Industrials · NYSE: UBER
Uber: how the business works
Uber connects riders with drivers, consumers with restaurants and stores, and shippers with carriers, earning $52.0 billion of revenue in FY2025.
By Hardik Bhandare · Checked against filings:
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Uber Technologies, Inc. · San Francisco, California · Founded 2009
Last updated
- Revenue, FY2025
- $52.0B
- Operating income, FY2025
- $5.6B
- Net income, FY2025 (incl. $5.0B tax benefit)
- $10.1B
- Countries, Dec 31, 2025
- Over 70
- Employees, Dec 31, 2025
- About 34,000
The short version
Uber in 5 points
1 · What it sells
Uber's apps connect riders with drivers, consumers with restaurants and stores through couriers, and shippers with carriers, in over 70 countries, earning $52.0 billion of revenue in FY2025.
2 · Who pays it
In FY2025, drivers and riders on Mobility paid 57.0% of revenue, couriers, merchants, consumers and advertisers on Delivery 33.2%, and Freight shippers 9.8%; Uber gives no split inside each segment.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Uber kept $19.1 as net income, including a one-time $5.0 billion tax benefit, while its operating income was $10.7 per $100 of revenue.
4 · Where the operating profit comes from
Mobility earned 69.1% and Delivery 31.2% of FY2025 Segment Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales., Uber's segment measure that year, while Freight lost $33 million; company-wide GAAP operating income was $5.6 billion.
5 · The one thing to watch
Uber's debt rose from $10.5 billion at Dec 31, 2025 to $12.7 billion at Jun 30, 2026, then it sold €4.5 billion of notes in September 2026, while its Delivery Hero offer, announced Jul 16, 2026 and stated by Uber as $14.8 billion for 100%, has not closed.
Sources: From Uber's FY2025 10-K, Q2 FY2026 10-Q and 8-Ks through Sep 15, 2026 · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Uber's money go?
Uber · FY2025
Receipt for every $100
| Cost of revenue | $59.5 |
|---|---|
| Sales and marketing | $9.3 |
| Operations, research and admin | $18.0 |
| Depreciation and amortization | $1.4 |
| Interest, part-owned companies, minority holders | $1.0 |
| Income tax benefit (added to profit) | −$8.2 |
| Kept as net income | $19.1 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Of every $100 that came in during FY2025 (revenue $52,017 million + interest income and other items $675 million = $52,692 million). Cityfort calculation from FY2025 10-K. The tax line is negative because a one-time $5.0 billion release made tax a benefit. FY2026 will not compare: since Jan 2, 2026, driver pay in certain UK markets reduces revenue instead of counting as cost of revenue.
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02The business in one line
What does Uber do?
Drivers, couriers, merchants, riders, advertisers and shippers pay Uber; most of that money goes on cost of revenue such as driver pay and insurance, and what's left is profit.
- In FY2025, Mobility was 57.0% of revenue, Delivery 33.2% and Freight 9.8%. In most rides and orders, Uber's revenue is its fee, not the full fare.
- Operating income was $5.6 billion in FY2025. Net income of $10.1 billion included a one-time tax benefit of $5.0 billion.
03Who pays it
Who pays Uber?
Drivers and riders (Mobility)
57%
of revenue
Drivers pay service fees to use the app. In certain markets riders pay Uber directly, and revenue then includes the fare.
Couriers, merchants, consumers and advertisers (Delivery)
33%
of revenue
Couriers and merchants pay service fees, consumers pay in certain markets, and merchants and brands buy sponsored listings.
Shippers (Freight)
10%
of revenue
Companies pay to move goods. Uber books most of this revenue gross and pays the carriers.
- Drivers and riders (Mobility)57%
- Couriers, merchants, consumers and advertisers (Delivery)33%
- Shippers (Freight)10%
How spread out the customers are
The filings read report no customer concentration: consumers and drivers are individual platform users. Uber reports revenue by segment and region, and does not split a segment's revenue between these payers.
04Why it makes money
Why does Uber make money?
More trips on the same apps spread running costs over more revenue.
Sales and marketing fell from $27.44 per $100 of revenue in FY2021 to $9.42 in FY2025, while trips rose from 6.4 billion to 13.6 billion. UK accounting also raised revenue from 2022, so the ratio is not purely from scale.
Operating income per $100 of revenue
−$22.0$10.7
FY2021 to FY2025
- Riders and consumers open the app
- More demand gives drivers and couriers more earnings opportunities
- Uber says its scale brings consumers higher reliability
- People use rides and delivery on one account
- Uber earns fees and ad money on each order
- Technology and overhead costs spread across more trips
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Uber?
Mobility
57%Rides with drivers, taxis and other transport. Uber reports no GAAP operating income by segment; company-wide it was $5,565 million in FY2025 and $1,890 million in Q2 FY2026. FY2025 Segment Adjusted EBITDA, a company measure and its segment measure that year, was $7,899 million, 69.1% of the $11,438 million segment total before corporate costs. From Q1 FY2026 Uber uses Segment Operating Income, a different company measure: $2,215 million in Q2 FY2026. The two are not joined. UK changes also moved revenue: up $3.9 billion net in FY2022, down $1.1 billion in Q2 FY2026.
