Analysis of Reportable Segments
Uber Technologies Inc. operates in 3 segments: Mobility; Delivery; and Freight.
Segment Profit Margin
Uber Technologies Inc., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Mobility | 26.62% | 25.90% | 25.03% | 23.52% | 22.95% |
| Delivery | 20.71% | 17.97% | 12.34% | 5.05% | -4.16% |
| Freight | -0.65% | -1.44% | -1.22% | 0.00% | -6.10% |
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).
Segment profit margins demonstrate varied performance across the reporting periods. The Mobility segment exhibits consistent improvement, while the Delivery segment shows a significant turnaround, and the Freight segment continues to experience losses, albeit diminishing ones.
- Mobility Segment
- The Mobility segment’s profit margin consistently increased from 22.95% in 2021 to 26.62% in 2025. This represents a cumulative increase of 3.67 percentage points over the five-year period, indicating strengthening operational efficiency and/or pricing power within this segment. The growth appears relatively steady year-over-year.
- Delivery Segment
- The Delivery segment experienced a substantial shift in profitability. Beginning with a loss of -4.16% in 2021, the segment achieved profitability in 2022 with a margin of 5.05%. This positive trend continued, reaching 20.71% in 2025. The improvement suggests successful strategies in optimizing delivery operations, increasing order volume, or adjusting pricing structures. The rate of increase slowed between 2024 and 2025.
- Freight Segment
- The Freight segment consistently reported negative profit margins throughout the analyzed period. In 2021, the margin was -6.10%, improving to -0.65% by 2025. While still unprofitable, the trend indicates a reduction in losses, suggesting potential progress in addressing cost structures or market challenges within the freight business. Information for 2022 is unavailable.
Overall, the observed trends suggest a strategic focus on improving profitability across all segments, with notable success in the Mobility and Delivery businesses. The Freight segment, while still operating at a loss, demonstrates a positive trajectory towards reduced losses.
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Segment Profit Margin: Mobility
Uber Technologies Inc.; Mobility; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 7,899) | 6,497) | 4,963) | 3,299) | 1,596) |
| Revenue | 29,670) | 25,087) | 19,832) | 14,029) | 6,953) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 26.62% | 25.90% | 25.03% | 23.52% | 22.95% |
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).
1 2025 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 7,899 ÷ 29,670 = 26.62%
The Mobility segment demonstrates a consistent pattern of growth in both financial performance and profitability over the observed five-year period. Adjusted EBITDA and Revenue both exhibit increasing trends, which are mirrored by a rising Segment profit margin.
- Adjusted EBITDA
- Adjusted EBITDA for the Mobility segment increased substantially from US$1,596 million in 2021 to US$7,899 million in 2025. This represents a compound annual growth rate of approximately 38.7%. The growth appears relatively consistent year-over-year, indicating sustained operational improvements and/or increased demand.
- Revenue
- Revenue followed a similar trajectory, growing from US$6,953 million in 2021 to US$29,670 million in 2025. This equates to a compound annual growth rate of approximately 38.2%. The close alignment between revenue growth and Adjusted EBITDA growth suggests effective cost management alongside revenue expansion.
- Segment Profit Margin
- The Segment profit margin experienced a steady increase, beginning at 22.95% in 2021 and reaching 26.62% in 2025. This indicates improving operational efficiency and/or pricing power within the Mobility segment. The incremental increases each year, while modest, demonstrate a consistent positive trend. The margin increased by approximately 3.67 percentage points over the period.
Overall, the financial performance of the Mobility segment appears robust. The concurrent growth in Adjusted EBITDA, Revenue, and Segment profit margin suggests a healthy and improving business model. The consistent upward trends across all three metrics indicate a positive outlook for the segment’s future profitability.
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Segment Profit Margin: Delivery
Uber Technologies Inc.; Delivery; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | 3,572) | 2,471) | 1,506) | 551) | (348) |
| Revenue | 17,248) | 13,750) | 12,204) | 10,901) | 8,362) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 20.71% | 17.97% | 12.34% | 5.05% | -4.16% |
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).
