Uber Technologies UBER · USD

Note 13 – Segment Information and Geographic InformationWe determine our operating segments based on how the CODM, our Chief Executive Officer, manages the business, allocates resources, makes operating decisions and evaluates operating performance.As of December 31, 2025, our three operating and reportable segments are as follows:SegmentDescriptionMobilityMobility 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.For information about how our reportable segments derive revenue, refer to Note 1 – Description of Business and Summary of Significant Accounting Policies.Our segment operating performance measure is segment Adjusted EBITDA. The CODM uses segment Adjusted EBITDA 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 Adjusted EBITDA excludes non-cash items or items that management does not believe are reflective of our ongoing core operations (as shown in the table below).

Note 14 – Commitments and ContingenciesContingenciesFrom 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, 2024 and 2025, we had recorded aggregate liabilities of $1.5 billion and $2.1 billion, respectively, of which $221 million and $215 million, respectively, relate to non-income tax matters in accrued and other current liabilities on the 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 ClassificationCalifornia Attorney General LawsuitIn 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.

Note 8 – Long-Term Debt and Credit ArrangementsComponents of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages):As of December 31,20242025Stated Interest RateEffective Interest RatesMaturities2025 Convertible Notes$1,150 $— — %— %—2028 Convertible Notes1,725 1,725 0.875 %1.1 %December 20282028 Exchangeable Senior Notes— 1,125 0.00 %0.0 %May 20282027 Senior Notes700 — — %— %—2028 Senior Notes500 — — %— %—2029 Senior Notes1,500 1,500 4.50 %4.7 %August 20292030 Senior Notes1,250 1,250 4.30 %4.5 %January 20302031 Senior Notes— 1,000 4.15 %4.3 %January 20312034 Senior Notes1,500 1,500 4.80 %4.9 %September 20342035 Senior Notes— 1,250 4.80 %5.0 %September 20352054 Senior Notes1,250 1,250 5.35 %5.4 %September 2054Total debt (1)9,575 10,600 Less: unamortized discount and issuance costs(78)(79)Less: current portion of long-term debt(1,150)— Total long-term debt$8,347 $10,521 (1) The total fair value of our outstanding debt was $9.5 billion and $11.1 billion as of December 31, 2024 and 2025, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.2031 and 2035 Senior NotesOn September 11, 2025, we completed a registered public offering of $1.0 billion aggregate principal amount of 4.15% senior notes due 2031 (the “2031 Senior Notes”) and $1.25 billion aggregate principal amount of 4.80% senior notes due 2035 (the “2035 Senior Notes”). The 2031 Senior Notes and 2035 Senior Notes are our senior unsecured debt obligations and classified as long-term.Interest on the 2031 Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year at 4.15% per annum, beginning January 15, 2026. Interest on the 2035 Senior Notes is payable semi-annually in arrears on March 15 and September 15 of each year at 4.80% per annum, beginning March 15, 2026.The indentures governing the 2031 Senior Notes and 2035 Senior Notes contain customary covenants restricting our, and certain of our subsidiaries’, ability to incur liens on any of our, or certain of our subsidiaries’, principal property in order to secure any debt, as well as certain financial covenants specified in the indentures. We were in compliance with all covenants as of December 31, 2025.In September 2025, we exercised the call option and fully redeemed $700 million of the 7.50% senior notes due 2027 (the “2027 Senior Notes”) and $500 million of the 6.

