Uber (NYSE: UBER) adds new non-GAAP income and EPS metrics

Rhea-AI Filing Summary

Uber Technologies, Inc. is overhauling how it presents profitability, introducing Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP EPS starting in the first quarter of 2026 to replace Adjusted EBITDA. These measures move closer to GAAP by including depreciation, amortization of non-acquired intangibles and stock-based compensation, while excluding items management views as not indicative of ongoing performance, such as unrealized gains and losses on securities, certain foreign exchange effects and losses from equity method investments.

Uber is also changing its segment metric from Segment Adjusted EBITDA to Segment Operating Income and will present interest income as a separate line on its statements of operations. Historical data for seven quarters show GAAP income from operations rising from $172 million to $1.450 billion, Non-GAAP Operating Income from $821 million to $1.675 billion, and Non-GAAP EPS from $0.35 to $0.65, illustrating sustained profitability across Mobility and Delivery while Freight remains in a modest loss position.

Insights

Equity accounting & disclosure analyst

Uber tightens profit metrics, emphasizing operating performance over volatile items.

Uber is replacing Adjusted EBITDA with Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP EPS, which now include depreciation, amortization of non-acquired intangibles and stock-based compensation. This narrows the gap between GAAP and non-GAAP results, while still excluding sizeable items such as unrealized gains and losses on debt and equity securities, foreign exchange gains and losses, and losses from equity method investments.

The company is aligning segment reporting by shifting from Segment Adjusted EBITDA to Segment Operating Income, matching the new consolidated non-GAAP focus. Historical data show Non-GAAP Operating Income rising from $821 million in the quarter ended March 31 2024 to $1.675 billion in the quarter ended September 30 2025, with Non-GAAP EPS increasing from $0.35 to $0.65. This suggests stronger underlying profitability, though results still depend on items like legal and regulatory settlements and non-GAAP tax adjustments.

Interest income will be reclassified into a separate line item starting with the fiscal year ended December 31 2025, which clarifies the composition of "other income (expense), net". Investors comparing periods will need to rely on the provided seven-quarter reconciliations to understand how exclusions such as legal and regulatory reserve changes $527 million in one quarter) shape the new non-GAAP metrics.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________

FORM 8-K

____________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 12, 2026

____________________________________________

UBER TECHNOLOGIES, INC. 

(Exact name of registrant as specified in its charter)

___________________________________________

Delaware

001-38902

45-2647441

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

1725 3rd Street 

San Francisco, California 94158 

(Address of principal executive offices, including zip code)

(415) 612-8582 

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.00001 per share

UBER

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 8.01 Other Events.

New Non-GAAP Measures

Beginning in the first quarter of 2026, Uber Technologies, Inc. (the “Company” or “we”) will report its Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP Earnings Per Share (“EPS”). These new non-GAAP measures will replace the Company’s Adjusted EBITDA.

These new non-GAAP measures bring the Company's previous non-GAAP measure (Adjusted EBITDA) closer to GAAP by including depreciation, amortization (excluding amortization of acquired intangibles) and stock-based compensation, which were previously excluded from its Adjusted EBITDA.

The Company's Non-GAAP Net Income and Non-GAAP EPS will only exclude certain items that are not indicative of its ongoing operating performance. These items include, other income (expense), net, the most significant components of which are unrealized (gain) loss on debt and equity securities, net; and foreign currency exchange (gains) losses, net, as well as loss from equity method investments.

Segment Measure

Beginning in the first quarter of 2026, the Company plans to change its segment operating performance measure from Segment Adjusted EBITDA to Segment Operating Income. The chief operating decision maker (“CODM”), the Company's Chief Executive Officer, continued to use Segment Adjusted EBITDA as the segment operating performance measure during the fourth quarter of 2025. The CODM does not evaluate operating segments using asset information and, accordingly, the Company does not report asset information by segment. Segment Operating Income excludes certain non-cash items or items that management does not believe are reflective of the Company's ongoing operating performance.

Condensed Consolidated Statements of Operations

Beginning with the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025, interest income, previously presented within other income (expense), net, will be reclassified to be presented separately on its consolidated statements of operations.

UBER TECHNOLOGIES, INC.