1 2025 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × 3,572 ÷ 17,248 = 20.71%
The Delivery segment demonstrates a significant and consistent improvement in financial performance between 2021 and 2025. Initially operating at a loss, the segment has progressed to substantial profitability, as evidenced by increasing Adjusted EBITDA and a rising segment profit margin.
- Adjusted EBITDA Trend
- Adjusted EBITDA for the Delivery segment experienced a dramatic shift from a loss of US$348 million in 2021 to a profit of US$3,572 million in 2025. The growth was consistently positive year-over-year, with notable increases between 2021 and 2022, and continuing through 2025. This indicates successful operational improvements and/or increased demand within the Delivery segment.
- Revenue Trend
- Revenue for the Delivery segment also exhibited consistent growth, increasing from US$8,362 million in 2021 to US$17,248 million in 2025. While revenue growth is positive, the rate of increase appears to moderate slightly between 2023 and 2025 compared to the prior two years.
- Segment Profit Margin Trend
- The segment profit margin reflects the improved profitability of the Delivery segment. Starting at -4.16% in 2021, the margin increased to 5.05% in 2022, and continued its upward trajectory, reaching 20.71% in 2025. This substantial increase suggests effective cost management, pricing strategies, and/or operational efficiencies within the Delivery segment. The accelerating margin expansion from 2022 onwards is particularly noteworthy.
The combined trends in Adjusted EBITDA, Revenue, and Segment Profit Margin indicate a successful turnaround and strengthening financial position for the Delivery segment. The segment’s ability to move from losses to substantial profits, coupled with consistent revenue growth, suggests a robust and increasingly efficient business model.
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Segment Profit Margin: Freight
Uber Technologies Inc.; Freight; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | (33) | (74) | (64) | —) | (130) |
| Revenue | 5,099) | 5,141) | 5,245) | 6,947) | 2,132) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -0.65% | -1.44% | -1.22% | 0.00% | -6.10% |
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).
1 2025 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × -33 ÷ 5,099 = -0.65%
The Freight segment demonstrated significant volatility in financial performance between 2021 and 2025. Revenue experienced substantial growth initially, followed by a period of decline and stabilization. Adjusted EBITDA remained negative throughout the analyzed period, though showing improvement in later years. The segment profit margin reflects these trends, moving from a substantial loss to a reduced, though still negative, margin.
- Revenue Trend
- Revenue increased markedly from US$2,132 million in 2021 to US$6,947 million in 2022. Subsequently, revenue decreased to US$5,245 million in 2023 and continued to decline slightly to US$5,141 million in 2024. By 2025, revenue stabilized at US$5,099 million, indicating a potential plateau after the initial growth phase.
- Adjusted EBITDA Trend
- Adjusted EBITDA was negative in all reported years. In 2021, it stood at negative US$130 million. The value was not reported for 2022. It then decreased to negative US$64 million in 2023, before worsening to negative US$74 million in 2024. By 2025, Adjusted EBITDA improved to negative US$33 million, suggesting a positive, albeit slow, trend towards profitability.
- Segment Profit Margin Trend
- The segment profit margin mirrored the EBITDA trend. In 2021, the margin was -6.10%. The value was not reported for 2022. The margin improved to -1.22% in 2023, then deteriorated to -1.44% in 2024. By 2025, the margin improved to -0.65%, indicating a reduction in losses relative to revenue. The absence of a 2022 value hinders a complete understanding of the immediate trajectory following the initial period.
The Freight segment’s performance suggests a challenging operating environment. While revenue growth was initially strong, maintaining profitability remains a key concern. The improvement in both Adjusted EBITDA and segment profit margin in 2025 is a positive sign, but continued monitoring is necessary to determine if this trend will persist.
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Revenue
Uber Technologies Inc., revenue by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Mobility | 29,670) | 25,087) | 19,832) | 14,029) | 6,953) |
| Delivery | 17,248) | 13,750) | 12,204) | 10,901) | 8,362) |
| Freight | 5,099) | 5,141) | 5,245) | 6,947) | 2,132) |
| All Other | —) | —) | —) | —) | 8) |
| Total | 52,017) | 43,978) | 37,281) | 31,877) | 17,455) |
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).
