Uber Technologies, Inc. (UBER): Business Model Canvas [Dec-2025 Updated]

You're looking at a platform that finally cracked the code on massive scale, moving from constant cash burn to real profitability, and you need to know how they did it. As someone who's tracked these giants for two decades, I can tell you Uber Technologies, Inc.'s Business Model Canvas is now a masterclass in network effects, underpinned by $49.610 billion in trailing twelve-month revenue as of late 2025 and 189 million active users. Forget the old narrative; this breakdown cuts straight to the core-from their $9.1 billion cash cushion to the high-margin ad revenue stream-so you can see the precise levers driving their current valuation. Dive in below to see the nine essential blocks of their operation.

Uber Technologies, Inc. (UBER) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Uber Technologies, Inc. relies on to power its massive global platform as of late 2025. These aren't just vendors; they are strategic integrations that secure supply, expand market reach, and future-proof the core business.

Autonomous Vehicle Firms for Robotaxi Deployment

Uber Technologies, Inc. has pivoted to a platform strategy, integrating external autonomous vehicle (AV) technology to build a hybrid network of human and robot drivers. This approach lets Uber capture future AV revenue without the massive R&D costs it previously incurred.

Key deployments and agreements as of late 2025 include:

• Uber and Alphabet-owned Waymo began offering driverless rides in Austin and Atlanta earlier in 2025.
• A multi-year strategic partnership with Baidu will see thousands of Apollo Go AVs integrated into the Uber app outside the US and mainland China, starting in the Middle East and Asia later in 2025.
• Baidu's Apollo Go fleet has logged over 11 million autonomous rides in Chinese cities like Beijing, Wuhan, and Shenzhen.
• Uber is piloting autonomous trips with British startup Wayve in the UK.
• The company expanded its collaboration with WeRide to deploy in 15 new cities over five years outside the US and China, with initial fully driverless commercial operations launched in Abu Dhabi, UAE on November 26, 2025.
• Uber announced a partnership with Momenta for deployment starting in Europe in early 2026.

Here's a snapshot of the major AV integration plans:

This platform play is defintely a core strategic move.

Global Network of Active Drivers and Couriers

The sheer scale of Uber Technologies, Inc.'s human supply side is a foundational partnership, representing the marketplace's liquidity.

As of the quarter ended September 30, 2025, Uber Technologies, Inc. maintained a global network of 9.4 million monthly active drivers and couriers. These partners collectively earned $22 billion in the third quarter of 2025.

Retailers for Non-Food Delivery Expansion

Uber Technologies, Inc. is aggressively expanding its Delivery segment beyond restaurants, leveraging its logistics network for general merchandise. This retail push is showing significant traction, with grocery and retail reaching an approximately $12 billion gross bookings run rate in Q3 2025.

Recent additions to the platform include:

• PacSun, bringing fashion, accessories, and footwear.
• Camping World, for outdoor, RV, and camping gear.
• Lush, for bath and body products.
• Five Below, with same-day delivery available from over 1,500 stores nationwide as of June 2025.

Uber One members receive $0 Delivery Fees on eligible retail orders, incentivizing platform stickiness across these new categories.

Fleet Management and Rental Companies for Vehicle Supply

While the search results primarily detail the AV technology partnerships which secure future vehicle supply, the current human-driven fleet relies on the existing driver base, which is supported by partnerships with fleet management and rental companies to ensure vehicle availability and compliance. The company operates in 70 countries as of September 30, 2025, requiring a vast, flexible supply chain for vehicle access, even if specific financial terms with major rental partners aren't public.

Payment Processors and Mapping Service Providers

The transactional backbone of Uber Technologies, Inc. requires robust, cost-efficient payment processing across its global footprint. The company accepts 52 different payment methods across the 70 countries it operates in.

A key partnership here is with Stripe, which acts as a strategic payments partner across many top markets, including the US, Australia, and Japan. Under this expanded agreement, Uber uses Stripe to process card payments on eftpos in Australia and JCB in Japan. Furthermore, Uber utilizes Stripe Financial Connections to allow customers to securely add bank accounts instantly via its Link feature, aiming to reduce payment costs.

