Uber Technologies (NYSE:UBER) accelerated to a record-breaking finish in 2025, reaching a milestone of 200 million monthly active users and delivering a 130% surge in quarterly operating income.
The San Francisco-based giant reported Wednesday that fourth-quarter gross bookings grew 22% to $54.1 billion, matching the pace of trip growth as the company deepens its penetration in both suburban and international markets.
Revenue for the period rose 20% to $14.4 billion, slightly ahead of Wall Street estimates.
The quarter’s bottom line was complicated by a $1.6 billion pre-tax headwind related to the revaluation of Uber’s equity stakes in other companies, a recurring source of volatility for the firm.
This led to a GAAP net income of $296 million, or 14 cents per share.
However, stripped of those accounting adjustments, the company’s core operations showed significant leverage: adjusted EBITDA rose 35% to $2.5 billion, with margins expanding to 4.6% of gross bookings.
"Uber accelerated into another record-breaking quarter, with more than 200 million monthly users completing more than 40 million trips every day—our largest and most engaged consumer base ever," CEO Dara Khosrowshahi said in the statement.
He added that the company enters 2026 with a "clear path" toward becoming a dominant facilitator for autonomous vehicle (AV) trips.
The platform's efficiency was further evidenced by its cash generation.
Uber produced $2.8 billion in free cash flow during the quarter, bringing its full-year total to a staggering $10 billion.
This cash pile has allowed the company to maintain a robust liquidity position of $7.6 billion even as it explores further shareholder returns and strategic investments in AI and autonomous technology.
Elsewhere, growth was balanced across the board, with Monthly Active Platform Consumers (MAPCs) increasing 18% year-over-year.
Notably, users are using the app more frequently, with trips per consumer rising 3%, a key metric as Uber tries to convert occasional riders into daily users via its "Uber One" membership program.
With $193 billion in total gross bookings for the full year 2025, Uber is increasingly focused on converting that volume into consistent GAAP profitability, a goal that was largely achieved this year despite the noise from its investment portfolio.