Revenue $29.7B
Delivery
33%Restaurant, grocery and store orders, including Uber Eats, plus sponsored listings. FY2025 Segment Adjusted EBITDA, a company measure, was $3,572 million, 31.2% of the segment total; company-wide GAAP operating income was $5,565 million. On the newer, separate company measure, Segment Operating Income was $1,055 million in Q2 FY2026; company-wide GAAP operating income was $1,890 million.
Revenue $17.2B
Freight
10%Connects shippers with carriers, mostly booked gross. FY2025 Segment Adjusted EBITDA, a company measure, was a $33 million loss; company-wide GAAP operating income was $5,565 million. On the newer, separate company measure, Segment Operating Income was a $24 million loss in Q2 FY2026; company-wide GAAP operating income was $1,890 million.
Revenue $5.1B
How the mix changed
- Mobility
- Delivery
- Freight
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Uber done?
Revenue
$52.0BFY2025
Revenue rose every year from $17.5 billion in FY2021 to $52.0 billion in FY2025; UK changes added $3.9 billion net in FY2022 and cut $2.1 billion in the first half of 2026, when Q2 growth was 12%.
US$
See the numbers
Net profit
$10.1BFY2025
Net income went from a $9.1 billion loss in FY2022 to $10.1 billion in FY2025; FY2024 and FY2025 include tax releases of $6.4 billion and $5.0 billion, and stake revaluations move every quarter.
US$
See the numbers
Profit kept per $100 of revenue
$19.3FY2025
Operating income per $100 of revenue went from a $22.0 loss in FY2021 to $10.7 in FY2025, while net income per $100 was $19.3 in FY2025 with the tax release.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$9.8BFY2025
Free cash flow rose from a $743 million outflow in FY2021 to $9.8 billion in FY2025; growth in insurance reserves supplied $2.7 billion of FY2025 cash from operations.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Uber's fiscal year is the calendar year, so Q2 FY2026 is April–June 2026). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Non-controlling holders' share was $269 million in FY2023.
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Uber, and did they deliver?
Dara Khosrowshahi
Chief Executive Officer and director · since 2017
FY2025 total pay $35.6 million, 360 times the median employee's $98,826. He held 2,380,203 shares and share rights, under 1%, at Mar 2, 2026.
Balaji Krishnamurthy
Chief Financial Officer · since 2026
Since Feb 16, 2026. Formerly VP of Strategic Finance; replaced Prashanth Mahendra-Rajah.
Andrew Macdonald
President and Chief Operating Officer · since 2025
Since Jun 2, 2025.
Jill Hazelbaker
President and Chief Corporate Affairs Officer · since 2026
New role since May 11, 2026.
Tony West
SVP, Chief Legal Officer and Corporate Secretary · since 2017
Ronald Sugar
Independent Chairperson
Ten directors were elected on May 4, 2026.
What they said, and what happened
5 too early to tell · 4 delivered
Said on Feb 14, 2024
Uber's three-year outlook: yearly Gross Bookings growth in the mid to high teens (constant currency). Adjusted EBITDA growth in the high 30s to 40% a year. Free cash flowCash from operations minus spending on buildings and equipment. Learn more of 90%+ of Adjusted EBITDA.
Too early to tellWhat happened
Gross Bookings grew 21% in FY2024 and 20% in FY2025 in constant currency. Adjusted EBITDA grew 46.8% a year over the two years. Free cash flow was 106% and 112% of Adjusted EBITDA. GAAP operating income was $2.8 billion in FY2024 and $5.6 billion in FY2025. FY2026 is still open.
Said on Feb 14, 2024
Uber said its buybacks would begin by partially offsetting stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more, "working towards a consistent reduction in share count".
DeliveredWhat happened
Shares fell from 2,108.0 million at Dec 31, 2024 to 2,042.6 million at Jul 31, 2026, after repurchases of $1,252 million in FY2024 and $6,523 million in FY2025.
Said on Nov 4, 2025
Uber said autonomous vehicles would be "in at least 10 cities by the end of 2026".
Too early to tellWhat happened
Raised to "as many as 15" in February 2026. Uber said 8 cities were live on May 6, 2026 and 7 on Aug 5, 2026; the documents read do not explain the change.
Said on Nov 4, 2025
Uber guided Q4 FY2025 Gross Bookings of $52.25–53.75 billion and Adjusted EBITDA of $2.41–2.51 billion.
DeliveredWhat happened
Reported Gross Bookings of $54.14 billion, above the range, and Adjusted EBITDA of $2.49 billion, within it. GAAP operating income was $1.77 billion.
Said on Feb 4, 2026
Uber guided Q1 FY2026 Gross Bookings of $52.0–53.5 billion and Non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more EPS of $0.65–0.72.
DeliveredWhat happened
Reported Gross Bookings of $53.72 billion, above the range, and Non-GAAP EPS of $0.72, the top of it. GAAP diluted EPS was $0.13.
Said on May 6, 2026
Uber guided Q2 FY2026 Gross Bookings of $56.25–57.75 billion and Non-GAAP EPS of $0.78–0.82.
DeliveredWhat happened
Reported Gross Bookings of $58.02 billion, above the range, and Non-GAAP EPS of $0.81, within it. GAAP diluted EPS was $1.17.
Said on Aug 5, 2026
Uber guided Q3 FY2026 Gross Bookings of $58.25–60.25 billion and Non-GAAP EPS of $0.84–0.88.
Too early to tellWhat happened
Uber announced that results are due on Nov 4, 2026.