For mapping and data infrastructure, Uber AI Solutions is available in 30 countries, leveraging data collected via Uber technology to train AI models for use cases including mapping and speech recognition.

Uber Technologies, Inc. (UBER) - Canvas Business Model: Key Activities

You're looking at the core engine room of Uber Technologies, Inc. as of late 2025. These are the critical, high-volume actions that keep the entire ecosystem running, from the app code to the city streets. Honestly, the sheer scale they manage is what makes the numbers move.

Platform development and maintenance for 189 million MAPCs.

The digital backbone must handle massive, real-time transaction volumes. The platform supports a vast and growing user base that interacts with both Mobility and Delivery services. Platform R&D costs are part of the overall Corporate G&A and Platform R&D structure, which supports mapping and payment technologies.

Cross-platform engagement is a key focus; users utilizing both Mobility and Delivery spend three times more and retain 35% better than single-product users. The Uber One membership base reached 36 million members in Q3 2025.

Global logistics and network optimization using AI.

Uber Freight is actively embedding artificial intelligence to manage complex supply chains. The proprietary logistics-specific large language model (LLM) was trained on data from nearly $20 billion in freight under management, including 30% of the Fortune 500. The platform deploys more than 30 AI agents automating execution across the shipment lifecycle.

Over the past year, more than $1.6 billion in freight has moved through Uber Freight's AI logistics infrastructure. The latest TMS Financials updates aim to reduce dispute resolution times by up to 20% through streamlined workflows.

Driver/courier recruitment, vetting, and incentive management.

Keeping the supply side active is a constant balancing act. As of Q2 2025, Uber had over 8.8 million drivers and couriers globally. Total earnings for drivers and couriers, including tips, were reported to be over $72 billion in the period covered by the 2024 Annual Report context.

• Vetting includes terminating platform access for users with low ratings or reported incidents.
• Incentive management is a trade-off; changes positive for one user group can be negative for another.
• The company faced regulatory scrutiny in 2024 over driver earnings claims, with a $20 million settlement resolving FTC charges.

Regulatory compliance and local market negotiation.

Compliance requires significant financial provisioning and operational adjustments across diverse global jurisdictions. In Q4 2024, Uber set aside $462 million for undisclosed legal settlements. A recent agreement in California is set to significantly alter insurance requirements, lowering the mandatory coverage from $1 million per accident to $100,000 per person and $300,000 per accident, effective January 2026.

Commercializing autonomous vehicle technology with partners.

Uber is integrating Level 4 autonomous vehicles (AVs) into the app via partnerships. The company launched fully driverless robotaxis in Abu Dhabi with WeRide, its fourth market for true driverless operations, with plans to scale to 1,000 robotaxis by 2026. In the U.S., robotaxis operate via Waymo in Austin, Phoenix, and Atlanta, and a new service launched in Dallas with Avride. The estimated cost for a self-driving robotaxi, including the autonomous tech, is in the ballpark of $75,000 per car.

Finance: draft 13-week cash view by Friday.

Uber Technologies, Inc. (UBER) - Canvas Business Model: Key Resources

You're looking at the core assets Uber Technologies, Inc. relies on to run its global marketplace, and honestly, the scale is what sets it apart. These aren't just ideas; they are hard numbers backing up the entire operation as of late 2025.

The first pillar is the proprietary technology platform and mobile applications. This is the software backbone that handles everything from real-time matching to route optimization. It's the engine that allows Uber to manage billions of transactions. The platform's sophistication is what lets them push into new areas like grocery retail, which is already at a $12 billion gross bookings run rate.

Next, you have the sheer size of the network. The platform is powered by a massive global user base, hitting 189 million Monthly Active Platform Consumers as of the third quarter of 2025. That's a huge pool of demand. To give you a sense of the activity these users generate, trips grew 22% year-over-year to 3.5 billion in that same quarter. That's a lot of movement. The platform's ability to handle this volume is a direct measure of the technology's strength.

