Item 1. FINANCIAL STATEMENTS

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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, 2025As of June 30, 2026
Assets
Cash and cash equivalents$7,105$4,870
Short-term investments528521
Restricted cash and cash equivalents631661
Accounts receivable, net3,8274,298
Prepaid expenses and other current assets1,9022,179
Total current assets13,99312,529
Restricted cash and cash equivalents1,9111,646
Restricted investments8,8749,486
Investments9,1788,759
Equity method investments2873,773
Property and equipment, net1,8971,809
Operating lease right-of-use assets1,1141,558
Intangible assets, net1,0481,132
Goodwill8,9319,472
Deferred tax assets10,95110,162
Other non-current assets3,6185,475
Total assets$61,802$65,801
Liabilities, redeemable non-controlling interests and equity
Accounts payable$1,013$1,366
Short-term insurance reserves3,3873,758
Operating lease liabilities, current169178
Short-term debt—1,997
Accrued and other current liabilities7,7517,572
Total current liabilities12,32014,871
Long-term insurance reserves9,0769,528
Long-term debt, net of current portion10,52110,726
Operating lease liabilities, non-current1,3901,830
Other non-current liabilities412447
Total liabilities33,71937,402
Commitments and contingencies (Note 11)
Redeemable non-controlling interests165180
Equity
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 2,067,905 and 2,039,994 shares issued and outstanding, respectively——
Additional paid-in capital38,10135,698
Accumulated other comprehensive loss(432)(432)
Accumulated deficit(10,628)(7,950)
Total Uber Technologies, Inc. stockholders' equity27,04127,316
Non-redeemable non-controlling interests877903
Total equity27,91828,219
Total liabilities, redeemable non-controlling interests and equity$61,802$65,801

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 June 30,Six Months Ended June 30,
2025202620252026
Revenue$12,651$14,191$24,184$27,394
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below7,6117,81514,54815,073
Operations and support6968051,3641,568
Sales and marketing1,2101,5152,2672,841
Research and development8401,0431,6551,994
General and administrative6699351,3261,733
Depreciation and amortization175188346372
Total costs and expenses11,20112,30121,50623,581
Income from operations1,4501,8902,6783,813
Interest expense(108)(127)(213)(235)
Interest income181172350347
Other income (expense), net(19)1,34274(152)
Income before income taxes and loss from equity method investments1,5043,2772,8893,773
Provision for (benefit from) income taxes142840(260)1,034
Loss from equity method investments(12)(21)(25)(41)
Net income including non-controlling interests1,3502,4163,1242,698
Less: net income (loss) attributable to non-controlling interests, net of tax(5)22(7)41
Net income attributable to Uber Technologies, Inc.$1,355$2,394$3,131$2,657
Net income per share attributable to Uber Technologies, Inc. common stockholders:
Basic$0.65$1.18$1.50$1.30
Diluted$0.63$1.17$1.46$1.29
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic2,091,1062,036,4582,091,7812,044,279
Diluted2,125,6282,050,2252,124,1812,060,763

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 June 30,Six Months Ended June 30,
2025202620252026
Net income including non-controlling interests$1,350$2,416$3,124$2,698
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment52(7)833
Change in unrealized loss on investments in available-for-sale debt securities(2)(7)(1)(19)
Change in unrealized gain on cash flow hedges—3—16
Other comprehensive income (loss), net of tax50(11)82—
Comprehensive income including non-controlling interests1,4002,4053,2062,698
Less: comprehensive income (loss) attributable to non-controlling interests(5)22(7)41
Comprehensive income attributable to Uber Technologies, Inc.$1,405$2,383$3,213$2,657

