Business Context and Reporting Period
This Form 8-K, dated January 12, 2026, announces significant changes to Uber Technologies, Inc.'s financial reporting methodology effective for the first quarter of 2026. The filing provides historical context through seven consecutive quarters ending September 30, 2025, to illustrate the impact of these new measures.
Key Financial Metrics
The filing details GAAP and Non-GAAP performance for the seven quarters ended September 30, 2025. Key metrics for the most recent quarter (Q3 2025) include:
- Revenue: $13,467 million (Q3 2025).
- GAAP Income from Operations: $1,113 million.
- GAAP Net Income: $6,626 million (driven significantly by a $4,046 million tax benefit).
- GAAP Diluted EPS: $3.11.
- New Non-GAAP Operating Income: $1,675 million.
- New Non-GAAP Net Income: $1,389 million.
- New Non-GAAP EPS: $0.65.
Segment Operating Income for Q3 2025 was $1,864 million for Mobility, $811 million for Delivery, and a loss of $40 million for Freight. Corporate G&A and Platform R&D costs totaled $960 million.
Material Changes Versus Prior Period
The primary material change is the replacement of "Adjusted EBITDA" with new Non-GAAP measures: Non-GAAP Operating Income, Non-GAAP Net Income, and Non-GAAP EPS. These new measures include depreciation, amortization (excluding acquired intangibles), and stock-based compensation, which were previously excluded from Adjusted EBITDA. Additionally, the segment operating performance measure will shift from Segment Adjusted EBITDA to Segment Operating Income. Finally, interest income will be reclassified to be presented separately on the consolidated statements of operations starting with the 2025 10-K.
Guidance, Outlook, and Risks
The filing does not provide specific forward-looking financial guidance or revenue targets for 2026. Management commentary focuses on the rationale for the metric changes, stating they better reflect ongoing operating performance by excluding unpredictable items such as legal settlements, regulatory reserves, and unrealized gains/losses on securities. The filing includes standard forward-looking statement disclaimers regarding risks and uncertainties that could cause actual results to differ from expectations.
Investor Verification Checklist
- Verify the specific reconciliation adjustments between GAAP and the new Non-GAAP measures for Q1 2026 when reported.
- Confirm the impact of the new Segment Operating Income metric on future segment performance analysis compared to historical Adjusted EBITDA.
- Monitor the volatility of GAAP Net Income due to non-recurring tax benefits (e.g., valuation allowance releases) versus the stability of Non-GAAP Net Income.
- Review the "Legal, non-income tax, and regulatory reserve changes" line item, which fluctuated significantly (e.g., $479 million in Q3 2025) and is excluded from Non-GAAP metrics.