Said on Aug 5, 2026
The CFO said Uber wants to be "deploying about 50% of our free cash flows towards buybacks".
Too early to tellWhat happened
Repurchases were 66.8% of free cash flow in FY2025 and 18.6% in Q2 FY2026, a quarter management tied to Delivery Hero purchases.
Said on Jul 16, 2026
On its Delivery Hero offer, Uber said it expects closing in the second half of 2027 and gross leverage staying below two times.
Too early to tellWhat happened
The deal has not closed.
08What could go wrong
What could go wrong for Uber?
- Debt
The Delivery Hero offer and more debt
Uber agreed on Jul 16, 2026 to offer €41.50 a share in cash for Delivery Hero, which it stated as $14.8 billion for 100%. The deal has not closed. It needs acceptance of 50% plus one share, and merger and financial regulatory clearances. Uber said it expects closing in the second half of 2027. Debt rose from $10.5 billion at Dec 31, 2025 to $12.7 billion at Jun 30, 2026. Uber then sold €4.5 billion of notes, stating general corporate purposes. It said gross leverage should stay below two times.
Watch The offer's acceptance level, regulatory clearances and debt in each 10-Q.
- Regulation
Whether drivers count as employees
Courts, legislators and agencies in the US and abroad have challenged how Uber classifies drivers. A California Attorney General suit continues for periods before Proposition 22. Swiss rulings classify drivers and couriers as employees for social security. A French assessment is under appeal and a New Jersey audit is in litigation. Uber says reclassification would bring significant added costs.
Watch The legal proceedings note in each 10-K and 10-Q.
- Legal
Legal reserves and the UK tax dispute
Uber had recorded $1.8 billion for legal, regulatory and non-income tax matters at Jun 30, 2026, down from $2.1 billion at Dec 31, 2025. The UK tax authority assessed about $1.8 billion (£1.4 billion) of VAT for March 2022 to September 2024. Uber paid it in order to appeal and holds it as a receivable. Uber expects more assessments for 2023 to 2025.
Watch Tribunal hearing dates and the reserve figure in each 10-Q.
- Other
Insurance costs
Insurance reserves rose from $4.0 billion at Dec 31, 2021 to $13.3 billion at Jun 30, 2026. Mobility insurance expense rose $851 million in FY2025. Management said on Aug 5, 2026 that insurance "is becoming a tailwind this year", meaning a help to results. It expects savings from California's reform from 2027.
Watch Insurance reserves on the balance sheet and insurance comments in each release.
- Technology
Autonomous vehicle rivals and spending
Uber's FY2025 10-K names Alphabet (Waymo), Amazon (Zoox) and Tesla as competing or possibly competing. Uber said it expects to commit over $10 billion of capital over coming years. It also agreed to buy, or have fleet operators buy, at least 20,000 Lucid vehicles with Nuro systems over six years from the start of production.
Watch Cities live, capital committed and any partner changes in each quarterly release.
- Other
Stakes in other companies swing net income
Revaluing stakes moved quarterly net income by between -$1.6 billion and +$1.7 billion from Q1 FY2024 to Q2 FY2026. Net income was $6.6 billion in Q3 FY2025, with a $4.9 billion tax release, and $0.3 billion in Q4 FY2025. The CFO said on Aug 5, 2026 that GAAP net income "may continue to see swings".
Watch Operating income next to net income, and the unrealized gain or loss line, each quarter.
- Regulation
Safety claims and agency inquiries
Uber's FY2025 10-K cites personal injury claims and possible mass tort proceedings. Inquiries by the Department of Justice, the FTC and others cover fees, driver and courier earnings, consumer pricing, safety incident practices and anti-discrimination compliance.
Watch The legal proceedings note and any settlement in each 10-K and 10-Q.
- Concentration
Reliance on the UK, big cities and airports
The UK was 20.4% of FY2025 revenue, before the Jan 2, 2026 change that lowers reported UK revenue. Trips to or from airports were 15% of Mobility Gross Bookings in 2025. The 10-K also cites concentration in large metropolitan areas, without a percentage.
Watch Regional revenue in each 10-Q and airport rules in the markets Uber names.
09Both sides
What do supporters and critics point to?
What supporters point to
- Operating income went from a $3.8 billion loss in FY2021 to $5.6 billion in FY2025.
- Free cash flow reached $9.8 billion in FY2025, 18.8% of revenue.
- Gross Bookings, a company measure, rose 24% in Q2 FY2026; revenue rose 12%, with a UK change taking about 8 points.
- Monthly active consumers rose 16% to 208 million in Q2 FY2026, and trips rose 18%.
- Gross Bookings came in within or above Uber's guided range in each of the nine quarters from Q2 FY2024 to Q2 FY2026.
What critics point to
- FY2025 net income of $10.1 billion included a $5.0 billion tax benefit; operating income was $5.6 billion.
- Growth in insurance reserves supplied $2.7 billion of the $10.1 billion of cash from operations in FY2025.
- Net debt rose from $2.9 billion at Dec 31, 2025 to $7.3 billion at Jun 30, 2026, before €4.5 billion of notes in September.
- Uber's 10-K says its industries have low barriers to entry and low switching costs, and names Alphabet, Amazon and Tesla in autonomous vehicles.
- Uber had recorded $1.8 billion for legal, regulatory and non-income tax matters at Jun 30, 2026.
