Uber Technologies is one of the world’s largest ride-hailing and delivery platforms, serving a global customer base. In Q3 2025, Gross Bookings increased 21.4% YoY to $49.74bn, driven by 17.4% YoY growth in Monthly Active Platform Consumers (MAPC) to 189mn. The number of trips reached 3.4bn, up 22.5% YoY and 7.5% QoQ. Uber operates across three core segments: Mobility, Delivery, and Freight. The company acquires new users primarily through its Mobility and Delivery apps and drives long-term engagement with initiatives like the Uber One membership program, which reached 36 million members as of June 2025. These members accounted for over 40% of combined Delivery and Mobility Gross Bookings. Uber maintains a #1 or #2 position in the majority of its 30+ operational markets, underscoring its strong competitive presence. Additionally, the company is advancing its autonomous vehicle (AV) st... Uber Technologies is one of the world’s largest ride-hailing and delivery platforms, serving a global customer base. In Q3 2025, Gross Bookings increased 21.4% YoY to $49.74bn, driven by 17.4% YoY growth in Monthly Active Platform Consumers (MAPC) to 189mn. The number of trips reached 3.4bn, up 22.5% YoY and 7.5% QoQ. Uber operates across three core segments: Mobility, Delivery, and Freight. The company acquires new users primarily through its Mobility and Delivery apps and drives long-term engagement with initiatives like the Uber One membership program, which reached 36 million members as of June 2025. These members accounted for over 40% of combined Delivery and Mobility Gross Bookings. Uber maintains a #1 or #2 position in the majority of its 30+ operational markets, underscoring its strong competitive presence. Additionally, the company is advancing its autonomous vehicle (AV) strategy with 20 AV partners across Mobility, Delivery, and Freight. This approach leverages Uber’s demand aggregation, operational expertise, and platform scale to accelerate AV deployment and enhance network efficiency.
Uber Technologies operates a global ride-hailing and delivery platform, connecting drivers, couriers, merchants, and consumers across multiple markets. The company’s operations are organized into three primary segments: Mobility – Connects consumers with drivers offering rides via cars, auto-rickshaws, motorbikes, minibuses, and taxis, providing flexible and efficient transportation options. Delivery – Enables consumers to order from local restaurants, grocery stores, alcohol vendors, and convenience stores for delivery or pickup, based on their location. Freight – Facilitates connections between carriers and shippers, offering upfront pricing and a streamlined booking experience for shipments.
Uber’s Total Addressable Market (TAM) is estimated at $5 trillion for Mobility, $5 trillion for Delivery, and $4 trillion for Freight. Within Delivery, the $1.8 trillion global restaurant spend and $2.5 trillion grocery spend represent significant opportunities for growth. Growth in the Mobility segment is supported by several key drivers: Deepening rides penetration in existing markets, Expanding use cases, including commuting and leisure travel, Scaling low-cost offerings to improve affordability and broaden access, and Advancing electrification and autonomous vehicle adoption, reinforcing Uber’s commitment to innovation. Despite the vast market potential, ridesharing penetration remains relatively low, highlighting substantial opportunities for long-term growth across Uber’s core markets.
- Strong Market Position – Uber holds a leading presence in key markets, including the U.S., Canada, Brazil, Mexico, Australia, and Europe, reinforcing its global dominance. Integrated Platform Model – A unified ecosystem for earners and a single-entry experience for consumers drive higher engagement, loyalty, and cross-platform adoption. Competitive Advantage – Uber’s diversified service offerings position it to capture market share from competitors with narrower business models. Scalability – The platform’s scalability supports rapid expansion in new and emerging markets, unlocking additional growth opportunities. Financial Discipline – A focus on profitability and sustainable growth reflects Uber’s commitment to improving financial performance while scaling operations.
- Regulatory Risks – Evolving regulations could disrupt Uber’s business model, limit operational flexibility, or increase compliance costs across key markets. Intense Competition – The ride-hailing and delivery industries remain highly competitive, with global and regional players aggressively competing for market share. External Challenges – Macroeconomic and external factors, such as pandemic-related disruptions and rising fuel prices, have historically impacted performance and may continue to pose risks. Equity Investment Volatility – Fluctuations in the valuation of equity investments expose Uber to potential downside risk during broader market corrections.