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 InterestsCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitNon-Redeemable Non-Controlling InterestsTotal Equity
SharesAmount
Balance as of December 31, 2024$932,107,953$—$42,801$(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 interests18——(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)————1,780121,792
Balance as of March 31, 2025932,091,856—41,406(485)(18,946)83722,812
Exercise of stock options—370—7———7
Stock-based compensation———489———489
Issuance of common stock for settlement of RSUs—8,809——————
Issuance of common stock under the Employee Stock Purchase Plan—2,151—119———119
Shares withheld related to net share settlement—(58)—(5)———(5)
Repurchase of common stock—(16,360)—(1,377)———(1,377)
Re-measurement of non-controlling interests14——(14)———(14)
Redemption of non-controlling interest(39)———————
Recognition of non-controlling interest upon acquisition130———————
Unrealized loss on investments in available-for-sale debt securities, net of tax————(2)——(2)
Foreign currency translation adjustment1———52——52
Net income (loss)(16)————1,354121,366
Balance as of June 30, 2025$1832,086,768$—$40,625$(435)$(17,592)$849$23,447

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 InterestsCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitNon-Redeemable Non-Controlling InterestsTotal Equity
SharesAmount
Balance as of December 31, 2025$1652,067,905$—$38,101$(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 interests10——(10)———(10)
Unrealized loss on investments in available-for-sale debt securities, net of tax————(12)——(12)
Unrealized gain on cash flow hedges————13——13
Foreign currency translation adjustment————10——10
Net income (loss)(4)————27313286
Balance as of March 31, 20261712,036,424—35,527(421)(10,355)89025,641
Exercise of stock options—109—5———5
Stock-based compensation———563———563
Issuance of common stock for settlement of RSUs—8,257——————
Issuance of common stock under the Employee Stock Purchase Plan—2,158—136———136
Shares withheld related to net share settlement—(69)—(5)———(5)
Repurchase of common stock—(6,885)—(517)———(517)
Re-measurement of non-controlling interests11——(11)———(11)
Unrealized loss on investments in available-for-sale debt securities, net of tax————(7)——(7)
Unrealized gain on cash flow hedges————3——3
Foreign currency translation adjustment————(7)——(7)
Net income (loss)(2)————2,405132,418
Balance as of June 30, 2026$1802,039,994$—$35,698$(432)$(7,950)$903$28,219

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)

Six Months Ended June 30,
20252026
Cash flows from operating activities
Net income including non-controlling interests$3,124$2,698
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization359386
Stock-based compensation9101,023
Deferred income taxes(325)771
(Gains) losses on debt and equity securities, net(34)(138)
(Gains) losses on foreign currency transactions, net(152)(53)
Other79316
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable(335)(499)
Prepaid expenses and other assets(748)(375)
Operating lease right-of-use assets89100
Accounts payable131345
Accrued insurance reserves1,487830
Accrued expenses and other liabilities410(94)
Operating lease liabilities(107)(97)
Net cash provided by operating activities4,8885,213
Cash flows from investing activities
Purchases of property and equipment(163)(135)
Purchases of non-marketable equity securities(191)(507)
Purchases of marketable securities(7,635)(17,646)
Purchases of notes receivable—(298)
Proceeds from maturities and sales of marketable securities7,03314,665
Acquisition of businesses, net of cash acquired(804)(653)
Purchase of total return swaps—(1,640)
Other investing activities(243)52
Net cash used in investing activities(2,003)(6,162)
Cash flows from financing activities
Proceeds from term loan, notes, and credit facility, net of issuance costs1,1273,997
Principal repayment on term loan, notes, and credit facility—(2,000)
Principal payments on finance leases(75)(82)
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan120136
Repurchases of common stock(3,148)(3,529)
Other financing activities(81)(73)
Net cash used in financing activities(2,057)(1,551)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents22930
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents1,057(2,470)
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period8,6109,647
End of period$9,667$7,177
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
Cash and cash equivalents$6,438$4,870
Restricted cash and cash equivalents-current1,191661
Restricted cash and cash equivalents-non-current2,0381,646
Total cash and cash equivalents, and restricted cash and cash equivalents$9,667$7,177
Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amount capitalized$187$200
Income taxes, net of refunds167280
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations72567
Reclassification of marketable securities to equity method investments—2,517

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 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 by 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 and operations 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 13 – Non-Controlling Interests 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.

In May 2026, the FASB issued ASU 2026-02, “Environmental Credits and Environmental Credit Obligations (Topic 818),” which establishes guidance for the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The standard will be effective for public companies for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements and related disclosures.

