Uber Technologies (UBER) — Financial Report

Executive Summary — FY2021–TTM (Mar 2026)

Uber has moved from sustained losses through 2022 to durable GAAP profitability and rapidly expanding free cash flow — revenue grew from $17.5B to $52.0B (a ~31% CAGR), while free cash flow swung from a $743M outflow to $9.76B, and capital allocation has pivoted decisively toward buybacks.

Revenue & Free Cash Flow, $M — FY2021 → TTM

FY21

FY22

FY23

FY24

FY25

TTM

Revenue Free cash flow (positive) Free cash flow (negative)

Company & Reporting Information

Currency / Units

USD, $M

Fiscal Year-End

Dec 31

TTM Ending

Mar 31, 2026

Price Date

Jul 22, 2026

Data Access

Jul 23, 2026

Sources: stockanalysis.com/stocks/uber/financials, .../cash-flow-statement, .../ratios

01 — Financials

Income Statement

Period	Revenue	Rev. Growth	Gross Profit	GPM	Operating Income	OPM	Net Income	NPM
FY2021	17,455	56.70%	8,104	46.43%	-3,834	-21.97%	-533	-3.05%
FY2022	31,877	82.62%	12,218	38.33%	-1,832	-5.75%	-9,245	-29.00%
FY2023	37,281	16.95%	14,824	39.76%	1,110	2.98%	2,108	5.65%
FY2024	43,978	17.96%	17,327	39.40%	2,799	6.36%	9,883	22.47%
FY2025	52,017	18.28%	20,679	39.75%	5,565	10.70%	10,146	19.51%
TTM	53,687	18.30%	22,028	41.03%	6,260	11.66%	8,661	16.13%

Net Income includes minority interest, consistent with reported margin figures. TTM net income growth is negative YoY (-30.49%), mainly reflecting a large prior-year tax benefit rolling off rather than operating deterioration.

02 — Financials

Cash Flow & Capital Allocation

Period	CFO	CAPEX	FCF	FCF Growth	FCF Margin	Acquisitions	Buybacks	Dividends
FY2021	-445	-298	-743	N/A	-4.26%	-2,314	N/A	N/A
FY2022	642	-252	390	N/A	1.22%	-59	N/A	N/A
FY2023	3,585	-223	3,362	762.05%	9.02%	N/A	N/A	N/A
FY2024	7,137	-242	6,895	105.09%	15.68%	N/A	-1,252	N/A
FY2025	10,099	-336	9,763	41.59%	18.77%	-815	-6,523	N/A
TTM	10,126	-327	9,799	0.37%	18.25%	-821	-7,749	N/A

Uber does not pay a dividend. Buybacks scaled from essentially nil through FY2023 to $6.5B in FY2025 and $7.7B TTM — now the dominant use of excess cash. Acquisition spend has been modest and episodic since the large FY2021 outlay.

03 — Trends

Revenue and FCF Growth

Period	Revenue	Rev. Growth YoY	Free Cash Flow	FCF Growth YoY
FY2021	17,455	56.70%	-743	N/A
FY2022	31,877	82.62%	390	N/A
FY2023	37,281	16.95%	3,362	762.05%
FY2024	43,978	17.96%	6,895	105.09%
FY2025	52,017	18.28%	9,763	41.59%
TTM	53,687	18.30%	9,799	0.37%

FCF growth has decelerated sharply as the base has grown — from triple-digit growth off a small/negative base to near-flat TTM — while revenue growth has settled into a steady mid-to-high-teens band after the FY2021–2022 pandemic-recovery surge.

04 — Compounding

CAGR Analysis

Metric	Beginning (FY2021)	Ending (FY2025)	Periods	CAGR
Revenue	17,455	52,017	4	31.39%
Free Cash Flow	-743	9,763	4	N/M

FCF CAGR is N/M because the FY2021 base is negative. For reference only (not a standard CAGR per the reporting rules): FCF grew from $390M (FY2022, first positive year) to $9,763M (FY2025) — roughly 25x over three years — illustrating the scale of the swing from cash-burning to strongly cash-generative.

05 — Market

Historical Valuation

Period	Price	Market Cap	PE Ratio	Diluted EPS	Earnings Yield
FY2021	41.93	81,735	N/M	-0.29	N/M
FY2022	24.73	49,596	N/M	-4.65	N/M
FY2023	61.57	127,520	70.77	0.87	1.41%
FY2024	60.32	127,152	13.23	4.56	7.56%
FY2025	81.71	168,969	17.27	4.73	5.79%
Current	70.33	143,164	17.39	4.01 (TTM)	5.97%

5-Yr Avg PE (excl. N/M)

33.76x

5-Yr Median PE (excl. N/M)

17.27x

5-Yr Avg Earnings Yield

4.92%

Current vs. Median

+0.12x

At 17.39x, current PE sits just above the median (17.27x) and well below the average (33.76x, skewed upward by FY2023's inflated 70.77x reading, which reflected unusually thin earnings rather than a rich valuation). Relative to the two "normal-earnings" years (FY2024, FY2025), current valuation is roughly in line with FY2024 and modestly below FY2025.

06 — Synthesis

Key Findings

Growth: Revenue CAGR of 31.39% (FY2021–FY2025); growth decelerated from a pandemic-recovery-driven 82.62% (FY2022) to a steadier ~17–18% band in FY2023–TTM.
Margins: GPM has been range-bound (~38–46%), while OPM and NPM expanded substantially — operating margin from -21.97% (FY2021) to 11.66% (TTM), profit margin from -3.05% to a peak of 22.47% (FY2024).
Cash generation: FCF turned positive in FY2022 and scaled to $9.76B in FY2025; FCF margin rose from -4.26% to 18.77%. Growth is now decelerating (TTM growth of just 0.37%) as the base matures.
FCF vs. revenue growth: FCF grew far faster than revenue through FY2023–FY2024 off a low/negative base, but has now converged with — and in the TTM period fallen behind — revenue growth, signaling that margin expansion is maturing.
Capital allocation: Shift from acquisitions (notably the $2.3B FY2021 outlay) toward large-scale buybacks ($6.5B FY2025, $7.7B TTM). No dividend.
Valuation: Current PE (17.39x) is near the median of the profitable-year range and well below the average, which is skewed by FY2023's earnings trough.

07 — Caveats

Risks & Data Limitations

Only three of the five fiscal years (FY2023–FY2025) plus TTM/Current have meaningful PE and earnings-yield readings; FY2021–FY2022 losses make those years N/M, narrowing the historical valuation sample used for averages/medians.
Net income includes minority interest and has been affected by large non-operating items (equity-investment marks, tax valuation allowance releases) in several years, which can distort period-over-period comparisons versus core operating performance.
Uber has ongoing large-scale corporate activity (e.g., a reported pursuit of Delivery Hero) not reflected in the historical financials above, which could affect future capital allocation and consolidated results.
Data sourced from StockAnalysis.com (Fiscal.ai), last updated May 6, 2026 for financials/cash-flow/ratios tables; some later developments (e.g., pending M&A) are not yet reflected in these figures.

08 — Close

Conclusion

Uber's five-year financial arc is one of a business that has converted rapid, capital-intensive growth into a high-margin, cash-generative model: revenue nearly tripled, operating and net margins moved from deeply negative to solidly positive, and free cash flow went from a $743M outflow to nearly $9.8B. Growth has normalized into the high-teens range, and the capital allocation focus has shifted decisively to share repurchases. At a PE near the middle of its (short) history of profitable years, the stock does not appear expensive relative to its own recent trading range, though the earnings base still carries some volatility from non-operating items worth monitoring.

Uber Technologies, Inc.