10What to watch next
What should you watch next at Uber?
Next event
Q3 FY2026 results
Nov 4, 2026
Date confirmed by the company
Q3 FY2026 against Uber's outlook
Uber's Oct 5, 2026 release sets results for Nov 4, 2026. Its Aug 5, 2026 outlook was Gross Bookings of $58.25–60.25 billion and Non-GAAP EPS of $0.84–0.88, both company measures.
Delivery Hero and debt
The offer announced on Jul 16, 2026 has not closed. Watch acceptance against the 50% plus one share minimum, clearances, and debt after €4.5 billion of notes in September 2026.
Revenue next to Gross Bookings
Management said on Aug 5, 2026 that the UK change should lower revenue by about the same amount through the rest of 2026. Revenue growth alone will not compare with 2025.
11Key dates
What are the key dates for Uber?
| Event | Date | Source |
|---|---|---|
| Q3 FY2026 results and conference callAnnounced by Uber in its Oct 5, 2026 release: 8:00 a.m. ET. | Uber Announces Date of Third Quarter 2026 Results Conference Call | |
| Delivery Hero offer: closingNot closed. Uber said on Jul 16, 2026 that it expects closing in the second half of 2027. | Not yet stated | Press release on the Delivery Hero offer (Form 8-K, Exhibit 99.1) |
Learn: IPO lock-up agreements: what they are and when they end
12Key facts
Key facts about Uber
- What does Uber do?
- Uber runs apps that connect riders with drivers, consumers with restaurants and stores through couriers, and shippers with freight carriers. Uber had $52.0 billion of revenue in FY2025, about 34,000 employees at Dec 31, 2025 and operations in over 70 countries.
- How does Uber make money?
- Uber makes most of its money from service fees that drivers, couriers and merchants pay to use its apps. Where Uber is only the agent, its revenue leaves out their earnings. In FY2025, Mobility was 57.0% of Uber's $52.0 billion of revenue, Delivery 33.2% and Freight 9.8%.
- What is Uber's business model?
- Uber's business model is a platform: people book through its apps, and drivers, couriers, merchants and carriers provide the service. In FY2025 Uber's Gross Bookings, a company measure of the value of rides, orders and Freight, were $193.5 billion, and its GAAP revenue was $52.0 billion.
- Is Uber profitable?
- Yes. Uber's GAAP operating income was $5.6 billion in FY2025, up from $2.8 billion in FY2024, and net income was $10.1 billion. That net income includes a one-time $5.0 billion tax benefit. Uber had operating losses from FY2019 to FY2022, and FY2023 operating income was $1.1 billion.
- What is Uber's revenue by segment?
- In FY2025 Uber's revenue was $29.7 billion from Mobility, $17.2 billion from Delivery and $5.1 billion from Freight. A UK business model change lowered Mobility revenue by $1.1 billion in Q2 FY2026, so 2026 comparisons with 2025 are not like for like.
- How much revenue does Uber's Mobility business bring in?
- Uber's Mobility business had FY2025 revenue of $29.7 billion, 57.0% of the company, up from $25.1 billion in FY2024. Its Gross Bookings, a company measure of the value of rides, were $97.5 billion in FY2025.
- How much revenue does Uber's Delivery business bring in?
- Uber's Delivery business, which includes Uber Eats, had FY2025 revenue of $17.2 billion, 33.2% of the company, up from $13.8 billion in FY2024. Advertising added $568 million to that increase.
- How much revenue does Uber Freight bring in?
- Uber's Freight segment had FY2025 revenue of $5.1 billion, 9.8% of the company, down from $6.9 billion in FY2022. Freight's Segment Adjusted EBITDA was a $33 million loss in FY2025, while Uber's company-wide GAAP operating income was $5.6 billion.
- Who owns Uber?
- Uber has one class of stock with one vote per share. Vanguard Capital Management reported 7.53% at Mar 31, 2026, and Uber's 2026 proxy shows BlackRock with 6.82% from a January 2024 filing. Uber's directors and officers as a group held 3.81% at Mar 2, 2026, nearly all of it The Public Investment Fund's stake.
- Why did Uber's revenue grow more slowly than its bookings in 2026?
- Uber's Q2 FY2026 revenue rose 12% to $14.2 billion, while Gross Bookings, a company measure, rose 24% to $58.0 billion. Uber said a UK business model change lowered revenue by $1.1 billion, about 8 percentage points of growth. Driver pay in those UK markets now reduces revenue instead of counting as a cost.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Uber sell?
Mobility ($29.7B in FY2025)
Rides booked in the app with drivers, taxis and other transport. Drivers pay Uber a service fee; in certain markets riders pay Uber directly.
Delivery ($17.2B)
Orders from restaurants, grocers, alcohol and convenience stores, brought by couriers, including through Uber Eats. Merchants and brands also pay for sponsored listings.
Freight ($5.1B)
Connects companies shipping goods with carriers. Uber books most of this revenue gross, then pays the carriers.
Uber One (46 million members)
A paid membership across rides and delivery, in over 30 countries at Dec 31, 2025. Uber said on Aug 5, 2026 that members were over 70% of Delivery Gross Bookings.