Financially, Uber Technologies, Inc. maintains a strong position to fund its growth bets. As of the end of Q3 2025, the company held $9.1 billion in unrestricted cash and short-term investments. This balance sheet strength is crucial for investing in long-term plays like autonomous vehicles (AVs) while still generating significant operating cash flow, which hit $2.3 billion in the same quarter.

The global footprint is another non-negotiable asset. Uber Technologies, Inc. maintains operating licenses and a presence across approximately 70 countries. This geographic spread, combined with the brand equity it carries, creates significant barriers to entry for new competitors trying to replicate that scale. It's a defintely hard asset to build.

Underpinning all of this are the advanced AI/ML algorithms for dynamic pricing and matching. These systems are what keep the marketplace liquid and efficient, even as the business expands into new verticals like grocery delivery. The effectiveness of these algorithms is reflected in the platform's operational performance metrics. Here's a quick look at the scale that these resources support as of Q3 2025:

The AI/ML capabilities are also being monetized externally through Uber AI Solutions, which expanded to 30 countries offering data services to AI labs. This shows the technology itself is becoming a separate, scalable resource.

The combination of these elements means Uber Technologies, Inc. has significant intangible assets driving its value. You can see the operational scale through these key user and supply metrics:

• Monthly Active Platform Consumers (MAPCs): 189 million.
• Monthly Active Drivers and Couriers: 9.4 million.
• Trips Per Day: 38 million (implied from daily average).
• Grocery Retail Gross Bookings Run Rate: Approximately $12 billion.

Finance: draft 13-week cash view by Friday.

Uber Technologies, Inc. (UBER) - Canvas Business Model: Value Propositions

Riders: On-demand, reliable, and affordable transportation options.

The value proposition for Riders centers on immediate access to movement, supported by scale that drives down cost in many markets.

• Total Trips grew 22% year-over-year in Q3 2025, reaching 3.5 billion trips for the quarter.
• Mobility Gross Bookings reached $25.11 billion in Q3 2025.
• Trip growth in the U.S. accelerated due to an increasing adoption of low-cost offerings.

Uber Technologies, Inc. is building out a hybrid future, integrating human drivers with L4 autonomous vehicles, with partnerships targeting an initial deployment of 5,000 L4 autonomous vehicles from Stellantis.

Eaters: Fast delivery of restaurant and retail goods.

For Eaters, the value is in speed and breadth of selection, moving beyond just restaurants into everyday needs.

• Delivery Gross Bookings jumped 25% year-over-year to $23.32 billion in Q3 2025.
• Grocery & Retail (G&R) gross bookings run rate is around $12 billion dollars.
• The company is capturing spend that usually goes to other platforms by offering G&R for everyday runs.

The platform strategy is turning into a powerful flywheel; an astounding $10 billion (or 12% of annualized Delivery Gross Bookings) is generated via the Eats view within the main Uber app.

Drivers/Couriers: Flexible, independent work and economic opportunity.

Drivers and Couriers value the platform for providing immediate, flexible earning potential based on their availability.

The platform's scale allows for high engagement; MAPCs averaged 6.1 trips per month in Q2 2025.

Shippers (Freight): Real-time pricing and efficient digital logistics.

For Shippers, Uber Technologies, Inc. offers a digital layer to the traditionally fragmented logistics market, providing transparency and efficiency.

The Freight segment revenue mirrored the gross bookings trend, also down 1% year-over-year in Q3 2025.

Uber One Members: Consolidated savings and perks across Mobility and Delivery.

Uber One members receive a value proposition based on cross-platform utility, driving higher retention and spend for Uber Technologies, Inc.

• Uber One membership grew to 36 million members in Q3 2025.
• Cross-platform consumers retain 35% better than single-business users.
• Cross-platform users generate over 3x the Gross Bookings compared to single-business users.
• The membership program touches two-thirds of all delivery gross bookings.

