurance reserves						3,387						3,467
Operating lease liabilities, current						169						195
Accrued and other current liabilities						7,751						7,142
Total current liabilities						12,320						11,993
Long-term insurance reserves						9,076						9,437
Long-term debt, net of current portion						10,521						10,514
Operating lease liabilities, non-current						1,390						1,710
Other long-term liabilities						412						419
Total liabilities						33,719						34,073
Commitments and contingencies (Note 11)
Redeemable non-controlling interests						165						171
Equity
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 2,067,905 and 2,036,424 shares issued and outstanding, respectively						—						—
Additional paid-in capital						38,101						35,527
Accumulated other comprehensive loss						(432)						(421)
Accumulated deficit						(10,628)						(10,355)
Total Uber Technologies, Inc. stockholders' equity						27,041						24,751
Non-redeemable non-controlling interests						877						890
Total equity						27,918						25,641
Total liabilities, redeemable non-controlling interests and equity						$	61,802					$	59,885

The accompanying notes are an integral part of these condensed consolidated financial statements.

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share amounts which are reflected in thousands, and per share amounts)

(Unaudited)

						Three Months Ended March 31,
						2025						2026
Revenue						$	11,533					$	13,203
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below						6,937						7,258
Operations and support						668						763
Sales and marketing						1,057						1,326
Research and development						815						951
General and administrative						657						798
Depreciation and amortization						171						184
Total costs and expenses						10,305						11,280
Income from operations						1,228						1,923
Interest expense						(105)						(108)
Interest income						169						175
Other income (expense), net						93						(1,494)
Income before income taxes and loss from equity method investments						1,385						496
Provision for (benefit from) income taxes						(402)						194
Loss from equity method investments						(13)						(20)
Net income including non-controlling interests						1,774						282
Less: net income (loss) attributable to non-controlling interests, net of tax						(2)						19
Net income attributable to Uber Technologies, Inc.						$	1,776					$	263
Net income per share attributable to Uber Technologies, Inc. common stockholders:
Basic						$	0.85					$	0.13
Diluted						$	0.83					$	0.13
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic						2,092,464						2,052,187
Diluted						2,122,618						2,071,391

The accompanying notes are an integral part of these condensed consolidated financial statements.

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)

						Three Months Ended March 31,
						2025						2026
Net income including non-controlling interests						$	1,774					$	282
Other comprehensive income, net of tax:
Change in foreign currency translation adjustment						31						10
Change in unrealized gain (loss) on investments in available-for-sale debt securities						1						(12)
Change in unrealized gain (loss) on cash flow hedges						—						13
Other comprehensive income, net of tax						32						11
Comprehensive income including non-controlling interests						1,806						293
Less: comprehensive income (loss) attributable to non-controlling interests						(2)						19
Comprehensive income attributable to Uber Technologies, Inc.						$	1,808					$	274

The accompanying notes are an integral part of these condensed consolidated financial statements.

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY

(In millions, except share amounts which are reflected in thousands)

(Unaudited)

						Redeemable Non-Controlling Interests									Common Stock												Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Accumulated Deficit						Non-Redeemable Non-Controlling Interests						Total Equity
												Shares						Amount
Balance as of December 31, 2024						$	93								2,107,953						$	—					$	42,801					$	(517)					$	(20,726)					$	825					$	22,383
Exercise of stock options						—									657						—						8						—						—						—						8
Stock-based compensation						—									—						—						448						—						—						—						448
Issuance of common stock for settlement of RSUs						—									10,293						—						—						—						—						—						—
Shares withheld related to net share settlement						—									(460)						—						(33)						—						—						—						(33)
Repurchase of common stock						—									(26,587)						—						(1,800)						—						—						—						(1,800)
Re-measurement of non-controlling interests						18									—						—						(18)						—						—						—						(18)
Unrealized gain on investments in available-for-sale debt securities, net of tax						—									—						—						—						1						—						—						1
Foreign currency translation adjustment						—									—						—						—						31						—						—						31
Net income (loss)						(18)									—						—						—						—						1,780						12						1,792
Balance as of March 31, 2025						$	93								2,091,856						$	—					$	41,406					$	(485)					$	(18,946)					$	837					$	22,812

The accompanying notes are an integral part of these condensed consolidated financial statements.

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY

(In millions, except share amounts which are reflected in thousands)

(Unaudited)

						Redeemable Non-Controlling Interests									Common Stock												Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Accumulated Deficit						Non-Redeemable Non-Controlling Interests						Total Equity
												Shares						Amount
Balance as of December 31, 2025						$	165								2,067,905						$	—					$	38,101					$	(432)					$	(10,628)					$	877					$	27,918
Exercise of stock options						—									63						—						1						—						—						—						1
Stock-based compensation						—									—						—						484						—						—						—						484
Issuance of common stock for settlement of RSUs						—									8,721						—						—						—						—						—						—
Shares withheld related to net share settlement						—									(525)						—						(39)						—						—						—						(39)
Repurchase of common stock						—									(39,740)						—						(3,010)						—						—						—						(3,010)
Re-measurement of non-controlling interests						10									—						—						(10)						—						—						—						(10)
Unrealized gain (loss) on investments in available-for-sale debt securities, net of tax						—									—						—						—						(12)						—						—						(12)
Unrealized gain (loss) on cash flow hedges						—									—						—						—						13						—						—						13
Foreign currency translation adjustment						—									—						—						—						10						—						—						10
Net income (loss)						(4)									—						—						—												273						13						286
Balance as of March 31, 2026						$	171								2,036,424						$	—					$	35,527					$	(421)					$	(10,355)					$	890					$	25,641

The accompanying notes are an integral part of these condensed consolidated financial statements.

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

						Three Months Ended March 31,
						2025						2026
Cash flows from operating activities
Net income including non-controlling interests						$	1,774					$	282
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization						178						191
Stock-based compensation						435						473
Deferred income taxes						(412)						106
Unrealized (gain) loss on debt and equity securities, net						(51)						1,474
Unrealized foreign currency transactions						(51)						5
Other						(27)						20
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable						(123)						(74)
Prepaid expenses and other assets						(497)						(212)
Operating lease right-of-use assets						43						62
Accounts payable						6						184
Accrued insurance reserves						675						443
Accrued expenses and other liabilities						430						(541)
Operating lease liabilities						(56)						(62)
Net cash provided by operating activities						2,324						2,351
Cash flows from investing activities
Purchases of property and equipment						(74)						(65)
Purchases of non-marketable equity securities						(179)						(332)
Purchases of marketable securities						(2,540)						(6,759)
Purchases of notes receivable						(40)						(187)
Proceeds from maturities and sales of marketable securities						2,397						6,546
Acquisition of businesses, net of cash acquired						—						(6)
Other investing activities						(106)						30
Net cash used in investing activities						(542)						(773)
Cash flows from financing activities
Principal payments on finance leases						(47)						(40)
Repurchases of common stock						(1,785)						(3,011)
Other financing activities						(30)						(40)
Net cash used in financing activities						(1,862)						(3,091)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents						70						(24)
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents						(10)						(1,537)
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period						8,610						9,647
End of period						$	8,600					$	8,110

Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
Cash and cash equivalents						$	5,132					$	5,558
Restricted cash and cash equivalents-current						1,253						680
Restricted cash and cash equivalents-non-current						2,215						1,872
Total cash and cash equivalents, and restricted cash and cash equivalents						$	8,600					$	8,110
Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amount capitalized						$	174					$	180
Income taxes, net of refunds						55						84
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations						45						418

The accompanying notes are an integral part of these condensed consolidated financial statements.