What it does
- Does: Matches riders with drivers, and consumers with merchants and couriers
- Does: Connects shippers with carriers
- Does: Sells sponsored listings to merchants and brands
- Does: Holds stakes in other transport and delivery companies, including Didi, Grab, Aurora and Delivery Hero
What it does not do
- Does not: Does not count the full fare as revenue where it is only the agent: revenue is net of driver and merchant earnings
- Does not: Does not list China, Russia or Southeast Asia among its principal regions
- Does not: Has never paid a dividend
14How the money flows
14How the money flows · FY2025
How does money flow through Uber?
Money in
- Mobility revenue$29.7B
- Delivery revenue$17.2B
- Freight revenue$5.1B
- Interest income and other items, net$675M
The company
Uber
$52.7B came in
Money out
- Cost of revenue (driver, courier and carrier pay, insurance, card fees, data centers)$31.3B
- Sales and marketing (includes $1.6 billion of consumer discounts)$4.9B
- Operations, research and admin$9.5B
- Depreciation and amortization$719M
- Interest paid, part-owned companies' losses, minority holders$533M
- Income tax benefit (added to profit)−$4.3B
- Net income for Uber's shareholders$10.1B
- Uber recorded $52.0 billion of revenue in FY2025. Interest income and other items, net, added $0.7 billion.
- Cost of revenue took $31.3 billion. That covers driver and courier pay where Uber is responsible for the service, carrier pay, insurance, card fees and data centers.
- Sales and marketing took $4.9 billion, and operations, research and admin took $9.5 billion.
- After $0.7 billion of depreciation and amortization, that left $5.6 billion of operating income.
- A net tax benefit of $4.3 billion, including a one-time $5.0 billion release, lifted net income to $10.1 billion.
15What it needs to run
15What it needs to run
What does Uber need to run?
Drivers and couriers
Uber said on Aug 5, 2026 that 10.2 million drivers and couriers earned over $25 billion in Q2 FY2026. Uber said it had 9.7 million monthly in Q4 FY2025.
Insurance
Insurance reserves were $13.3 billion at Jun 30, 2026, up from $4.0 billion at Dec 31, 2021. Restricted cash and investments serve as collateral for insurance policies.
Computing
Uber has committed at least $2.1 billion to cloud services through November 2029, and signed a $1.1 billion five-year cloud deal in March 2026.
People
About 34,000 employees at Dec 31, 2025, with operations in more than 15,000 cities. Offices cover 9.3 million square feet.
16Where it sells
16Where it sells · FY2025
Where does Uber sell?
- United States46%
- United Kingdom (FY2025; markets outside London booked net from Jan 2, 2026)20%
- All other countries34%
17Competitors and what protects it
17Competitors and what protects it
Who does Uber compete with?
Lyft
Named by Uber's FY2025 10-K as a Mobility competitor, with Bolt, Didi and Ola.
DoorDash
Named by the 10-K as a Delivery competitor, with Instacart, Gopuff, Rappi, Just Eat Takeaway and Amazon.
Delivery Hero
Named by the 10-K as a Delivery competitor. Uber announced a takeover offer for it on Jul 16, 2026; the deal has not closed.
Alphabet (Waymo)
Named by the 10-K as competing or possibly competing in autonomous vehicles. Uber also operates with Waymo in Austin and Atlanta.
Tesla
Named by the 10-K as competing or possibly competing in autonomous vehicles, with Amazon's Zoox.
Amazon
Named by the 10-K in Delivery, and through Zoox in autonomous vehicles. Uber also names Zoox as a partner.
C.H. Robinson
Named by the 10-K as a Freight competitor, with Total Quality Logistics, RXO, XPO, Echo Global Logistics and DHL.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Size of the network4 of 5
Uber counted 202 million monthly consumers in Q4 FY2025 and 13.6 billion trips in FY2025, across over 70 countries and more than 15,000 cities.
- Rides and delivery on one account4 of 5
Uber's 10-K says consumers using both generated over three times the Gross Bookings of single-offering consumers. Uber One had 46 million members at Dec 31, 2025.
- Autonomous vehicle partnerships2 of 5
Uber said on Aug 5, 2026 that autonomous vehicles were live on Uber in 7 cities. Alphabet, Amazon and Tesla are named as competing or possibly competing.
- Freight1 of 5
Freight revenue fell from $6.9 billion in FY2022 to $5.1 billion in FY2025, and its Segment Adjusted EBITDA, a company measure, was a $33 million loss. Company-wide GAAP operating income was $5.6 billion.
Weak spot
Low barriers and low switching costs
Uber's FY2025 10-K says its industries have low barriers to entry, low switching costs and well-capitalized competitors. Personal vehicles account for the majority of passenger miles in its markets.
18Where growth could come from
18Where growth could come from
Where could Uber's growth come from?
Uber said on Aug 5, 2026 that it expected Q3 FY2026 Gross Bookings of $58.25–60.25 billion, or 18% to 22% growth in constant currency. It also expected Non-GAAP EPS of $0.84–0.88. Both are company measures. Uber gives no GAAP outlook, saying it cannot reconcile them without unreasonable efforts.
Rides
WorkingBookings +22%, revenue +1.0%, Q2 FY2026
Mobility Gross Bookings rose 22% to $29.0 billion in Q2 FY2026. Mobility revenue rose 1.0% to $7.4 billion, because a UK change cut it by $1.1 billion. The CFO said trips growth slowed 2 points, entirely from Brazil.
Status: Working, on track against what the company said.
