The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our 2025 Annual Report on Form 10-K. In addition to our historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. You should review the sections titled “Special Note Regarding Forward-Looking Statements” for a discussion of forward-looking statements and Part II, Item 1A, “Risk Factors” for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this Quarterly Report on Form 10-Q. Overview We are a technology platform that uses a massive network, leading technology, operational excellence, and product expertise to power movement from point A to point B. We develop and operate proprietary technology applications supporting a variety of offerings on our platform. We connect consumers with providers of ride services, merchants as well as delivery service providers for meal preparation, grocery and other delivery services. Uber also connects consumers with public transportation networks. We use this same network, technology, operational excellence, and product expertise to connect Shippers with Carriers in the freight industry by providing Carriers with the ability to book a shipment, transportation management and other logistics services. We are also developing technologies designed to provide new solutions to solve everyday problems. Driver Classification Developments The classification of Drivers is currently being challenged in courts, by legislators and by government agencies in the United States and abroad. We are involved in numerous legal proceedings globally, including putative class and collective class action lawsuits, demands for arbitration, charges and claims before administrative agencies, and investigations or audits by labor, social security, and tax authorities that claim that Drivers should be treated as our employees (or as workers or quasi-employees where those statuses exist), rather than as independent contractors. Of particular note are proceedings in California, where on May 5, 2020, the California Attorney General, in conjunction with the city attorneys for San Francisco, Los Angeles and San Diego, filed a complaint in San Francisco Superior Court (the “Court”) against Uber and Lyft, Inc., alleging that drivers are misclassified, and sought an injunction and monetary damages related to the alleged competitive advantage caused by the alleged misclassification of drivers. To comply with Proposition 22, we have incurred and expect to incur additional expenses, including expenses associated with a guaranteed minimum earnings floor for Drivers, insurance for injury protection and subsidies for health care. We do not expect these changes will have a material impact on our business, results of operations, financial position, or cash flows. If, as a result of legislation or judicial decisions, we are required to classify Drivers as employees, workers or quasi-employees where those statuses exist, we would incur significant additional expenses for compensating Drivers, including expenses associated with the application of wage and hour laws (including minimum wage, overtime, and meal and rest period requirements), employee benefits, social security contributions, taxes (direct and indirect), and potential penalties. Additionally, we may not have adequate Driver supply as Drivers may opt out of our platform given the loss of flexibility under an employment model, and we may not be able to hire a majority of the Drivers currently using our platform. Any of these events could negatively impact our business, results of operations, financial position, and cash flows. For a discussion of risk factors related to how misclassification challenges may impact our business, result of operations, financial position and operating condition and cash flows, see the risk factor titled “-Our business would be adversely affected if Drivers were classified as employees, workers or quasi-employees” included in Part II, Item 1A, “Risk Factors”, and Note 11 – Commitments and Contingencies in the notes to our condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q. In addition, if we are required to classify Drivers as employees, this may impact our current financial statement presentation including revenue, cost of revenue, incentives and promotions as further described in our significant and critical accounting policies in the section titled “Critical Accounting Estimates” and Note 1 in the section titled “Notes to Consolidated Financial Statements” included in our Annual Report on Form 10-K for the year ended December 31, 2025. 33 Financial and Operational Highlights Three Months Ended June 30, (In millions, except percentages and per share amounts) 2025 2026 % Change % Change(Constant Currency (1)) Monthly Active Platform Consumers (“MAPCs”) (2) 180 208 16 % Trips (2) 3,268 3,867 18 % Gross Bookings (2) $ 46,756 $ 58,022 24 % 22 % Revenue $ 12,651 $ 14,191 12 % 11 % Income from operations $ 1,450 $ 1,890 30 % Net income attributable to Uber Technologies, Inc. $ 1,355 $ 2,394 77 % GAAP Diluted EPS $ 0.63 $ 1.17 85 % Six Months Ended June 30, 2025 2026 % Change Net cash provided by operating activities $ 4,888 $ 5,213 7 % Free cash flow (1) $ 4,725 $ 5,078 7 % (1) See the section titled “Reconciliations of Non-GAAP Financial Measures” for more information and reconciliations to the most directly comparable GAAP financial measure. (2) See the section titled “Certain Key Metrics” for more information. Highlights for the Second Quarter 2026 Trips increased to 3.9 billion in the second quarter of 2026, up 18% year-over-year, driven by MAPCs growth of 16% YoY and monthly Trips per MAPC growth of 2% YoY. Overall Gross Bookings increased to $58.0 billion in the second quarter of 2026, up 22% on a constant currency basis, compared to the same period in 2025. Mobility Gross Bookings grew 20% year-over-year, on a constant currency basis, primarily due to an increase in Mobility Trip volumes. Delivery Gross Bookings grew 25% year-over-year, on a constant currency basis, primarily driven by an increase in Delivery Trip volumes. Freight Gross Bookings grew 25% year-over-year, on a constant currency basis, primarily driven by an increase in Freight Trip volumes. Revenue was $14.2 billion, up 