Uber Technologies, Inc. (UBER) Cash Flow Statement
Where UBER’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $10.10B +41.5% vs 2024
- Capital expenditures
- $336.0M 0.6% of revenue
- Free cash flow
- $9.76B 18.8% margin
- Returned to shareholders
- $6.52B 67% of free cash flow
- Change in cash
- $1.30B cash at year-end $7.74B
Cash from operations
$10.10B
Capital expenditures
−$336.0M
Investments (net)
−$2.08B
Acquisitions & other
−$1.26B
Share buybacks (net)
−$6.52B
Net borrowing (repayment)
+$852.0M
Other financing
+$67.0M
Currency & other
+$476.0M
Change in cash
$1.30B
Drawn to scale: where the cash came from and how it was used. Hover for values.
UBER operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
UBER cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$2.91B2016 | $10.10B2025 | — | |
| Capital expenditures | $1.64B2016 | $336.0M2025 | −16.1%/yr | |
| Free cash flow | −$4.55B2016 | $9.76B2025 | — | |
| Free cash flow margin | −118.3%2016 | 18.8%2025 | +137.1 pts | |
| Operating cash flow / net income | −1.562018 | 1.002025 | +2.56 | |
| Stock-based compensation | $107.0M2016 | $1.83B2025 | +37.1%/yr | |
| Share buybacks (net) | $90.0M2016 | $6.52B2025 | +60.9%/yr | |
| Capex / revenue | 42.5%2016 | 0.6%2025 | −41.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UBER cash flow by activity
OperatingInvestingFinancingChange in cash
UBER net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
UBER cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $10.09B | $9.85B | $1.89B | −$9.14B | −$496.0M | −$6.79B | −$8.51B | $987.0M | −$4.03B | −$370.0M |
| Depreciation & amortization | $747.0M | $737.0M | $823.0M | $947.0M | $833.0M | $575.0M | $472.0M | $426.0M | $510.0M | $347.0M |
| Stock-based compensation | $1.83B | $1.80B | $1.94B | $1.79B | $1.17B | $827.0M | $4.60B | $170.0M | $124.0M | $107.0M |
| Change in working capital | $2.23B | $2.37B | $165.0M | $335.0M | $1.68B | $732.0M | −$500.0M | $890.0M | $1.91B | $1.07B |
| Other non-cash items | −$4.79B | −$7.62B | −$1.23B | $6.71B | −$3.63B | $1.91B | −$377.0M | −$4.01B | $71.0M | −$4.07B |
| Cash from operating activities | $10.10B | $7.14B | $3.58B | $642.0M | −$445.0M | −$2.75B | −$4.32B | −$1.54B | −$1.42B | −$2.91B |
| Investing activities | ||||||||||
| Capital expenditures | −$336.0M | −$242.0M | −$223.0M | −$252.0M | −$298.0M | −$616.0M | −$588.0M | −$558.0M | −$829.0M | −$1.64B |
| Investments (net) | −$2.08B | −$3.18B | −$3.23B | −$1.33B | $1.70B | −$835.0M | −$790.0M | −$412.0M | −$412.0M | −$1.86B |
| Acquisitions & other investing | −$1.26B | −$609.0M | $223.0M | −$53.0M | −$2.60B | −$1.42B | $588.0M | $275.0M | $754.0M | $1.64B |
| Cash from investing activities | −$3.67B | −$4.03B | −$3.23B | −$1.64B | −$1.20B | −$2.87B | −$790.0M | −$695.0M | −$487.0M | −$1.86B |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −$6.52B | −$1.25B | $130.0M | $92.0M | $782.0M | $125.0M | −$74.0M | −$10.0M | −$131.0M | −$90.0M |
| Net borrowing (repayment) | $852.0M | −$186.0M | −$47.0M | −$80.0M | $924.0M | $1.21B | $1.02B | $2.87B | $114.0M | $1.43B |
| Shares issued | $0 | $0 | $0 | $255.0M | $675.0M | $247.0M | $9.47B | $1.75B | $0 | $0 |
| Other financing | $67.0M | $202.0M | −$178.0M | −$252.0M | −$601.0M | −$203.0M | −$1.48B | $33.0M | $1.03B | $4.86B |
| Cash from financing activities | −$5.60B | −$1.24B | −$95.0M | $15.0M | $1.78B | $1.38B | $8.94B | $4.64B | $1.01B | $6.19B |
| Summary | ||||||||||
| Net change in cash | $1.30B | $953.0M | $327.0M | −$1.13B | $414.0M | −$5.08B | $3.86B | $2.38B | −$998.0M | $1.40B |
| Cash at end of period | $7.74B | $6.44B | $7.00B | $6.68B | $7.80B | $5.90B | $12.07B | $8.21B | $5.83B | $6.83B |
| Free cash flow | $9.76B | $6.89B | $3.36B | $390.0M | −$743.0M | −$3.36B | −$4.91B | −$2.10B | −$2.25B | −$4.55B |
| Free cash flow margin | 18.8% | 15.7% | 9.0% | 1.2% | −4.3% | −30.2% | −37.8% | −20.1% | −28.3% | −118.3% |
| Capex / revenue | 0.6% | 0.6% | 0.6% | 0.8% | 1.7% | 5.5% | 4.5% | 5.3% | 10.5% | 42.5% |
