UBER TECHNOLOGIES, INC, 10-Q filed on 5/7/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
May 05, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-38902  
Entity Registrant Name UBER TECHNOLOGIES, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-2647441  
Entity Address, Address Line One 1725 3rd Street  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94158  
City Area Code 415  
Local Phone Number 612-8582  
Title of 12(b) Security Common Stock, par value $0.00001 per share  
Trading Symbol UBER  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   2,091,168,098
Entity Central Index Key 0001543151  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 5,132 $ 5,893
Short-term investments 894 1,084
Restricted cash and cash equivalents 1,253 545
Accounts receivable, net of allowance of $95 and $87, respectively 3,489 3,333
Prepaid expenses and other current assets 1,582 1,390
Total current assets 12,350 12,245
Restricted cash and cash equivalents 2,215 2,172
Restricted investments 7,371 7,019
Investments 8,746 8,460
Equity method investments 338 302
Property and equipment, net 1,941 1,952
Operating lease right-of-use assets 1,162 1,158
Intangible assets, net 1,065 1,125
Goodwill 8,069 8,066
Deferred tax assets 6,592 6,171
Other assets 2,973 2,574
Total assets 52,822 51,244
Current Liabilities    
Accounts payable 873 858
Short-term insurance reserves 2,873 2,754
Operating lease liabilities, current 177 175
Accrued and other current liabilities 8,190 7,689
Total current liabilities 12,113 11,476
Long-term insurance reserves 7,599 7,042
Long-term debt, net of current portion 8,350 8,347
Operating lease liabilities, non-current 1,447 1,454
Other long-term liabilities 408 449
Total liabilities 29,917 28,768
Commitments and contingencies (Note 9)
Redeemable non-controlling interests 93 93
Equity    
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 2,107,953 and 2,091,856 shares issued and outstanding, respectively 0 0
Additional paid-in capital 41,406 42,801
Accumulated other comprehensive loss (485) (517)
Accumulated deficit (18,946) (20,726)
Total Uber Technologies, Inc. stockholders' equity 21,975 21,558
Non-redeemable non-controlling interests 837 825
Total equity 22,812 22,383
Total liabilities, redeemable non-controlling interests and equity $ 52,822 $ 51,244
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, allowance $ 87 $ 95
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, authorized (in shares) 5,000,000 5,000,000
Common stock, issued (in shares) 2,091,856 2,107,953
Common Stock, outstanding (in shares) 2,091,856 2,107,953
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenue $ 11,533 $ 10,131
Costs and expenses    
Cost of revenue, exclusive of depreciation and amortization shown separately below 6,937 6,168
Operations and support 668 685
Sales and marketing 1,057 917
Research and development 815 790
General and administrative 657 1,209
Depreciation and amortization 171 190
Total costs and expenses 10,305 9,959
Income from operations 1,228 172
Interest expense (105) (124)
Other income (expense), net 262 (678)
Income (loss) before income taxes and loss from equity method investments 1,385 (630)
Provision for (benefit from) income taxes (402) 29
Loss from equity method investments (13) (4)
Net income (loss) including non-controlling interests 1,774 (663)
Less: net loss attributable to non-controlling interests, net of tax (2) (9)
Net income (loss) attributable to Uber Technologies, Inc. $ 1,776 $ (654)
Basic net income (loss) per share:    
Basic (in dollars per share) $ 0.85 $ (0.31)
Diluted (in dollars per share) $ 0.83 $ (0.32)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:    
Basic (in shares) 2,092,464 2,078,467
Diluted (in shares) 2,122,618 2,080,168
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) including non-controlling interests $ 1,774 $ (663)
Other comprehensive income (loss), net of tax:    
Change in foreign currency translation adjustment 31 (8)
Change in unrealized gain (loss) on investments in available-for-sale debt securities 1 (8)
Other comprehensive income (loss), net of tax 32 (16)
Comprehensive income (loss) including non-controlling interests 1,806 (679)
Less: comprehensive income (loss) attributable to non-controlling interests (2) (9)
Comprehensive income (loss) attributable to Uber Technologies, Inc. $ 1,808 $ (670)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY - USD ($)
shares in Thousands, $ in Millions
Total
Redeemable Non-Controlling Interests
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Non-Redeemable Non-Controlling Interests
Beginning balance at Dec. 31, 2023   $ 654          
Redeemable Non-Controlling Interests              
Foreign currency translation adjustment $ (8) (2)     $ (8)    
Recognition of non-controlling interest upon capital investment   19          
Re-measurement of non-controlling interest   18          
Net income (loss)   (20)          
Ending balance at Mar. 31, 2024   651          
Beginning balance (in shares) at Dec. 31, 2023     2,071,144        
Beginning balance at Dec. 31, 2023 12,028   $ 0 $ 42,264 (421) $ (30,594) $ 779