UBER TECHNOLOGIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 – Description of Business and Summary of Significant Accounting Policies

Description of Business

Uber Technologies, Inc. (“Uber,” the “Company,” “we,” “our,” or “us”) was incorporated in Delaware in July 2010, and is headquartered in San Francisco, California. Uber is a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B. Uber develops and operates proprietary technology applications supporting a variety of offerings on its platform (“platform(s)” or “Platform(s)”). Uber connects consumers (“Rider(s)”) with independent providers of ride services (“Mobility Driver(s)”) for ridesharing services, and connects Riders and other consumers (“Eaters”) with restaurants, grocers and other stores (collectively, “Merchants”) with delivery service providers (“Couriers”) for meal preparation, grocery and other delivery services. Riders and Eaters are collectively referred to as “end-user(s)” or “consumer(s).” Mobility Drivers and Couriers are collectively referred to as “Driver(s).” Uber also connects consumers with public transportation networks. Uber uses this same network, technology, operational excellence and product expertise to connect shippers (“Shippers”) with carriers (“Carriers”) in the freight industry. The foundation of our platform is this network of Drivers, Couriers, Merchants, Carriers as well as Riders, Eaters and Shippers (collectively “Platform Participant(s)”). We define Platform Earner(s) as Drivers, Couriers and Merchants as well as Carriers. Uber is also developing technologies designed to provide new solutions to solve everyday problems.

Our technology is used around the world, principally in the United States (“U.S.”) and Canada, Latin America, Europe (excluding Russia), the Middle East, Africa, and Asia Pacific (“APAC”, excluding China and Southeast Asia).

Pending Acquisition of Getir’s Food Delivery Businesses

On February 8, 2026, we entered into an agreement with Mubadala Investment Company to acquire Getir Perakende Lojistik A.Ş.'s (“Getir”) delivery portfolio in Türkiye. The transaction is structured to close in phases with the agreement to acquire 100% of Getir’s food delivery business and a minority interest in its grocery delivery business at the outset, for $435 million in cash, on a cash and debt free basis, subject to certain adjustments. The transaction is subject to regulatory approvals and other closing conditions, with the acquisition of the food delivery business expected to close in the second half of 2026.

Pending Acquisition of Blacklane

On March 28, 2026, we entered into an agreement to acquire Blacklane GmbH, a Berlin-based global chauffeur service provider, for approximately $550 million in cash. The transaction is subject to regulatory approvals, including antitrust review, and other closing conditions, and is expected to close before the end of 2026.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet, as of December 31, 2025, included herein was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Certain prior period amounts in the condensed consolidated statements of cash flows have been reclassified to conform to the current period presentation, with no impact on total cash flows or previously reported net income. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2025, included in our Annual Report on Form 10-K. The results for the interim periods are not necessarily indicative of results for the full year.

In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive income, cash flows and the change in equity for the periods presented.

There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 13, 2026, that have had a material impact on our condensed consolidated financial statements and related notes.

Basis of Consolidation

Our condensed consolidated financial statements include the accounts of Uber Technologies, Inc. and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated. Refer to Note 12 – Variable Interest Entities for further information.

Use of Estimates

The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis, management evaluates estimates, including, but not limited to: fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of amortizable long-lived assets; fair value of acquired intangible assets and related impairment assessments; impairment of goodwill; stock-based compensation; income taxes and non-income tax reserves; certain deferred tax assets and tax liabilities; insurance reserves; and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures,” which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. The standard will be effective for public companies for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities,” which establishes recognition, measurement, and presentation guidance for government grants received by business entities. The standard will be effective for public companies for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures.

Note 2 – Derivative and Hedging Instruments

We enter into derivative instruments, consisting of foreign exchange contracts, to mitigate forecasted transactions denominated in currencies other than the functional currency and the foreign currency exchange risk of our assets and liabilities. We do not use derivatives for trading or speculative purposes. We have master netting arrangements with certain counterparties to our foreign exchange contracts, which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty. We present derivative assets and derivative liabilities on a gross basis on our condensed consolidated balance sheets.

We have also entered into certain convertible note arrangements that provide us with the right to convert the outstanding principal into equity interests of the counterparty upon the occurrence of defined contractual events. These arrangements contain embedded derivatives, which are bifurcated and accounted for separately at fair value, with changes in fair value recognized in earnings.

All derivative instruments are recorded at fair value and classified within Level 2 or Level 3 of the fair value hierarchy, and the accounting treatment for derivative gains and losses depends on whether the derivative is designated as a hedging instrument and the nature of the underlying exposure. As of December 31, 2025 and March 31, 2026 and for the three months ended March 31, 2026, the fair values of our outstanding derivative instruments, as well as any related realized or unrealized gains, losses, and amounts recorded in or reclassified from AOCI, were immaterial to our condensed consolidated statements of operations.

Cash Flow Hedges

We designate certain foreign exchange contracts as cash flow hedges to protect forecasted revenue, typically hedging exposures for up to 12 months, with total notional amounts of $378 million and $865 million as of December 31, 2025 and March 31, 2026, respectively. Gains and losses on these derivatives that are included in the assessment of hedge effectiveness are initially deferred in accumulated other comprehensive income (loss) (“AOCI”) and subsequently reclassified into earnings in the same line item within the condensed consolidated statements of operations when the hedged transaction affects earnings. We do not exclude any components in the assessment of hedge effectiveness for forward contracts. If it becomes probable that a forecasted transaction will not occur, hedge accounting is discontinued, and the associated derivatives are accounted for as undesignated instruments, with amounts previously recorded in AOCI reclassified into other income (expense), net in the period of discontinuation. Cash flows associated with cash flow hedges are classified within operating activities in our condensed consolidated statements of cash flows.

Derivatives Not Designated as Hedging Instruments

We utilize foreign exchange contracts not designated as hedging instruments to mitigate foreign currency exchange risk of our assets and liabilities, with total notional amounts of $1.6 billion and $1.7 billion as of December 31, 2025 and March 31, 2026, respectively. Gains and losses on these derivatives are recognized in other income (expense), net in the condensed consolidated statements of operations, and the related cash flows are classified within investing activities in the condensed consolidated statements of cash flows.