Delivery
WorkingRevenue +27.9%, Q2 FY2026
Delivery revenue rose to $5.2 billion in Q2 FY2026 from $4.1 billion. The UK change affects Mobility, not Delivery. The figure includes Trendyol GO, bought in June 2025.
Status: Working, on track against what the company said.
Uber One membership
Working46M, Dec 31, 2025
Uber's 10-K counted 46 million members at Dec 31, 2025. Uber said in May 2026 that it passed 50 million in April, up 50% from a year earlier.
Status: Working, on track against what the company said.
Advertising
WorkingAbove $2.5B a year, as Uber states it
Uber said on Aug 5, 2026 that advertising passed a $2.5 billion annual run-rate, growing about 50%. Run-rate is Uber's measure, not reported revenue. Advertising added $568 million to FY2025 Delivery revenue.
Status: Working, on track against what the company said.
Autonomous vehicles
Early7 cities live, Aug 5, 2026
Uber said it aims for as many as 15 cities by the end of 2026. It expects to commit over $10 billion of capital over coming years. It said 8 cities in May 2026; the documents read do not explain the change.
Status: Early, too early to judge.
Delivery Hero offer
NewNot closed
Uber agreed on Jul 16, 2026 to offer €41.50 a share in cash, which it stated as $14.8 billion for 100%. Uber said it expects closing in the second half of 2027.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
19The company's own measures (non-GAAP)
19The company's own measures · FY2025 and Q2 FY2026
What do Uber's own measures show?
Official (GAAP): Revenue, FY2025
$52.0B
Company's own measure: Gross Bookings, FY2025
$193.5B
Total dollar value of rides and orders, including taxes, tolls and fees, before discounts, refunds, driver and merchant earnings and incentives, plus Freight revenue. It excludes tips. It is not Uber's revenue.
Official (GAAP): Revenue, Q2 FY2026
$14.2B
Company's own measure: Gross Bookings, Q2 FY2026
$58.0B
Gross Bookings rose 24% and revenue 12%. Uber said a UK business model change lowered revenue by $1.1 billion, about 8 points of growth.
Official (GAAP): Income from operations, FY2025
$5.6B
Company's own measure: Adjusted EBITDA, FY2025
$8.7B
Uber's main measure through FY2025. It adds back depreciation and amortization ($719 million), stock-based compensation ($1,826 million), legal and regulatory reserve changes ($564 million) and smaller items.
Official (GAAP): Income from operations, FY2025
$5.6B
Company's own measure: Non-GAAP Operating Income, FY2025
$6.5B
Uber's main measure from Q1 FY2026. It keeps stock-based compensation and most depreciation as costs. It leaves out amortization of acquired intangibles, certain legal, tax and regulatory reserve changes, impairments, deal costs and restructuring.
Official (GAAP): Income from operations, Q2 FY2026
$1.9B
Company's own measure: Non-GAAP Operating Income, Q2 FY2026
$2.1B
Same definition as above. Uber's history on this measure starts at Q1 FY2024.
Official (GAAP): Diluted EPS, FY2025
$4.73
Company's own measure: Non-GAAP EPS, FY2025
$2.45
It also leaves out unrealized gains and losses on stakes, and certain tax effects. GAAP EPS is higher in FY2025 because of the $5.0 billion tax release.
Official (GAAP): Diluted EPS, Q2 FY2026
$1.17
Company's own measure: Non-GAAP EPS, Q2 FY2026
$0.81
Same definition as above. GAAP net income in the quarter included a $1.6 billion net unrealized gain on stakes.
Official (GAAP): Income from operations (whole company), FY2025
$5.6B
Company's own measure: Mobility Segment Adjusted EBITDA, FY2025
$7.9B
Uber's segment measure through FY2025. Segment figures come before $2,708 million of corporate costs. By-segment figures for 2026 are not in the releases read.
Official (GAAP): Income from operations (whole company), FY2025
$5.6B
Company's own measure: Delivery Segment Adjusted EBITDA, FY2025
$3.6B
Same measure as above. Freight was a $33 million loss.
Official (GAAP): Income from operations (whole company), Q2 FY2026
$1.9B
Company's own measure: Mobility Segment Operating Income, Q2 FY2026
$2.2B
Uber's segment measure from Q1 FY2026, a different measure from Segment Adjusted EBITDA, so the two are not joined. Up from $1,729 million in Q2 FY2025 on this same measure. It comes before $1,103 million of corporate costs.
Official (GAAP): Income from operations (whole company), Q2 FY2026
$1.9B
Company's own measure: Delivery Segment Operating Income, Q2 FY2026
$1.1B
Up from $766 million in Q2 FY2025 on this same measure. Freight was a $24 million loss.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Monthly active consumers, Q2 FY2026
208 million
Uber's count of consumers who completed a ride or received a delivery in the month, averaged over the quarter, up 16% from a year earlier. Trips rose 18% to 3,867 million.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Form 10-K for fiscal year 2025; Earnings release for Q2 2026 (Form 8-K, Exhibit 99.1); Form 10-Q for Q2 fiscal 2026 and 2 more
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
20Financial strength and debt
20Financial strength · Jun 30, 2026
How much debt does Uber have?