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exercise of stock options (in shares)     2,421        
Exercise of stock options 18     18      
Stock-based compensation 493     493      
Issuance of common stock for settlement of RSUs (in shares)     13,160        
Shares withheld related to net share settlement (in shares)     (478)        
Shares withheld related to net share settlement (36)     (36)      
Re-measurement of non-controlling interest       (18)      
Unrealized gain (loss) on investments in available-for-sale debt securities, net of tax (8)       (8)    
Foreign currency translation adjustment (8) (2)     (8)    
Net income (loss) (643)         (654) 11
Other 4     4      
Ending balance (in shares) at Mar. 31, 2024     2,086,247        
Ending balance at Mar. 31, 2024 11,848   $ 0 42,743 (437) (31,248) 790
Beginning balance at Dec. 31, 2024   93          
Redeemable Non-Controlling Interests              
Foreign currency translation adjustment $ 31       31    
Net income (loss)   (18)          
Ending balance at Mar. 31, 2025   $ 93          
Beginning balance (in shares) at Dec. 31, 2024 2,107,953   2,107,953        
Beginning balance at Dec. 31, 2024 $ 22,383   $ 0 42,801 (517) (20,726) 825
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exercise of stock options (in shares) 655   657        
Exercise of stock options $ 8     8      
Stock-based compensation 448     448      
Issuance of common stock for settlement of RSUs (in shares)     10,293        
Shares withheld related to net share settlement (in shares)     (460)        
Shares withheld related to net share settlement (33)     (33)      
Repurchase of common stock (in shares)     (26,587)        
Repurchase of common stock (1,800)     (1,800)      
Re-measurement of non-controlling interest (18)            
Unrealized gain (loss) on investments in available-for-sale debt securities, net of tax 1       1    
Foreign currency translation adjustment 31       31    
Net income (loss) $ 1,792         1,780 12
Ending balance (in shares) at Mar. 31, 2025 2,091,856   2,091,856        
Ending balance at Mar. 31, 2025 $ 22,812   $ 0 $ 41,406 $ (485) $ (18,946) $ 837
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income (loss) including non-controlling interests $ 1,774 $ (663)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 178 194
Stock-based compensation 435 484
Deferred income taxes (412) (16)
Unrealized loss (gain) on debt and equity securities, net (51) 721
Unrealized foreign currency transactions (51) 150
Other (27) (29)
Change in assets and liabilities, net of impact of business acquisitions and disposals:    
Accounts receivable (123) (422)
Prepaid expenses and other assets (497) (322)
Operating lease right-of-use assets 43 46
Accounts payable 6 46
Accrued insurance reserves 675 696
Accrued expenses and other liabilities 430 587
Operating lease liabilities (56) (56)
Net cash provided by operating activities 2,324 1,416
Cash flows from investing activities    
Purchases of property and equipment (74) (57)
Purchases of non-marketable equity securities (179) (174)
Purchases of marketable securities (2,540) (2,029)
Proceeds from maturities and sales of marketable securities 2,397 2,030
Other investing activities (146) (12)
Net cash used in investing activities (542) (242)
Cash flows from financing activities    
Principal repayment on term loan and notes 0 (6)
Principal payments on finance leases (47) (42)
Repurchases of common stock (1,785) 0
Other financing activities (30) (52)
Net cash used in financing activities (1,862) (100)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents 70 (94)
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents (10) 980
Cash and cash equivalents, and restricted cash and cash equivalents    
Beginning of period 8,610 7,004
End of period 8,600 7,984
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets    
Cash and cash equivalents 5,132 5,019
Restricted cash and cash equivalents-current 1,253 808
Restricted cash and cash equivalents-non-current 2,215 2,157
Total cash and cash equivalents, and restricted cash and cash equivalents 8,600 7,984
Cash paid for:    
Interest, net of amount capitalized 174 142
Income taxes, net of refunds $ 55 $ 71
v3.25.1
Description of Business and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Summary of Significant Accounting Policies
Note 1 – Description of Business and Summary of Significant Accounting Policies
Description of Business