SELECT HISTORICAL INFORMATION

For Each of the Seven Consecutive Quarters Ended September 30, 2025

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

(Unaudited)

New Non-GAAP Measures (Unaudited)

The tables below provide GAAP and Non-GAAP Operating Income, GAAP and Non-GAAP Net Income and GAAP and Non-GAAP EPS for each of the seven consecutive quarters ended September 30, 2025. This select financial information does not represent a restatement of previously issued financial statements and does not impact the previously reported consolidated net revenue, income (loss) from operations, net income (loss) per share, total assets or mezzanine equity and equity (deficit) as reported under generally accepted accounting principles in the United States (“GAAP”).

						Three Months Ended
(In millions, except per share amounts)						March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						March 31, 2025						June 30, 2025						September 30, 2025
GAAP Income from operations						$	172					$	796					$	1,061					$	770					$	1,228					$	1,450					$	1,113
Non-GAAP Operating Income (1)						$	821					$	1,025					$	1,146					$	1,318					$	1,326					$	1,534					$	1,675
GAAP Net income (loss) attributable to Uber Technologies, Inc.						$	(654)					$	1,015					$	2,612					$	6,883					$	1,776					$	1,355					$	6,626
Non-GAAP Net Income (1)						$	778					$	881					$	1,110					$	1,201					$	1,072					$	1,280					$	1,389
GAAP Diluted EPS						$	(0.32)					$	0.47					$	1.20					$	3.21					$	0.83					$	0.63					$	3.11
Non-GAAP EPS (1)						$	0.35					$	0.40					$	0.51					$	0.56					$	0.50					$	0.60					$	0.65

(1) See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

						Three Months Ended
(In millions)						March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						March 31, 2025						June 30, 2025						September 30, 2025
Segment Operating Income (Loss):
Mobility						$	1,310					$	1,392					$	1,514					$	1,608					$	1,587					$	1,729					$	1,864
Delivery						428						514						544						639						671						766						811
Freight						(42)						(33)						(39)						(41)						(25)						(26)						(40)
Corporate G&A and Platform R&D (1)						(875)						(848)						(873)						(888)						(907)						(935)						(960)
Non-GAAP Operating Income						$	821					$	1,025					$	1,146					$	1,318					$	1,326					$	1,534					$	1,675

(1) 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.

Reconciliations of Non-GAAP Measures

The following tables present reconciliations of GAAP and Non-GAAP Operating Income, GAAP and Non-GAAP Net Income and GAAP and Non-GAAP EPS:

						Three Months Ended
(In millions, except share amounts which are reflected in thousands, and per share amounts)						March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						March 31, 2025						June 30, 2025						September 30, 2025
GAAP Income from operations						$	172					$	796					$	1,061					$	770					$	1,228					$	1,450					$	1,113
Add (deduct):
Amortization of acquired intangible assets						85						68						73						64						64						65						72
Legal, non-income tax, and regulatory reserve changes and settlements						527						134						—						462						28						—						479
Goodwill and asset impairments/loss on sale of assets						(3)						—						—						6						—						—						2
Acquisition, financing and divestitures related expenses						33						18						8						9						3						19						6
Loss on lease arrangement, net						—						—						—						2						2						—						—
Restructuring and related charges						7						9						4						5						1						—						3
Total adjustments excluded from Non-GAAP Operating Income						649						229						85						548						98						84						562
Non-GAAP Operating Income						$	821					$	1,025					$	1,146					$	1,318					$	1,326					$	1,534					$	1,675
GAAP Net income (loss) attributable to Uber Technologies, Inc.						$	(654)					$	1,015					$	2,612					$	6,883					$	1,776					$	1,355					$	6,626
Adjustments excluded from Non-GAAP Operating Income (see above)						649						229						85						548						98						84						562
Other (income) expense, net						837						(244)						(1,656)						(65)						(93)						19						(1,426)
Income tax effects (1)						(58)						(131)						57						(6,175)						(722)						(190)						(4,387)
Loss from equity method investments						4						12						12						10						13						12						14
Non-GAAP Net Income						778						881						1,110						1,201						1,072						1,280						1,389
Assumed net loss attributable to Freight Holding contingently issuable shares						(16)						(14)						(18)						(4)						(13)						(14)						(13)
Non-GAAP Net Income attributable to common stockholders						$	762					$	867					$	1,092					$	1,197					$	1,059					$	1,266					$	1,376
GAAP Diluted weighted-average shares outstanding						2,080,168						2,150,019						2,154,466						2,141,426						2,122,618						2,125,628						2,124,391
Non-GAAP Net Income effects on diluted weighted-average shares (2)						69,933						—						—						—						—						—						—
Non-GAAP weighted-average shares outstanding						2,150,101						2,150,019						2,154,466						2,141,426						2,122,618						2,125,628						2,124,391
GAAP Diluted EPS (3)						$	(0.32)					$	0.47					$	1.20					$	3.21					$	0.83					$	0.63					$	3.11
Non-GAAP EPS (3)						$	0.35					$	0.40					$	0.51					$	0.56					$	0.50					$	0.60					$	0.65