12% year-over-year, primarily attributable to an increase in Gross Bookings of 24%. The increase in Gross Bookings was primarily driven by an increase in Trip volumes. The increase in revenue was partially offset by Mobility business model changes in the United Kingdom (“UK”) that negatively impacted revenue by $1.1 billion. Net income attributable to Uber Technologies, Inc. was $2.4 billion, which includes the favorable impact of a pre-tax unrealized gain on debt and equity securities, net of $1.6 billion primarily related to changes in the fair value of our equity securities, including: a $1.1 billion net unrealized gain on our Delivery Hero investment and $899 million net gain on our Aurora investment, offset by a $437 million net unrealized loss on our Didi investment. Unrestricted cash, cash equivalents, and short-term investments were $5.4 billion at the end of the second quarter. Components of Results of Operations Revenue We generate substantially all of our revenue from fees paid by Drivers and Merchants for use of our platform. We have concluded that we are an agent in these arrangements as we arrange for other parties to provide the service to the end-user. Under this model, revenue is net of Driver and Merchant earnings and Driver incentives. We act as an agent in these transactions by connecting consumers to Drivers and Merchants to facilitate a Trip, meal, grocery or other delivery service. In certain markets we are responsible for the Mobility or Delivery services (and in most markets we are responsible for the Freight services), and in these markets we present revenue from end-users and from Shippers on a gross basis, with the payments to Drivers and Carriers classified within cost of revenue, exclusive of depreciation and amortization. We would expect revenue to fluctuate on an absolute dollar basis for the foreseeable future based upon factors such as Trip volume, Driver supply, macroeconomic conditions, global travel activities and management pricing and promotional activities. Effective January 2, 2026, we implemented a business model change in certain UK markets, primarily driven by regulatory and tax considerations. As a result of this business model change, we are no longer responsible for the Mobility services in these markets, and accordingly, payments to drivers are recorded as a reduction of revenue instead of cost of revenue. 34 For additional discussion related to our revenue, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates - Revenue Recognition” as well as “Note 1 – Description of Business and Summary of Significant Accounting Policies - Revenue Recognition” to our audited consolidated financial statements included in our Annual Report Form 10-K for the year ended December 31, 2025, and Note 10 – Segment Information and Geographic Information in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q. Cost of Revenue, Exclusive of Depreciation and Amortization Cost of revenue, exclusive of depreciation and amortization, primarily consists of costs incurred for certain Mobility and Delivery transactions where we are primarily responsible for Mobility and Delivery services and pay Drivers and Couriers for services, certain insurance costs related to our Mobility and Delivery offerings, costs incurred with Carriers for Uber Freight transportation services, credit card processing fees, bank fees, data center and networking expenses, mobile device and service costs, and amounts related to fare chargebacks and other credit card losses. We expect that cost of revenue, exclusive of depreciation and amortization, will fluctuate on an absolute dollar basis for the foreseeable future primarily driven by Trip volume changes on the platform. Effective January 2, 2026, we implemented a business model change in certain UK markets, primarily driven by regulatory and tax considerations. As a result of this business model change, we are no longer responsible for the Mobility services in these markets, and accordingly, payments to drivers are recorded as a reduction of revenue instead of cost of revenue. Operations and Support Operations and support expenses primarily consist of compensation costs, including stock-based compensation, for employees that support operations in cities, including the general managers, Driver operations, platform user support representatives and community managers. Also included is the contractor and professional service costs, cost of customer support, Driver background checks and the allocation of certain corporate costs. We would expect operations and support expenses to vary from period to period on an absolute dollar basis, but decrease as a percentage of revenue as we become more efficient in supporting platform users. Sales and Marketing Sales and marketing expenses primarily consist of advertising costs, product marketing costs, consumer discounts, promotions, credits and refunds provided to end-users who are not customers, compensation costs, including stock-based compensation to sales and marketing employees, contractor and professional service costs, and the allocation of certain corporate costs. We expense advertising and other promotional expenditures as incurred. We would expect sales and marketing expenses to vary from period to period on an absolute dollar basis and as a percentage of revenue due to timing of marketing campaigns. Research and Development Research and development expenses primarily consist of compensation costs, including stock-based compensation, for employees in engineering, design and product development. Expenses also include ongoing improvements to, and maintenance of, existing products and services, contractor and professional service costs, and allocation of certain corporate costs. We expense substantially all research and development expenses as incurred. We would expect research and development expenses to increase on an absolute dollar basis and vary from period to period as a percentage of revenue as we continue to invest in research and development activities relating to ongoing improvements to and maintenance of our platform offerings and other research and development programs. General and Administrative General and administrative expenses primarily consist