Total revenue demonstrated substantial growth over the five-year period. Beginning at US$17.455 billion in 2021, revenue increased to US$52.017 billion by 2025, representing a cumulative increase of approximately 198%. This growth was primarily driven by the Mobility and Delivery segments, though the Freight segment experienced a period of initial expansion followed by stabilization.
- Mobility Segment
- The Mobility segment exhibited consistent and significant revenue growth throughout the period. Revenue increased from US$6.953 billion in 2021 to US$29.670 billion in 2025. The largest year-over-year increase occurred between 2021 and 2022, suggesting a strong recovery following potential pandemic-related disruptions. Growth rates decelerated slightly in subsequent years, but remained positive.
- Delivery Segment
- The Delivery segment also experienced growth, though at a more moderate pace than Mobility. Revenue rose from US$8.362 billion in 2021 to US$17.248 billion in 2025. While growth was consistent, the rate of increase slowed over time, indicating a maturing market. The Delivery segment consistently contributed a substantial portion of total revenue.
- Freight Segment
- The Freight segment showed an initial period of rapid expansion, increasing from US$2.132 billion in 2021 to US$6.947 billion in 2022. However, revenue subsequently plateaued, remaining relatively stable between US$5.141 billion and US$5.245 billion from 2023 through 2025. This suggests a potential saturation of the market or increased competition within the freight sector.
- All Other Segment
- The "All Other" segment generated a minimal amount of revenue, US$8 million in 2021, with no reported revenue for the subsequent years. This indicates that this segment is either immaterial to overall revenue or has been discontinued.
The composition of total revenue shifted over the period. In 2021, the Delivery segment represented approximately 48% of total revenue, while Mobility represented approximately 40%. By 2025, Mobility’s contribution increased to approximately 57% of total revenue, while Delivery’s contribution decreased to approximately 33%. The Freight segment’s contribution remained relatively constant at approximately 10% of total revenue in 2025.
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Adjusted EBITDA
Uber Technologies Inc., adjusted ebitda by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Mobility | 7,899) | 6,497) | 4,963) | 3,299) | 1,596) |
| Delivery | 3,572) | 2,471) | 1,506) | 551) | (348) |
| Freight | (33) | (74) | (64) | —) | (130) |
| All Other | —) | —) | —) | —) | (11) |
| Total | 11,438) | 8,894) | 6,405) | 3,850) | 1,107) |
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 reported segment Adjusted EBITDA demonstrates significant growth over the five-year period. Total Adjusted EBITDA increased substantially from US$1.107 billion in 2021 to US$11.438 billion in 2025. This growth is primarily driven by improvements in the Mobility and Delivery segments.
- Mobility Segment
- The Mobility segment exhibits a consistent and robust upward trend in Adjusted EBITDA, increasing from US$1.596 billion in 2021 to US$7.899 billion in 2025. This represents a compound annual growth rate of approximately 39.6%. The segment’s performance consistently contributes the largest portion to overall Adjusted EBITDA.
- Delivery Segment
- The Delivery segment shows a dramatic turnaround and substantial growth. Starting with a loss of US$-348 million in 2021, it achieved an Adjusted EBITDA of US$3.572 billion by 2025. Growth was particularly strong between 2022 and 2023, and continued at a healthy pace through 2025. This indicates successful scaling and improved profitability within the delivery business.
- Freight Segment
- The Freight segment consistently reports negative Adjusted EBITDA throughout the period. While the losses narrowed from US$-130 million in 2021 to US$-33 million in 2025, the segment remains unprofitable. The trend suggests a gradual reduction in losses, but continued underperformance.
- All Other Segment
- The All Other segment shows minimal Adjusted EBITDA, reporting a loss of US$-11 million in 2021 with no reported values for subsequent years. This suggests the segment is either immaterial to overall profitability or its performance is not separately disclosed.
Overall, the company demonstrates a clear trajectory of increasing profitability, largely attributable to the strong performance of its Mobility and Delivery segments. The Freight segment remains a drag on overall results, while the All Other segment appears to have limited impact. The substantial growth in Adjusted EBITDA suggests effective operational improvements and scaling of key business lines.
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