Note 2 – Financial Instruments

Fair value measurement

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, 2025As of June 30, 2026
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,624$—$—$1,624$252$—$—$252
U.S. government and agency securities—7,323—7,323—7,386—7,386
Commercial paper—715—715—324—324
Corporate bonds—2,194—2,194—2,267—2,267
Certificates of deposit—72—72—81—81
Mortgage-backed and asset-backed securities—22—22—62—62
Non-marketable equity securities(1)——6969—351—351
Marketable equity securities4,593——4,5934,596——4,596
Note receivable from a related party(1)——190190————
Total Return Swaps—————1,504—1,504
Derivative assets—————11136147
Total financial assets$6,217$10,326$259$16,802$4,848$11,986$136$16,970
Financial Liabilities
2028 Exchangeable Senior Notes (2)$—$1,125$—$1,125$—$1,324$—$1,324
Derivative liabilities—5—5—2—2
Total financial liabilities$—$1,130$—$1,130$—$1,326$—$1,326

(1) Consists of our investments in Neutron Holdings, Inc. (“Lime”) in preferred stock, common stock and convertible note receivable. We elected the fair value option for Lime related investments. Lime completed their initial public offering (“IPO”) on June 30, 2026 and started trading on July 1, 2026. Following Lime’s IPO on June 30, 2026, the preferred stock and convertible note receivable have been converted to common stock of Lime and Lime-related investments were transferred out of Level 3 to Level 2.

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

Assets Measured at Fair Value on a Non-Recurring Basis

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.

Non-marketable equity securities that have been remeasured during the period based on observable transactions are classified within Level 2 in the fair value hierarchy. 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. Certain non-marketable equity securities and note receivable 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.

Financial Assets Measured at Fair Value Using Level 3 Inputs

The following table presents a reconciliation of our financial assets measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions):

Non-marketable equity securitiesNote receivableEmbedded derivatives
Balance as of December 31, 2025$69$190$13
Change in fair value included in other income (expense), net112(20)13
Purchases——110
Conversion170(170)—
Transfer out of level 3(351)——
Balance as of June 30, 2026$—$—$136

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
Reported As
Amortized CostUnrealized GainsUnrealized LossesFair ValueCash and cash equivalentShort-term investmentsRestricted cash and cash equivalentRestricted investments
U.S. government and agency securities$7,315$8$—$7,323$40$149$304$6,830
Commercial paper715——71555375—87
Corporate bonds2,1904—2,194—271261,897
Certificates of deposit71——71—33—38
Mortgage-backed and asset-backed securities22——22———22
Total$10,313$12$—$10,325$593$528$330$8,874
As of June 30, 2026
Reported As
Amortized CostUnrealized GainsUnrealized LossesFair ValueCash and cash equivalentShort-term investmentsOther Current AssetsRestricted cash and cash equivalentRestricted investments
U.S. government and agency securities$7,395$—$(9)$7,386$8$129$—$6$7,243
Commercial paper324——3242677—10211
Corporate bonds2,2691(3)2,267—2535581,951
Certificates of deposit81——81—32——49
Mortgage-backed and asset-backed securities62——62—30——32
Total$10,131$1$(12)$10,120$34$521$55$24$9,486

As of December 31, 2025 and June 30, 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 June 30, 2026.

Investments

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

As of
December 31, 2025June 30, 2026
Non-marketable equity securities:
Didi$3,011$1,900
Other1,4552,263
Marketable equity securities:
Grab2,6742,020
Aurora(1)1,2521,763
Other667813
Note receivable119—
Investments$9,178$8,759

(1) In connection with our exchangeable senior notes due in 2028 (the “2028 Exchangeable Senior Notes”), as of December 31, 2025 and June 30, 2026, approximately 48% and 61%, respectively, 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 – Debt and Credit Arrangements for further information.