(1) Income tax effects include the impact of the release of our valuation allowance on the U.S. federal and state deferred tax assets in Q4 2024, tax effects from a stock loss in Q1 2025, and a release of our valuation allowance on the Netherlands deferred tax assets in Q3 2025.

(2) See “Definitions of Non-GAAP Measures” section herein for an explanation of adjustments to GAAP diluted weighted-average shares outstanding.

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

Definitions of Non-GAAP Measures

We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to revenue, net income (loss), income (loss) from operations, and other results under GAAP, we use: Non-GAAP Operating Income; Non-GAAP Net Income; and Non-GAAP EPS, which are described below, to evaluate our business. We have included these non-GAAP financial measures because they are key measures used by our management to evaluate our operating performance, generate future operating plans, and make strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. In addition, they provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain non-cash expenses, certain variable charges and other gains, losses, benefits, or charges that other gains, losses, benefits, or charges that are unpredictable, in both magnitude and timing, and items not indicative of our ongoing operating performance. Our calculation of these non-GAAP financial measures may differ from similarly-titled non-GAAP measures, if any, reported by our peer companies. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP.

Non-GAAP Operating Income

We define Non-GAAP Operating Income as income from operations, excluding (i) amortization of acquired intangible assets, (ii) certain legal, non-income tax, and regulatory reserve changes and settlements, (iii) goodwill and asset impairments/loss on sale of assets, (iv) acquisition, financing and divestitures related expenses, (v) restructuring and related charges, and (vi) other items not indicative of our ongoing operating performance.

•Amortization of acquired intangible assets. Management views amortization of acquired intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of acquired intangible assets is a static expense, which is not typically affected by operations during any particular period and is not reflective of ongoing operating performance. Although we exclude the amortization of acquired intangibles, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

•Legal, non-income tax, and regulatory reserve changes and settlements. 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.

Non-GAAP Net Income

Our Non-GAAP Net Income excludes the adjustments that are excluded from Non-GAAP Operating Income, as well as certain components below income from operations, such as certain items that are not indicative of our recurring core business operating results and certain income tax effects.

•Other income (expense), net. Primarily includes items not indicative of our ongoing operating performance. From time to time, we may exclude other gains, losses, benefits, or charges that are unpredictable, in both magnitude and timing, and items not indicative of our ongoing operating performance. These items include, but are not limited to: foreign currency exchange gain (losses), net. and unrealized (gain) loss on debt and equity securities, net.

•Income tax effects. Primarily include the income tax effects of the adjustments excluded from Non-GAAP Net Income and exclude other income tax benefits or expenses that are unpredictable, in both magnitude and timing, and not indicative of the tax associated with our ongoing operating performance.

						Three Months Ended
						March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						March 31, 2025						June 30, 2025						September 30, 2025
GAAP effective tax rate						(5)		%				5		%				6		%				(660)		%				(29)		%				9		%				(154)		%
Total adjustments to GAAP provision for income taxes						15		%				13		%				2		%				672		%				52		%				12		%				173		%
Non-GAAP effective tax rate (1)						10		%				18		%				8		%				12		%				23		%				21		%				19		%

(1) The quarterly fluctuations in the Non-GAAP effective tax rate are primarily attributed to the net tax effects related to stock-based compensation expenses.