The focus on cross-platform engagement is key; users active on both Mobility and Delivery apps are significantly more valuable.

Uber Technologies, Inc. (UBER) - Canvas Business Model: Customer Relationships

You're looking at how Uber Technologies, Inc. keeps its massive user base engaged and satisfied as of late 2025. The relationships are heavily digitized, but specific high-touch points exist for premium and business segments.

Automated self-service via in-app help and support is the first line of defense. Uber Technologies, Inc. provides 24/7 customer support directly through the app. A JD Power report indicated that 84% of ride-hailing customers were satisfied with Uber Technologies, Inc.'s customer support, specifically citing its accessibility and responsiveness. Furthermore, a Statista survey found that 76% of ride-hailing customers prefer Uber Technologies, Inc.'s app due to its intuitive design and functionality.

For high-value segments, dedicated account management is in place. For Uber for Business clients, the platform helps organizations achieve up to 10% cost savings through strengthened compliance, driven by automated approvals and policy enforcement. On the Uber Freight side, while revenue declined 8% to $1.28 billion in Q1 2024, the segment focused on decreasing its losses by 9%, suggesting a push for better unit economics and dedicated carrier/shipper relationship management.

The loyalty program, Uber One, is a major relationship anchor. As of June 2025, the member count surged to over 36 million subscribers. These members now account for more than one-third of total bookings and generate more than three times the profit of single-service users. The monthly cost for this membership is $9.99, with an annual option at $96.

Relationships are transactional and personalized through dynamic systems. Uber Technologies, Inc.'s AI-powered pricing system is credited with generating $31.8B in revenue in 2025 by balancing marketplace conditions. The company's spend on incentive programs, which includes discounts and promo codes, was reported at $2.20B.

Here's a quick look at key metrics related to customer value capture and loyalty:

The platform also evolves relationships with new features. In June 2025, Uber Technologies, Inc. launched Senior Accounts and accessibility features, simplifying app modes for older adults. Also, starting in late 2025, Uber One introduced Family sharing, allowing one additional adult account and any number of Teen accounts to be added to the primary membership.

• Uber One monthly membership fee: $9.99.
• Uber One annual membership fee: $96.
• Uber for Business cost savings potential: up to 10%.
• In-app preference rating: 76% prefer the app interface.

Uber Technologies, Inc. (UBER) - Canvas Business Model: Channels

You're looking at how Uber Technologies, Inc. gets its services-rides, food, and freight-into the hands of its customers as of late 2025. The channels are where the rubber meets the road, literally and digitally. It's all about access, speed, and making sure the right product finds the right user at the right moment.

The sheer scale of the platform is best captured by its user base and transaction volume in the third quarter of 2025. You saw 3.5 billion total trips completed, which is a 22% year-over-year jump. That volume flowed through 189 million Monthly Active Platform Consumers (MAPCs) across 70 countries. The annualized run-rate gross bookings across the entire platform hit $199 billion as of September 30, 2025.

Primary: Mobile Applications

The core of Uber Technologies, Inc.'s channel strategy is undeniably its dual mobile applications, though the lines are blurring. The main Uber app is increasingly the gateway for everything, not just rides. For instance, about 12% of annualized Delivery gross bookings, which equates to roughly $10 billion, is now generated just from the Eats view embedded within the main Uber app itself. This cross-pollination is a deliberate channel strategy.

The engagement within this primary channel is deepening, which is key to profitability. Cross-platform consumers, those using both Mobility and Delivery, are significantly more valuable; they generate over 3x the Gross Bookings and retain 35% better than single-business users. The Uber One membership program is a major channel driver for this stickiness, growing to 36 million members by Q3 2025.

Here's a quick look at the Gross Bookings split between the two main service lines in Q3 2025:

The Delivery segment is outpacing Mobility in Gross Bookings growth, up 25% year-over-year in Q3 2025.