of compensation costs, including stock-based compensation, for executive management and administrative employees, including finance and accounting, human resources, policy and communications, legal, and certain impairment charges, contractor and professional service costs, as well as allocation of certain corporate costs, occupancy, and general corporate insurance costs. General and administrative expenses also include certain legal-related accruals and expenses. We would expect general and administrative expenses to increase on an absolute dollar basis for the foreseeable future as our business continues to grow, but decrease as a percentage of revenue as we achieve improved fixed cost leverage and efficiencies in our internal support functions. General and administrative expenses as a percentage of revenue are expected to decrease over time, but may vary from period to period due to the variability of legal and regulatory-related expenses. Depreciation and Amortization Depreciation and amortization expenses primarily consist of depreciation on buildings, site improvements, computer and network equipment, software, leasehold improvements, furniture and fixtures, and amortization of intangible assets. Depreciation includes 35 expenses associated with buildings, site improvements, computer and network equipment, furniture and fixtures, as well as leasehold improvements. Amortization includes expenses associated with our capitalized internal-use software and acquired intangible assets. Interest Expense Interest expense consists primarily of interest expense associated with our outstanding debt, including amortization of debt discount and issuance costs. For additional detail related to our debt obligations, see Note 5 – Debt and Credit Arrangements in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q. Interest Income Interest income consists primarily of interest earned on our cash and cash equivalents, short-term investments, restricted cash and cash equivalents and restricted investments. Other Income (Expense), Net Other income (expense), net primarily includes the following items: •Foreign currency exchange gains (losses), net, which consist primarily of remeasurement of transactions and monetary assets and liabilities denominated in currencies other than the functional currency at the end of the period and the impact of foreign exchange contracts not designated as hedging instruments. •Gains (losses) on debt and equity securities, net, which consists primarily of gains (losses) from fair value adjustments relating to our marketable and non-marketable securities. •Other, net, which consists primarily of gains (losses) from fair value adjustments relating to total return swaps and 2028 Exchangeable Senior Notes. Provision for (Benefit from) Income Taxes We are subject to income taxes in the United States and foreign jurisdictions in which we do business. These foreign jurisdictions have different statutory tax rates than those in the United States. Additionally, certain of our foreign earnings may also be taxable in the United States. Accordingly, our effective tax rate will vary depending on the relative proportion of foreign to domestic income, changes in the valuation allowance on our U.S. and Netherlands' deferred tax assets, and changes in tax laws. We regularly assess the need for a valuation allowance against our deferred tax assets. In making that assessment, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of all available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will be realized. Based on all available positive and negative evidence, we continue to maintain a valuation allowance against the California R&D credits, as we believe it is not more-likely-than-not to be realized, as we expect R&D tax credit generation to exceed our ability to use these credits in future periods. We will continue to monitor the need for a valuation allowance against our deferred tax assets on a quarterly basis. In addition, the Organisation for Economic Co-operation and Development (“OECD”) has led international efforts among approximately 140 countries and taxing jurisdictions to propose and implement changes to numerous long-standing tax principles, including a framework that imposes a minimum tax rate of 15% in each taxing jurisdiction. Under this guidance, we are required to determine a combined effective tax rate for all entities located in a jurisdiction. If the jurisdictional effective tax rate determined under these rules is less than 15%, a top-up tax will be due to bring the jurisdictional effective tax rate up to 15%. We are continuing to monitor the pending implementation of these rules by individual countries and the potential impact on our business. We expect the provisions effective in 2026 to have an insignificant impact on our tax obligations for 2026. For additional information, see Note 8 – Income Taxes in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q. Loss from Equity Method Investments Loss from equity method investments primarily includes the results of our share of loss from our equity method investments. Results of Operations The following table summarizes our condensed consolidated statements of operations for each of the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2025 2026 2025 2026 Revenue $ 12,651 $ 14,191 $ 24,184 $ 27,394 Costs and expenses 36 Cost of revenue, exclusive of depreciation and amortization shown separately below 7,611 7,815 14,548 15,073 Operations and support 696 805 1,364 1,568 Sales and marketing 1,210 1,515 2,267 2,841 Research and development 840 1,043 1,655 1,994 General and administrative 669 935 1,326 1,733 Depreciation and amortization 175 188 346 372 Total costs and expenses 11,201 12,301 21,506 23,581 Income from operations 1,450 1,890 2,678 3,813 Interest expense (108) (127) (213) (235) Interest income 181 172 350 347 Other income (expense), net (19) 1,342 74 (152) Income before income taxes and loss from equity method investments 1,504 3,277 2,889 3,773 Provision for (benefit from) income taxes 142 840 (260) 1,034 Loss from equity method investments (12) (21) (25) (41) Net income including non-controlling interests 1,350 2,416 3,124 2,698 Less: net income (loss) attributable to non-controlling interests, net of tax (5) 22 (7) 41 Net income attributable to Uber Technologies, Inc. $ 1,355 $ 2,394 $ 3,131 $ 2,657 The following table sets forth the components of our condensed consolidated statements of operations for each of the periods presented as a percentage of revenue (1): Three Months Ended June 30, Six Months Ended June 30, 2025 2026 2025 2026 Revenue 100 % 100 % 100 % 100 % Costs and expenses Cost of revenue, exclusive of depreciation and amortization shown separately below 60 % 55 % 60 % 55 % Operations and support 6 % 6 % 6 % 6 % Sales and marketing 10 % 11 % 9 % 10 % Research and development 7 % 7 % 7 % 7 % General and administrative 5 % 7 % 5 % 6 % Depreciation and amortization 1 % 1 % 1 % 1 % Total costs and expenses 89 % 87 % 89 % 86 % Income from operations 11 % 13 % 11 % 14 % Interest expense (1) % (1) % (1) % (1) % Interest income 1 % 1 % 1 % 1 % Other income (expense), net — % 9 % — % (1) % Income before income taxes and loss from equity method investments 12 % 23 % 12 % 14 % Provision for (benefit from) income taxes 1 % 6 % (1) % 4 % Loss from equity method investments — % — % — % — % Net income including non-controlling interests 11 % 17 % 13 % 10 % Less: net income (loss) attributable to non-controlling interests, net of tax — % — % — % — % Net income attributable to Uber Technologies, Inc. 11 % 17 % 13 % 10 % (1) Totals of percentage of revenues may not foot due to rounding. The following discussion and analysis is for the three and six months ended June 30, 2026 compared to the same period in 2025. 37 Revenue Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Revenue $ 12,651 $ 14,191 12 % $ 24,184 $ 27,394 13 % Revenue increased $1.5 billion or 12% in the three months ended June 30, 2026 , primarily attributable to an increase in Gross Bookings of 24%. The increase in Gross Bookings was primarily driven by an increase in Trip volumes, partially offset by Mobility business model changes in the UK that negatively impacted revenue by $1.1 billion. Revenue increased $3.2 billion or 13% in the six months ended June 30, 2026, primarily attributable to an increase in Gross Bookings of 25%. The increase in Gross Bookings was primarily driven by an increase in Trip volumes, partially offset by Mobility business model changes in the UK that negatively impacted revenue by $2.1 billion. Cost of Revenue, Exclusive of Depreciation and Amortization Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Cost of revenue, exclusive of depreciation and amortization $ 7,611 $ 7,815 3 % $ 14,548 $ 15,073 4 % Percentage of revenue 60 % 55 % 60 % 55 % Cost of revenue, exclusive of depreciation and amortization, increased $204 million or 3% in the three months ended June 30, 2026, primarily attributable to a $545 million increase in Courier payments and incentives, as a result of increased Delivery Gross Bookings in certain markets; a $320 million increase in Carrier payments and incentives, as a result of increased Freight Gross Bookings; and a $132 million increase in credit card processing costs, as a result of increased Gross Bookings, partially offset by a $808 million decrease in Driver payments and incentives, as a result of Mobility business model changes in the UK. Cost of revenue, exclusive of depreciation and amortization, increased $525 million or 4% in the six months ended June 30, 2026, mainly due to a $1.2 billion increase in Courier payments and incentives, as a result of increased Delivery Gross Bookings in certain markets; a $400 million increase in Carrier payments and incentives, as a result of increased Freight Gross Bookings; and a $248 million increase in credit card processing costs, as a result of increased Gross Bookings. These increases were partially offset by a $1.4 billion decrease in Driver payments and incentives, as a result of Mobility business model changes in the UK. Operations and Support Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Operations and support $ 696 $ 805 16 % $ 1,364 $ 1,568 15 % Percentage of revenue 6 % 6 % 6 % 6 % Operations and support expenses increased $109 million or 16% in the three months ended June 30, 2026, primarily attributable to a $80 million increase in employee compensation costs including stock-based compensation, and a $15 million increase in contractor and professional service costs. Operations and support expenses increased $204 million or 15% in the six months ended June 30, 2026, primarily attributable to a $163 million increase in employee compensation costs including stock-based compensation, and a $22 million increase in contractor and professional service costs. Sales and Marketing Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Sales and marketing $ 1,210 $ 1,515 25 % $ 2,267 $ 2,841 25 % Percentage of revenue 10 % 11 % 9 % 10 % 38 Sales and marketing expenses increased $305 million or 25% in the three months ended June 30, 2026, primarily attributable to a a $136 million increase in consumer discounts, promotions, credits and refunds and a $115 million increase in indirect advertising and marketing. Sales and marketing expenses increased $574 million or 25% in the six months ended June 30, 2026, primarily attributable to a $248 million increase in consumer discounts, promotions, credits and refunds, a $231 million increase in indirect advertising and marketing, and a $103 million increase in employee compensation costs including stock-based compensation. Research and Development Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Research and development $ 840 $ 1,043 24 % $ 1,655 $ 1,994 20 % Percentage of revenue 7 % 7 % 7 % 7 % Research and development expenses increased $203 million or 24% in the three months ended June 30, 2026, primarily attributable to a $189 million increase in employee compensation costs including stock-based compensation. Research and development expenses increased $339 million or 20% in the six months ended June 30, 2026, primarily attributable to a $320 million increase in employee compensation costs including stock-based compensation. General and Administrative Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change General and administrative $ 669 $ 935 40 % $ 1,326 $ 1,733 31 % Percentage of revenue 5 % 7 % 5 % 6 % General and administrative expenses increased $266 million or 40% in the three months ended June 30, 2026, primarily attributable to a $138 million increase in legal-related accruals and expenses, a $66 million increase in employee compensation costs including stock-based compensation and a $53 million increase in contractor and professional service costs. General and administrative expenses increased $407 million or 31% in the six months ended June 30, 2026, primarily attributable to a $148 million increase in legal-related accruals and expenses, a $111 million increase in employee compensation costs including stock-based compensation, a $92 million increase in contractor and professional service costs, and a $33 million increase in general insurance expense. Depreciation and Amortization Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Depreciation and amortization $ 175 $ 188 7 % $ 346 $ 372 8 % Percentage of revenue 1 % 1 % 1 % 1 % The change in depreciation and amortization expenses was not material in the three and six months ended June 30, 2026. Interest Expense Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Interest expense $ (108) $ (127) 18 % $ (213) $ (235) 10 % Percentage of revenue (1) % (1) % (1) % (1) % The change in interest expense was not material in the three and six months ended June 30, 2026. 39 Interest Income Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Interest income $ 181 $ 172 (5) % $ 350 $ 347 (1) % Percentage of revenue 1 % 1 % 1 % 1 % The change in interest income was not material in the three and six months ended June 30, 2026. Other Income (Expense), Net Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Foreign currency exchange gains (losses), net 97 52 (46) % 147 31 (79) % Gains (losses) on debt and equity securities, net (17) 1,612 ** 34 138 ** Other, net (99) (322) (225) % (107) (321) (200) % Other income (expense), net $ (19) $ 1,342 ** $ 74 $ (152) ** Percentage of revenue — % 9 % — % (1) % ** Percentage not meaningful. Gains (losses) on debt and equity securities, net increased by $1.6 billion primarily due to changes in the fair value of our equity securities in the three months ended June 30, 2026. During the three months ended June 30, 2025, gains (losses) on debt and equity securities, net, primarily includes: a $482 million unrealized loss on our Aurora investment, partially offset by a $268 million unrealized gain on our Grab investment, and a $197 million net unrealized gain on our other investments. During the three months ended June 30, 2026, gains (losses) on debt and equity securities, net, primarily includes: a $1.1 billion unrealized gain on our Delivery Hero investment, a $899 million gain on our Aurora investment, and a net $102 million unrealized gain on other investments, partially offset by a $437 million loss on our Didi investment. Gains (losses) on debt and equity securities, net increased by $104 million primarily due to changes in the fair value of our equity securities in the six months ended June 30, 2026. During the six months ended June 30, 2025, gains (losses) on debt and equity securities, net, primarily includes: a $190 million unrealized gain on our Didi investment, and a $190 million net unrealized gain on our other investments, partially offset by a $346 million unrealized loss on our Aurora investment. During the six months ended June 30, 2026, gains (losses) on debt and equity securities, net, primarily includes: a $990 million gain on our Aurora investment, and a $980 million unrealized gain on our Delivery Hero investment, partially offset by a $1.1 billion unrealized loss on our Didi investment; a $654 million net unrealized loss on our Grab investment, and a $67 million net unrealized loss on our other investments. For additional information, refer to Note 2 – Financial Instruments in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q. Provision for (benefit from) income taxes Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Provision for (benefit from) income taxes $ 142 $ 840 ** $ (260) $ 1,034 ** Effective tax rate 9 % 26 % (9) % 27 % ** Percentage not meaningful. The change in our income tax provision in the three months ended June 30, 2026 is primarily driven by the tax expense on our earnings and the deferred U.S. tax impact related to our equity securities. The change in our income tax provision in the six months ended June 30, 2026 is primarily driven by the tax expense on our 40 earnings, the deferred U.S. tax impact related to our equity securities, and a stock loss and capitalized research and development expenses. Loss from Equity Method Investments Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Loss from equity method investments $ (12) $ (21) (75) % $ (25) $ (41) (64) % Percentage of revenue — % — % — % — % The change in loss from equity method investments was not material in the three and six months ended June 30, 2026. Segment Results of Operations We operate our business as three operating and reportable segments: Mobility, Delivery and Freight. For additional information about our segments, see Note 10 – Segment Information and Geographic Information in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. Revenue Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Mobility $ 7,288 $ 7,363 1 % $ 13,784 $ 14,161 3 % Delivery 4,102 5,245 28 % 7,879 10,313 31 % Freight 1,261 1,583 26 % 2,521 2,920 16 % Segment Operating Income Three Months Ended June 30, Six Months Ended June 30, (In millions, except percentages) 2025 2026 % Change 2025 2026 % Change Mobility $ 1,729 $ 2,215 28 % $ 3,316 $ 4,244 28 % Delivery 766 1,055 38 % 1,437 2,016 40 % Freight (26) (24) 8 % (51) (54) (6) % Mobility Segment For the three months ended June 30, 2026 compared to the same period in 2025, Mobility revenue increased $75 million, or 1%, and Mobility Segment Operating Income increased $486 million, or 28%. Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 22%, driven by an increase in Trip volumes, partially offset by business model changes in the UK that negatively impacted revenue by $1.1 billion. Mobility Segment Operating Income increased primarily attributable to an increase in Mobility Gross Bookings and an $813 million decrease in Driver payments and incentives, partially offset by a $121 million increase in indirect advertising and marketing and a $114 million increase in employee compensation costs including stock-based compensation. For the six months ended June 30, 2026 compared to the same period in 2025, Mobility revenue increased $377 million, or 3%, and Mobility Segment Operating Income increased $928 million, or 28%. Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 23%, driven by an increase in Trip volumes, partially offset by business model changes in the UK that negatively impacted revenue by $2.1 billion. Mobility Segment Operating Income increased primarily attributable to an increase in Mobility Gross Bookings and a $1.4 billion decrease in Driver payments and incentives, partially offset by a $212 million increase in indirect advertising and marketing, a $175 million increase in employee compensation costs including stock-based compensation and a $141 million increase in network costs. Delivery Segment For the three months ended June 30, 2026 compared to the same period in 2025, Delivery revenue increased $1.1 billion, or 28%, and Delivery Segment Operating Income increased $289 million, or 38%. Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 26%, driven by an increase in Trip volumes, and a $182 million increase in advertising revenue. 41 Delivery Segment Operating Income increased primarily attributable to an increase in Delivery revenue, partially offset by a $545 million increase in Courier payments and incentives, a $123 million increase in employee compensation costs including stock-based compensation, and a $65 million increase in credit card processing costs as a result of increased Gross Bookings. For the six months ended June 30, 2026 compared to the same period in 2025, Delivery revenue increased $2.4 billion, or 31%, and Delivery Segment Operating Income increased $579 million, or 40%. Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 27%, driven by an increase in Trip volumes, and a $362 million increase in advertising revenue. Delivery Segment Operating Income increased primarily attributable to an increase in Delivery revenue, partially offset by a $1.2 billion increase in Courier payments and incentives, a $257 million increase in employee compensation costs including stock-based compensation, and a $130 million increase in credit card processing costs as a result of increased Gross Bookings. Freight Segment For the three months ended June 30, 2026 compared to the same period in 2025, Freight revenue increased $322 million or 26%, and Freight Segment Operating Loss decreased $2 million, or 8%. Freight revenue increased primarily attributable to a 25% increase in Freight Gross Bookings due to an increase in gross booking per trip and trip volume. Freight Segment Operating Loss decreased primarily attributable to a $322 million increase in Freight revenue, partially offset by an $320 million increase in Freight Carrier payments. For the six months ended June 30, 2026 compared to the same period in 2025, Freight revenue increased $399 million, or 16%, and Freight Segment Operating Loss increased $3 million, or 6%. Freight revenue increased primarily attributable to a 16% increase in Freight Gross Bookings due to an increase in revenue per trip and trip volume. Freight Segment Operating Loss increased primarily attributable to a $400 million increase in Freight Carrier payments partially offset by a $399 million increase in Freight revenue. Certain Key Metrics Monthly Active Platform Consumers. MAPCs is the number of unique consumers who completed a Mobility ride or received a Delivery order on our platform at least once in a given month, averaged over each month in the quarter. While a unique consumer can use multiple product offerings on our platform in a given month, that unique consumer is counted as only one MAPC. We use MAPCs to assess the adoption of our platform and frequency of transactions, which are key factors in our penetration of the countries in which we operate. 42 Trips. We define Trips as the number of completed consumer Mobility rides and Delivery orders in a given period. For example, an UberX Share ride with three paying consumers represents three unique Trips, whereas an UberX ride with three passengers represents one Trip. We believe that Trips are a useful metric to measure the scale and usage of our platform. Gross Bookings. We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of: Mobility rides, Delivery orders (in each case without any adjustment for consumer discounts and refunds, Driver and Merchant earnings, and Driver incentives) and Freight revenue. Gross Bookings do not include tips earned by Drivers. Gross Bookings are an indication of the scale of our current platform, which ultimately impacts revenue. Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Mobility $ 21,002 $ 22,798 $ 21,182 $ 23,762 $ 25,111 $ 27,442 $ 26,394 $ 28,988 Delivery 18,663 20,126 20,377 21,734 23,322 25,431 25,992 27,463 Freight 1,308 1,273 1,259 1,260 1,307 1,267 1,334 1,571 Total $ 40,973 $ 44,197 $ 42,818 $ 46,756 $ 49,740 $ 54,140 $ 53,720 $ 58,022 Reconciliations of Non-GAAP Financial Measures We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to revenue, net income, income from operations, and other results under GAAP, we use revenue growth rates in constant currency and free cash flow, which are described below, to evaluate our business. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by enabling evaluation of underlying revenue performance excluding the impact of foreign currency fluctuations and by providing insight into the cash generated from operations after capital expenditures. Constant Currency We compare the percent change in our current period results from the corresponding prior period using constant currency disclosure. We present constant currency growth rate information to provide a framework for assessing how our underlying revenue performed excluding the effect of foreign currency rate fluctuations. We calculate constant currency by translating our current period financial results using the corresponding prior period’s monthly exchange rates for our transacted currencies other than the U.S. dollar. 