Non-marketable equity securities

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, 2025June 30, 2026
Initial cost basis$2,673$3,124
Upward adjustments3,7263,757
Downward adjustments (including impairment)(2,002)(3,069)
Total carrying value at the end of the period$4,397$3,812

Gains and losses on equity securities

Gains and losses (including impairments), net, for equity securities included in other income (expense), net, are summarized below (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2025202620252026
Realized net gains (losses) on equity securities sold during the period$10$203$13$203
Unrealized net gains (losses) on non-marketable equity securities38(312)189(972)
Unrealized net gains (losses) on marketable equity securities(67)1,727(170)928
Total gains (losses) on equity securities in other income (expense), net(19)1,61832159
Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date$(29)$1,415$19$(44)
Non-marketable equity securities accounted for under the measurement alternative
Upward adjustments35—19032
Downward adjustments (including impairment)—(444)—(1,117)

In the table above, realized net gain (loss) on equity securities sold during the period reflects the difference between the sale proceeds and the carrying value of the equity securities at the beginning of the period or the purchase date, if later.

Total Return Swaps (TRS)

During the three months ended June 30, 2026, we entered into TRS agreements for $1.6 billion in cash. We held TRS for investments and the underlying assets of TRS are Delivery Hero’s common stock. We accounted for the TRS at fair value, with changes in fair value recognized in other income (expense), net. The TRS are included within other non-current assets on our condensed consolidated balance sheets. The carrying value of TRS as of June 30, 2026 is $1.5 billion. The fair value of the TRS was determined under the market approach using quoted prices of the underlying investments and, as such, is classified as level 2 of the valuation hierarchy.

Loan Receivables and Convertible Notes

Loan receivables and the majority of our convertible notes are recorded at amortized cost which includes unpaid principal balances and any related discount or premium, net of allowances for credit losses. The convertible notes 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 other income (expense), net. The loan receivable and note receivable are included within other non-current assets on our condensed consolidated balance sheets. As of December 31, 2025 and June 30, 2026, the carrying value of loan receivable and notes receivable are $632 million and $864 million.

Derivative Financial 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 same type transactions with a single net amount payable by one party to the other. However, we elected to present derivative assets and derivative liabilities on a gross basis on our condensed consolidated balance sheets. We also enter into derivative instruments to enhance investment returns.

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 June 30, 2026 and for the three and six months ended June 30, 2026, the fair values of our outstanding derivative instruments, as well as any related realized or unrealized gains and losses are recognized in other income (expense), net in the condensed consolidated statements of operations, and amounts recorded in or reclassified from accumulated other comprehensive income (loss) (“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 $723 million as of December 31, 2025 and June 30, 2026, respectively.

Gains and losses on these derivatives that are included in the assessment of hedge effectiveness are initially deferred in 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 $1.4 billion as of December 31, 2025 and June 30, 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 – Equity Method Investments

The carrying value of our equity method investments were as follows (in millions):

As of
December 31, 2025June 30, 2026
Delivery Hero$—$3,502
Careem Technologies171147
Other116124
Total equity method investments$287$3,773

Delivery Hero

In May 2024, we acquired 8.4 million ordinary shares of Delivery Hero SE ("Delivery Hero"), a publicly traded online food delivery platform headquartered in Berlin, Germany. The pre-existing equity interest was accounted for as marketable equity security measured at fair value on a recurring basis. During the three months ended June 30, 2026, we acquired an additional equity interest in Delivery Hero for total cash consideration of $2.3 billion, increasing our total ownership to 24.99%. We concluded that we have the ability to exercise significant influence and prospectively transitioned to the equity method of accounting during the period. Immediately prior to this transition, we recognized a gain of $1.1 billion and $1.0 billion during three and six months ended June 30, 2026, respectively, which is included in the other income (expense), net on our condensed consolidated statements of operations. The fair value of Delivery Hero investment is $3.1 billion as of June 30, 2026.

Included in the carrying value of $3.5 billion was a basis difference related to the difference between the cost of the investment and our proportionate share of the net assets of Delivery Hero. The carrying value of the equity method investment is adjusted for our share in the income or losses of Delivery Hero and amortization of basis difference on a one-quarter lag basis.

Pending Acquisition of Delivery Hero

On July 16, 2026, we entered into a business combination agreement with Delivery Hero. Pursuant to the agreement, Uber will launch a voluntary public takeover offer to acquire Delivery Hero. Under the terms of the takeover offer, Uber will offer Delivery Hero shareholders cash consideration of €41.50 per share, representing an equity value of $14.8 billion (implied for 100% of Delivery Hero). The takeover offer will be subject to a minimum acceptance threshold of 50% plus one share of Delivery Hero's outstanding share capital (inclusive of shares owned by Uber) and certain further conditions, including receipt of certain merger control and financial regulatory clearances. The transaction is expected to close in the second half of 2027.