Secondary: Web Platforms

While mobile dominates consumer interaction, web platforms serve as crucial access points for enterprise and logistics partners. Uber Freight primarily uses a web-based technology platform for brokers. You saw Freight gross bookings in Q2 2025 at $1.26 billion, a slight dip of 1% year-over-year, reflecting the challenging freight market cycle at that time. The introduction of Broker Access in early 2025 streamlined this channel by giving brokers direct access to the platform and carrier network.

Uber for Business also operates through dedicated web portals and integrations, targeting corporate travel and expense management. While specific revenue figures for the Uber for Business channel aren't broken out separately in the latest reports, its success is implied by the overall Mobility segment's performance, which saw revenue of $7.28 billion in Q2 2025.

Direct Integration with Third-Party Partners

Direct integration extends Uber's reach by embedding its services or data into other popular platforms. The most concrete example of this channel strategy is the deep integration between the Mobility and Delivery apps. As noted, 20% of active customers in markets where both services are available use them together. Furthermore, roughly 30% of first-time Delivery customers were acquired directly from the main Uber app, showing the app itself acts as a powerful third-party channel for its own Delivery vertical.

The focus on ecosystem integration is also seen in the growth of Uber One, which acts as a loyalty channel, with its 36 million members touching over 40% of combined Mobility and Delivery Gross Bookings.

Autonomous Vehicle Fleets for Robotaxi and Delivery Trials

This represents the future channel for Uber Technologies, Inc., moving from human-powered supply to automated supply. The company is actively building this channel through partnerships. As of Q3 2025, Uber partners with 20 Autonomous Vehicle (AV) companies across Mobility, Delivery, and Freight.

The commercialization of this channel is starting to materialize:

• Partnering with Nvidia for scaling L4 autonomous vehicles.
• Initial deployment of 5,000 AVs planned with Stellantis, powered by the Hyperion platform.
• Launched the Middle East's first fully driverless robotaxi commercial operations in Abu Dhabi, UAE, with WeRide in late November 2025.

Finance: draft Q4 2025 cash flow projection incorporating the planned redemption of the $1.2 billion Convertible Notes due December 2025 by Friday.

Uber Technologies, Inc. (UBER) - Canvas Business Model: Customer Segments

You're looking at the core user base that powers the entire platform for Uber Technologies, Inc. as of late 2025. It's not just one group; it's a complex ecosystem of consumers, earners, and businesses all interacting on the same digital rails. Understanding the scale of each segment is key to seeing where the growth dollars are coming from.

Mass Market: Global Riders Seeking On-Demand Mobility

The foundation remains the global rider base, the folks needing a ride from point A to point B. This segment is massive and showing sustained engagement. In the third quarter of 2025, Uber reported 189 million Monthly Active Platform Consumers (MAPCs), which is the metric they use to count unique accounts that took a ride or ordered delivery. That's up 17% year-over-year for Q3 2025. The volume of activity is staggering; they completed 3.5 billion trips globally in Q3 2025. That volume translated to an average of 4% more trips per MAPC compared to the prior year, showing that existing users are relying on the service more frequently. To be fair, the Q1 2025 report noted 170 million monthly active consumers, but the 189 million figure from Q3 2025 is the latest snapshot of the active base.

Consumers: Individuals Ordering Food, Grocery, and Retail Delivery (Eaters)

The Delivery segment, which includes Uber Eats and the expanding grocery and retail offerings, is a huge driver of overall platform activity. For the third quarter of 2025, Delivery Gross Bookings hit $23.32 billion, marking a 25% year-over-year trip growth. The strategic push into non-restaurant delivery is paying off; the Grocery and Retail (G&R) business alone had a gross bookings run rate around $12 billion in Q3 2025. A third of the Uber Eats customers use the dedicated app, but the real synergy comes from cross-platform users. In Q2 2025, the Delivery segment generated approximately $4.1 billion in revenue.