Uber Technologies, Inc. (“Uber,” the “Company,” “we,” “our,” or “us”) was incorporated in Delaware in July 2010, and is headquartered in San Francisco, California. Uber is a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B. Uber develops and operates proprietary technology applications supporting a variety of offerings on its platform (“platform(s)” or “Platform(s)”). Uber connects consumers (“Rider(s)”) with independent providers of ride services (“Mobility Driver(s)”) for ridesharing services, and connects Riders and other consumers (“Eaters”) with restaurants, grocers and other stores (collectively, “Merchants”) with delivery service providers (“Couriers”) for meal preparation, grocery and other delivery services. Riders and Eaters are collectively referred to as “end-user(s)” or “consumer(s).” Mobility Drivers and Couriers are collectively referred to as “Driver(s).” Uber also connects consumers with public transportation networks. Uber uses this same network, technology, operational excellence and product expertise to connect shippers (“Shippers”) with carriers (“Carriers”) in the freight industry. The foundation of our platform is this network of Drivers, Couriers, Merchants, Carriers as well as Riders, Eaters and Shippers (collectively “Platform Participant(s)”). We define Platform Earner(s) as Drivers, Couriers and Merchants as well as Carriers. Uber is also developing technologies designed to provide new solutions to solve everyday problems.
Our technology is used around the world, principally in the United States (“U.S.”) and Canada, Latin America, Europe (excluding Russia), the Middle East, Africa, and Asia Pacific (“APAC”, excluding China and Southeast Asia).
Pending Acquisition of Trendyol GO
On May 6, 2025, we entered into an agreement with Trendyol Group to acquire an 85% controlling stake in its Trendyol GO online meal and grocery delivery business in Türkiye for approximately $700 million in cash, on a cash and debt free basis. The transaction is subject to regulatory approval and other closing conditions and is expected to close in the second half of 2025.
Foodpanda Taiwan
In January 2025, the Taiwan Fair Trade Commission issued a decision prohibiting us from acquiring 100% ownership interest in Delivery Hero SE’s Foodpanda delivery business in Taiwan (“Foodpanda Taiwan”). In the fourth quarter of 2024, we recorded an expense of $236 million in other income (expense), net in our consolidated statement of operations for the settlement of a termination fee. In April 2025, we settled the termination fee in cash.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet, as of December 31, 2024, included herein was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2024, included in our Annual Report on Form 10-K. The results for the interim periods are not necessarily indicative of results for the full year.
In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive income (loss), cash flows and the change in equity for the periods presented.
There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 14, 2025, that have had a material impact on our condensed consolidated financial statements and related notes.
In Note 10 – Variable Interest Entities, certain prior period disclosures related to our unconsolidated variable interest entities (“VIEs”) are presented to conform to the current period presentation. This change had no impact on our previously reported total assets, total liabilities, results of operations, comprehensive income or net cash flows from operating, financing or investing activities.
Basis of Consolidation
Our condensed consolidated financial statements include the accounts of Uber Technologies, Inc. and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated. Refer to Note 10 – Variable Interest Entities for further information.
Use of Estimates
The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis, management evaluates estimates, including, but not limited to: fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of amortizable long-lived assets; fair value of acquired intangible assets and related impairment assessments; impairment of goodwill; stock-based compensation; income taxes and non-income tax reserves; certain deferred tax assets and tax liabilities; insurance reserves; and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The standard will be effective for public companies for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures,” which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. The standard will be effective for public companies for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements and related disclosures.
v3.25.1
Investments and Fair Value Measurement
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurement
Note 2 – Investments and Fair Value Measurement
Investments
Our investments on the condensed consolidated balance sheets consisted of the following (in millions):
As of
December 31, 2024March 31, 2025
Classified as short-term investments:
Marketable debt securities (1):
U.S. government and agency securities$167 $192 
Commercial paper220 121 
Corporate bonds659 535 
Certificates of deposit38 46 
Short-term investments$1,084 $894 
Classified as restricted investments:
Marketable debt securities (1):
U.S. government and agency securities$5,552 $5,920 
Commercial paper179 89 
Corporate bonds1,288 1,362 
Restricted investments$7,019 $7,371 
Classified as investments:
Non-marketable equity securities:
Didi$2,602 $2,757 
Other (2)
608 814 
Marketable equity securities:
Grab2,529 2,428 
Aurora (3)
2,054 2,191 
Other523 412 
Note receivable from a related party (2)
144 144 
Investments$8,460 $8,746 
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.