Non-GAAP EPS

We define Non-GAAP EPS as Non-GAAP Net Income attributable to common stockholders divided by Non-GAAP weighted-average shares outstanding. Adjustments to GAAP diluted weighted-average shares outstanding are for any potentially dilutive outstanding securities in periods where Non-GAAP Net Income is positive, but GAAP Net income was in a loss position.

Limitations of Non-GAAP Financial Measures and Reconciliations

Our non-GAAP financial measures have limitations as financial measures, should be considered as supplemental in nature, and are not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:

•These non-GAAP financial measures exclude certain recurring, non-cash charges, such as amortization of acquired intangible assets, and although these are non-cash charges, the assets being amortized may have to be replaced in the future, and Non-GAAP Operating Income and Non-GAAP Net Income do not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

•These non-GAAP financial measures exclude certain restructuring and related charges, part of which may be settled in cash;

•These non-GAAP financial measures exclude certain legal, non-income tax, and regulatory reserve changes and settlements that may reduce cash available to us;

•These non-GAAP financial measures exclude other items not indicative of our ongoing operating performance; and

•These non-GAAP financial measures do not reflect the components of other income (expense), net, which primarily includes: foreign currency exchange gains (losses), net; and unrealized gain (loss) on debt and equity securities, net.

Segment Measure (Unaudited)

We are providing Segment Operating Income for each of the seven consecutive quarters ended September 30, 2025. This select financial information does not represent a restatement of previously issued financial statements and does not impact the previously reported consolidated net revenue, income from operations, net income (loss) per share, total assets or mezzanine equity and equity (deficit) as reported under generally accepted accounting principles in the United States (“GAAP”).

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

						Three Months Ended March 31, 2024
						Mobility						Delivery						Freight						Total
Revenue						$	5,633					$	3,214					$	1,284					$	10,131
Platform Participant direct transaction costs (1)						(1,437)						(1,342)						(1,159)						(3,938)
Other (2)						(2,886)						(1,444)						(167)						(4,497)
Segment Operating Income (Loss)						$	1,310					$	428					$	(42)					1,696
Reconciling items:
Corporate G&A and Platform R&D (3)																								(875)
Amortization of acquired intangible assets																								(85)
Legal, non-income tax, and regulatory reserve changes and settlements (4)																								(527)
Goodwill and asset impairments/loss on sale of assets																								3
Acquisition, financing and divestitures related expenses																								(33)
Restructuring and related charges																								(7)
Income from operations																								172
Interest expense																								(124)
Interest income																								159
Other income (expense), net																								(837)
Loss before income taxes and loss from equity method investments																								$	(630)

						Three Months Ended June 30, 2024
						Mobility						Delivery						Freight						Total
Revenue						$	6,134					$	3,293					$	1,273					$	10,700
Platform Participant direct transaction costs (1)						(1,682)						(1,324)						(1,146)						(4,152)
Other (2)						(3,060)						(1,455)						(160)						(4,675)
Segment Operating Income (Loss)						$	1,392					$	514					$	(33)					1,873
Reconciling items:
Corporate G&A and Platform R&D (3)																								(848)
Amortization of acquired intangible assets																								(68)
Legal, non-income tax, and regulatory reserve changes and settlements (4)																								(134)
Acquisition, financing and divestitures related expenses																								(18)
Restructuring and related charges																								(9)
Income from operations																								796
Interest expense																								(139)
Interest income																								176
Other income (expense), net																								244
Income before income taxes and loss from equity method investments																								$	1,077

						Three Months Ended September 30, 2024
						Mobility						Delivery						Freight						Total
Revenue						$	6,409					$	3,470					$	1,309					$	11,188
Platform Participant direct transaction costs (1)						(1,770)						(1,389)						(1,185)						(4,344)
Other (2)						(3,125)						(1,537)						(163)						(4,825)
Segment Operating Income (Loss)						$	1,514					$	544					$	(39)					2,019
Reconciling items:
Corporate G&A and Platform R&D (3)																								(873)
Amortization of acquired intangible assets																								(73)
Acquisition, financing and divestitures related expenses																								(8)
Restructuring and related charges																								(4)
Income from operations																								1,061
Interest expense																								(143)
Interest income																								195
Other income (expense), net																								1,656
Income before income taxes and loss from equity method investments																								$	2,769

