UBER Filings — Uber Technologies, Inc. - FilingSpy
UBER
Uber Technologies, Inc.
A technology platform that connects people with rides, food and grocery delivery, and freight shipping in over 70 countries. Its Mobility segment powers ridesharing, carsharing, and public transit bookings, while Uber Eats handles meal, grocery, and alcohol delivery, and Uber Freight links shippers with carriers. The Uber One membership program offers discounts and perks across rides and delivery.
Uber Q2 2026 net income rose 77% to $2.4B, lifted by $1.6B in non-cash investment gains, while operating income grew 30% on Delivery strength.
drove the quarter as stalled. Revenue rose 12% to $14.2B and climbed 30% to $1.9B, but the top line was held back by a $1.1B UK Mobility business model change that suppressed reported revenue even as trip volumes grew. The company is betting big on Delivery’s future, announcing a $14.8B deal to acquire Delivery Hero.
Key takeaways
rose 77% to $2.4B, boosted by a $1.6B pre-tax , primarily from Hero and — a non-cash mark-to-market swing from the $1.5B loss recorded in Q1 2026.
grew 12% to $14.2B, as a 24% increase in to $58.0B was partially offset by a $1.1B reduction from UK business model changes that reclassified driver payments as .
rose only 1% due to the UK model change, but segment still increased 28% as the same reclassification shifted driver costs out of cost of revenue.
Section summaries
Management's Discussion and Analysis
Revenue rose 12% to $14.2B on 24% Gross Bookings growth, while net income surged 77% to $2.4B aided by $1.6B in investment gains.
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grew 12% to $14.2B, driven by a 24% increase in to $58.0B, partially offset by a $1.1B negative impact from UK business model changes.
rose 28% on 26% growth, and segment expanded 38%, reflecting higher trip volumes and .
reached $1.9B, up 30% , while widened 1.9 points to 13.3%, as expanded 5.1 points to 44.9% driven by the UK business model change.
for the quarter was $2.8B, up 13% , and the company ended with $5.4B in unrestricted cash and short-term investments after deploying $3.0B on share repurchases in Q1.
What changed
The UK business model change, flagged in Q1 2026 as a $1.0B reduction, continued into Q2 with a $1.1B impact, suppressing Mobility's reported revenue growth to 1% despite a 20% increase in trip volumes the prior quarter.
The swung from a $1.5B loss in Q1 2026 to a $1.6B gain in Q2, a $3.1B non-cash reversal that drove the 77% increase.
remained elevated at 44.9%, up 5.1 points , sustaining the step-change from the UK model reclassification first seen in Q1 2026 when it widened to 45.0%.
The company announced a pending $14.8B acquisition of Hero, a transformative deal that was not on the radar in prior filings and signals a strategic acceleration in the Delivery .
What to watch
Q3 2026 growth rate once the UK business model change annualizes, to see if the returns to reported growth.
Terms, financing, and regulatory timeline for the $14.8B Hero acquisition, and any impact on the $15.7B remaining authorization.
Q3 2026 Freight and profitability, absent from detail for a second consecutive quarter after a 1% FY2025 decline.
Any accrual or outcome from driver classification and state unemployment tax proceedings, including the $1.8B UK VAT receivable under appeal.
increased only 1% due to the UK model change, but rose 28% as Driver payments shifted from cost of revenue to a revenue reduction.
jumped 28% on 26% growth, and expanded 38% despite higher Courier payments.
attributable to Uber reached $2.4B, including a $1.6B pre-tax unrealized gain on equity securities, notably from Hero and investments.
for the first half of 2026 was $5.2B, and was $5.1B; the company held $5.4B in unrestricted cash and short-term investments.
Uber announced a pending $14.8B acquisition of Hero and completed the acquisition of Getir's delivery business, while continuing to shares under a $15.7B remaining authorization.
Quantitative and Qualitative Disclosures About Market Risk
Market risk arises from interest rates on debt, foreign currency on global operations, and equity/investment valuations; hedges are used selectively.
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A hypothetical 100 rate rise would reduce the fair value of fixed-rate notes by $479 million as of June 30, 2026.
The company had $2.0 billion drawn on a variable-rate , with $1.0 billion remaining available, exposing it to interest rate changes.
Cash, equivalents, and short-term marketable debt securities totaled $17.2 billion as of June 30, 2026; a 100 rate change would not materially affect their fair value or financial results.
Foreign currency risk is partially mitigated by natural offsets from geographically diversified and expenses, and by foreign currency derivatives used as .
The $12.5 billion carrying value of investments includes illiquid private holdings and public equity securities, which may increase volatility from fair value changes.
Company discloses material legal proceedings for driver classification and state unemployment taxes, with no quantified exposure stated.
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The company is involved in legal proceedings and government investigations, including matters related to driver classification and state unemployment taxes.
Driver classification and state unemployment tax matters are identified as material contingencies that could adversely affect financial position, liquidity, or results of operations if resolved unfavorably.
The company states that, except for the described matters, resolution of all other legal actions is not expected to have a material adverse effect on its consolidated financial position or liquidity.
No specific financial exposure or estimated loss amounts are disclosed for the driver classification or state unemployment tax proceedings.
The company notes that legal proceedings may impose significant management burdens, costly defense expenses, and unfavorable interim rulings regardless of final outcomes.
Uber faces material risks from driver classification challenges, intense competition, and significant investments in autonomous vehicles and new technologies.
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Driver classification as employees, workers, or quasi-employees is challenged globally through litigation and legislation, threatening increased costs and a fundamental business model change.
Intense competition from well-capitalized rivals and low-cost alternatives forces Uber to offer significant driver incentives and consumer discounts, adversely affecting financial performance.
Failure to offer autonomous vehicle technologies at a competitive scale or before competitors could allow rivals to undercut Uber's pricing and erode its market position.
Uber's substantial debt of $12.6 billion and need for additional capital to fund growth, including a proposed Delivery Hero acquisition, may limit financial flexibility.
Evolving privacy and AI regulations, along with past data breaches, expose Uber to significant compliance costs, fines, and reputational harm.
Uber's operations are subject to extensive government regulation, and it may be blocked or limited in key jurisdictions, requiring costly business model modifications.