We will fund the takeover offer through existing cash on our balance sheet and new debt financing. On July 16, 2026, we executed a bridge credit agreement, which provides for €14.2 billion in aggregate amount of commitments for senior unsecured loans.

Careem Technologies

In April 2023, we entered into a series of agreements with Emirates Telecommunication Group Company (“e&”) whereby e& will contribute $400 million into the Careem non-ridesharing business (“Careem Technologies”) in exchange for a majority equity interest. Upon closing of the transaction in December 2023, e& acquired a majority stake in Careem Technologies and we retained a minority ownership interest. Careem Technologies is considered a related party to us upon the closing of the transaction. We continue to fully own the ridesharing business of Careem.

Upon closing of the transaction, we received two seats on Careem Technologies’ board and retained an approximately 42% equity ownership interest consisting of common stock in Careem Technologies. The investment was determined to be an equity method investment due to our ability to exercise significant influence over Careem Technologies. During the three months ended June 30, 2026, we acquired additional equity interest of Careem Technologies and our equity ownership interest was approximately 45% as of June 30, 2026.

On July 30, 2026, we obtained a controlling interest of Careem Technologies through purchase of additional equity interest. We are currently evaluating the financial impact of the transaction.

Note 4 – Goodwill and Intangible Assets

Goodwill

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

MobilityDeliveryFreightTotal Goodwill
Balance as of December 31, 2025$2,409$5,080$1,442$8,931
Acquisitions50336—539
Foreign currency translation and other adjustments1—12
Balance as of June 30, 2026$2,913$5,116$1,443$9,472

Intangible Assets

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

Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Remaining Useful Life - Years
December 31, 2025
Consumer, Merchant and other relationships$1,904$(1,083)$8218
Developed technology930(754)1763
Trade name, trademarks and other183(132)513
Intangible assets$3,017$(1,969)$1,048
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Remaining Useful Life - Years
June 30, 2026
Consumer, Merchant and other relationships$2,014$(1,153)$8617
Developed technology1,013(792)2213
Trade name, trademarks and other190(140)503
Intangible assets$3,217$(2,085)$1,132

Amortization expense for intangible assets subject to amortization was $65 million and $64 million for the three months ended June 30, 2025 and 2026, respectively. Amortization expense for intangible assets subject to amortization was $129 million and $123 million for six months ended June 30, 2025 and 2026, respectively.

The estimated aggregate future amortization expense for intangible assets subject to amortization as of June 30, 2026 is summarized below (in millions):

Estimated Future Amortization Expense
Year Ending December 31,
Remainder of 2026$134
2027233
2028172
2029123
2030119
Thereafter340
Total$1,121

Note 5 – 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, 2025June 30, 2026Stated Interest RatesEffective Interest RatesMaturities
2026 Term Loan—2,0004.46%4.8%December 2026
2028 Convertible Notes1,7251,7250.875%1.1%December 2028
2028 Exchangeable Senior Notes1,1251,3240.00%0.0%May 2028
2029 Senior Notes1,5001,5004.50%4.7%August 2029
2030 Senior Notes1,2501,2504.30%4.5%January 2030
2031 Senior Notes1,0001,0004.15%4.3%January 2031
2034 Senior Notes1,5001,5004.80%4.9%September 2034
2035 Senior Notes1,2501,2504.80%5.0%September 2035
2054 Senior Notes1,2501,2505.35%5.4%September 2054
Less: unamortized discount and issuance costs(79)(76)
Total debt(1)$10,521$12,723
Short-term debt—1,997
Long-term debt10,52110,726

(1) The total fair value of our outstanding debt was $11.1 billion and $12.9 billion as of December 31, 2025 and June 30, 2026, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.