Independent Contractors: Drivers and Couriers Seeking Flexible Earnings

The supply side of the marketplace is just as critical. As of Q2 2025, Uber maintained a global network of over 8.8 million drivers and couriers. This supply base is growing, with the number of drivers on the platform increasing by 20% in Q1 2025, reaching 8.5 million. These earners are seeing substantial payouts; in Q1 2025, drivers and couriers aggregated $18.6 billion in earnings, which was an 18% year-over-year increase. In the US alone, Uber has over 1 million active rideshare drivers out of a total US ridesharing driver pool estimated at over 1.7 million in 2025.

Enterprises: Businesses Using Uber for Business and Uber Freight Shippers

This segment covers corporate travel via Uber for Business and the logistics operations of Uber Freight. Uber Freight, while a smaller piece of the total Gross Bookings pie and historically unprofitable, is central to the strategy of digitizing logistics. In Q2 2025, Uber Freight brought in an estimated revenue of $1.26 billion. Looking back at Q1 2024, Freight revenue was $1.28 billion, which represented an 8% year-over-year decline, highlighting the volatility in that specific logistics market. The Freight unit has raised a total of $2.78 billion in funding over its history.

High-Value Users: Uber One Subscribers Driving Over 40% of Gross Bookings

The most engaged users are the focus for maximizing lifetime value. The Uber One membership program is the primary tool for locking in these high-value customers. By Q3 2025, the membership base had grown to 36 million members, up from 30 million in Q1 2025. These members are the engine for cross-platform adoption; users active on both Mobility and Delivery spend three times more and have 35% better retention than single-product users. The prompt specifies that this group drives over 40% of Gross Bookings. Furthermore, the membership program touches two-thirds of all Delivery Gross Bookings, showing its deep integration into the commerce side of the business.

Here is a quick look at the scale across these key segments based on recent data:

The platform's success hinges on keeping the engagement high across these distinct groups. For instance, the 4% YoY increase in trips per MAPC in Q3 2025 shows the existing consumer base is deepening its relationship with the platform, which directly benefits the 36 million Uber One members.

• Cross-platform users spend three times more than single-product users.
• Uber One members retain at a 35% better rate.
• Delivery trip growth reached 25% year-over-year in Q3 2025.
• Total Gross Bookings in Q3 2025 reached $49.7 billion.
• Driver/Courier earnings aggregated $18.6 billion in Q1 2025.

Finance: draft 13-week cash view by Friday.

Uber Technologies, Inc. (UBER) - Canvas Business Model: Cost Structure

You're looking at the engine room of Uber Technologies, Inc., where the dollars flow out to keep the platform moving. Understanding this cost structure is key because it shows where the company is spending to maintain its massive scale and fund future bets like autonomous vehicles (AVs).

Variable Costs: Driver/courier incentives and earnings, the largest cost component.

The single biggest drain on cash flow, by far, is paying the drivers and couriers. This cost scales directly with the volume of rides and deliveries. While Uber Technologies, Inc. reports its take rate-the revenue it keeps as a percentage of the total fare-the rest goes to the service providers. For instance, in the second quarter of 2025, the take rate for mobility services was reported at 30.6%, and for food delivery, it was 18.8%. This implies that the majority of the Gross Bookings (GB) flows out as variable compensation and incentives. The company noted that it has 9.4 million drivers and couriers as of Q3 2025, all needing to be incentivized to maintain supply.

Cost of Revenue: Includes insurance, payment processing, and support.

This bucket captures the direct costs of running the marketplace, sitting right above the driver pay, though driver pay is the dominant part. For the three months ended September 30, 2025, the GAAP Cost of Revenue, exclusive of depreciation and amortization, was $8.109 billion. Looking at the Trailing Twelve Months (TTM) ending September 30, 2025, this total reached $22.657 billion. This figure includes critical items like insurance, which analysts noted caused a slight year-over-year increase in the non-GAAP cost of revenue as a percentage of GB in Q4 2024. Operations and Support, which covers platform support costs, was $735 million for Q3 2025.

Fixed Costs: Technology development (R&D) and platform operations.

These are the costs you incur whether you process one trip or one million. Technology development, or Research and Development (R&D), is a substantial fixed investment, reflecting the ongoing need to improve the app, mapping, and payment technologies. For the third quarter of 2025, R&D spending was $862 million. The company is also investing heavily in its future, with AV development being a key area, though these investments are currently unprofitable.