Note 11 – Income TaxesThe U.S. and foreign components of income (loss) before provision for (benefit from) income taxes for the years ended December 31, 2023, 2024, and 2025 are as follows (in millions): Year Ended December 31,202320242025U.S.$1,525 $3,455 $4,620 Foreign796 670 1,180 Income before income taxes and income (loss) from equity method investments$2,321 $4,125 $5,800 The components of the provision for (benefit from) income taxes for the years ended December 31, 2023, 2024, and 2025 are as follows (in millions):Year Ended December 31,202320242025CurrentFederal$1 $22 $164 State16 42 116 Foreign170 205 153 Total current tax expense187 269 433 DeferredFederal11 (5,154)(118)State12 (857)98 Foreign3 (16)(4,759)Total deferred tax expense (benefit)26 (6,027)(4,779)Total provision for (benefit from) income taxes$213 $(5,758)$(4,346)The following is a reconciliation of the statutory federal income tax rate to our effective tax rate for the years ended December 31, 2023 and 2024:Year Ended December 31,20232024Federal statutory income tax rate21.0 %21.0 %State income tax expense (1)1.2 (19.8)Foreign rate differential(0.4)(0.4)Non-deductible expenses(0.2)2.2 Stock-based compensation(1.9)(5.2)Federal research and development credits(7.2)(5.1)Deferred tax on investments(3.5)— Entity restructuring0.6 (0.5)Change in unrecognized tax benefits(6.8)37.8 Valuation allowance (2)(2.8)(164.3)US effects on foreign operations4.1 (2.5)Withholding taxes9.5 (0.1)Other interest(4.1)(2.8)Other, net(0.3)0.1 Effective income tax rate9.2 %(139.6)%(1) We reported the effects of the state valuation allowance on the state income tax expense line-item within our effective tax rate. In 2024, we released $1.2 billion of our valuation allowance on our U.S. state deferred tax assets, with the exception of our California R&D credits. (2) In 2024, we released $5.2 billion of our valuation allowance on our U.S. federal deferred tax assets. This was included on the change in valuation allowance line-item.The following is a reconciliation of the statutory federal income tax rate to our effective tax rate for the years ended December 31, 2025 (in millions):Year Ended December 31, 2025Federal statutory income tax rate$1,218 21.0 %State and local income taxes, net of federal income tax effect (1)156 2.7 FederalChanges in valuation allowances(14)(0.2)Effect of cross-border tax lawsForeign-derived intangible income(73)(1.3)Global intangible low-taxed income107 1.8 Other26 0.

Note 6 – Leases Our leases primarily include corporate offices, data centers, and servers. The lease term of operating and finance leases vary from less than one year to 76 years. We have leases that include one or more options to extend the lease term for up to 14 years as well as options to terminate the lease within one year. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Our lease agreements generally do not contain any residual value guarantees or restrictive covenants.The components of our lease expense were as follows (in millions):Year Ended December 31,202320242025Lease costFinance lease cost: Amortization of assets$188 $168 $153 Interest of lease liabilities31 25 17 Operating lease cost321 294 288 Short-term lease cost10 2 4 Variable lease cost129 115 117 Sublease income(22)(22)(19)Total lease cost$657 $582 $560 Supplemental cash flow information related to leases was as follows (in millions):Year Ended December 31,202320242025Other information Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from financing leases$32 $26 $16 Operating cash flows from operating leases335 332 303 Financing cash flows from financing leases171 172 157 Right-of-use assets obtained in exchange for lease obligations:Operating lease liabilities$84 $132 $126 Finance lease liabilities216 4 71 Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):As of December 31,20242025Operating LeasesOperating lease right-of-use assets$1,158 $1,114 Operating lease liability, current$175 $169 Operating lease liabilities, non-current1,454 1,390 Total operating lease liabilities$1,629 $1,559 As of December 31,20242025Finance LeasesProperty and equipment, at cost$641 $625 Accumulated depreciation(372)(439) Property and equipment, net $269 $186 Other current liabilities$136 $138 Other long-term liabilities174 84 Total finance leases liabilities$310 $222 As of December 31,20242025Weighted-average remaining lease term Operating leases15 years15 years Finance leases2 years2 yearsWeighted-average discount rate Operating leases6.7 %6.6 % Finance leases6.6 %6.