Note 3 – Investments and Fair Value Measurement

Investments

Our investments on the condensed consolidated balance sheets consisted of the following (in millions):

						As of
						December 31, 2025						March 31, 2026
Classified as short-term investments:
Marketable debt securities (1)**:
U.S. government and agency securities						$	149					$	143
Commercial paper						75						62
Corporate bonds						271						274
Asset-backed securities						—						17
Certificates of deposit						33						37
Short-term investments						$	528					$	533
Classified as restricted investments:
Marketable debt securities (1)**:
U.S. government and agency securities						$	6,830					$	7,006
Commercial paper						87						72
Corporate bonds						1,897						1,843
Certificates of deposit						38						87
Mortgage-backed and asset-backed securities						22						18
Restricted investments						$	8,874					$	9,026
Classified as investments:
Non-marketable equity securities:
Didi						$	3,011					$	2,337
Other (2)						1,455						1,800
Marketable equity securities:
Grab						2,674						1,961
Aurora (3)						1,252						1,343
Other						667						569
Note receivable from a related party (2)						119						99
Investments						$	9,178					$	8,109

(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.

(2) These balances include certain investments recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments.

(3) In connection with our exchangeable senior notes due in 2028 (the “2028 Exchangeable Senior Notes”), approximately 48% of our Aurora Innovation, Inc. (“Aurora”) Class A common stock is pledged as collateral and cannot be sold or transferred during the term of the 2028 Exchangeable Senior Notes until the obligations are fulfilled or the pledged assets are otherwise released under a collateral agreement. Refer to Note 5 – Long-Term Debt and Credit Arrangements for further information.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):

						As of December 31, 2025																								As of March 31, 2026
						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Financial Assets
Money market funds						$	1,624					$	—					$	—					$	1,624					$	361					$	—					$	—					$	361
U.S. government and agency securities						—						7,323						—						7,323						—						7,344						—						7,344
Commercial paper						—						715						—						715						—						217						—						217
Corporate bonds						—						2,194						—						2,194						—						2,117						—						2,117
Certificates of deposit						—						72						—						72						—						124						—						124
Mortgage-backed and asset-backed securities						—						22						—						22						—						35						—						35
Non-marketable equity securities						—						—						69						69						—						—						50						50
Marketable equity securities						4,593						—						—						4,593						3,873						—						—						3,873
Note receivable from a related party						—						—						190						190						—						—						170						170
Derivative assets (1)						—						—						—						—						—						8						89						97
Total financial assets						$	6,217					$	10,326					$	259					$	16,802					$	4,234					$	9,845					$	309					$	14,388
Financial Liabilities
2028 Exchangeable Senior Notes (2)						$	—					$	1,125					$	—					$	1,125					$	—					$	1,115					$	—					$	1,115
Derivative liabilities (1)						—						5						—						5						—						7						—						7
Total financial liabilities						$	—					$	1,130					$	—					$	1,130					$	—					$	1,122					$	—					$	1,122

(1) Refer to Note 2 – Derivative and Hedging Instruments for further information.

(2) Refer to Note 5 – Long-Term Debt and Credit Arrangements for further information.

During the three months ended March 31, 2026, we did not make any transfers into or out of Level 3 of the fair value hierarchy.

Debt Securities

The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities (in millions):

						As of December 31, 2025																								As of March 31, 2026
						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value						Amortized Cost						Unrealized Gains						Unrealized Losses									Fair Value
U.S. government and agency securities						$	7,315					$	8					$	—					$	7,323					$	7,346					$	2					$	(4)								$	7,344
Commercial paper						715						—						—						715						217						—						—									217
Corporate bonds						2,190						4						—						2,194						2,118						1						(2)									2,117
Certificates of deposit						72						—						—						72						124						—						—									124
Mortgage-backed and asset-backed securities						22						—						—						22						35						—						—									35
Total						$	10,314					$	12					$	—					$	10,326					$	9,840					$	3					$	(6)								$	9,837

As of December 31, 2025 and March 31, 2026, there were no allowance for credit losses related to our debt securities. The weighted-average remaining maturity of our debt securities was less than one year as of March 31, 2026.

Assets Measured at Fair Value on a Non-Recurring Basis

Non-Marketable Equity Securities

Our non-marketable equity securities are investments in privately held companies without readily determinable fair values. The carrying value of our non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the condensed consolidated statements of operations. Certain non-marketable equity securities are classified within Level 3 in the fair value hierarchy because we estimate the fair value of these securities based on valuation methods, including the common stock equivalent (“CSE”) and option-pricing model (“OPM”) methods, using the transaction price of similar securities issued by the investee adjusted for contractual rights and obligations of the securities we hold.

The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):

						As of
						December 31, 2025						March 31, 2026
Initial cost basis						$	2,673					$	3,009
Upward adjustments						3,726						3,755
Downward adjustments (including impairment)						(2,002)						(2,677)
Total carrying value at the end of the period						$	4,397					$	4,087

Didi Investment

We measure the fair value of our Didi investment based on the closing share price of the Didi American Depositary Shares on the over-the-counter market as an observable transaction for similar securities.

Note 4 – Goodwill and Intangible Assets

Goodwill

The following table presents the changes in the carrying value of goodwill by segment (in millions):

						Mobility						Delivery						Freight						Total Goodwill
Balance as of December 31, 2025						$	2,409					$	5,080					$	1,442					$	8,931
Acquisitions						5						—						—						5
Foreign currency translation and other adjustments						(17)						—						—						(17)
Balance as of March 31, 2026						$	2,397					$	5,080					$	1,442					$	8,919

Intangible Assets

The components of intangible assets, net were as follows (in millions, except years):

						Gross Carrying Value						Accumulated Amortization						Net Carrying Value						Weighted Average Remaining Useful Life - Years
December 31, 2025
Consumer, Merchant and other relationships						$	1,904					$	(1,083)					$	821					8
Developed technology						930						(754)						176						3
Trade name, trademarks and other						183						(132)						51						3
Intangible assets						$	3,017					$	(1,969)					$	1,048

						Gross Carrying Value						Accumulated Amortization												Net Carrying Value						Weighted Average Remaining Useful Life - Years
March 31, 2026
Consumer, Merchant and other relationships						$	1,903					$	(1,119)											$	784					7
Developed technology						932						(772)												160						2
Trade name, trademarks and other						183						(137)												46						3
Intangible assets						$	3,018					$	(2,028)											$	990

Amortization expense for intangible assets subject to amortization was $64 million and $59 million for the three months ended March 31, 2025 and 2026, respectively.

The estimated aggregate future amortization expense for intangible assets subject to amortization as of March 31, 2026 is summarized below (in millions):

						Estimated Future Amortization Expense
Year Ending December 31,
Remainder of 2026						$	174
2027						200
2028						142
2029						94
2030						90
Thereafter						280
Total						$	980

Note 5 – Long-Term Debt and Credit Arrangements

Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages):

						As of
						December 31, 2025						March 31, 2026						Stated Interest Rates						Effective Interest Rates						Maturities
2028 Convertible Notes						1,725						1,725						0.875		%				1.1		%				December 2028
2028 Exchangeable Senior Notes						1,125						1,115						0.00		%				0.0		%				May 2028
2029 Senior Notes						1,500						1,500						4.50		%				4.7		%				August 2029
2030 Senior Notes						1,250						1,250						4.30		%				4.5		%				January 2030
2031 Senior Notes						1,000						1,000						4.15		%				4.3		%				January 2031
2034 Senior Notes						1,500						1,500						4.80		%				4.9		%				September 2034
2035 Senior Notes						1,250						1,250						4.80		%				5.0		%				September 2035
2054 Senior Notes						1,250						1,250						5.35		%				5.4		%				September 2054
Total debt (1)						10,600						10,590
Less: unamortized discount and issuance costs						(79)						(76)
Total long-term debt						$	10,521					$	10,514

(1) The total fair value of our outstanding debt was $11.1 billion and $10.7 billion as of December 31, 2025 and March 31, 2026, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.