(2) These balances include certain investments recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments.
(3) In connection with Aurora’s November 2021 initial public offering, we are subject to a lock-up agreement in which our ability to sell or transfer our shares in Aurora is partially restricted until November 2025.
Assets Measured at Fair Value on a Recurring Basis
The following table presents our financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2024As of March 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,868 $— $— $1,868 $734 $— $— $734 
U.S. government and agency securities— 5,848 — 5,848 — 6,153 — 6,153 
Commercial paper— 702 — 702 — 289 — 289 
Corporate bonds— 1,974 — 1,974 — 1,901 — 1,901 
Certificates of deposit— 38 — 38 — 46 — 46 
Non-marketable equity securities— — 11 11 — — 6 6 
Marketable equity securities5,106 — — 5,106 5,031 — — 5,031 
Note receivable from a related party— — 144 144 — — 144 144 
Total financial assets$6,974 $8,562 $155 $15,691 $5,765 $8,389 $150 $14,304 
During the three months ended March 31, 2025, we did not make any transfers into or out of Level 3 of the fair value hierarchy.
Debt Securities
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities (in millions):
 As of December 31, 2024As of March 31, 2025
 Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government and agency securities$5,843 $7 $(2)$5,848 $6,148 $6 $(1)$6,153 
Commercial paper702 — — 702 289 — — 289 
Corporate bonds1,975 1 (2)1,974 1,901 1 (1)1,901 
Certificates of deposit38 — — 38 46 — — 46 
Total$8,558 $8 $(4)$8,562 $8,384 $7 $(2)$8,389 
As of December 31, 2024 and March 31, 2025, there were no allowance for credit losses related to our debt securities. The weighted-average remaining maturity of our debt securities was less than one year as of March 31, 2025.
Derivatives Not Designated as Hedging Instruments
We enter into financial derivative instruments, consisting of foreign currency contracts to mitigate the foreign currency exchange risk of our assets and liabilities denominated in currencies other than the functional currency. We do not use derivatives for trading or speculative purposes. These instruments are recorded on the condensed consolidated balance sheets at fair value and classified within Level 2 of the fair value hierarchy. Gains and losses on the derivative instruments that are not designated as hedging instruments are recognized in other income (expense), net in the condensed consolidated statements of operations. The cash flows associated with our non-designated derivatives are classified in cash flows from investing activities on our condensed consolidated statements of cash flows.
As of March 31, 2025, the fair value of our outstanding derivative assets and liabilities were not material. We did not record any material realized or unrealized gains or losses for our financial derivative instruments during the three months ended March 31, 2025.
We have master netting arrangements with certain counterparties to our foreign currency exchange contracts, which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty. We have elected to present the derivative assets and derivative liabilities on a gross basis on our condensed consolidated balance sheets. As of March 31, 2025, there were no rights of set-off associated with our foreign currency exchange contracts.
The total notional amount of outstanding derivatives not designated as hedging instruments was $1.9 billion as of March 31, 2025.
Assets Measured at Fair Value on a Non-Recurring Basis
Non-Marketable Equity Securities
Our non-marketable equity securities are investments in privately held companies without readily determinable fair values. The
carrying value of our non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the condensed consolidated statements of operations. Certain non-marketable equity securities are classified within Level 3 in the fair value hierarchy because we estimate the fair value of these securities based on valuation methods, including the common stock equivalent (“CSE”) method and option-pricing model (“OPM”), using the transaction price of similar securities issued by the investee adjusted for contractual rights and obligations of the securities we hold.
The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):
As of
December 31, 2024March 31, 2025
Initial cost basis$2,030 $2,239 
Upward adjustments2,611 2,767 
Downward adjustments (including impairment)(1,442)(1,441)
Total carrying value at the end of the period$3,199 $3,565 
Didi Investment
We measure the fair value of our Didi investment based on the closing share price of the Didi American Depositary Shares on the over-the-counter market as an observable transaction for similar securities.
