Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

Overview

We are a technology platform that uses a massive network, leading technology, operational excellence, and product expertise to power movement from point A to point B. We develop and operate proprietary technology applications supporting a variety of offerings on our platform. We connect consumers with providers of ride services, merchants as well as delivery service providers for meal preparation, grocery and other delivery services. Uber also connects consumers with public transportation networks. We use this same network, technology, operational excellence, and product expertise to connect Shippers with Carriers in the freight industry by providing Carriers with the ability to book a shipment, transportation management and other logistics services. We are also developing technologies designed to provide new solutions to solve everyday problems.

Driver Classification Developments

The classification of Drivers is currently being challenged in courts, by legislators and by government agencies in the United States and abroad. We are involved in numerous legal proceedings globally, including putative class and collective class action lawsuits, demands for arbitration, charges and claims before administrative agencies, and investigations or audits by labor, social security, and tax authorities that claim that Drivers should be treated as our employees (or as workers or quasi-employees where those statuses exist), rather than as independent contractors. Of particular note are proceedings in California, where 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 (the “Court”) against Uber and Lyft, Inc., alleging that drivers are misclassified, and sought an injunction and monetary damages related to the alleged competitive advantage caused by the alleged misclassification of drivers.

To comply with Proposition 22, we have incurred and expect to incur additional expenses, including expenses associated with a guaranteed minimum earnings floor for Drivers, insurance for injury protection and subsidies for health care. We do not expect these changes will have a material impact on our business, results of operations, financial position, or cash flows.

If, as a result of legislation or judicial decisions, we are required to classify Drivers as employees, workers or quasi-employees where those statuses exist, we would incur significant additional expenses for compensating Drivers, including expenses associated with the application of wage and hour laws (including minimum wage, overtime, and meal and rest period requirements), employee benefits, social security contributions, taxes (direct and indirect), and potential penalties. Additionally, we may not have adequate Driver supply as Drivers may opt out of our platform given the loss of flexibility under an employment model, and we may not be able to hire a majority of the Drivers currently using our platform. Any of these events could negatively impact our business, results of operations, financial position, and cash flows.

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

In addition, if we are required to classify Drivers as employees, this may impact our current financial statement presentation including revenue, cost of revenue, incentives and promotions as further described in our significant and critical accounting policies in the section titled “Critical Accounting Estimates” and Note 1 in the section titled “Notes to Consolidated Financial Statements” included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Financial and Operational Highlights

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change						% Change (Constant Currency (1)****)
Monthly Active Platform Consumers (“MAPCs”) (2)						170						199						17		%
Trips (2)						3,036						3,643						20		%
Gross Bookings (2)						$	42,818					$	53,720					25		%				21		%
Revenue						$	11,533					$	13,203					14		%				10		%
Income from operations						$	1,228					$	1,923					57		%
Net income attributable to Uber Technologies, Inc.						$	1,776					$	263					(85)		%
Net cash provided by operating activities						$	2,324					$	2,351					1		%
Free cash flow (1)						$	2,250					$	2,286					2		%

(1) See the section titled “Reconciliations of Non-GAAP Financial Measures” for more information and reconciliations to the most directly comparable GAAP financial measure.

(2) See the section titled “Certain Key Metrics” for more information.

Highlights for the First Quarter 2026

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

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

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

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

Mobility Segment Operating Income was $2.0 billion, up $442 million compared to the same period in 2025. Delivery Segment Operating Income was $961 million, up $290 million compared to the same period in 2025.

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

Components of Results of Operations

Revenue

We generate substantially all of our revenue from fees paid by Drivers and Merchants for use of our platform. We have concluded that we are an agent in these arrangements as we arrange for other parties to provide the service to the end-user. Under this model, revenue is net of Driver and Merchant earnings and Driver incentives. We act as an agent in these transactions by connecting consumers to Drivers and Merchants to facilitate a Trip, meal, grocery or other delivery service. In certain markets we are responsible for the Mobility or Delivery services (and in most markets we are responsible for the Freight services), and in these markets we present revenue from end-users and from Shippers on a gross basis, with the payments to Drivers and Carriers classified within cost of revenue, exclusive of depreciation and amortization.

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

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

Cost of Revenue, Exclusive of Depreciation and Amortization

Cost of revenue, exclusive of depreciation and amortization, primarily consists of costs incurred for certain Mobility and Delivery transactions where we are primarily responsible for Mobility and Delivery services and pay Drivers and Couriers for services, certain insurance costs related to our Mobility and Delivery offerings, costs incurred with Carriers for Uber Freight transportation services, credit card processing fees, bank fees, data center and networking expenses, mobile device and service costs, and amounts related to fare chargebacks and other credit card losses.

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

Operations and Support

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

We would expect operations and support expenses to vary from period to period on an absolute dollar basis, but decrease as a percentage of revenue as we become more efficient in supporting platform users.