Senior Notes

The 2030, 2031, 2034, 2035 and 2054 senior notes are our unsecured debt obligations. The 2029 senior notes are guaranteed by certain of our material domestic restricted subsidiaries. The 2029, 2030, 2031, 2034, 2035 and 2054 senior notes are collectively referred to as “Senior Notes”. Interest on the Senior Notes is payable semi-annually in arrears. The entire principal amounts of the Senior Notes are due at the respective maturity dates, and we may redeem the Senior Notes at any time, in whole or in part, at specified redemption prices. The indentures governing the Senior Notes contain customary covenants restricting our and certain of our subsidiaries’ ability to incur debt and incur liens, as well as certain financial covenants specified in the indentures. We were in compliance with all covenants as of March 31, 2026.

2028 Convertible Notes and Capped Call Transactions

In November 2023, we issued $1.73 billion aggregate principal amount of 0.875% convertible senior notes due in 2028 (the “2028 Convertible Notes”). The interest is payable semi-annually in arrears. The indenture governing the 2028 Convertible Notes does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries. We used a portion of the net proceeds from this offering to fund the cost of entering into the capped call transactions (the “Capped Calls”) for approximately $141 million. The Capped Calls have an initial cap price of $95.81 per share and are classified as equity with no subsequent remeasurement.

Holders of the 2028 Convertible Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2028 only under the following circumstances: (i) during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately

preceding calendar quarter, is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “2028 Convertible Notes measurement period”) in which the trading price (as defined in the indenture governing the 2028 Convertible Notes) per $1,000 principal amount of notes for each trading day of the 2028 Convertible Notes measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call such notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the applicable redemption date; or (iv) upon the occurrence of specified corporate events. On or after September 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances.

As of March 31, 2026, none of the conditions that would permit holders of the 2028 Convertible Notes to convert their notes prior to maturity were satisfied. In the event holders become entitled to convert the notes, we have the intent and ability to refinance the 2028 Convertible Notes on a long-term basis using our existing revolving credit agreement (“Credit Agreement,” as described further below). Accordingly, the 2028 Convertible Notes remain classified as long-term debt as of March 31, 2026. The initial conversion rate is 13.7848 shares of the common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $72.54 per share of the common stock. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. Upon conversion of the 2028 Convertible Notes, we must pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the notes being converted.

We may not redeem the notes prior to December 5, 2026. We may redeem for cash all or any portion of the notes, at our option, on or after December 5, 2026, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

The fair value of our 2028 Convertible Notes was $2.1 billion as of March 31, 2026 and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.

For the three months ended March 31, 2025 and 2026, interest expense with respect to our convertible notes, which includes the amortization of debt discount and issuance costs, was immaterial.

2028 Exchangeable Senior Notes

In May 2025, we issued $1.15 billion aggregate principal amount of 0.00% exchangeable senior notes due in 2028 to an investment bank acting as initial purchaser (the “Initial Purchaser”), including the exercise in full by the Initial Purchaser of the 2028 Exchangeable Senior Notes of its option to purchase up to an additional $150 million aggregate principal amount of the 2028 Exchangeable Senior Notes. The 2028 Exchangeable Senior Notes were issued in a private placement to the Initial Purchaser in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and the Initial Purchaser subsequently resold to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act of 1933, as amended. The 2028 Exchangeable Senior Notes will not bear regular interest, and the principal amount of the notes will not accrete. The 2028 Exchangeable Senior Notes will mature on May 15, 2028, unless earlier exchanged, redeemed or repurchased. Upon exchange of the 2028 Exchangeable Senior Notes, we, at our election, may deliver cash, or, subject to certain conditions, units of reference property (a “unit of reference property”), or a combination of cash and units of reference property. Initially, each unit of reference property is comprised of one share of Aurora Class A common stock.

The initial exchange rate is 117.6471 shares of the Aurora Class A common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $8.50 per share of the Aurora Class A common stock. The exchange rate will be subject to adjustment in some events. In addition, following certain corporate events involving the Uber or Aurora that occur prior to the maturity date or if the Uber delivers a notice of redemption, Uber will, in certain circumstances, increase the exchange rate for a holder who elects to exchange its notes in connection with such a corporate event or exchange its 2028 Exchangeable Senior Notes called (or deemed called) for redemption during the related redemption period, as the case may be.

Holders of the 2028 Exchangeable Senior Notes may exchange their notes at their option at any time prior to the close of business on the business day immediately preceding February 15, 2028 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2025 (and only during such calendar quarter), if the value of a unit of reference property for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the exchange price then in effect on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “2028 Exchangeable Senior Notes measurement period”) in which the trading price (as defined in the indenture governing the 2028 Exchangeable Senior Notes) per $1,000 principal amount of notes for each trading day of the 2028 Exchangeable Senior Notes measurement period was less than 98% of the product of the value of a unit of reference property and the exchange rate on each such

trading day; (3) if we call the notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date, but only with respect to the notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events. On or after February 15, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may exchange all or any portion of their notes at their option at any time, regardless of the foregoing conditions.

As of March 31, 2026, none of the conditions permitting the holders of the 2028 Exchangeable Senior Notes to exchange their notes early had been met. Therefore, the 2028 Exchangeable Senior Notes were classified as long-term.

We may not redeem the notes prior to May 21, 2027. We may redeem for cash all or any portion of the notes, at our option, on or after May 21, 2027 if the value of a unit of reference property has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide the notice of redemption at a redemption price equal to 100% of the principal amount of the 2028 Exchangeable Senior Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date.

The indenture governing the 2028 Exchangeable Senior Notes does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries.

We have elected to account for the 2028 Exchangeable Senior Notes in its entirety at fair value in our condensed consolidated financial statements due to the readily available market price of identical debt instruments. Changes in the fair value included in earnings are recorded in other income (expense), net within the condensed consolidated statement of operations, and the changes in fair value attributable to instrument-specific credit risk are recognized in other comprehensive income (loss).

Credit Agreement

Our Credit Agreement provides for $5.0 billion in aggregate amount of commitments for senior unsecured revolving loans, which will mature on September 26, 2029, unless otherwise extended in accordance with the terms of the Credit Agreement. Proceeds from any borrowings under the Credit Agreement may be used for general corporate purposes. The Credit Agreement is unsecured and is not guaranteed by any of our subsidiaries. The Credit Agreement contains customary covenants restricting our and certain of our subsidiaries’ ability to incur debt, incur liens, and undergo certain fundamental changes. The Credit Agreement also contains customary events of default. As of December 31, 2025 and March 31, 2026, there was no balance outstanding on the Credit Agreement, and we were in compliance with all covenants in the Credit Agreement.