- Macro-Economic Slowdown and Inflation – Broader economic headwinds and rising inflation could reduce consumer spending, negatively affecting demand across Uber’s platform. Mobility Trend Deceleration – A slowdown in mobility growth could hinder revenue expansion in the ride-hailing segment. Price Competition – Aggressive pricing by competitors may erode margins and put pressure on profitability. Regulatory Risks – Evolving regulations across various regions could disrupt operations, increase compliance costs, or require adjustments to Uber’s business model. Fuel Cost Volatility – Fluctuations in fuel prices can elevate operational costs, impacting both driver economics and overall profitability.
| Company | RIC | Market Capitalization, $mn | Last reporting year | P/E Fwd 1Y | P/E Fwd 2Y | EV/EBITDA 1Y fwd | EV/EBITDA 2Y fwd | EV/Revenues 1y fwd | EV/Revenues 2y fwd |
|---|---|---|---|---|---|---|---|---|---|
| Uber Technologies Inc | UBER.N | 176,304 | 2024-12-31 | 15.9 | 24.0 | 20.9 | 16.5 | 3.5 | 3.0 |
| Lyft Inc | LYFT.OQ | 7,320 | 2024-12-31 | 54.9 | 29.4 | 12.4 | 9.3 | 1.0 | 0.9 |
| Amazon.com Inc | AMZN.OQ | 2,556,244 | 2024-12-31 | 33.1 | 29.5 | 15.2 | 12.3 | 3.5 | 3.2 |
| Apple Inc | AAPL.OQ | 3,755,761 | 2025-09-27 | 30.9 | 27.9 | 24.1 | 22.4 | 8.4 | 7.8 |
| CH Robinson Worldwide Inc | CHRW.OQ | 20,765 | 2024-12-31 | 35.3 | 29.1 | 23.7 | 20.5 | 1.3 | 1.3 |
| Delivery Hero SE | DHER.DE | 8,469 | 2024-12-31 | 10.3 | 8.5 | 0.6 | 0.6 |
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,932 | 11,270 | 13,000 | 11,139 | 17,455 | 31,877 | 37,281 | 43,978 | 51,943 | 60,235 | 68,990 |
| Growth | 42% | 15% | -14% | 57% | 83% | 17% | 18% | 18% | 16% | 15% | |
| EBITDA | -2,642 | -1,867 | -3,431 | -2,528 | -774 | 1,713 | 4,052 | 6,484 | 8,596 | 10,841 | 13,311 |
| EBITDA margin | -33.3% | -16.6% | -26.4% | -22.7% | -4.4% | 5.4% | 10.9% | 14.7% | 16.5% | 18.0% | 19.3% |
| Net income | -4,033 | 987 | -8,512 | -6,788 | -570 | -9,138 | 2,156 | 9,845 | 10,700 | 7,446 | 9,278 |
| Net margin | -50.8% | 8.8% | -65.5% | -60.9% | -3.3% | -28.7% | 5.8% | 22.4% | 20.6% | 12.4% | 13.4% |
| Net debt | -917 | 490 | -3,986 | 1,405 | 5,242 | 5,380 | 4,555 | 2,830 | 2,830 | 2,830 | 2,830 |
| MktCap | 50,038 | 87,551 | 77,562 | 48,207 | 123,478 | 124,931 | 124,931 | 124,931 | 124,931 |
Historical Multiples
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
|---|---|---|---|---|---|---|---|---|---|
| EV/Revenue | 3.5 | 8.0 | 4.7 | 1.7 | 3.4 | 2.9 | 2.5 | 2.1 | 1.9 |
| EV/EBITDA | -13.4 | -35.2 | -107.0 | 31.3 | 31.6 | 19.7 | 14.9 | 11.8 | 9.6 |
| P/E | -5.9 | -12.9 | -136.1 | -5.3 | 57.3 | 12.7 | 11.7 | 16.8 | 13.5 |