Sales and Marketing

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

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

Research and Development

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

We would expect research and development expenses to increase on an absolute dollar basis and vary from period to period as a percentage of revenue as we continue to invest in research and development activities relating to ongoing improvements to and maintenance of our platform offerings and other research and development programs.

General and Administrative

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

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

Depreciation and Amortization

Depreciation and amortization expenses primarily consist of depreciation on buildings, site improvements, computer and network equipment, software, leasehold improvements, furniture and fixtures, and amortization of intangible assets. Depreciation includes

expenses associated with buildings, site improvements, computer and network equipment, furniture and fixtures, as well as leasehold improvements. Amortization includes expenses associated with our capitalized internal-use software and acquired intangible assets.

Interest Expense

Interest expense consists primarily of interest expense associated with our outstanding debt, including amortization of debt discount and issuance costs. For additional detail related to our debt obligations, see Note 5 – Long-Term Debt and Credit Arrangements in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Interest Income

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

Other Income (Expense), Net

Other income (expense), net primarily includes the following items:

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

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

• Other, net.

Provision for (Benefit from) Income Taxes

We are subject to income taxes in the United States and foreign jurisdictions in which we do business. These foreign jurisdictions have different statutory tax rates than those in the United States. Additionally, certain of our foreign earnings may also be taxable in the United States. Accordingly, our effective tax rate will vary depending on the relative proportion of foreign to domestic income, changes in the valuation allowance on our U.S. and Netherlands' deferred tax assets, and changes in tax laws.

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.

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

For additional information, see Note 8 – Income Taxes in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Loss from Equity Method Investments

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

Results of Operations

The following table summarizes our condensed consolidated statements of operations for each of the periods presented (in millions):

						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

The following table sets forth the components of our condensed consolidated statements of operations for each of the periods presented as a percentage of revenue (1):

						Three Months Ended March 31,
						2025						2026
Revenue						100		%				100		%
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below						60		%				55		%
Operations and support						6		%				6		%
Sales and marketing						9		%				10		%
Research and development						7		%				7		%
General and administrative						6		%				6		%
Depreciation and amortization						1		%				1		%
Total costs and expenses						89		%				85		%
Income from operations						11		%				15		%
Interest expense						(1)		%				(1)		%
Interest income						1		%				1		%
Other income (expense), net						1		%				(11)		%
Income before income taxes and loss from equity method investments						12		%				4		%
Provision for (benefit from) income taxes						(3)		%				1		%
Loss from equity method investments						—		%				—		%
Net income including non-controlling interests						15		%				2		%
Less: net income (loss) attributable to non-controlling interests, net of tax						—		%				—		%
Net income attributable to Uber Technologies, Inc.						15		%				2		%

(1) Totals of percentage of revenues may not foot due to rounding.

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

Revenue

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Revenue						$	11,533					$	13,203					14		%

Revenue increased $1.7 billion, or 14%, primarily attributable to an increase in Gross Bookings of 25%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes. The increase in revenue was partially offset by Mobility business model changes in the UK that negatively impacted revenue by $1.0 billion.

Cost of Revenue, Exclusive of Depreciation and Amortization

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Cost of revenue, exclusive of depreciation and amortization						$	6,937					$	7,258					5		%
Percentage of revenue						60		%				55		%

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

Operations and Support

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Operations and support						$	668					$	763					14		%
Percentage of revenue						6		%				6		%

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

Sales and Marketing

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Sales and marketing						$	1,057					$	1,326					25		%
Percentage of revenue						9		%				10		%

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

Research and Development

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Research and development						$	815					$	951					17		%
Percentage of revenue						7		%				7		%

Research and development expenses increased $136 million, or 17%, primarily attributable to a $106 million increase in employee headcount costs and a $23 million increase in stock-based compensation.

General and Administrative

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
General and administrative						$	657					$	798					21		%
Percentage of revenue						6		%				6		%

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

Depreciation and Amortization

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Depreciation and amortization						$	171					$	184					8		%
Percentage of revenue						1		%				1		%

The change in depreciation and amortization expenses was not material.

Interest Expense

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Interest expense						$	(105)					$	(108)					3		%
Percentage of revenue						(1)		%				(1)		%

The change in interest expense was not material.

Interest Income

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Interest income						$	169					$	175					4		%
Percentage of revenue						1		%				1		%

The change in interest income was not material.

Other Income (Expense), Net

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Foreign currency exchange gains (losses), net						50						(21)						**
Unrealized gain (loss) on debt and equity securities, net						51						(1,474)						**
Other, net						(8)						1						**
Other income (expense), net						$	93					$	(1,494)					**
Percentage of revenue						1		%				(11)		%

** Percentage not meaningful.

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

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

Provision for Income Taxes

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Provision for (benefit from) income taxes						$	(402)					$	194					**
Effective tax rate						(29)		%				39		%

** Percentage not meaningful.

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

Loss from Equity Method Investments

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Loss from equity method investments						$	(13)					$	(20)					(54)		%
Percentage of revenue						—		%				—		%

The change in loss from equity method investments was not material.

