Uber lost money from operations every year from 2017 to 2022, and has made an operating profit every year since 2023. Its largest operating loss was $8.6 billion in 2019; in 2025 it earned $5.6 billion of income from operations on $52.0 billion of revenue, according to its Form 10-K filings. Net income swings more than operating income because it includes revaluations of Uber’s stakes in other companies and tax items: Uber also reported net income of $997 million in 2018, and its 2025 net income of $10.1 billion included a $5.0 billion tax benefit.
Why the losses happened and how they ended
What changed in 2025-26
Years of losses left Uber with an accumulated deficit. It fell to $10.6 billion at 31 December 2025, from $20.7 billion a year earlier, after 2025 net income of $10.1 billion.
Free cash flow was $9.8 billion in 2025, up from $6.9 billion in 2024. In Q2 2026 Uber said trailing twelve-month free cash flow exceeded $10 billion for the first time.
In the quarter to 30 June 2026 income from operations grew 30% to $1.9 billion on revenue of $14.2 billion. Net income of $2.4 billion included a $1.6 billion pre-tax gain from revaluing equity investments.
Uber’s 10-K names Alphabet (Waymo), Amazon (Zoox) and Tesla as companies developing autonomous vehicles that compete or may compete with it, and lists failing to offer autonomous technology at competitive scale as a risk. In Q2 2026 its CEO said Uber is building the world’s largest platform for autonomous vehicles.
Uber profit and loss, selected years
What it means for you
- Investors: judge the business on income from operations; Uber's net income is moved by equity revaluations and tax items.
- Operators: a marketplace can lose money for years while it builds density; the test is whether costs grow more slowly than revenue once it has scale.
- Read the accumulated deficit: it shows how much of the past losses recent profits have earned back.
- Founders: losses funded by investors need a visible path to operating profit; Uber's first full-year operating profit came four years after its 2019 peak loss.
- Watch the autonomous shift: if robotaxi operators run their own networks, Uber's cost and revenue structure could change.
Uber’s losses bought density: more riders, drivers and merchants on one network, which is what finally turned operating costs into profit. The AI-era test is autonomy, where Uber has to stay the demand layer for robotaxi fleets it does not own.
Read: Marketplace Business Models →Explore everything we publish →Related: Is Uber profitable? · Uber business model · Uber revenue · Uber gross bookings · Who owns Uber
Frequently asked questions
How much money did Uber lose by year?
Loss from operations was $4.1B (2017), $3.0B (2018), $8.6B (2019), $4.9B (2020), $3.8B (2021) and $1.8B (2022); Uber has had operating profits since 2023.
When did Uber become profitable?
Its first full-year operating profit was $1.1 billion in 2023. On a net basis Uber also reported net income of $997 million in 2018.
What was Uber's biggest loss?
The largest operating loss was $8.6 billion in 2019; the largest net loss attributable to Uber was $9.1 billion in 2022, driven by $7.0 billion of unrealized losses on equity stakes.
Is Uber profitable now?
Yes: income from operations was $5.6 billion in 2025 and $1.9 billion in Q2 2026.
Sources
- Uber Technologies (2026), Form 10-K for 2025, filed 13 February 2026 (SEC)
- Uber Technologies (2026), Uber Announces Results for Second Quarter 2026, Form 8-K Exhibit 99.1, 5 August 2026 (SEC)
- Uber Technologies (2023), Form 10-K for 2022 (SEC)
- Uber Technologies (2020), Form 10-K for 2019 (SEC)
The full guide
The complete explainer, cleaned up and reformatted for mobile.
Uber lost money from operations every year from 2017 to 2022 and has made an operating profit every year since 2023: $1.1 billion in 2023, $2.8 billion in 2024 and $5.6 billion in 2025 (Form 10-K). On a net basis, Uber earned $1.88 billion in 2023 on revenue of over $37 billion, compared with a net loss of $9.14 billion in 2022, which included $7.0 billion of unrealized losses on its equity stakes. The 2021 net loss was $496 million. Net income has also been positive in 2018 ($997 million), 2024 and 2025, so 2023 was not Uber’s only profitable year.
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.
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.
Uber losses and profits by year: the latest data
Uber’s largest operating loss came in 2019, at $8.6 billion. Losses narrowed through 2022 and Uber posted its first full-year operating profit in 2023 ($1.1 billion), followed by $2.8 billion in 2024 and $5.6 billion in 2025.
Net income moves more than operating income because it includes gains and losses on revaluing Uber’s equity stakes in other companies, among other non-operating items. Operating income is the cleaner measure of the business itself.
| Year | Revenue | Operating income | Net income (incl. non-controlling interests) |
|---|---|---|---|
| 2017 | $7.9B | −$4.1B | −$4.0B |
| 2018 | $10.4B | −$3.0B | $987M |
| 2019 | $13.0B | −$8.6B | −$8.5B |
| 2020 | $11.1B | −$4.9B | −$6.8B |
| 2021 | $17.5B | −$3.8B | −$570M |
| 2022 | $31.9B | −$1.8B | −$9.1B |
| 2023 | $37.3B | $1.1B | $2.2B |
| 2024 | $44.0B | $2.8B | $9.8B |
| 2025 | $52.0B | $5.6B | $10.1B |
Source: Uber Form 10-K filings via SEC EDGAR XBRL company facts. Data checked 8 October 2026.
In one lineFor 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).
Layout refreshed 6 October 2026. The article text below is unchanged.
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 in charts