- Total debt$12.7B
- Cash and investments$5.4B
- Net debt (debt minus cash)$7.3B
- Net worth (shareholders' money)$27.3B
- Debt to equity
- 0.47×
- $ of debt for every $1 of shareholders' money
- Debt is carrying value, including the $2.0 billion term loan due December 2026. Net debt was $2.9 billion at Dec 31, 2025. Net figures are a Cityfort calculation from FY2025 10-K and Q2 FY2026 10-Q.
- After Jun 30, 2026 Uber signed €4.0 billion of term loan commitments and a $7.7 billion revolving credit line (Aug 6). It completed €4.5 billion of notes on Sep 15. Euro amounts are not converted here.
- Restricted cash and investments of $11.8 billion back insurance policies and are not counted as cash. Insurance reserves were $13.3 billion.
- Stakes in other companies were carried at $12.5 billion at Jun 30, 2026, including $3.5 billion for Delivery Hero. They are not counted as cash.
- In FY2025 operating income covered interest expense 12.6 times ($5,565 million ÷ $440 million).
21Who owns it
21Who owns it · ownership as of Mar 2, 2026
Who owns Uber?
- Officers and directors (as a group), shares
- 3.8%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q for Q2 fiscal 2026; Form 10-K for fiscal year 2025; Schedule 13G by Vanguard Capital Management on Uber common stock and 2 more
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
22What it does with profit
22What it does with profit
What does Uber do with its profit?
Buyback · Dec 31, 2024
Repurchases of common stock in FY2024
$1.3B
Buyback · Dec 31, 2025
Repurchases of common stock in FY2025
$6.5B
Buyback · Jun 30, 2026
Repurchases of common stock in the first half of 2026 ($3,011 million in Q1, $518 million in Q2)
$3.5B
Money raised · May 20, 2025
0% notes exchangeable into Aurora stock, due 2028
$1.2B
Money raised · Sep 11, 2025
Senior notes due 2031 and 2035
$2.3B
Money raised · Jun 30, 2026
Term loan facility of up to $3.0 billion signed in June 2026; $2.0 billion drawn, due December 2026
$2.0B
Money raised · Aug 6, 2026
Term loan commitments of €4.0 billion (euro amount; not converted here)
Money raised · Aug 6, 2026
$7.7 billion revolving credit line to August 2031, replacing a $5.0 billion line
$7.7B
Money raised · Sep 15, 2026
€4.5 billion of senior notes due 2029 to 2046 (euro amount; not converted here), for general corporate purposes
23Governance signals
23Governance signals
What do Uber's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 2014
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Uber's 2026 proxy reports indemnification, equity awards and change-in-control terms as related-person items. Lime and Careem Technologies are related parties in the financial statements because of Uber's holdings.
- Credit rating
- Moody's, S&P and Fitch (expected ratings of Uber's euro notes, as stated in its term sheet) Baa1 (P) (Moody's) / BBB+ (P) (S&P) / A- (S) (Fitch) (outlook not stated in the term sheet), Sep 9, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory
Agency inquiries
Uber's FY2025 10-K says inquiries by the US Department of Justice, the FTC and others cover fees, driver and courier earnings, consumer pricing, safety incident practices and anti-discrimination compliance.
disclosure
Segment profit measure changed in 2026
Through FY2025 Uber's segment measure was Segment Adjusted EBITDA. From Q1 FY2026 it is Segment Operating Income, with history from Q1 FY2024. This page does not join the two.
disclosure
What Uber does not report
The filings read give no market share and no trips or monthly consumers split between Mobility and Delivery.
other
Shares as loan collateral
Uber's policy bars directors and employees from using shares as collateral for margin loans and from hedging. The proxy ownership footnotes read disclose none used as collateral for personal loans.
other
Pay vote
At the May 4, 2026 annual meeting, 1,416,648,050 votes were cast for executive pay and 94,297,858 against.
24What the market paid
24What the market paid · price as of Oct 30, 2026
What did the market pay for Uber on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: Uber closed at $65.25, taken from Nasdaq's historical price table; Uber's shares are listed on the NYSE. Times 2,042.6 million shares (Jul 31, 2026) that is a market value of about $133.3 billion (Cityfort calculation from the Oct 30, 2026 closing price and the Q2 FY2026 10-Q cover). P/E is price ÷ earnings per share: 14.3 on $4.55 of diluted EPS for the four quarters to Jun 30, 2026, which includes a $4.9 billion tax release and stake revaluations. P/B is market value ÷ stockholders' equity of $27.3 billion. EV/EBITDA is market value plus debt minus cash and short-term investments ($140.6 billion) ÷ operating income plus depreciation and amortization ($7.5 billion).
- Share price
- $65.25
- Market value (market cap)
- $133.3B
- P/E
- 14.3×
- P/B
- 4.9×
- EV/EBITDA
- 18.8×
Source: UBER historical closing prices, Oct 26 to Oct 30, 2026; Form 10-Q for Q2 fiscal 2026; Earnings release for Q2 2026 (Form 8-K, Exhibit 99.1) and 3 more
25How it got here
25How it got here
How did Uber get here?
2009
Milestone
Founded
Founded in 2009, incorporated as Ubercab, Inc. in July 2010 and renamed Uber Technologies, Inc. in February 2011.
2017
Business-model change
New CEO
Dara Khosrowshahi became CEO in September 2017.
2019
Milestone
NYSE listing
Uber's shares began trading on the New York Stock Exchange on May 10, 2019.