| Operating cash flow / net income | 1.00 | 0.72 | 1.90 | — | — | — | — | −1.56 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.42B | $282.0M | $317.0M | $6.65B | $1.35B | $1.77B | $6.90B | $2.60B | $1.01B | −$654.0M | $1.43B | $219.0M |
| Depreciation & amortization | $195.0M | $191.0M | $193.0M | $195.0M | $181.0M | $178.0M | $176.0M | $186.0M | $181.0M | $194.0M | $203.0M | $205.0M |
| Stock-based compensation | $550.0M | $473.0M | $451.0M | $465.0M | $475.0M | $435.0M | $419.0M | $438.0M | $455.0M | $484.0M | $469.0M | $492.0M |
| Change in working capital | $410.0M | −$200.0M | $652.0M | $648.0M | $449.0M | $478.0M | $773.0M | $511.0M | $515.0M | $575.0M | −$331.0M | −$113.0M |
| Other non-cash items | −$709.0M | $1.60B | $1.27B | −$5.63B | $109.0M | −$541.0M | −$6.52B | −$1.58B | −$346.0M | $817.0M | −$947.0M | $163.0M |
| Cash from operating activities | $2.86B | $2.35B | $2.88B | $2.33B | $2.56B | $2.32B | $1.75B | $2.15B | $1.82B | $1.42B | $823.0M | $966.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$70.0M | −$65.0M | −$75.0M | −$98.0M | −$89.0M | −$74.0M | −$44.0M | −$42.0M | −$99.0M | −$57.0M | −$55.0M | −$61.0M |
| Investments (net) | −$4.40B | −$732.0M | −$1.39B | $53.0M | −$1.46B | −$542.0M | $1.43B | −$2.69B | −$1.68B | −$242.0M | −$819.0M | −$2.42B |
| Acquisitions & other investing | −$923.0M | $24.0M | −$255.0M | $98.0M | $89.0M | $74.0M | $44.0M | $42.0M | $99.0M | $57.0M | $55.0M | $61.0M |
| Cash from investing activities | −$5.39B | −$773.0M | −$1.72B | $53.0M | −$1.46B | −$542.0M | $1.43B | −$2.69B | −$1.68B | −$242.0M | −$819.0M | −$2.42B |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$518.0M | −$3.01B | −$1.91B | −$1.46B | −$1.36B | −$1.78B | −$555.0M | −$372.0M | −$325.0M | $0 | $130.0M | $85.0M |
| Net borrowing (repayment) | $1.96B | −$40.0M | −$1.20B | $995.0M | $1.10B | −$47.0M | −$2.05B | $1.95B | — | — | — | −$67.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $103.0M | −$40.0M | $98.0M | −$70.0M | $69.0M | −$30.0M | −$792.0M | $19.0M | $134.0M | −$100.0M | −$84.0M | −$94.0M |
| Cash from financing activities | $1.54B | −$3.09B | −$3.01B | −$538.0M | −$195.0M | −$1.86B | −$3.40B | $1.60B | −$191.0M | −$100.0M | $46.0M | −$76.0M |
| Summary | ||||||||||||
| Net change in cash | −$933.0M | −$1.54B | −$1.17B | $1.82B | $1.07B | −$10.0M | −$393.0M | $1.12B | −$103.0M | $980.0M | $139.0M | −$1.59B |
| Cash at end of period | $7.18B | $8.11B | $7.74B | $11.48B | $9.67B | $8.60B | $8.61B | $9.00B | $7.88B | $7.98B | $7.00B | $6.87B |
| Free cash flow | $2.79B | $2.29B | $2.81B | $2.23B | $2.48B | $2.25B | $1.71B | $2.11B | $1.72B | $1.36B | $768.0M | $905.0M |
| Free cash flow margin | 19.7% | 17.3% | 19.5% | 16.6% | 19.6% | 19.5% | 14.3% | 18.9% | 16.1% | 13.4% | 7.7% | 9.7% |
| Capex / revenue | 0.5% | 0.5% | 0.5% | 0.7% | 0.7% | 0.6% | 0.4% | 0.4% | 0.9% | 0.6% | 0.6% | 0.7% |
| Operating cash flow / net income | 1.18 | 8.34 | 9.09 | 0.35 | 1.90 | 1.31 | 0.25 | 0.83 | 1.79 | — | 0.58 | 4.41 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
UBER cash generation
In fiscal 2025 (ended December 31, 2025), Uber generated $10.1 billion of cash from operations (up 41.5%) and spent $336.0 million on capital expenditures, leaving free cash flow of $9.8 billion, 18.8% of revenue. It returned $6.5 billion to shareholders through dividends ($0) and net share buybacks ($6.5 billion). Cash and equivalents rose by $1.3 billion over the year.
Related: UBER income statement, UBER balance sheet. See the UBER stock overview for the latest quote and news.
UBER cash flow FAQ
What is Uber's free cash flow?
Uber's free cash flow was $9.8 billion in fiscal 2025: $10.1 billion of operating cash flow minus $336.0 million of capital expenditures It was $6.9 billion a year earlier..
How much cash does Uber generate from operations?
Uber generated $10.1 billion of cash from operating activities in fiscal 2025, 1.00 times its net income of $10.1 billion.
How much does Uber spend on capital expenditures?
Uber spent $336.0 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $242.0 million the year before.
How much stock does Uber buy back?
Uber spent $6.5 billion on net share repurchases in fiscal 2025.