2026 Term Loan

In June 2026, we entered into a Term Loan Credit Agreement providing for an unsecured term loan credit facility with aggregate commitments of up to $3.0 billion. The facility bears interest at Term SOFR plus 0.825% or the applicable base rate, at the Company's election, and permits borrowings through August 2, 2026, after which any undrawn commitments expire. As of June 30, 2026, the Company had borrowed $2.0 billion under the facility and had remaining available commitments of $1.0 billion. The proceeds under the term loan facility are for general corporate purposes. The Term Loan Credit Agreement contains customary affirmative and negative covenants and events of default, including restrictions on certain subsidiary indebtedness, liens, mergers and other fundamental changes, and the use of proceeds. We were in compliance with all applicable covenants as of June 30, 2026.

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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 and six months ended June 30, 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 June 30, 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 June 30, 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 June 30, 2026, we had letters of credit outstanding of $1.9 billion and $2.3 billion, respectively, of which the letters of credit that reduced the available credit under the Credit Agreement were $343 million and $324 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 June 30, 2026, we had no commercial paper notes outstanding.

Note 6 – Supplemental Financial Statement Information

Accounts Receivable

The allowance for credit losses on accounts receivable was $91 million and $93 million as of December 31, 2025 and June 30, 2026, respectively.

Prepaid Expenses and Other Current Assets

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

As of
December 31, 2025June 30, 2026
Prepaid expenses$408$410
Other current assets1,4941,769
Prepaid expenses and other current assets$1,902$2,179

Accrued and Other Current Liabilities

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

As of
December 31, 2025June 30, 2026
Accrued legal, regulatory and non-income taxes$2,052$1,841
Accrued Drivers and Merchants liability1,6261,773
Accrued compensation and employee benefits777573
Income and other tax liabilities1,0331,042
Other2,2632,343
Accrued and other current liabilities$7,751$7,572

Other Long-Term Liabilities

Other non-current liabilities were as follows (in millions):

As of
December 31, 2025June 30, 2026
Deferred tax liabilities$31$26
Other381421
Other non-current liabilities$412$447

Other Income (Expense), Net

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

Three Months Ended June 30,Six Months Ended June 30,
2025202620252026
Foreign currency exchange gains (losses), net$97$52$147$31
Gains (losses) on debt and equity securities, net(17)1,61234138
Other, net(99)(322)(107)(321)
Other income (expense), net$(19)$1,342$74$(152)

Note 7 – Stockholders' Equity

Stock Option and SAR Activity

A summary of stock option and SAR activity for the six months ended June 30, 2026 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years):

SARs Outstanding Number of SARsOptions Outstanding Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)Aggregate Intrinsic Value
As of December 31, 2025165,868$48.724.79$194
Granted—619$75.51
Exercised(6)(169)$34.44
Canceled and forfeited—(219)$59.95
As of June 30, 2026106,099$51.444.56$132
Exercisable as of June 30, 2026103,557$41.173.78$112

RSU Activity

The following table summarizes the activity related to our RSUs for the six months ended June 30, 2026 (in thousands, except per share amounts):

Number of SharesWeighted-Average Grant-Date Fair Value per Share
Unvested and outstanding as of December 31, 202557,654$65.69
Granted35,921$73.57
Vested(17,008)$56.31
Canceled and forfeited(4,763)$68.59
Unvested and outstanding as of June 30, 202671,804$71.66

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 June 30,Six Months Ended June 30,
2025202620252026
Operations and support$59$71$111$131
Sales and marketing28275252
Research and development284336548622
General and administrative104122199224
Total$475$556$910$1,029

As of June 30, 2026, there was $4.9 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 2.93 years.

The income tax benefits recognized in the condensed consolidated statements of operations for stock-based compensation expense were not material during the three and six months ended June 30, 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 and six months ended June 30, 2025, we repurchased, and subsequently retired, 16.4 million and 42.9 million shares of common stock for $1.4 billion and $3.2 billion, respectively, excluding broker commissions and fees.

During the three and six months ended June 30, 2026, we repurchased, and subsequently retired, 6.9 million and 46.6 million shares of common stock for $510 million and $3.5 billion, respectively, excluding broker commissions and fees. As of June 30, 2026, we had approximately $15.7 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 and six months ended June 30, 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 $142 million and $(260) million for the three and six months ended June 30, 2025, respectively, and $840 million and $1.0 billion for the three and six months ended June 30, 2026, respectively. During the three months ended June 30, 2025, the income tax expense was primarily driven by the tax expense on our earnings. During the six months ended June 30, 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 and six months ended June 30, 2026, the income tax expense was primarily driven by the tax expense on our earnings and the deferred U.S. tax impact related to our equity securities.