Note 17 – Business CombinationsTrendyol GOOn May 6, 2025, we entered into an agreement with Trendyol Group to acquire 85% controlling stake in its Trendyol GO online meal and grocery delivery business in Türkiye.On June 17, 2025, we completed the acquisition of an 85% controlling stake in Trendyol GO in an all-cash transaction, allowing us to expand our Delivery business in the Turkish market.The acquisition of Trendyol GO has been accounted for as a business combination. The fair value of the consideration transferred was $694 million.The following table summarizes the fair value of assets acquired and liabilities assumed (in millions):Fair ValueCurrent assets$64 Goodwill712 Intangible assets132 Other long-term assets6 Total assets acquired914 Current liabilities(67)Deferred tax liability(23)Total liabilities assumed(90)Less: Redeemable non-controlling interests(130)Net assets acquired$694 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 Trendyol GO. Goodwill was assigned to the Delivery segment.The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives (in millions, except years):Fair ValueWeighted Average Remaining Useful Life - YearsConsumer, Merchant and other relationships$83 12Developed technology29 2Trade name, trademarks and other20 3Total$132 Consumer, Merchant and other relationships represent the fair value of the underlying relationships with Merchants (such as restaurants), end-users, and Couriers. Developed technology represents the fair value of Trendyol GO’s technology. Trade name, trademarks and other relate to the “Trendyol GO” trade name, trademarks, and domain names. The overall weighted average useful life of the identified amortizable intangible assets acquired is 8 years.The results of Trendyol GO were included in our consolidated financial statements from the date of acquisition. For the period from June 17, 2025 through December 31, 2025, Trendyol GO contributed an immaterial amount of revenue and loss before taxes.

Safeguarding our critical networks and the information that platform users share with us is vital to our business. One key way that Uber addresses this need is through its cybersecurity program, which includes a cybersecurity risk management program.Uber’s Chief Information Security Officer (“CISO”) is responsible for the cybersecurity program, which is coordinated and primarily executed by the global organization of engineers focused on risk management using the NIST Framework (Govern, Identify, Protect, Detect, Respond, and Recover) and activities such as automation, secure development, and advanced analytics and monitoring. The CISO has served in such role since February 2021 and has more than 20+ years of engineering and/or cybersecurity experience, including previously as CISO and Deputy Chief Technology Officer at a Fortune 500 company.The cybersecurity program is also supported by Uber’s Chief Privacy Officer and Vice President, Privacy & Cybersecurity (“CPO”), who has served in that role since November 2025. The CPO has over three decades of legal experience spanning across technology, government, privacy, AI, cybersecurity, and media, including having served as Chief Privacy Officer at two Fortune 500 companies prior to her role at Uber.The cybersecurity program is supported by other members of Uber’s senior management team as well, including the Chief Legal Officer and Chief Technology Officer. Uber’s Board of Directors oversees the cybersecurity program through regular updates. This cybersecurity program is a critical component of Uber’s enterprise risk management program, through which Uber reviews business, cybersecurity, information technology, privacy, legal, and geopolitical risks, among others. The cybersecurity program is designed to assess, identify, and manage risks from cybersecurity threats.Key elements of this program include: •Oversight and Governance. Uber’s Board oversees the cybersecurity program, and Uber’s risk profile with respect to cybersecurity matters, through regular reports and reviews. These include presentations by the CISO to the Board and Audit Committee on an alternating quarterly basis, quarterly reports of certain cybersecurity incidents to the Board, and annual reports by the CPO to the Board.The CISO also provides quarterly updates to Uber’s senior management regarding cybersecurity risks, as well as interim updates during regular meetings with Uber’s engineering, product and internal audit leadership.

Note 18 – DivestituresDivestiture of Careem TechnologiesIn December 2023, we divested Careem’s non-ridesharing business and completed the agreement with e& whereby e& contributed $400 million to Careem Technologies in exchange for a majority equity interest. Refer to Note 4 – Equity Method Investments for further information.The following table presents the gain on sale of the interest in Careem Technologies.