Letters of Credit

For purposes of securing obligations related to leases, insurance contracts, and other contractual obligations, we also maintain agreements for letters of credit. As of December 31, 2025 and March 31, 2026, we had letters of credit outstanding of $1.9 billion and $1.9 billion, respectively, of which the letters of credit that reduced the available credit under the Credit Agreement were $343 million and $332 million, respectively.

Commercial Paper

In June 2025, we established a commercial paper program (the “Program”) under which we may issue unsecured commercial paper notes, not to exceed $2.0 billion outstanding at any time, with maturities of up to 397 days. The commercial paper notes will rank at least pari passu in right of payment with all of our other unsecured and unsubordinated indebtedness except any indebtedness owing to creditors whose claims are mandatorily preferred by laws of general application. We intend to use the net proceeds of the Program for general corporate purposes. As of March 31, 2026, we had no commercial paper notes outstanding.

Note 6 – Supplemental Financial Statement Information

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets were as follows (in millions):

						As of
						December 31, 2025						March 31, 2026
Prepaid expenses						$	408					$	494
Other current assets						1,494						1,663
Prepaid expenses and other current assets						$	1,902					$	2,157

Accrued and Other Current Liabilities

Accrued and other current liabilities were as follows (in millions):

						As of
						December 31, 2025						March 31, 2026
Accrued legal, regulatory and non-income taxes						$	2,052					$	1,843
Accrued Drivers and Merchants liability						1,626						1,567
Accrued compensation and employee benefits						777						432
Income and other tax liabilities						1,033						1,018
Other						2,263						2,282
Accrued and other current liabilities						$	7,751					$	7,142

Other Long-Term Liabilities

Other long-term liabilities were as follows (in millions):

						As of
						December 31, 2025						March 31, 2026
Deferred tax liabilities						$	31					$	28
Other						381						391
Other long-term liabilities						$	412					$	419

Other Income (Expense), Net

The components of other income (expense), net were as follows (in millions):

						Three Months Ended March 31,
						2025						2026
Foreign currency exchange gains (losses), net						50						(21)
Unrealized gain (loss) on debt and equity securities, net (1)						51						(1,474)
Other, net						(8)						1
Other income (expense), net						$	93					$	(1,494)

(1) During the three months ended March 31, 2025, unrealized gain on debt and equity securities, net represents changes in the fair value of our equity securities, primarily including: a $155 million unrealized gain on our Didi investment, 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.

During the three months ended March 31, 2026, unrealized loss on debt and equity securities, net represents changes in the fair value of our equity securities, primarily including a $713 million loss on our Grab investment and a $674 million loss on our Didi investment.

Note 7 – Stockholders' Equity

Stock Option and SAR Activity

A summary of stock option and SAR activity for the three months ended March 31, 2026 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years):

						SARs Outstanding Number of SARs						Options Outstanding Number of Shares						Weighted-Average Exercise Price Per Share						Weighted-Average Remaining Contractual Life (in years)						Aggregate Intrinsic Value
As of December 31, 2025						16						5,868						$	48.72					4.79						$	194
Granted						—						517						$	75.95
Exercised						(3)						(61)						$	19.79
Canceled and forfeited						—						(73)						$	59.51
As of March 31, 2026						13						6,251						$	51.14					4.77						$	136
Exercisable as of March 31, 2026						13						2,445						$	31.23					3.17						$	101

RSU Activity

The following table summarizes the activity related to our RSUs for the three months ended March 31, 2026 (in thousands, except per share amounts):

						Number of Shares						Weighted-Average Grant-Date Fair Value per Share
Unvested and outstanding as of December 31, 2025						57,654						$	65.69
Granted						32,057						$	73.44
Vested						(8,936)						$	51.89
Canceled and forfeited						(2,198)						$	67.60
Unvested and outstanding as of March 31, 2026						78,577						$	70.36

Stock-Based Compensation Expense

Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function (in millions):

						Three Months Ended March 31,
						2025						2026
Operations and support						$	52					$	60
Sales and marketing						24						25
Research and development						264						286
General and administrative						95						102
Total						$	435					$	473

As of March 31, 2026, there was $5.3 billion of unamortized compensation costs related to all unvested awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 3.09 years.

The income tax benefits recognized in the condensed consolidated statements of operations for stock-based compensation expense were not material during the three months ended March 31, 2025 and 2026.

Share Repurchase Program

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.

During the three months ended March 31, 2025 and 2026, we repurchased, and subsequently retired, 26.6 million and 39.7 million shares of common stock for $1.8 billion and $3.0 billion, respectively, excluding broker commissions and fees. As of March 31, 2026, we had approximately $16.2 billion available to repurchase shares pursuant to the Share Repurchase Program.

The Inflation Reduction Act imposed a nondeductible 1% excise tax on the net value of certain stock repurchases. During the three months ended March 31, 2025 and 2026, the excise tax on net share repurchases was not material.

Note 8 – Income Taxes

We compute our quarterly income tax expense/(benefit) by using a forecasted annual effective tax rate and adjust for any discrete items arising during the quarter. We recorded an income tax expense/(benefit) of $(402) million and $194 million for the three months ended March 31, 2025 and 2026, respectively. During the three months ended March 31, 2025, the income tax benefit was primarily driven by a stock loss and capitalized research and development expenses, offset by the tax expense on our earnings. During the three months ended March 31, 2026, the income tax expense was primarily driven by the tax expense on our earnings, offset by the deferred U.S. tax impact related to our equity securities.

During the three months ended March 31, 2026, the movement in our gross unrecognized tax benefits is not material.

We are subject to taxation in the U.S. and various state and foreign jurisdictions. We are also under routine examination by federal, various state and foreign tax authorities. We believe that adequate amounts have been reserved in these jurisdictions. To the extent we have tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state or foreign tax authorities to the extent utilized in a future period. For our major tax jurisdictions, the tax years 2008 through 2026 remain open; the major tax jurisdictions are the U.S., Australia, Netherlands, and the United Kingdom (“UK”).

In the event we experience an ownership change within the meaning of Section 382 of the Internal Revenue Code (“IRC”), our ability to utilize net operating losses, tax credits, and other tax attributes may be limited. The most recent analysis of our historical ownership changes was completed through March 31, 2026. Based on the analysis, we do not anticipate a current limitation on the tax attributes.

We regularly assess the need for a valuation allowance against our deferred tax assets. In making that assessment, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of all available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will be realized.

Based on all available positive and negative evidence, we continue to maintain a valuation allowance against the California R&D credits, as we believe it is not more-likely-than-not to be realized, as we expect R&D tax credit generation to exceed our ability to use these credits in future periods.

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

Note 9 – Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the periods presented. Diluted net income per share is computed by giving effect to all potential weighted average dilutive common stock. For diluted net income per share, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities by application of the if-converted method, as applicable.

We take into account the effect on consolidated net income per share of dilutive securities of entities in which we hold equity interests that are accounted for using the equity method.