v3.25.1
Long-Term Debt and Credit Arrangements
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt and Credit Arrangements
Note 3 – Long-Term Debt and Credit Arrangements
Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages):
As of
December 31, 2024March 31, 2025
Stated Interest Rates
Effective Interest RatesMaturities
2025 Convertible Notes (1)
$1,150 $1,150 0.00 %0.2 %December 2025
2028 Convertible Notes1,725 1,725 0.875 %1.1 %December 2028
2027 Senior Note700 700 7.50 %7.7 %September 2027
2028 Senior Note500 500 6.25 %7.0 %January 2028
2029 Senior Note1,500 1,500 4.50 %4.7 %August 2029
2030 Senior Note1,250 1,250 4.30 %4.5 %January 2030
2034 Senior Note1,500 1,500 4.80 %4.9 %September 2034
2054 Senior Note1,250 1,250 5.35 %5.4 %September 2054
Total debt (2)
9,575 9,575 
Less: unamortized discount and issuance costs(78)(75)
Less: current portion of long-term debt (1)
(1,150)(1,150)
Total long-term debt$8,347 $8,350 
(1) The 2025 Convertible Notes will mature on December 15, 2025, and was classified within accrued and other current liabilities on our condensed consolidated balance sheets.
(2) The total fair value of our outstanding debt was $9.5 billion and $9.9 billion as of December 31, 2024 and March 31, 2025, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.
Senior Notes
The 2030, 2034 and 2054 senior notes are our unsecured debt obligations. The 2027, 2028 and 2029 senior notes are guaranteed by certain of our material domestic restricted subsidiaries. The 2027, 2028, 2029, 2030, 2034 and 2054 senior notes are collectively referred to as “Senior Notes”. Interest on the Senior Notes is payable semi-annually in arrears. The entire principal amounts of the Senior Notes are due at the respective maturity dates, and we may redeem the Senior Notes at any time, in whole or in part, at specified redemption prices. The indentures governing the Senior Notes contain customary covenants restricting our and certain of our subsidiaries’ ability to incur debt and incur liens, as well as certain financial covenants specified in the indentures. We were in compliance with all covenants as of March 31, 2025.
Convertible Notes
2028 Convertible Notes and Capped Call Transactions
In November 2023, we issued $1.73 billion aggregate principal amount of 0.875% convertible senior notes due in 2028 (the “2028 Convertible Notes”). The interest is payable semi-annually in arrears. The indenture governing the 2028 Convertible Notes does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries. We used a portion of the net proceeds from this offering to fund the cost of entering into the capped call transactions (“the Capped Calls”) for approximately $141 million. The Capped Calls have an initial cap price of $95.81 per share and are classified as equity with no subsequent remeasurement.
Holders of the 2028 Convertible Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2028 only under the following circumstances: (i) during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “2028 Convertible Notes measurement period”) in which the trading price (as defined in the indenture governing the 2028 Convertible Notes) per $1,000 principal amount of notes for each trading day of the 2028 Convertible Notes measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call such notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the applicable redemption date; or (iv) upon the occurrence of specified corporate events. On or after September 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances.
As of March 31, 2025, none of the conditions permitting the holders of the 2028 Convertible Notes to convert their notes early had been met. Therefore, the 2028 Convertible Notes were classified as long-term.
The initial conversion rate is 13.7848 shares of the common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $72.54 per share of the common stock. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. Upon conversion of the 2028 Convertible Notes, we must pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the notes being converted.
We may not redeem the notes prior to December 5, 2026. We may redeem for cash all or any portion of the notes, at our option, on or after December 5, 2026, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
2025 Convertible Notes
In December 2020, we issued $1.15 billion aggregate principal amount of 0.00% convertible senior notes due in 2025 (the “2025 Convertible Notes”). The indenture, dated December 11, 2020, governing the 2025 Convertible Notes (the “Base Indenture”) does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries.
On November 24, 2023, we entered into the first supplemental indenture to the Base Indenture (the “First Supplemental Indenture”), pursuant to which we irrevocably elected (i) to eliminate our option to choose Physical Settlement (as defined in the Base Indenture) on any conversion of the 2025 Convertible Notes that occurs on or after the date of the First Supplemental Indenture, (ii) Cash Settlement or Combination Settlement (each as defined in the Base Indenture as the Settlement Method of any conversion of the 2025 Convertible Notes and (iii) that, with respect to any Combination Settlement for a conversion of the 2025 Convertible Notes, the Specified Dollar Amount (as defined in the Base Indenture) that will be settled in cash per $1,000 principal amount of the 2025 Convertible Notes will be no lower than $1,000.