During the six months ended June 30, 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”).

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 June 30,Six Months Ended June 30,
2025202620252026
Basic net income per share:
Numerator
Net income including non-controlling interests$1,350$2,416$3,124$2,698
Net income (loss) attributable to non-controlling interests, net of tax(5)22(7)41
Net income attributable to common stockholders$1,355$2,394$3,131$2,657
Denominator
Basic weighted-average common stock outstanding2,091,1062,036,4582,091,7812,044,279
Basic net income per share attributable to common stockholders (1)$0.65$1.18$1.50$1.30
Diluted net income per share:
Numerator
Net income attributable to common stockholders$1,355$2,394$3,131$2,657
Assumed net loss attributable to Freight Holding contingently issuable shares(14)—(27)—
Diluted net income attributable to common stockholders$1,341$2,394$3,104$2,657
Denominator
Number of shares used in basic net income per share computation2,091,1062,036,4582,091,7812,044,279
Dilutive effect of equity awards28,41911,18027,71213,343
Dilutive effect of Freight Holding contingently issuable shares7011282710
Dilutive effect of Convertible Notes3,0812541,540810
Dilutive effect of other contingently issuable shares2,3212,3212,3212,321
Diluted weighted-average common stock outstanding2,125,6282,050,2252,124,1812,060,763
Diluted net income per share attributable to common stockholders (1)$0.63$1.17$1.46$1.29

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

During the three and six months ended June 30, 2025, approximately 5 million shares of common stock underlying equity awards were excluded from the computation of diluted net income per share during the periods presented because their effect would have been antidilutive. During the three and six months ended June 30, 2026, approximately 61 million and 15 million, respectively, shares of common stock underlying equity awards were excluded from the computation of diluted net income per share during the periods presented 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:

SegmentDescription
MobilityMobility 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.
DeliveryDelivery 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.
FreightFreight 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 June 30, 2025
MobilityDeliveryFreightTotal
Revenue (1)$7,288$4,102$1,261$12,651
Platform Participant direct transaction costs (2)(2,058)(1,649)(1,133)(4,840)
Other (3)(3,501)(1,687)(154)(5,342)
Segment Operating Income (Loss)$1,729$766$(26)2,469
Reconciling items:
Corporate G&A and Platform R&D (4)(935)
Amortization of acquired intangible assets(65)
Acquisition, financing and divestitures related expenses(19)
Income from operations1,450
Interest expense(108)
Interest income181
Other income (expense), net(19)
Income before income taxes and loss from equity method investments$1,504
Three Months Ended June 30, 2026
MobilityDeliveryFreightTotal
Revenue (1)$7,363$5,245$1,583$14,191
Platform Participant direct transaction costs (2)(1,362)(2,186)(1,453)(5,001)
Other (3)(3,786)(2,004)(154)(5,944)
Segment Operating Income (Loss)2,2151,055(24)3,246
Reconciling items:
Corporate G&A and Platform R&D (4)(1,103)
Amortization of acquired intangible assets(61)
Legal, non-income tax, and regulatory reserve changes and settlements (5)(141)
Goodwill and asset impairments/loss on sale of assets(4)
Acquisition, financing and divestitures related expenses(31)
Restructuring and related charges(16)
Income from operations1,890
Interest expense(127)
Interest income172
Other income (expense), net1,342
Income before income taxes and loss from equity method investments$3,277
Six Months Ended June 30, 2025
MobilityDeliveryFreightTotal
Revenue (1)$13,784$7,879$2,521$24,184
Platform Participant direct transaction costs (2)(3,829)(3,155)(2,267)(9,251)
Other (3)(6,639)(3,287)(305)(10,231)
Segment Operating Income (Loss)$3,316$1,437$(51)4,702
Reconciling items:
Corporate G&A and Platform R&D (4)(1,842)
Amortization of acquired intangible assets(129)
Legal, non-income tax, and regulatory reserve changes and settlements (5)(28)
Acquisition, financing and divestitures related expenses(22)
Loss on lease arrangement, net(2)
Restructuring and related charges(1)
Income from operations2,678
Interest expense(213)
Interest income350
Other income (expense), net74
Income before income taxes and loss from equity method investments$2,889
Six Months Ended June 30, 2026
MobilityDeliveryFreightTotal
Revenue (1)$14,161$10,313$2,920$27,394
Platform Participant direct transaction costs (2)(2,622)(4,317)(2,668)(9,607)
Other (3)(7,295)(3,980)(306)(11,581)
Segment Operating Income (Loss)$4,244$2,016$(54)6,206
Reconciling items:
Corporate G&A and Platform R&D (4)(2,180)
Amortization of acquired intangible assets(120)
Legal, non-income tax, and regulatory reserve changes and settlements (5)(12)
Goodwill and asset impairments/loss on sale of assets(4)
Acquisition, financing and divestitures related expenses(56)
Loss on lease arrangement, net(5)
Restructuring and related charges(16)
Income from operations3,813
Interest expense(235)
Interest income347
Other income (expense), net(152)
Income before income taxes and loss from equity method investments$3,773