The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts):

						Three Months Ended March 31,
						2025						2026
Basic net income per share:
Numerator
Net income including non-controlling interests						$	1,774					$	282
Net income (loss) attributable to non-controlling interests, net of tax						(2)						19
Net income attributable to common stockholders						$	1,776					$	263
Denominator
Basic weighted-average common stock outstanding						2,092,464						2,052,187
Basic net income per share attributable to common stockholders (1)						$	0.85					$	0.13
Diluted net income per share:
Numerator
Net income attributable to common stockholders						$	1,776					$	263
Assumed net loss attributable to Freight Holding contingently issuable shares						(13)						—
Diluted net income attributable to common stockholders						$	1,763					$	263
Denominator
Number of shares used in basic net income per share computation						2,092,464						2,052,187
Dilutive effect of equity awards						27,006						15,506
Dilutive effect of Freight Holding contingently issuable shares						827						11
Dilutive effect of Convertible Notes						—						1,366
Dilutive effect of other contingently issuable shares						2,321						2,321
Diluted weighted-average common stock outstanding						2,122,618						2,071,391
Diluted net income per share attributable to common stockholders (1)						$	0.83					$	0.13

(1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate.

During the three months ended March 31, 2025 and 2026, approximately 45 million and 11 million shares of common stock underlying equity awards, respectively, were excluded from the computation of diluted net income per share because their effect would have been antidilutive.

Note 10 – Segment Information and Geographic Information

We determine our operating segments based on how the chief operating decision maker (“CODM”), our Chief Executive Officer, manages the business, allocates resources, makes operating decisions and evaluates operating performance.

Our three operating and reportable segments are as follows:

Segment						Description
Mobility						Mobility products connect consumers with Drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Mobility also includes activity related to our financial partnerships products and advertising.
Delivery						Delivery offerings allow consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered. In certain markets, Delivery provides offerings for grocery, alcohol, and convenience store delivery as well as select other goods. We refer to the grocery, alcohol, convenience and retail categories collectively as Grocery & Retail. Delivery also includes advertising.
Freight						Freight connects Carriers with Shippers on our platform, and gives Carriers upfront, transparent pricing and the ability to book a shipment. Freight also includes transportation management and other logistics services offerings.

Beginning in the first quarter of 2026, we changed our segment operating performance measure from Segment Adjusted EBITDA to Segment Operating Income. Segment Operating Income excludes certain non-cash items or items that management does not believe are reflective of our ongoing operating performance. Segment results for the comparable prior period have been recast to reflect these changes.

Our segment operating performance measure is Segment Operating Income. The CODM uses Segment Operating Income to evaluate segment operating performance, generate future operating plans, and make strategic decisions. The CODM does not evaluate operating segments using asset information and, accordingly, we do not report asset information by segment. Segment Operating Income excludes non-cash items or items that management does not believe are reflective of our ongoing core operations (as shown in the tables below).

The following tables provides information about our segments and a reconciliation to income before income taxes and loss from equity method investments (in millions):

			Three Months Ended March 31, 2025
			Mobility						Delivery						Freight						Total
Revenue (1)			$	6,496					$	3,777					$	1,260					$	11,533
Platform Participant direct transaction costs (2)			(1,771)						(1,506)						(1,134)						(4,411)
Other (3)			(3,138)						(1,600)						(151)						(4,889)
Segment Operating Income (Loss)			$	1,587					$	671					$	(25)					2,233
Reconciling items:
Corporate G&A and Platform R&D (4)																					(907)
Amortization of acquired intangible assets																					(64)
Legal, non-income tax, and regulatory reserve changes and settlements (5)																					(28)
Acquisition, financing and divestitures related expenses																					(3)
Loss on lease arrangement, net																					(2)
Restructuring and related charges																					(1)
Income from operations																					1,228
Interest expense																					(105)
Interest income																					169
Other income (expense), net																					93
Income before income taxes and loss from equity method investments																					$	1,385

			Three Months Ended March 31, 2026
			Mobility						Delivery						Freight						Total
Revenue (1)			$	6,798					$	5,068					$	1,337					$	13,203
Platform Participant direct transaction costs (2)			(1,260)						(2,131)						(1,215)						(4,606)
Other (3)			(3,509)						(1,976)						(152)						(5,637)
Segment Operating Income (Loss)			$	2,029					$	961					$	(30)					2,960
Reconciling items:
Corporate G&A and Platform R&D (4)																					(1,077)
Amortization of acquired intangible assets																					(59)
Legal, non-income tax, and regulatory reserve changes and settlements (5)																					129
Acquisition, financing and divestitures related expenses																					(25)
Loss on lease arrangement, net																					(5)
Income from operations																					1,923
Interest expense																					(108)
Interest income																					175
Other income (expense), net																					(1,494)
Income before income taxes and loss from equity method investments																					$	496

(1) We offer subscription memberships to end-users including Uber One, Uber Pass, Rides Pass, and Eats Pass (“Subscription”). We recognize Subscription fees ratably over the life of the pass. We allocate Subscription fees earned to Mobility and Delivery revenue on a proportional basis, based on usage for each offering during the respective period.

(2) Platform Participant direct transaction costs primarily consist of (i) costs paid directly to Platform Earners on our platform

recorded in cost of revenue, excluding depreciation and amortization; and (ii) incentives to end-users recorded in sales and marketing.

(3) Other primarily consists of non-Platform Participant costs, including: (i) trip insurance, payment card fees and bank fees, customer support and technology costs; (ii) other operating costs, primarily related to employee headcount costs (including stock-based compensation), external contractor expenses and brand marketing; (iii) costs related to bringing new Platform Earners and new Platform end-users to the Platform recorded in costs and expenses; and (iv) depreciation and amortization (excluding amortization of acquired intangible assets).

(4) Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change.

(5) Legal, non-income tax, and regulatory reserve changes and settlements are primarily related to certain significant legal proceedings or governmental investigations related to worker classification definitions, or tax agencies challenging our non-income tax positions. These matters have limited precedent, cover extended historical periods and are unpredictable in both magnitude and timing, therefore are distinct from normal, recurring legal, non-income tax and regulatory matters and related expenses incurred in our ongoing operating performance.

Geographic Information

The following table presents our revenues disaggregated by geographical region. Revenue by geographical region is based on where the transaction occurred. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors (in millions):

						Three Months Ended March 31,
						2025						2026
United States and Canada ("US&CAN")						$	6,219					$	7,128
Latin America ("LatAm")						717						978
Europe, Middle East and Africa ("EMEA")						3,321						3,420
Asia Pacific ("APAC")						1,276						1,677
Total revenue						$	11,533					$	13,203

Note 11 – Commitments and Contingencies

Contingencies

From time to time, we are a party to various claims, non-income tax audits and litigation in the normal course of business. As of December 31, 2025 and March 31, 2026, we had recorded aggregate liabilities of $2.1 billion and $1.8 billion, respectively, of which $215 million and $224 million, respectively, relate to non-income tax matters in accrued and other current liabilities on the condensed consolidated balance sheets for all of our legal, regulatory and non-income tax matters that were probable and reasonably estimable.

