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TryOwning · Big companies · Uber
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Uber · 2025 report · 9 min

How Uber makes money

Uber doesn't own the cars or cook the food. So what is it selling?

$
Ticket 01 · The guessTable 1

Make a guess first

In 2025, people spent $193.5Bsec.gov ·2025 on Uber rides and deliveries. Uber doesn't own the cars, pay drivers a wage or cook the food.

What share of that money did Uber count as its own revenue?

60%
0%100%
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Sources and every number (3 sources)

Sources

  • Uber Technologies, Inc. Form 10-K for the fiscal year ended December 31, 2025 · Uber Technologies, Inc. (filed with the U.S. SEC), 2025
  • Lyft, Inc. Form 10-K for the fiscal year ended December 31, 2025 · Lyft, Inc. (filed with the U.S. SEC), 2025
  • DoorDash, Inc. Form 10-K for the fiscal year ended December 31, 2025 · DoorDash, Inc. (filed with the U.S. SEC), 2025

Every number

  • $193.5Bsec.gov ·2025 · Gross Bookings, 2025: everything spent on Uber rides and deliveries, plus Freight revenue, before drivers', couriers' and restaurants' share (MD&A).
  • $52Bsec.gov ·2025 · Revenue, 2025 (income statement).
  • $31.3Bsec.gov ·2025 · Cost of revenue, not counting depreciation and amortization, 2025 (income statement).
  • $2.9Bsec.gov ·2025 · Operations and support, 2025 (income statement).
  • $4.9Bsec.gov ·2025 · Sales and marketing, 2025 (income statement).
  • $3.4Bsec.gov ·2025 · Research and development, 2025 (income statement).
  • $3.2Bsec.gov ·2025 · General and administrative, 2025 (income statement).
  • $719Msec.gov ·2025 · Depreciation and amortization, 2025 (income statement).
  • $5.6Bsec.gov ·2025 · Income from operations, 2025 (income statement).
  • $235Msec.gov ·2025 · Worked out: interest income minus interest expense and other expense, net, 2025 (income statement).
  • $4.3Bsec.gov ·2025 · Benefit from income taxes, 2025: a tax credit rather than a tax bill (income statement).
  • $93Msec.gov ·2025 · Worked out: loss from equity-method investments plus the share of profit that belongs to minority owners of Uber's subsidiaries, 2025 (income statement).
  • $10.1Bsec.gov ·2025 · Net income attributable to Uber Technologies, 2025 (income statement).
  • 26.9%sec.gov ·2025 · Worked out: revenue ÷ Gross Bookings, 2025. Uber's report calls this revenue margin.
  • $100example (example number: Simplified example: a round amount of rides and deliveries, to show Uber's averages.) · Simplified example: a round amount of rides and deliveries, to show Uber's averages.
  • $73.11sec.gov ·2025 · Applied to the example amount of bookings, from Uber's 2025 numbers. Worked out: (Gross Bookings − revenue) ÷ Gross Bookings.
  • $16.20sec.gov ·2025 · Applied to the example amount of bookings, from Uber's 2025 numbers. Worked out: cost of revenue ÷ Gross Bookings.
  • $7.81sec.gov ·2025 · Applied to the example amount of bookings, from Uber's 2025 numbers. Worked out: operations and support, sales and marketing, research and development, general and administrative, and depreciation and amortization, together, ÷ Gross Bookings.
  • $2.88sec.gov ·2025 · Applied to the example amount of bookings, from Uber's 2025 numbers. Worked out: income from operations ÷ Gross Bookings.
  • $26.89sec.gov ·2025 · Applied to the example amount of bookings, from Uber's 2025 numbers. Worked out: revenue ÷ Gross Bookings.
  • $29.7Bsec.gov ·2025 · Mobility (rides) revenue, 2025 (MD&A, segment results).
  • $97.5Bsec.gov ·2025 · Worked out: Mobility Gross Bookings for the four quarters of 2025 added up (MD&A).
  • 30.4%sec.gov ·2025 · Worked out: Mobility revenue ÷ Mobility Gross Bookings, 2025.
  • 19.0%sec.gov ·2025 · Worked out: Delivery revenue ÷ Delivery Gross Bookings for the four quarters of 2025 added up (MD&A).
  • 34.1%sec.gov ·2025 · Worked out: Lyft's revenue ÷ its Gross Bookings, 2025 (MD&A).
  • 13.4%sec.gov ·2025 · DoorDash's Net Revenue Margin, 2025: revenue as a share of Marketplace GOV, the value of orders on its marketplaces (MD&A).
  • 13.6 billionsec.gov ·2025 · Trips, 2025: completed rides and delivery orders (MD&A).
  • 202 millionsec.gov ·2025 · Monthly active platform consumers, fourth quarter of 2025 (MD&A).
  • 34,000 peoplesec.gov ·2025 · Employees worldwide at the end of 2025 (Item 1).
  • $5Bsec.gov ·2025 · One-time tax benefit from releasing a valuation allowance on Netherlands deferred tax assets, 2025 (MD&A).
  • $10.6Bsec.gov ·2025 · Accumulated deficit at the end of 2025 (Item 1A).
  • 46 millionsec.gov ·2025 · Uber One members at the end of 2025 (Item 1).
  • 58%sec.gov ·2025 · About this share of first-time Delivery consumers in the fourth quarter of 2025 were new to Uber (Item 1).
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