Holders of the 2025 Convertible Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 15, 2025 only under the following circumstances: (i) during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “2025 Convertible Notes measurement period”) in which the trading price (as defined in the indenture governing 2025 Convertible Notes) per $1,000 principal amount of notes for each trading day of the 2025 Convertible Notes measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call such notes for redemption, at any time prior to the close of
business on the scheduled trading day immediately preceding the applicable redemption date; or (iv) upon the occurrence of specified corporate events. On or after September 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances.
As of March 31, 2025, none of the conditions permitting the holders of the 2025 Convertible Notes to convert their notes early had been met. The 2025 Convertible Notes will mature on December 15, 2025, unless earlier converted, redeemed or repurchased, and therefore was classified as accrued and other current liabilities.
The initial conversion rate is 12.3701 shares of common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $80.84 per share of the common stock. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid special interest.
Upon conversion of the 2025 Convertible Notes, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. We may redeem for cash all or any portion of the notes, at our option, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date.
For the three months ended March 31, 2024 and 2025, interest expense with respect to our convertible notes, which includes the amortization of debt discount and issuance costs, was immaterial.
Credit Agreement
Our credit agreement (“Credit Agreement”) provides for $5.0 billion in aggregate amount of commitments for senior unsecured revolving loans, which will mature on September 26, 2029, unless otherwise extended in accordance with the terms of the Credit Agreement. Proceeds from any borrowings under the Credit Agreement may be used for general corporate purposes. The Credit Agreement is unsecured and is not guaranteed by any of our subsidiaries. The Credit Agreement contains customary covenants restricting our and certain of our subsidiaries’ ability to incur debt, incur liens, and undergo certain fundamental changes. The Credit Agreement also contains customary events of default. As of December 31, 2024 and March 31, 2025, there was no balance outstanding on the Credit Agreement, and we were in compliance with all covenants in the Credit Agreement.
Letters of Credit
For purposes of securing obligations related to leases, insurance contracts, and other contractual obligations, we also maintain an agreement for letters of credit. As of December 31, 2024 and March 31, 2025, we had letters of credit outstanding of $1.4 billion and $1.7 billion, respectively, of which the letters of credit that reduced the available credit under the Credit Agreement were $354 million and $356 million, respectively.
v3.25.1
Supplemental Financial Statement Information
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Statement Information
Note 4 – Supplemental Financial Statement Information
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets were as follows (in millions):
As of
December 31, 2024March 31, 2025
Prepaid expenses$415 $455 
Other receivables482 512 
Other493 615 
Prepaid expenses and other current assets$1,390 $1,582 
Accrued and Other Current Liabilities
Accrued and other current liabilities were as follows (in millions):
As of
December 31, 2024March 31, 2025
Accrued legal, regulatory and non-income taxes$1,533 $1,503 
Accrued Drivers and Merchants liability1,421 2,147 
Accrued compensation and employee benefits649 331 
Income and other tax liabilities751 739 
Current portion of long-term debt1,150 1,150 
Other2,185 2,320 
Accrued and other current liabilities$7,689 $8,190 
Other Long-Term Liabilities
Other long-term liabilities were as follows (in millions):
As of
December 31, 2024March 31, 2025
Deferred tax liabilities$9 $13 
Other440 395 
Other long-term liabilities$449 $408 
Other Income (Expense), Net
The components of other income (expense), net were as follows (in millions):
Three Months Ended March 31,
20242025
Interest income$159 $169 
Foreign currency exchange gains (losses), net(164)50 
Unrealized gain (loss) on debt and equity securities, net (1)
(721)51 
Other, net48 (8)
Other income (expense), net$(678)$262 
(1) During the three months ended March 31, 2024, unrealized loss on debt and equity securities, net represents changes in the fair value of our equity securities, primarily including: a $505 million unrealized loss on our Aurora investment, a $123 million unrealized loss on our Grab investment, and a $69 million unrealized loss on our Didi investment.