43 Free Cash Flow We define free cash flow as net cash flows from operating activities less capital expenditures. The following table presents a reconciliation of free cash flow to the most directly comparable GAAP financial measure for each of the periods indicated: Six Months Ended June 30, (In millions) 2025 2026 Free cash flow reconciliation: Net cash provided by operating activities $ 4,888 $ 5,213 Purchases of property and equipment (163) (135) Free cash flow $ 4,725 $ 5,078 Liquidity and Capital Resources Six Months Ended June 30, (In millions) 2025 2026 Net cash provided by operating activities $ 4,888 $ 5,213 Net cash used in investing activities (2,003) (6,162) Net cash used in financing activities (2,057) (1,551) Operating Activities Net cash provided by operating activities was $5.2 billion for the six months ended June 30, 2026, primarily consisting of $2.7 billion of net income including non-controlling interests, adjusted for certain non-cash items, which primarily includes: $1.0 billion of stock-based compensation expense; $771 million of deferred income taxes, $386 million of depreciation and amortization expense; $138 million in gains on debt and equity securities, net; as well as a $210 million increase in cash from working capital. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accounts payment, partially offset by a decrease in accounts receivable and prepaid expenses and other assets. Net cash provided by operating activities was $4.9 billion for the six months ended June 30, 2025, primarily consisting of $3.1 billion of net income including non-controlling interests, adjusted for certain non-cash items, which primarily includes: $910 million of stock-based compensation expense; $359 million of depreciation and amortization expense; $325 million of deferred income taxes; $34 million in unrealized gains on debt and equity securities, net, as well as a $927 million increase in cash from working capital. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the “Non-Income Tax Matters” section below. Investing Activities Net cash used in investing activities was $6.2 billion for the six months ended June 30, 2026, primarily consisting of: purchases of marketable securities of $17.6 billion, purchase of total return swaps of $1.6 billion, acquisition of businesses, net of cash acquired of $653 million, purchases of non-marketable equity securities of $507 million, purchases of notes receivable of $298 million, and purchase of property and equipment of $135 million; partially offset by proceeds from maturities and sales of marketable securities of $14.7 billion. Net cash used in investing activities was $2.0 billion for the six months ended June 30, 2025, primarily consisting of: purchases of marketable securities of $7.6 billion, acquisition of businesses, net of cash acquired of $804 million, purchases of non-marketable equity securities of $191 million, and $163 million in purchases of property and equipment; partially offset by proceeds from maturities and sales of marketable securities of $7.0 billion. Financing Activities Net cash used in financing activities was $1.6 billion for the six months ended June 30, 2026, primarily consisting of $3.5 billion in repurchases of common stock, $2.0 billion of principal repayment on term loan, notes, and credit facility, $82 million of principal payments on finance leases; partially offset by $4.0 billion of proceeds from issuance of term loan, notes and credit facility, net of issuance costs and $136 million of proceeds from issuance of common stock under the Employee Stock Purchase Plan. Net cash used in financing activities was $2.1 billion for the six months ended June 30, 2025, primarily consisting of $3.1 billion in repurchases of common stock and $75 million of principal payments on finance leases, partially offset by $1.1 billion in issuance of term loan and notes, net of issuance costs. 44 Liquidity and Material Cash Requirements As of June 30, 2026, $1.9 billion of our $4.9 billion in cash and cash equivalents was held by our foreign subsidiaries. Cash held outside the United States may be repatriated, subject to certain limitations, and would be available to be used to fund our domestic operations. Repatriation of funds may result in immaterial tax liabilities. We believe that our existing cash balance in the United States is sufficient to fund our working capital needs in the United States. We are in compliance with our debt and line of credit covenants as of June 30, 2026, including by meeting our reporting obligations. We also believe that our sources of funding and our available line of credit will be sufficient to satisfy our currently anticipated cash requirements including capital expenditures, working capital requirements, collateral requirements, potential acquisitions, potential prepayments of contested indirect tax assessments (“pay-to-play”), and other liquidity requirements through at least the next 12 months. We intend to continue to evaluate and may, in certain circumstances, take preemptive action to preserve liquidity. Acquisitions Acquisition of Getir On July 1, 2026, we completed the acquisition of Getir’s delivery business. We acquired 100% of Getir’s food delivery business and a minority interest in its grocery delivery business for approximately $465 million in cash. For additional information, see Note 15 – Subsequent Event in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. Pending Acquisition of Delivery Hero On July 16, 2026, we entered into a business combination agreement with Delivery Hero. Pursuant to the agreement, Uber will launch a voluntary public takeover offer to acquire Delivery Hero. Under the terms of the takeover offer, Uber will offer Delivery Hero shareholders cash consideration of €41.50 per share, representing an equity value of $14.8 billion (implied for 100% of Delivery Hero). The takeover offer will be subject to a minimum acceptance threshold of 50% plus one share of Delivery Hero's outstanding share capital (inclusive of shares owned by Uber) and certain further conditions, including receipt of certain merger control and financial regulatory clearances. The