We are currently party to various legal and regulatory matters that have arisen in the normal course of business and include, among others, alleged independent contractor misclassification claims, Fair Credit Reporting Act (“FCRA”) claims, alleged background check violations, pricing and advertising claims, unfair competition claims, intellectual property claims, employment discrimination and other employment-related claims, Americans with Disabilities Act (“ADA”) claims, data and privacy claims, securities claims, antitrust claims, challenges to regulations, and other matters. We have existing litigation, including class actions, Private Attorney General Act lawsuits, arbitration claims, and governmental administrative and audit proceedings, asserting claims by or on behalf of Drivers that Drivers are misclassified as independent contractors. We may receive misclassification claims in several jurisdictions across the United States for the foreseeable future. With respect to our outstanding legal and regulatory matters, based on our current knowledge, we believe that the ultimate amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on our business, financial position, results of operations, or cash flows. The outcome of such legal matters is inherently unpredictable and subject to significant uncertainties. If one or more of these matters were resolved against us for amounts in excess of management's expectations, our results of operations, financial condition or cash flows could be materially adversely affected.

Driver Classification

California Attorney General Lawsuit

In January 2020, AB5 went into effect. AB5 codifies a test to determine whether a worker is an employee under California law. The test is referred to as the “ABC” test, and was originally handed down by the California Supreme Court in Dynamex Operations v. Superior Court in 2018. Under the ABC test, workers performing services for a hiring entity are considered employees unless the hiring entity can demonstrate three things: the worker (A) is free from the hiring entity’s control, (B) performs work that is outside the

usual course of the hiring entity’s business, and (C) customarily engages in the independent trade, work or type of business performed for the hiring entity.

On May 5, 2020, the California Attorney General, in conjunction with the city attorneys for San Francisco, Los Angeles and San Diego, filed a complaint in San Francisco Superior Court against Uber and Lyft, Inc. (“Lyft”). The complaint alleges drivers are misclassified, and seeks an injunction and monetary damages related to the alleged competitive advantage caused by the alleged misclassification of drivers.

On August 10, 2020, the Court issued a preliminary injunction order, prohibiting us from classifying drivers as independent contractors and from violating various wage and hour laws. The injunction was stayed pending appeal. On October 22, 2020, the Court of Appeal affirmed the lower court’s ruling, and we filed a petition for review of the decision with the California Supreme Court. The petition was based upon the passage of Proposition 22 by California voters in November 2020, and requested that the Court of Appeal opinion be vacated because AB5’s application to Uber was superseded by Proposition 22.

Proposition 22 was a state ballot initiative that provides a framework for drivers that use platforms like ours to qualify as independent workers. As a result of the passage of Proposition 22, drivers are able to maintain their status as independent contractors under California law, and we and our competitors are required to comply with the provisions of Proposition 22. Proposition 22 went into effect on December 16, 2020.

The California Supreme Court declined the petition for review on February 10, 2021. The lawsuit was returned to the trial court following the appellate proceedings on February 22, 2021. On April 12, 2021, the California Attorney General, Uber and Lyft filed a stipulation to dissolve the preliminary injunction with the trial court. On April 16, 2021, the trial court signed an order granting the stipulation. Although the preliminary injunction has been dissolved, the lawsuit remains ongoing relating to claims by the California Attorney General for periods prior to enactment of Proposition 22. The parties petitioned to stay this matter pending coordination with other California employment related matters, which was granted and a coordination judge was assigned. The case had been stayed pending appeal of the denial of a motion to compel arbitration, however the California Supreme Court denied review on January 17, 2024, and the case was remitted back to the Superior Court on January 29, 2024 for further proceedings. On July 2, 2024, the Superior Court lifted the stay. We intend to continue to vigorously defend ourselves. The ultimate resolution of these matters is uncertain and the amount accrued is recorded within accrued and other current liabilities on the condensed consolidated balance sheet as of March 31, 2026.

Swiss Social Security Rulings

Several Swiss administrative bodies have issued decisions in which they classify Drivers or Couriers as employees of Uber for social security or labor purposes. We are challenging them before the Social Security and Administrative Tribunals. On March 21, 2023, the Federal Tribunal ruled that Drivers who have used the Uber App in 2014 qualify as employees for social security purposes. In October 2024, the Social Security authority decided that the changes to our 2023 model are not sufficient to classify Drivers as independent contractors. We have filed an appeal against this decision. During the first quarter of 2025, we separately have resolved the social security dispute for Drivers for the years 2014 to July 2020 with the SVA Zürich authority. We continue to litigate the amounts of social security contributions at issue through 2022.

On June 3, 2022, the Federal Tribunal issued two rulings by which both Drivers and Couriers in the Canton of Geneva are classified as employees of Uber B.V., Uber Portier B.V. and Uber Switzerland GmbH. Following the ruling of the Federal Tribunal on Eats, the Social Security authorities claimed the payment of social security contributions since the launch of Uber Eats. We are litigating this claim.

The ultimate resolution of the matters before the social security authorities is uncertain and the amount accrued for those matters is recorded within accrued and other current liabilities on the condensed consolidated balance sheet as of March 31, 2026.

URSSAF Assessment

In December 2024, the Social Security authorities in France (“URSSAF”) issued a letter of observations to Uber, proposing a reassessment of social security contributions. In February 2025, Uber submitted a formal response, strongly contesting the basis of URSSAF's position. URSSAF replied with an assessment in June 2025, which Uber has appealed and vigorously challenged. The ultimate resolution of the matter is uncertain and the amount accrued is recorded within accrued and other current liabilities on the condensed consolidated balance sheet as of March 31, 2026.

Other Driver Classification Matters

Additionally, we have received other lawsuits and governmental inquiries in other jurisdictions, and anticipate future claims, lawsuits, arbitration proceedings, administrative actions, and government investigations and audits challenging our classification of Drivers as independent contractors and not employees. We believe that our current and historical approach to classification is supported by the law and intend to continue to defend ourselves vigorously in these matters. However, the results of litigation and arbitration are inherently unpredictable and legal proceedings related to these claims, individually or in the aggregate, could have a material impact on our business, financial condition, results of operations and cash flows. Regardless of the outcome, litigation and

arbitration of these matters can have an adverse impact on us because of defense and settlement costs individually and in the aggregate, diversion of management resources and other factors.

State Unemployment Taxes

New Jersey Department of Labor

In 2018, the New Jersey Department of Labor (“NJDOL”) opened an audit reviewing whether Drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply from 2014 through 2018. The NJDOL made an assessment on November 12, 2019, against Uber and its subsidiaries . Both assessments were calculated through November 15, 2019, but only calculated the alleged contributions, penalties, and interests owed from 2014 through 2018. The NJDOL has provided several assessments from February through October 2021. We have submitted payment for the principal revised amount of the assessment and have since reached agreement on and paid the remaining amounts allegedly owed from 2014 through 2018.

In 2023, the NJDOL initiated an audit for the period of 2019 through the second quarter of 2023. In December 2024, the NJDOL issued a preliminary assessment, which Uber immediately disputed and requested a Hearing for Redetermination of the assessment. The case is currently being litigated before the New Jersey Office of Administrative Law. The ultimate resolution of the NJDOL matters is uncertain, and the amount accrued for those matters is recorded within accrued and other current liabilities on the condensed consolidated balance sheet as of March 31, 2026.

Non-Income Tax Matters

We recorded an estimated liability for contingencies related to non-income tax matters and are under audit by various domestic and foreign tax authorities with regard to such matters.