Sales & Marketing: Significant spending on customer and driver acquisition.

Keeping the platform growing requires constant spending to bring new riders, eaters, and drivers onto the app. Sales & Marketing expenses for the third quarter of 2025 were $1.277 billion. The company is trying to improve efficiency here; for example, the Uber One membership is currently profit-negative due to initial discounts but is intended to drive cross-platform usage, as cross-platform users spend 3x more.

General & Administrative: Corporate overhead and legal/regulatory expenses.

This covers the corporate backbone-finance, HR, legal, and executive functions. General & Administrative (G&A) for Q3 2025 was reported at $3.62 billion. This number can be volatile due to large, non-recurring items; for instance, the GAAP net income for Q3 2025 included a $4.9 billion benefit from a tax valuation release, which can distort the underlying G&A run rate. Legal and regulatory reserve changes are also a factor, with a $479 million charge noted in GAAP operating profit for Q4 2025 guidance context.

Here's a look at the recent operating expense profile based on Trailing Twelve Months (TTM) data ending September 30, 2025, which gives a clearer picture of the scale:

The trend you want to watch is the operating leverage, which is evident in the expanding margins. Adjusted EBITDA margin as a percentage of Gross Bookings hit 4.5% in Q3 2025, up from 4.1% in Q3 2024. This expansion shows that revenue growth is outpacing the growth in these operating expenses, which is the goal of scaling this asset-light model.

Uber Technologies, Inc. (UBER) - Canvas Business Model: Revenue Streams

You're looking at the core ways Uber Technologies, Inc. pulls in cash as of late 2025. It's a mix of transaction fees, high-margin services, and recurring membership revenue. Honestly, the shift in focus from pure ride-hailing to a multi-sided platform is what's driving the current financial picture.

The primary engine remains the commission taken from the total value of transactions processed on the platform. This is often referred to as the take rate, and it varies by segment. For Mobility (ride-hailing), the take rate was reported at 30.6% in the second quarter of 2025. For the Delivery segment, which includes Uber Eats and retail, the take rate was 18.8% for food delivery in the same period. These percentages are what Uber keeps from the Gross Bookings (GB) flowing through those services.

Uber Freight, which handles digital logistics and brokerage, is a distinct revenue stream, though it has faced market pressures. For the third quarter ending September 30, 2025, Uber Freight generated $1.31 billion in revenue. This segment has been a drag on overall profitability compared to the core segments, but it remains a key part of the logistics ecosystem.

The high-margin advertising business is a significant and fast-growing component. As of the first quarter of 2025, Uber Technologies, Inc. announced that its Ads business had surpassed an annual run rate of $1.5 billion. This revenue comes from in-app ads across both Mobility and Delivery, and it's a pure profit lever since it doesn't require adding new drivers or riders.

Subscriptions are increasingly important for locking in customer value. The Uber One membership base has been a major focus for driving cross-platform use. As of June 2025, the member count surged to over 36 million subscribers, a figure management highlighted as a key driver for customer retention and increased spending across services.

Here's a look at how the major segments contributed to the top line based on the latest quarterly report for the period ending September 30, 2025. Remember, these are revenue figures, not Gross Bookings.

The overall financial scale is best captured by the trailing twelve months (TTM) figure. For the TTM ending September 30, 2025, Uber Technologies, Inc.'s Total Revenue was approximately $49.610 billion, representing an 18.25% increase year-over-year.

To summarize the key revenue drivers and their current scale, think about these points:

• Mobility Take Rate (Q2 2025): 30.6%.
• Delivery Take Rate (Q2 2025): 18.8%.
• Uber One Membership Base: Over 36 million members (June 2025).
• Advertising Annual Run Rate: Exceeded $1.5 billion (Q1 2025).
• Total Revenue (TTM Sep 30, 2025): $49.610 billion.

Finance: draft 13-week cash view by Friday.