Yes. Uber has made an operating profit since 2023, and its 10-K shows $5.6 billion of income from operations in 2025, up 99% on 2024. Net income was $10.1 billion in 2025 and $9.9 billion in 2024, but both years were lifted by one-off tax gains: a $5.0 billion release of a Netherlands tax valuation allowance in 2025 and a $6.4 billion U.S. release in 2024, Uber says. Net income also swings with the value of its stakes in companies such as Aurora, Didi and Grab.
How we source: the figures in the boxes and charts on this page come from Uber’s own annual filing, with the period stated next to each number. Data checked 2 November 2026. The original article below may quote earlier periods. Our methodology.
Correction, 2 November 2026:
An earlier version of this page said 2023 was the first profitable year in Uber's history and that Uber had never made a profit in any other year. Uber's Form 10-K for fiscal 2019 reports net income of $997 million in 2018, driven by $3.2 billion of gains on divesting its Southeast Asia and Russia/CIS businesses; 2023 was its first year of income from operations ($1.1 billion), and it went on to net income of $9.9 billion in 2024 and $10.1 billion in 2025.
Key figures · fiscal 2025 (year to 31 December 2025)
For the first time in its history, in 2023, Uber became profitable, with nearly $1.9 billion in net profits. Indeed on net revenues of over $37 billion, Uber posted a net profit of $1.88 billion, compared with a net loss of $9.14 billion in 2022. In 2021, Uber posted a lower net loss ($496 million), primarily thanks to the business divestitures of various assets. Throughout its history, on an annual basis, Uber has never made a profit except for 2023, when it finally reached profitability, thanks to a shifted focus toward operational efficiency.
Uber's net income swings with its equity stakes; operating income shows the steady turn. Source: Uber Form 10-K filings via SEC EDGAR XBRL company facts. Net income includes non-controlling interests. Analysis by The Business Engineer.
For the first time in its history, in 2023, Uber became profitable, with nearly $1.9 billion in net profits. Indeed on net revenues of over $37 billion, Uber posted a net profit of $1.88 billion, compared with a net loss of $9.14 billion in 2022.
Over the years, Uber has created a whole new market, starting from its mobility/ride-sharing platform.
Density is Uber's cost advantage, up to the point where congestion and local rules push costs back up. Source: Concept framework: FourWeekMBA / The Business Engineer. Curve illustrative; operating income from Uber Form 10-K (SEC). Analysis by The Business Engineer.Uber annual revenue and operating income, 2017–2025. Source: Uber Form 10-K filings (SEC). Analysis by The Business Engineer.
Company explainer · Uber, explained
A 3-minute explainer of Uber's business model and latest numbers, built from its SEC filings. Analysis by The Business Engineer.
How we source: figures on this page come from the company’s own filings (SEC 10-K, 10-Q and earnings releases, or its annual report), with the period stated next to each number. Last refreshed October 2026. Our methodology.
Uber is a two-sided marketplace: riders and drivers, matched and priced by the app. Source: Concept framework: FourWeekMBA / The Business Engineer. Take rate: Uber Q2 2026 earnings release (SEC), calculated as Mobility revenue ÷ Mobility gross bookings. Analysis by The Business Engineer.
Uber Eats is a three-sided marketplace: eaters, merchants and couriers. Source: Concept framework: FourWeekMBA / The Business Engineer. Figures: Uber Q2 2026 earnings release (SEC); take rate calculated. Analysis by The Business Engineer.
As of 2023, Uber is confirmed to be a behemoth in the mobility industry, spanning anywhere from ride-sharing to food delivery, and freight delivery.
Uber revenue by segment, quarterly, Q4 2024–Q2 2026. Source: Uber earnings releases (SEC). Analysis by The Business Engineer.
The fee or take rate might vary based on geography, supply, and demand, but also the ability of Uber to have consolidated market shares.
Uber keeps about 25% of ride bookings and 19% of delivery bookings. Source: Uber quarterly earnings releases (Form 8-K, SEC EDGAR). Take rates calculated by FourWeekMBA from reported segment revenue and gross bookings. Analysis by The Business Engineer.
Indeed, as of 2023, take rates are higher in the ride-sharing industry, where Uber has a more consolidated, dominating position.
Whereas, in the delivery business, where competition is intense, and Uber hasn’t yet consolidated market dominance, its take rates are slightly lower.
As the financial crisis hit the world in 2022, Uber had to further re-focus its business units, thus performing various divestitures.
However, the company is still highly unprofitable.
Yet, the good news is if we look at the Uber Eats segment, this might be getting profitable (if we look at EBITDA).
Uber Eats turned $27.5B of orders into $5.2B of revenue in Q2 2026. Source: Uber quarterly earnings releases (Form 8-K, SEC EDGAR). Delivery segment includes Uber Eats and grocery and retail delivery. Analysis by The Business Engineer.
And the same applies to the Uber Freight segment, which might have broken even by 2023.
Uber Freight is a $1.6B-a-quarter business, about 11% of Uber's revenue. Source: Uber quarterly earnings releases (Form 8-K, SEC EDGAR). Analysis by The Business Engineer.
Yes. Uber made $5.6 billion of operating income in 2025 on $52.0 billion of revenue, and $1.9 billion in the second quarter of 2026. Net income, including non-controlling interests, was $10.1 billion in 2025; it moves more than operating income because it includes revaluations of Uber's equity stakes and tax items. Source: Uber Form 10-K and Q2 2026 earnings release (SEC).
When did Uber first become profitable?
2023 was Uber's first full year of operating profit: $1.1 billion, after an operating loss of $1.8 billion in 2022 and a peak loss of $8.6 billion in 2019. Operating income then rose to $2.8 billion in 2024 and $5.6 billion in 2025. Source: Uber Form 10-K filings (SEC).
How does Uber make money?
Uber keeps a share of each booking on its platform. In 2025 its revenue came from Mobility (rides, $29.7 billion), Delivery (Uber Eats, $17.2 billion) and Freight ($5.1 billion). In Q2 2026 Uber kept 25.4% of Mobility bookings and 19.1% of Delivery bookings as revenue (calculated from its earnings release).
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