The subject matter of these contingent liabilities and non-income tax audits primarily arise from the characterization for tax purposes of the transactions on the platform, as well as the application of certain employee benefits and employment and income taxes to our Drivers and Couriers. In jurisdictions with disputes connected to transactions on the platform, disputes involve the applicability of transactional taxes (such as sales tax, VAT, GST and similar taxes) or gross receipts taxes. In jurisdictions with disputes connected to employment or income taxes, disputes involve the applicability of withholding taxes related to employment taxes or back-up income tax withholding on payments made to Drivers, Couriers, and Merchants.

Our estimated liability is inherently subjective due to the complexity and uncertainty of these matters and the judicial processes in certain jurisdictions; therefore, the final outcome could be materially different from the estimated liability recorded.

United Kingdom

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.

Due to a legislative change effective from January 2, 2026, UK Private Hire Operators are no longer permitted to apply the VAT Order 1987 in respect of supplies made on or after that date. Accordingly, Uber UK ceased applying the VAT Order 1987 after January 2, 2026.

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.

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.

Other Legal and Regulatory Matters

We have been or are currently subject to various government inquiries and investigations surrounding the legality of certain of our business practices, compliance with antitrust, anti-bribery and anti-corruption laws (including the Foreign Corrupt Practices Act) and other global regulatory requirements, labor laws, securities laws, data protection and privacy laws, consumer protection laws, environmental laws, and the infringement of certain intellectual property rights. We are investigating many of these matters and are implementing a number of recommendations to our managerial, operational and compliance practices, as well as strengthening our overall governance structure. In many cases, we are unable to predict the outcomes and implications of these inquiries and

investigations on our business, which could be time consuming, costly to investigate, and require significant management attention. Furthermore, the outcome of these inquiries and investigations could negatively impact our business, reputation, financial condition, and operating results, including possible fines and penalties and requiring changes to operational activities and procedures.

We have been and expect to continue to be subject to personal injury claims for compensation based on traffic accidents, deaths, injuries, or other incidents that occur on our platform even when Drivers, consumers, or third parties are not actively using our platform. Various plaintiffs have also coordinated and may in the future attempt to coordinate personal injury claims in various jurisdictions through mass tort or similar proceedings. We use a combination of third-party insurance and self-insurance mechanisms to provide for personal injury risks. Our insurance reserves include unpaid losses and loss adjustment expenses related to these claims.

Indemnifications

In the ordinary course of business, we often include standard indemnification provisions in our arrangements with third parties. Pursuant to these provisions, we may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with their activities or non-compliance with certain representations and warranties made by us. In addition, we have entered into indemnification agreements with our officers, directors, and certain current and former employees, and our certificate of incorporation and bylaws contain certain indemnification obligations. It is not possible to determine the maximum potential loss under these indemnification provisions / obligations because of the unique facts and circumstances involved in each particular situation.

Note 12 – Variable Interest Entities

Consolidated VIEs

We consolidate VIEs in which we hold a variable interest and are the primary beneficiary. We are the primary beneficiary because we have the power to direct the activities that most significantly impact the economic performance of these VIEs. As a result, we consolidate the assets and liabilities of these VIEs.

Uber Freight Holding Corporation

Total assets included on the condensed consolidated balance sheets for our consolidated VIE, Uber Freight Holding Corporation (“Freight Holding”), as of December 31, 2025 and March 31, 2026 were $3.3 billion and $3.4 billion, respectively. Total liabilities included on the condensed consolidated balance sheets as of December 31, 2025 and March 31, 2026 were $726 million and $809 million, respectively.

As of March 31, 2026, we own the majority of the issued and outstanding capital stock of Freight Holding and report a non-controlling interest as further described in Note 13 – Non-Controlling Interests.

Unconsolidated VIEs

We do not consolidate VIEs in which we hold a variable interest but are not the primary beneficiary because we lack the power to direct the activities that most significantly impact the entities’ economic performance. We are exposed to these unconsolidated VIEs’ economic risks and rewards through the related carrying amount of assets and liabilities and any financial guarantees, which represent variable interests. Our unconsolidated VIEs consist of investments in privately held companies, primarily vehicle fleet operators.

Our carrying amounts of assets recognized on the condensed consolidated balance sheets and maximum exposure to loss related to unconsolidated VIEs were (in millions):

						As of
						December 31, 2025						March 31, 2026
Total assets (1)						$	1,329					$	1,422
Maximum exposure to loss (2)						1,509						1,601

(1) Total assets includes a term loan to Moove Cars Mobility (“Moove”). As of December 31, 2025 and March 31, 2026, the term loan to Moove was $384 million and $422 million, respectively, and accounted for as a loan receivable, carried at amortized cost recorded within other assets on the condensed consolidated balance sheets. In 2021, we entered into and completed a series of agreements with Moove, including (i) an equity investment, through preferred shares, (ii) a term loan to Moove, and (iii) a commercial partnership agreement. After this series of agreements, Moove is considered a related party. Our carrying amounts of liabilities recognized on the condensed consolidated balance sheets were not material as of December 31, 2025 and March 31, 2026.

(2) Our maximum exposure to loss includes the carrying amounts of assets and liabilities recognized on our condensed consolidated balance sheets as well as immaterial financial guarantees.

Note 13 – Non-Controlling Interests

Freight Holding

As of both December 31, 2025 and March 31, 2026, we owned 90% of our subsidiary Freight Holding’s capital stock, or 85% and 84%, respectively, on a fully-diluted basis. The minority stockholders of Freight Holding include, among others: (i) holders of Freight

Holding’s Series A and A-1 Preferred Stock; and (ii) holders of common equity awards issued under the employee equity incentive plans.

Freight Holding Supplier Financing Program

Freight Holding utilizes a third-party financial institution that allows our suppliers to be paid by the third-party financial institution earlier than the due date on the applicable invoice at a discounted price. In general, supplier invoices financed by the third-party financial institution are due for payment by Freight Holding within 30 days. As of December 31, 2025 and March 31, 2026, the liabilities related to the supplier financing program were immaterial and the amounts are included within accounts payable on the condensed consolidated balance sheets.

Trendyol GO

On June 17, 2025, we closed the acquisition of an 85% controlling stake in Trendyol GO. As of March 31, 2026, our controlling stake in Trendyol GO was 87%. As of March 31, 2026, the non-controlling interest in Trendyol GO was classified as redeemable non-controlling interest as it is subject to a put/call agreement that is not solely within our control. The put or call is exercisable in the first quarter of 2031. At each balance sheet date, the carrying value of the redeemable non-controlling interest will be adjusted to the estimated redemption value. There were no material adjustments as of March 31, 2026.

Note 14 – Subsequent Event

Acquisition of SpotHero

On April 16, 2026, we completed the acquisition of SpotHero, Inc. (“SpotHero”), a leading digital parking aggregator, for approximately $600 million in cash. We are currently evaluating the purchase price allocation for this acquisition. It is not practicable to disclose the preliminary purchase price allocation for this acquisition, given the proximity of the acquisition date to the issuance of these condensed consolidated financial statements.