Segment Results of Operations

We operate our business as three operating and reportable segments: Mobility, Delivery and Freight. For additional information about our segments, see Note 10 – Segment Information and Geographic Information in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Revenue

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Mobility						$	6,496					$	6,798					5		%
Delivery						3,777						5,068						34		%
Freight						1,260						1,337						6		%

Segment Operating Income

						Three Months Ended March 31,
(In millions, except percentages)						2025						2026						% Change
Mobility						$	1,587					$	2,029					28		%
Delivery						671						961						43		%
Freight						(25)						(30)						(20)		%

Mobility Segment

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

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

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

Delivery Segment

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

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

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

Freight Segment

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

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

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

Certain Key Metrics

Monthly Active Platform Consumers. MAPCs is the number of unique consumers who completed a Mobility ride or received a Delivery order on our platform at least once in a given month, averaged over each month in the quarter. While a unique consumer can use multiple product offerings on our platform in a given month, that unique consumer is counted as only one MAPC. We use MAPCs to assess the adoption of our platform and frequency of transactions, which are key factors in our penetration of the countries in which we operate.

Trips. We define Trips as the number of completed consumer Mobility rides and Delivery orders in a given period. For example, an UberX Share ride with three paying consumers represents three unique Trips, whereas an UberX ride with three passengers represents one Trip. We believe that Trips are a useful metric to measure the scale and usage of our platform.

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

Driver incentives) and Freight revenue. Gross Bookings do not include tips earned by Drivers. Gross Bookings are an indication of the scale of our current platform, which ultimately impacts revenue.

						Q2 2024						Q3 2024						Q4 2024						Q1 2025						Q2 2025						Q3 2025						Q4 2025						Q1 2026
Mobility						$	20,554					$	21,002					$	22,798					$	21,182					$	23,762					$	25,111					$	27,442					$	26,394
Delivery						18,126						18,663						20,126						20,377						21,734						23,322						25,431						25,992
Freight						1,272						1,308						1,273						1,259						1,260						1,307						1,267						1,334

Reconciliations of Non-GAAP Financial Measures

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

Constant Currency

We compare the percent change in our current period results from the corresponding prior period using constant currency disclosure. We present constant currency growth rate information to provide a framework for assessing how our underlying revenue performed excluding the effect of foreign currency rate fluctuations. We calculate constant currency by translating our current period financial results using the corresponding prior period’s monthly exchange rates for our transacted currencies other than the U.S. dollar.

Free Cash Flow

We define free cash flow as net cash flows from operating activities less capital expenditures. The following table presents a reconciliation of free cash flow to the most directly comparable GAAP financial measure for each of the periods indicated:

						Three Months Ended March 31,
(In millions)						2025						2026
Free cash flow reconciliation:
Net cash provided by operating activities						$	2,324					$	2,351
Purchases of property and equipment						(74)						(65)
Free cash flow						$	2,250					$	2,286

Liquidity and Capital Resources

						Three Months Ended March 31,
(In millions)						2025						2026
Net cash provided by operating activities						$	2,324					$	2,351
Net cash used in investing activities						(542)						(773)
Net cash used in financing activities						(1,862)						(3,091)

Operating Activities

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

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

Investing Activities

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

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

Financing Activities

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

Net cash used in financing activities was $1.9 billion for the three months ended March 31, 2025, primarily consisting of $1.8 billion in repurchases of common stock and $47 million of principal payments on finance leases.

Other Information

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

We believe that our existing cash balance in the United States is sufficient to fund our working capital needs in the United States. We are in compliance with our debt and line of credit covenants as of March 31, 2026, including by meeting our reporting obligations. We also believe that our sources of funding and our available line of credit will be sufficient to satisfy our currently anticipated cash requirements including capital expenditures, working capital requirements, collateral requirements, potential acquisitions, potential prepayments of contested indirect tax assessments (“pay-to-play”), and other liquidity requirements through at least the next 12 months. We intend to continue to evaluate and may, in certain circumstances, take preemptive action to preserve liquidity.

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

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.

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.

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

For additional information, see Note 7 – Stockholders' Equity in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Non-Income Tax Matters

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. 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.

Commitments

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

Critical Accounting Estimates

Our condensed consolidated financial statements and accompanying notes have been prepared in accordance with GAAP. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. We evaluate our estimates and assumptions

on an ongoing basis. Actual results may differ from these estimates. To the extent that there are material differences between these estimates and our actual results, our future financial statements will be affected.

For additional information about our critical accounting policies and estimates, see the disclosure included in our Annual Report on Form 10-K as well as Note 1 – Description of Business and Summary of Significant Accounting Policies in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Recent Accounting Pronouncements

See Note 1 – Description of Business and Summary of Significant Accounting Policies, in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.