transaction is expected to close in the second half of 2027. We will fund the takeover offer through existing cash on our balance sheet and new debt financing. On July 16, 2026, we executed a bridge credit agreement, which provides for €14.2 billion in aggregate amount of commitments for senior unsecured loans. We expect to enter into term loan facilities that will reduce the commitments under the bridge credit agreement in the third quarter of 2026. Pending Acquisition of Blacklane On March 28, 2026, we entered into an agreement to acquire Blacklane GmbH, a Berlin-based global chauffeur service provider, for approximately $550 million in cash. The transaction is subject to regulatory approvals, including antitrust review, and other closing conditions, and is expected to close in 2026. Financing In June 2026, we entered into a Term Loan Credit Agreement providing for an unsecured term loan credit facility with aggregate commitments of up to $3.0 billion. As of June 30, 2026, the Company had borrowed $2.0 billion under the facility and had remaining available commitments of $1.0 billion. The proceeds under the term loan facility are for general corporate purposes. In September 2024, we entered into a revolving credit agreement providing for $5.0 billion in aggregate amount of commitments for senior unsecured revolving loans, which will mature on September 26, 2029, unless otherwise extended in accordance with the terms of the credit agreement. We expect to enter into a new revolving facility that will replace our existing revolving credit agreement in the third quarter of 2026. Share Repurchase Program In July 2025, our board of directors authorized an additional $20.0 billion for the repurchase of common stock (“Share Repurchase Program”). The timing, manner, price and amount of any repurchases are determined by the discretion of management, depending on market conditions and other factors. Repurchases may be made through open market purchases and accelerated share repurchases. The exact number of shares to be repurchased by us, if any, is not guaranteed. Depending on market conditions and other factors, these repurchases may be commenced or suspended at any time or periodically without prior notice. As of June 30, 2026, we had approximately $15.7 billion available to repurchase shares pursuant to the Share Repurchase Program. For additional information, see Note 7 – Stockholders' Equity in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. Non-Income Tax Matters 45 As of March 14, 2022, we modified our operating model in the UK, such that as of that date Uber UK became a merchant of transportation and is required to remit VAT. Uber UK began remitting VAT under the Value Added (Tour Operators) Order 1987 (“VAT Order 1987”), which allows for VAT remittance on a calculated margin, rather than on Gross Bookings. Due to a legislative change effective from January 2, 2026, UK Private Hire Operators are no longer permitted to apply the VAT Order 1987 in respect of supplies made on or after that date. Accordingly, Uber UK ceased applying the VAT Order 1987 after January 2, 2026. As of June 30, 2026, we have received multiple assessments from His Majesty's Revenue & Customs (“HMRC”) disputing our application of VAT Order 1987 for the period of March 2022 to September 2024, totaling approximately $1.8 billion (£1.4 billion) for unpaid VAT. Uber paid the assessments in order to proceed with the appeal process. The payments do not represent our acceptance of the assessments. The payments made in 2023 through 2025 are recorded as a receivable in other assets on our condensed consolidated balance sheet because we believe that we will be successful in our appeal, upon which, the full amount of our payments will be returned to us with interest upon completion of the appeals process. We expect to receive additional assessments related to the period 2023 through 2025. HMRC has expressed their intention to not enforce assessments pending the determination of the appeal of a competitor on a related matter. If payment of future assessments is required, the payments would decrease operating cash flow and have no impact on our results of operations. For periods March 2022 to December 2025, we plan to vigorously defend our application of the VAT Order 1987 and are waiting to obtain hearing dates from the Tax Tribunal. In addition, the application of VAT rules to our UK operations following the January 2, 2026 legislative changes involves significant judgment and could be subject to challenge by HMRC. For additional information, see Note 11 – Commitments and Contingencies in the notes to condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q. Purchase Commitments and Other Contractual Obligations We have non-cancelable commitments which primarily relate to network and cloud services and other items in the ordinary course of business. These amounts are determined based on the non-cancelable quantities to which we are contractually obligated. In March 2026, we entered into a five-year cloud infrastructure and technology services agreement with a major provider that includes a total minimum spend commitment of $1.1 billion through March 2031. There have been no additional material changes outside the ordinary course of business to the contractual obligations, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. Critical Accounting Estimates Our condensed consolidated financial statements and accompanying notes have been prepared in accordance with GAAP. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Actual results may differ from these estimates. To the extent that there are material differences between these estimates and our actual results, our future financial statements will be affected. For additional information about our critical accounting policies and estimates, see the disclosure included in our Annual Report on Form 10-K as well as Note 1 – Description of Business and Summary of Significant Accounting Policies in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q. Recent Accounting Pronouncements See Note 1 – Description of Business and Summary of Significant Accounting Policies, in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.