						Three Months Ended December 31, 2024
						Mobility						Delivery						Freight						Total
Revenue						$	6,911					$	3,773					$	1,275					$	11,959
Platform Participant direct transaction costs (1)						(1,995)						(1,536)						(1,162)						(4,693)
Other (2)						(3,308)						(1,598)						(154)						(5,060)
Segment Operating Income (Loss)						$	1,608					$	639					$	(41)					2,206
Reconciling items:
Corporate G&A and Platform R&D (3)																								(888)
Amortization of acquired intangible assets																								(64)
Legal, non-income tax, and regulatory reserve changes and settlements (4)																								(462)
Goodwill and asset impairments/loss on sale of assets																								(6)
Acquisition, financing and divestitures related expenses																								(9)
Loss on lease arrangement, net																								(2)
Restructuring and related charges																								(5)
Income from operations																								770
Interest expense																								(117)
Interest income																								191
Other income (expense), net																								65
Income before income taxes and loss from equity method investments																								$	909

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

						Three Months Ended June 30, 2025
						Mobility						Delivery						Freight						Total
Revenue						$	7,288					$	4,102					$	1,261					$	12,651
Platform Participant direct transaction costs (1)						(2,058)						(1,649)						(1,133)						(4,840)
Other (2)						(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 (3)																								(935)
Amortization of acquired intangible assets																								(65)
Acquisition, financing and divestitures related expenses																								(19)
Income from operations																								1,450
Interest expense																								(108)
Interest income																								181
Other income (expense), net																								(19)
Income before income taxes and loss from equity method investments																								$	1,504

						Three Months Ended September 30, 2025
						Mobility						Delivery						Freight						Total
Revenue						$	7,682					$	4,477					$	1,308					$	13,467
Platform Participant direct transaction costs (1)						(2,359)						(1,874)						(1,181)						(5,414)
Other (2)						(3,459)						(1,792)						(167)						(5,418)
Segment Operating Income (Loss)						$	1,864					$	811					$	(40)					2,635
Reconciling items:
Corporate G&A and Platform R&D (3)																								(960)
Amortization of acquired intangible assets																								(72)
Legal, non-income tax, and regulatory reserve changes and settlements (4)																								(479)
Goodwill and asset impairments/loss on sale of assets																								(2)
Acquisition, financing and divestitures related expenses																								(6)
Restructuring and related charges																								(3)
Income from operations																								1,113
Interest expense																								(112)
Interest income																								193
Other income (expense), net																								1,426
Income before income taxes and loss from equity method investments																								$	2,620

(1) 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.

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

(3) 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.

(4) 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.

Condensed Consolidated Statements of Operations (Unaudited)

We are providing our condensed consolidated statements of operations for each of the seven consecutive quarters ended September 30, 2025, reflecting the reclassification of interest income, which is now presented separately on the condensed consolidated statement of operations. This select financial information does not represent a restatement of previously issued financial statements and does not impact the previously reported consolidated net revenue, income from operations, net income (loss) per share, total assets or mezzanine equity and equity (deficit) as reported under generally accepted accounting principles in the United States (“GAAP”).

The following table presents our condensed consolidated statements of operations after this reclassification (in millions, except share amounts which are reflected in thousands, and per share amounts):