2021
Business-model change
Sold self-driving unit, bought Drizly and Transplace
Uber sold its autonomous unit to Aurora in January 2021, then bought Drizly in October and Transplace in November.
2022
Crisis
A $9.1 billion net loss, and UK revenue booked gross
Net loss came with $7.0 billion of unrealized losses on stakes. From Mar 14, 2022 Uber UK became the merchant (the seller of the ride), adding a net $3.9 billion to Mobility revenue.
2023
Milestone
Operating income turned positive
Operating income for the year was $1.1 billion, after annual losses from FY2019 to FY2022.
2024
Milestone
First buyback
Uber announced its first buyback, $7.0 billion, on Feb 14, 2024. It booked a $6.4 billion tax benefit in Q4.
2026
Business-model change
UK change and new measures
From Jan 2, 2026 Uber stopped being the seller of the ride in UK markets outside London, lowering reported revenue. On Jan 12 it announced new non-GAAP measures.
2026
Business-model change
Offer for Delivery Hero
After buying to 24.99% and adding swaps in Q2 2026, Uber announced an offer on Jul 16, 2026. The deal has not closed; Uber expects closing in the second half of 2027.
26Sources and changes
Where every number on this page comes from
Sources (47 documents)
- S1Form 10-K for fiscal year 2025 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 13, 2026
- S3Form 10-K for fiscal year 2023 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 15, 2024
- S4Form 10-K for fiscal year 2022 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2023
- S5Form 10-K for fiscal year 2021 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2022
- S6Form 10-Q for Q2 fiscal 2026 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
- S7Form 10-Q for Q1 fiscal 2026 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
- S8Form 10-Q for Q3 fiscal 2025 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2025
- S9Form 10-Q for Q2 fiscal 2025 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2025
- S10Form 10-Q for Q1 fiscal 2025 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
- S11Form 10-Q for Q3 fiscal 2024 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 31, 2024
- S12Form 10-Q for Q2 fiscal 2024 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2024
- S13Form 10-Q for Q1 fiscal 2024 · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2024
- S14Earnings release for Q2 2026 (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
- S15Earnings release for Q1 2026 (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
- S16Earnings release for Q4 and full year 2025 (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2026
- S17Earnings release for Q3 2025 (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2025
- S18Earnings release for Q2 2025 (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2025
- S19Earnings release for Q1 2025 (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
- S20Earnings release for Q4 and full year 2024 (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2025
- S21Earnings release for Q3 2024 (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 31, 2024
- S22Earnings release for Q2 2024 (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2024
- S23Earnings release for Q1 2024 (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2024
- S24Proxy statement (DEF 14A) for the May 4, 2026 annual meeting · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 23, 2026
- S25Form 8-K: Delivery Hero business combination agreement and bridge credit agreement · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 16, 2026
- S26Press release on the Delivery Hero offer (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 16, 2026
- S27Investor presentation on the Delivery Hero offer (Form 8-K, Exhibit 99.2) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 16, 2026
- S28Form 8-K: term loan, bridge amendment and new revolving credit agreement · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
- S29Form 8-K: euro senior notes offering completed · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 15, 2026
- S30Free writing prospectus for the euro senior notes (expected ratings) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 9, 2026
- S31Form 8-K: new non-GAAP measures and seven quarters of history · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 12, 2026
- S32Form 8-K: CFO change · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2026
- S33Form 8-K: Chief People Officer departure, Jill Hazelbaker new role · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 11, 2026
- S34Form 8-K: 2026 annual meeting vote results · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2026
- S35Form 8-K: Andrew Macdonald named President and COO · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 2, 2025
- S37Form 8-K: 2031 and 2035 senior notes · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 11, 2025
- S38Form 8-K: exchangeable senior notes due 2028 (Aurora shares) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 20, 2025
- S41Press release on the first $7 billion share repurchase (Form 8-K, Exhibit 99.1) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 14, 2024
- S42February 2024 Investor Update presentation (Form 8-K, Exhibit 99.2) · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 14, 2024
- S43Schedule 13G/A by The Vanguard Group on Uber common stock (internal realignment, 0 shares) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S44Schedule 13G by Vanguard Capital Management on Uber common stock · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S48Q2 2026 earnings call transcript · Uber Technologies, Inc. (investor relations) · Tier 1: company or exchange filing · Aug 5, 2026
- S52Q2 2026 prepared remarks · Uber Technologies, Inc. (investor relations) · Tier 1: company or exchange filing · Aug 5, 2026
- S53Q1 2026 prepared remarks · Uber Technologies, Inc. (investor relations) · Tier 1: company or exchange filing · May 6, 2026
- S54Q4 2025 prepared remarks · Uber Technologies, Inc. (investor relations) · Tier 1: company or exchange filing · Feb 4, 2026
- S55Q3 2025 prepared remarks · Uber Technologies, Inc. (investor relations) · Tier 1: company or exchange filing · Nov 4, 2025
- S59UBER historical closing prices, Oct 26 to Oct 30, 2026 · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
- S60Uber Announces Date of Third Quarter 2026 Results Conference Call · Uber Technologies, Inc. · Tier 3: context only · Oct 5, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q2 FY2026)
- v1 · Nov 1, 2026First version, through Q2 FY2026 (quarter ended Jun 30, 2026). Q3 FY2026 results are due Nov 4, 2026. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.