Company Overview
Uber Technologies, Inc. is a global technology platform best known for pioneering ride-hailing services. The company also operates in food delivery through Uber Eats, freight logistics via Uber Freight, and other mobility services like micromobility and autonomous driving partnerships. Founded in 2009, Uber has grown into a multinational giant serving hundreds of cities across six continents. Its business model is primarily asset-light, leveraging drivers and couriers as independent contractors. Uber continues to expand into adjacent markets, with increasing focus on profitability, automation, and recurring revenue streams.

Most Recent Earnings (Q2 2025)
Uber reported Q2 2025 earnings on August 6, 2025. Adjusted EPS came in at $0.45, beating analyst expectations of $0.39, while revenue was $11.6 billion, exceeding the forecast of $11.2 billion. This represented a 17% year-over-year increase in revenue, driven by strong performance in Mobility and Uber Eats. Gross bookings rose 18% YoY to $38.3 billion, and adjusted EBITDA grew to $1.5 billion. Uber raised its FY25 adjusted EBITDA guidance to $6.1–6.3 billion, up from previous guidance of $5.8–6.0 billion, and guided Q3 revenue to $11.8–12.0 billion.
Founding, Evolution, and Products
Uber was founded in 2009 by Travis Kalanick and Garrett Camp in San Francisco, initially as a luxury black car service named UberCab. It quickly transitioned to a ride-hailing platform for consumers via smartphone. Over the years, Uber expanded internationally and diversified its services to include Uber Eats (launched in 2014), Uber Freight (2017), and Uber for Business.
The company raised over $25 billion across multiple funding rounds before going public in May 2019. Major early investors included Benchmark Capital, SoftBank Vision Fund, and Google Ventures. Uber acquired several companies to fuel growth, including Postmates, Careem, and Drizly. It has divested from capital-intensive bets like autonomous driving (Aurora) and flying taxis (Joby), focusing more on operational efficiency.
Uber’s headquarters remain in San Francisco, California.
Market Landscape and Growth Outlook
Uber operates in the mobility-as-a-service (MaaS) and food delivery sectors globally. The global ride-hailing marketwas valued at ~$150 billion in 2023 and is expected to reach $250–300 billion by 2030, growing at a CAGR of ~7%. In contrast, the online food delivery market is growing faster, projected to surpass $700 billion globally by 2030, at a CAGR of 10–12%.
Uber’s Freight segment targets the digital freight brokerage market, a $500 billion global industry, although fragmented and low-margin. Uber’s long-term strategy includes deepening market penetration, optimizing pricing with AI/ML, and expanding into underpenetrated geographies like LATAM, India, and Southeast Asia.
Competitors
Uber’s core competitors vary by segment:
- In mobility, its primary global rival is Lyft in the U.S., Bolt in Europe, and Didi Chuxing in China.
- For food delivery, Uber Eats competes with DoorDash, Grubhub, Just Eat Takeaway, and Deliveroo.
- In freight logistics, Uber faces competition from Convoy (now defunct), Flexport, and C.H. Robinson.
However, Uber holds a strong advantage due to its cross-platform scale, brand recognition, and consumer loyalty.
What Sets Uber Apart?
Uber’s key differentiation lies in its multi-modal platform, allowing users to access ride-hailing, food delivery, grocery, and freight services within one ecosystem. The company’s ability to cross-leverage data, optimize driver utilization, and bundle offerings across verticals creates a flywheel effect.
Additionally, Uber’s dynamic pricing algorithms, AI/ML infrastructure, and investments in automation and mapping technologies give it a tech-first edge. Its network density and global footprint are nearly unmatched, allowing Uber to drive efficiencies at scale.
Key Executives
- Dara Khosrowshahi – CEO since 2017. Former CEO of Expedia, he has guided Uber from a hypergrowth startup to a disciplined, profitable public company. He’s known for his focus on operational discipline and long-term vision.
- Nelson Chai – CFO (stepping down Q3 2025). He joined in 2018 and was pivotal in leading Uber through its IPO and transition to adjusted EBITDA profitability.
- Jill Hazelbaker – SVP, Marketing and Public Affairs. A longtime Uber executive managing communications, policy, and brand, especially during regulatory challenges.
Financial Performance (5-Year Overview)
Over the last five years, Uber has transformed from a growth-at-all-costs company into a disciplined operator. Revenue has grown from $14.1 billion in 2020 to $41.6 billion in 2024, representing a CAGR of 24.4%. The company turned adjusted EBITDA positive in 2022 and has consistently improved its margin profile.
Net income remained negative until 2023, when Uber reported its first full-year GAAP profit of $1.1 billion. In FY2024, it posted net income of $1.95 billion, driven by operating leverage and improved efficiency in its Eats and Freight segments.
Uber has also strengthened its balance sheet—free cash flow in 2024 exceeded $2.4 billion, and it ended the year with $6.5 billion in cash. Long-term debt stands at ~$7.5 billion, but leverage ratios have declined materially.
Bull Case for Uber
- Platform Synergy: Cross-selling between rides, delivery, and freight improves lifetime value per user.
- Path to Strong Profitability: Operating leverage, AI-based pricing, and reduced incentive spend are driving margin expansion.
- Emerging Market Growth: Room to expand in India, Brazil, and Southeast Asia where mobility demand is surging.
Bear Case for Uber
- Regulatory Headwinds: Ongoing labor classification battles (e.g., California Prop 22, EU directives) could materially raise costs.
- Intense Competition: Delivery and mobility remain competitive, with local players disrupting margins.
- Macroeconomic Sensitivity: Rising gas prices or weakening consumer spending may impact trip volume or frequency.
Analyst Reactions (Q2 2025)
- Morgan Stanley raised their price target from $76 to $80 citing “strong mobility recovery and upside in advertising monetization.”
- Goldman Sachs reiterated a “Buy” rating and raised FY25 EBITDA projections by 4%.
- Barclays maintained “Overweight” but noted margin pressures in Uber Eats, despite top-line strength.
- JP Morgan upgraded Uber to “Overweight” from “Neutral,” seeing upside from GenAI integration in dispatching and routing.

The monthly chart shows a stage 2 markup (bullish) and the weekly chart however, shows a recovery from a stage 3 consolidation. The daily chart is moving from a stage 4 markdown to a stage 1 consolidation, which means the stock should be range bound between $85 and $97.