Company profile
SEC EDGAR ↗- Industry
- Services-Business Services, NEC
- Listed
- NYSE: UBER
- Incorporated
- DE
- Headquarters
- San Francisco, CA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $52.0B
- Net income
- $10.1B
- Total assets
- $61.8B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $52.0B | $10.1B | $61.8B |
| FY2024 | $44.0B | $9.85B | $51.2B |
| FY2023 | $37.3B | $2.16B | $38.7B |
| FY2022 | $31.9B | −$9.14B | $32.1B |
| FY2021 | $17.5B | −$570.0M | $38.8B |
| FY2020 | $11.1B | −$6.77B | $33.3B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
In depth
Vault
Uber's International Expansion and Retreats
After disrupting the taxi industry in the United States, Uber faced a strategic imperative to expand internationally.
Vault
Uber's Two-Sided Marketplace
Every two-sided marketplace faces the same existential challenge at launch: riders will not download an app with no drivers, and drivers will not sign up for a platform with no riders.
Decisions on record
10 verified Decision Records on Uber, and the casebook each one belongs to.
| Fork date | Decision type | What Uber chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2010 | Distribution Rebellion | Drop 'Cab', keep going | The CPUC created the Transportation Network Company classification in Decision D.13-09-045 (2013-09) | Read the story → | Distribution Rebellion Casebook → |
| 2014 | The Pricing Lens | Cap surge in emergencies | UberX generated about $6.8 billion in U.S. consumer surplus in 2015 (2015) | Read the story → | The Pricing Lens Casebook → |
| 2016 | Crisis Response | Pay hackers and conceal | Security chief Sullivan sentenced to three years' probation and a $50,000 fine (2023-05) | Read the story → | Crisis Response Casebook → |
| 2016 | The Counterfactual | Sell China business for Didi equity | carried at $5.97 billion at the end of 2017 (2017) | Read the story → | The Counterfactual Casebook → |
| 2017 | Succession Question | Appoint Dara Khosrowshahi | Too early to call | Read the story → | Succession Question Casebook → |
| 2018 | The Flywheel | Exit and sell to Grab | Too early to call | Read the story → | The Flywheel Casebook → |
| 2018 | The Fork | Take smaller tighter equity deal | Too early to call | Read the story → | The Fork Casebook → |
| 2019 | Crisis Response | Fund a ballot measure | UK Supreme Court ruled unanimously that Uber drivers are 'workers,' not self-employed (2021-02) | Read the story → | Crisis Response Casebook → |
| 2020 | Adjacency Expansion | Acquire Postmates for scale | Uber Eats at 23% versus DoorDash 67%, Postmates 2% (2024-03) | Read the story → | Adjacency Expansion Casebook → |
| 2020 | Cannibalization Choice | Transfer for minority stake | Uber and ATG investors and employees collectively will hold about 40% of Aurora on a fully diluted basis (2020-12) | Read the story → | Cannibalization Choice Casebook → |
Videos on Uber
Run one of these yourself
The decisions Uber faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Business ModelThe Pricing Model ChangeWhat does changing how you charge cost before it starts paying?See the pack →Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →
The analyses
The Pricing Lens · Business Model
Why Uber Gets Expensive at the Worst Possible Moment
Surge pricing is read as greed: charge more when people are desperate. The data says the opposite. When Uber's surge briefly failed one New Year's Eve, only about a quarter of ride requests got a car. Surge isn't the price gouging you. It's the price doing the one job a fixed fare can't.
8 min
The Adjacency · Growth & Portfolio
Uber Eats Was a Lunch Experiment That Got Lucky. Then It Had to Grow Up.
The legend says Uber planned a delivery empire in 2014. It didn't - it ran a lunch-only pilot called UberFRESH. The pandemic handed Eats explosive volume, but its delivery segment was still bleeding $(232)M in adjusted EBITDA at the peak. The profit came later, the hard way.
7 min
The Money Machine · Business Model
Uber's First Operating Profit Was $1.11 Billion in 2023 — Paper Gains Inflated the Headline
In 2023 Uber reported $1.887 billion in net income and the world called it profitable at last. About a billion of that was paper gains on stock it owns. The number that actually mattered was $1.11 billion in operating income — the first in the company's history.
7 min
The Cannibalization Choice · Growth & Portfolio
Uber's Zero-Cash Self-Driving Handoff Was a Controlled Exit From Three Liabilities
Uber poured hundreds of millions a year into self-driving, then handed the whole unit to a rival for zero cash in 2020. The 'fire sale' framing misses the point: it was a controlled exit from three liabilities no CEO could solve at once.
8 min
The Counterfactual · Decision Forks
Uber Swapped Its $2 Billion China Cash Bonfire for a Stake That Grew to Nearly $8 Billion
Uber spent roughly $2 billion over two years to hold under 8% of China's ride-hailing market against Didi's 85%. In 2016 it swapped the cash bonfire for an equity stake - one that grew to nearly $8 billion while never getting the antitrust approval that would make it legally final.
8 min
Crisis Response · Crisis & Reinvention
Uber's security chief got probation for hiding the 2016 breach, and the CEO the judge called just as culpable walked
Joe Sullivan is called the executive who paid hackers $100,000 and covered up Uber's 2016 breach. The wire-fraud counts tied to that payment were dropped before trial. What he was actually convicted of was obstructing a federal investigation — and he got probation, not prison, while the CEO walked.
8 min
The Crisis Response · Crisis & Reinvention
Two Benchmark Partners Ended Uber's CEO Era With a Hand-Delivered Letter at the Ritz-Carlton
The story is that a culture scandal forced Uber's CEO out. The truth: on June 20, 2017, two Benchmark partners hand-delivered a resignation letter at the Ritz-Carlton Chicago. The official report had asked to reallocate his job, not end it.
8 min
The Crisis Response · Crisis & Reinvention
Uber Rewrote California Law for $59.5M, Then Lost Unanimously at the UK Supreme Court
Everyone thinks Uber lost the gig-worker war. It didn't — it spent $59.5M to rewrite California law and used arbitration to dissolve a class action into 14,000 stragglers. But where a judge looks past the contract, the fiction collapses: the UK Supreme Court ruled unanimously against it.
8 min
The Fork · Decision Forks
Uber Ended the Waymo Trial on Day Five With Stock, Not Cash — 0.34% of the Company
Five days into the federal trial, Uber handed Waymo a 0.34% equity stake called $245 million — but no cash changed hands, and at Uber's own SoftBank valuation the same slice was worth closer to $184 million. Uber admitted nothing. The number was never the point.
7 min
The Distribution Rebellion · Boundaries of the Firm
Uber's First Product Was Legal All Along — California Already Exempted Black Cars
The legend says Uber out-smarted a century-old taxi cartel. The truth is plainer: its first product was legal because California already exempted black cars from medallions. The real rule-breaking came later — and it was Lyft, not Uber, that drew first blood.
8 min
The Flywheel · Moat & Competition
Uber's Flywheel Spins Beautifully. It Just Doesn't Travel.
Uber drew the flywheel into its own S-1: more drivers, shorter waits, more riders, more drivers. The loop is real. But it spins inside one city at a time - and it lost China, then Southeast Asia, while spending 14 years and billions discovering that a local loop can't compound into a global moat.
8 min
The Succession Question · People & Control
Uber Called Its 2017 CEO Vote 'Unanimous.' Two Front-Runners Had Just Destroyed Each Other.
In August 2017 Uber's board named Dara Khosrowshahi CEO and called the vote 'unanimous.' He wasn't even one of the two public finalists days earlier. He won because Immelt and Whitman — the picks of the two warring board factions — took each other out first.
7 min