						Three Months Ended
						March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						March 31, 2025						June 30, 2025						September 30, 2025
Revenue						$	10,131					$	10,700					$	11,188					$	11,959					$	11,533					$	12,651					$	13,467
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below						6,168						6,488						6,761						7,234						6,937						7,611						8,109
Operations and support						685						682						687						678						668						696						735
Sales and marketing						917						1,115						1,096						1,209						1,057						1,210						1,277
Research and development						790						760						774						785						815						840						862
General and administrative						1,209						686						630						1,114						657						669						1,183
Depreciation and amortization						190						173						179						169						171						175						188
Total costs and expenses						9,959						9,904						10,127						11,189						10,305						11,201						12,354
Income from operations						172						796						1,061						770						1,228						1,450						1,113
Interest expense						(124)						(139)						(143)						(117)						(105)						(108)						(112)
Interest income						159						176						195						191						169						181						193
Other income (expense), net						(837)						244						1,656						65						93						(19)						1,426
Income (loss) before income taxes and loss from equity method investments						(630)						1,077						2,769						909						1,385						1,504						2,620
Provision for (benefit from) income taxes						29						57						158						(6,002)						(402)						142						(4,046)
Loss from equity method investments						(4)						(12)						(12)						(10)						(13)						(12)						(14)
Net income (loss) including non-controlling interests						(663)						1,008						2,599						6,901						1,774						1,350						6,652
Less: net income (loss) attributable to non-controlling interests, net of tax						(9)						(7)						(13)						18						(2)						(5)						26
Net income (loss) attributable to Uber Technologies, Inc.						$	(654)					$	1,015					$	2,612					$	6,883					$	1,776					$	1,355					$	6,626
Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders:
Basic						$	(0.31)					$	0.49					$	1.24					$	3.27					$	0.85					$	0.65					$	3.18
Diluted						$	(0.32)					$	0.47					$	1.20					$	3.21					$	0.83					$	0.63					$	3.11
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic						2,078,467						2,092,180						2,101,660						2,105,899						2,092,464						2,091,106						2,084,180
Diluted						2,080,168						2,150,019						2,154,466						2,141,426						2,122,618						2,125,628						2,124,391

Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements regarding future presentation of the Company’s financial metrics. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties are more fully described in the Company’s Securities and Exchange Commission (“SEC”) filings and reports, including in the section titled “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024 and subsequent quarterly reports and other filings that the Company makes from time to time with the SEC, which are available on the SEC’s website at www.sec.gov. All information provided in this Current Report on Form 8-K is as of the date of this Current Report on Form 8-K and any forward-looking statements contained herein are based on assumptions that the Company believes to be reasonable as of such date. Undue reliance should not be placed on the forward-looking statements in this Current Report on Form 8-K, which are based on information available to the Company on the date hereof. We undertake no duty to update this information unless required by law.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			UBER TECHNOLOGIES, INC.
Date: January 12, 2026			By: /s/ Dara Khosrowshahi
			Dara Khosrowshahi
			Chief Executive Officer

FAQ

What new non-GAAP financial measures is UBER introducing?

Beginning in the first quarter of 2026, Uber Technologies, Inc. (UBER) will report three new non-GAAP measures: Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP Earnings Per Share (EPS). These will replace the company’s previous non-GAAP measure, Adjusted EBITDA.

How do Uber's new non-GAAP metrics differ from Adjusted EBITDA?

The new measures bring prior reporting closer to GAAP by including depreciation, amortization exclude only select items not viewed as indicative of ongoing performance, such as other income (expense), net

How have Uber's GAAP and non-GAAP profits trended over the last seven quarters?

Over the seven quarters ended September 30, 2025, GAAP income from operations increased from $172 million to $1.113 billion. Over the same period, Non-GAAP Operating Income rose from $821 million to $1.675 billion, while Non-GAAP Net Income grew from $778 million to $1.389 billion. Non-GAAP EPS climbed from $0.35 to $0.65, reflecting sustained profitability after the new adjustments.

What changes is Uber making to its segment reporting metrics?

Starting in the first quarter of 2026, Uber plans to change its segment operating performance measure from Segment Adjusted EBITDA to Segment Operating Income. For recent quarters, Segment Operating Income shows strong contributions from Mobility and Delivery, with Mobility segment operating income rising from $1.310 billion in the quarter ended March 31, 2024 to $1.864 billion in the quarter ended September 30, 2025, while Freight remains in a small loss position.

How will Uber's presentation of interest income change?

Beginning with the annual report for the fiscal year ending December 31, 2025, Uber will reclassify interest income from "other income (expense), net" to a separate line on the consolidated statements of operations. Historical quarterly data in the disclosure already reflect this reclassification, showing interest income between $159 million and $195 million across the seven quarters presented.

What limitations does Uber highlight for its non-GAAP financial measures?

Uber notes that its non-GAAP measures exclude recurring non-cash charges such as amortization of acquired intangibles, as well as restructuring charges, certain legal, non-income tax and regulatory reserve changes and settlements, and other items not indicative of ongoing performance. The company cautions that these metrics are supplemental, may differ from similarly titled measures at peers, and should not be viewed as substitutes for GAAP results.