(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), contractor and professional service 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 June 30,Six Months Ended June 30,
2025202620252026
United States and Canada ("US&CAN")$6,561$7,609$12,780$14,737
Latin America ("LatAm")7891,0221,5062,000
Europe, Middle East and Africa ("EMEA")3,8973,7527,2187,172
Asia Pacific ("APAC")1,4041,8082,6803,485
Total revenue$12,651$14,191$24,184$27,394

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 June 30, 2026, we had recorded aggregate liabilities of $2.1 billion and $1.8 billion, respectively, of which $215 million and $208 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2026 were $3.3 billion and $3.5 billion, respectively. Total liabilities included on the condensed consolidated balance sheets as of December 31, 2025 and June 30, 2026 were $726 million and $939 million, respectively.

As of June 30, 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, 2025June 30, 2026
Total assets (1)$1,329$1,491
Maximum exposure to loss (2)1,5091,546

(1) Total assets includes a term loan to Moove Cars Mobility (“Moove”). As of December 31, 2025 and June 30, 2026, the term loan to Moove was $384 million and $442 million, respectively, and accounted for as a loan receivable, carried at amortized cost recorded within other non-current 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2026, our controlling stake in Trendyol GO was 92%. 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 is adjusted to the estimated redemption value. There were no material adjustments for the three and six months ended June 30, 2026.

Note 14 – Business Combinations

SpotHero

On April 16, 2026, we acquired 100% of the outstanding equity of SpotHero, Inc. (“SpotHero”), a leading digital parking aggregator. The total purchase price was $617 million in cash. The acquisition will bring parking reservation capabilities to the Uber application and enable more travel options and benefits for our consumer base.

The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition (in millions):

Fair Value
Goodwill485
Intangible assets165
Tangible assets (liabilities), net(33)
Net assets acquired$617

Total acquired intangible assets were $165 million consisting of customer relationships, developed technology and trade names, trademarks and domain name with a useful life between 3 and 10 years and a weighted average useful life of 8 years.

The excess of purchase consideration over the fair value of net tangible and identifiable assets acquired was recorded as goodwill, which is not deductible for tax purposes. Goodwill is primarily attributable to anticipated operational synergies and the assembled workforce of SpotHero. Goodwill was assigned to the Mobility segment. The purchase price allocation is preliminary and subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed become available.

The results of SpotHero were included in our condensed consolidated financial statements from the date of acquisition. For the period from April 16, 2026 to June 30, 2026, SpotHero contributed an immaterial amount of revenue and loss before taxes.

Note 15 – Subsequent Event

Acquisition of Getir’s Delivery Businesses

On July 1, 2026, we completed the acquisition of Getir Perakende Lojistik A.Ş.'s (“Getir”) delivery businesses. We acquired 100% of Getir’s food delivery business and a minority interest in its grocery delivery business for approximately $465 million in cash. We are currently evaluating the financial impact of the transaction.

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