Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Uber Technologies Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income (loss) including non-controlling interests	10,093)	9,845)	2,156)	(9,138)	(570)
Depreciation and amortization	747)	737)	823)	947)	902)
Stock-based compensation	1,826)	1,796)	1,935)	1,793)	1,168)
Deferred income taxes	(4,779)	(6,027)	26)	(441)	(692)
Accretion of discounts on marketable debt securities, net	(158)	(251)	(154)	(9)	—)
Impairment of equity method investment	—)	—)	—)	182)	—)
Unrealized (gain) loss on debt and equity securities, net	97)	(1,832)	(1,610)	7,045)	(1,142)
Revaluation of MLU B.V. call option	—)	—)	—)	(191)	—)
Unrealized foreign currency transactions	(120)	308)	138)	96)	38)
Other	166)	187)	106)	23)	(1,831)
Accounts receivable	(466)	(142)	(758)	(542)	(597)
Prepaid expenses and other assets	(1,028)	(694)	(1,462)	(196)	(236)
Collateral held by insurer	—)	—)	—)	—)	860)
Operating lease right-of-use assets	177)	196)	191)	193)	165)
Accounts payable	126)	86)	64)	(133)	90)
Accrued insurance reserves	2,660)	2,819)	2,015)	736)	516)
Accrued expenses and other liabilities	967)	330)	295)	492)	1,068)
Operating lease liabilities	(209)	(221)	(180)	(215)	(184)
Change in assets and liabilities, net of impact of business acquisitions and disposals	2,227)	2,374)	165)	335)	1,682)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	6)	(2,708)	1,429)	9,780)	125)
Net cash provided by (used in) operating activities	10,099)	7,137)	3,585)	642)	(445)
Purchases of property and equipment	(336)	(242)	(223)	(252)	(298)
Purchases of non-marketable equity securities	(676)	(289)	(52)	(14)	(982)
Purchases of marketable securities	(21,447)	(12,765)	(8,774)	(1,708)	(1,113)
Proceeds from sale of non-marketable equity securities	—)	—)	—)	—)	500)
Proceeds from maturities and sales of marketable securities	20,046)	10,204)	5,069)	376)	2,291)
Proceeds from sale of equity method investments	—)	17)	721)	—)	1,000)
Proceeds from business divestiture	—)	—)	—)	26)	—)
Acquisition of businesses, net of cash acquired	(815)	—)	—)	(59)	(2,314)
Purchase of notes receivables	—)	—)	—)	—)	(297)
Other investing activities	(336)	(102)	33)	(6)	12)
Net cash used in investing activities	(3,564)	(3,177)	(3,226)	(1,637)	(1,201)
Proceeds from issuance and sale of subsidiary stock units	—)	—)	—)	255)	675)
Issuance of term loan and notes, net of issuance costs	3,359)	3,972)	2,824)	—)	1,484)
Principal repayment on term loan and notes	(2,350)	(3,986)	(2,675)	—)	(27)
Principal payments on finance leases	(157)	(172)	(171)	(184)	(226)
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan	183)	156)	130)	92)	107)
Repurchases of common stock	(6,523)	(1,252)	—)	—)	—)
Redemption of non-controlling interests	(109)	(851)	—)	—)	—)
Other financing activities	(116)	46)	(203)	(148)	(233)
Net cash provided by (used in) financing activities	(5,713)	(2,087)	(95)	15)	1,780)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents	215)	(267)	63)	(148)	(69)
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents	1,037)	1,606)	327)	(1,128)	65)
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period	8,610)	7,004)	6,677)	7,805)	7,391)
Reclassification from (to) assets held for sale during the period	—)	—)	—)	—)	349)
Cash and cash equivalents, and restricted cash and cash equivalents, end of period, excluding cash classified within assets held for sale	9,647)	8,610)	7,004)	6,677)	7,805)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The financial statement information reveals a significant evolution in the company’s cash flow profile over the five-year period. Initially experiencing substantial net losses, the company transitioned to profitability in 2023, a trend that continued and strengthened through 2025. This shift is reflected in the progression of net cash provided by operating activities, which moved from negative values to substantial positive figures.

Operating Activities: Net cash provided by operating activities demonstrated a dramatic improvement. Beginning with a negative US$445 million in 2021, it increased to US$642 million in 2022, then to US$3,585 million in 2023, further growing to US$7,137 million in 2024 and reaching US$10,099 million in 2025. This positive trend is largely attributable to the turnaround in net income, coupled with adjustments for non-cash items like depreciation, stock-based compensation, and changes in working capital. Notably, deferred income taxes presented a significant fluctuation, moving from negative values to positive, then becoming substantially negative again in 2024 and 2025. Changes in assets and liabilities also contributed positively to operating cash flow, with a particularly large impact in 2024 and 2025.
Investing Activities: Net cash used in investing activities consistently remained negative throughout the period, indicating ongoing investments. The largest outflow occurred in 2023 and 2024, primarily driven by substantial purchases of marketable securities. Purchases of property and equipment remained relatively stable, while proceeds from maturities and sales of marketable securities increased significantly over time, partially offsetting the cash outflow from purchases. Acquisition of businesses also represented a significant cash outflow in 2021 and 2025.
Financing Activities: Net cash provided by (used in) financing activities exhibited considerable volatility. A substantial inflow was observed in 2021, followed by a minimal inflow in 2022. 2023 saw a small outflow, which escalated into significant outflows in 2024 and 2025. These outflows were primarily due to principal repayments on term loans and notes, coupled with substantial repurchases of common stock and redemption of non-controlling interests, particularly in 2025. Issuance of term loans and notes provided cash inflows in 2021, 2023, and 2024, but were insufficient to offset the outflows in the later years.
Cash Position: Despite consistent negative cash flow from investing activities and fluctuating cash flow from financing activities, the company’s cash and cash equivalents, and restricted cash and cash equivalents, generally increased over the period. Beginning at US$7,391 million in 2021, it decreased to US$6,677 million in 2022, then increased to US$7,004 million in 2023, US$8,610 million in 2024, and finally reached US$9,647 million in 2025. This increase is largely attributable to the substantial improvement in operating cash flow.

Overall, the company demonstrated a strong recovery in its financial performance, transitioning from significant losses to substantial profitability and positive operating cash flow. While continuing to invest in its business and return capital to shareholders, the company maintained a healthy cash position, indicating improved financial stability.

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Uber Technologies Inc. (NYSE:UBER)

Cash Flow Statement