During the three months ended March 31, 2025, unrealized gain on debt and equity securities, net represents changes in the fair value of our equity securities, primarily including: a $155 million unrealized gain on our Didi investment, a $137 million unrealized gain on our Aurora investment, partially offset by a $102 million unrealized loss on our Grab investment, and a $139 million net unrealized loss on our other investments.
v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity
Note 5 – Stockholders' Equity
Stock Option and SAR Activity
A summary of stock option and SAR activity for the three months ended March 31, 2025 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years):
SARs Outstanding Number of SARsOptions Outstanding Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)Aggregate Intrinsic Value
As of December 31, 202433 7,198 $40.16 4.90$153 
Granted— 484 $74.44 
Exercised(3)(655)$12.66 
Canceled and forfeited(3)(60)$10.58 
As of March 31, 202527 6,967 $45.38 5.17$195 
Exercisable as of March 31, 202527 3,069 $25.92 3.51$146 
RSU Activity
The following table summarizes the activity related to our RSUs for the three months ended March 31, 2025 (in thousands, except per share amounts):
Number of SharesWeighted-Average
 Grant-Date Fair
 Value per Share
Unvested and outstanding as of December 31, 202466,202 $48.49 
Granted28,067 $74.24 
Vested(10,028)$42.24 
Canceled and forfeited(2,276)$48.86 
Unvested and outstanding as of March 31, 202581,965 $58.06 
Stock-Based Compensation Expense
Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function (in millions):
Three Months Ended March 31,
20242025
Operations and support$67 $52 
Sales and marketing21 24 
Research and development299 264 
General and administrative97 95 
Total$484 $435 
As of March 31, 2025, there was $4.6 billion of unamortized compensation costs related to all unvested awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 3.07 years.
The income tax benefits recognized in the condensed consolidated statements of operations for stock-based compensation expense were not material during the three months ended March 31, 2024 and 2025.
Share Repurchase Program
In February 2024, our board of directors authorized the repurchase of up to $7.0 billion in shares of our outstanding common stock (the “Share Repurchase Program”). The timing, manner, price and amount of any repurchases are determined by the discretion of management, depending on market conditions and other factors. Repurchases may be made through open market purchases and accelerated share repurchases. The exact number of shares to be repurchased by us, if any, is not guaranteed. Depending on market conditions and other factors, these repurchases may be commenced or suspended at any time or periodically without prior notice.
In January 2025, we announced that we entered into an accelerated share repurchase (“ASR”) agreement with a large financial institution to repurchase $1.5 billion of our outstanding common stock as part of our previously announced Share Repurchase Program. The transactions under the ASR agreement were completed during the first quarter of 2025.
During the three months ended March 31, 2025, we repurchased, and subsequently retired, 26.6 million shares of common stock, for $1.8 billion, excluding broker commissions and fees. As of March 31, 2025, we had approximately $4.0 billion available to repurchase shares pursuant to the Share Repurchase Program.
The Inflation Reduction Act imposed a nondeductible 1% excise tax on the net value of certain stock repurchases. During the three months ended March 31, 2025, the excise tax on net share repurchases was not material.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Note 6 – Income Taxes
We compute our quarterly income tax expense/(benefit) by using a forecasted annual effective tax rate and adjust for any discrete items arising during the quarter. We recorded an income tax expense/(benefit) of $29 million and $(402) million for the three months ended March 31, 2024 and 2025, respectively. During the three months ended March 31, 2024, the income tax expense was primarily driven by our foreign operations, offset by the deferred U.S. tax impact related to our investment in Aurora. During the three months ended March 31, 2025, the income tax benefit was primarily driven by a stock loss and capitalized research and development expenses, offset by the tax expense on our earnings.
During the three months ended March 31, 2025, the amount of gross unrecognized tax benefits increased by $584 million, of which approximately $287 million of unrecognized tax benefits, if recognized, would impact the effective tax rate. The remaining $297 million of unrecognized tax benefits would not impact the effective tax rate due to the valuation allowance against certain deferred tax assets.
We are subject to taxation in the U.S. and various state and foreign jurisdictions. We are also under routine examination by federal, various state and foreign tax authorities. We believe that adequate amounts have been reserved in these jurisdictions. To the extent we have tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state or foreign tax authorities to the extent utilized in a future period. For our major tax jurisdictions, the tax years 2008 through 2025 remain open; the major tax jurisdictions are the U.S., Australia, Netherlands, and the United Kingdom (“UK”).
An estimate of changes to unrecognized tax benefits recorded as of March 31, 2025, that are reasonably possible to occur within the next 12 months cannot be made.
In the event we experience an ownership change within the meaning of Section 382 of the Internal Revenue Code (“IRC”), our ability to utilize net operating losses, tax credits and other tax attributes may be limited. The most recent analysis of our historical ownership changes was completed through March 31, 2025. Based on the analysis, we do not anticipate a current limitation on the tax attributes.
We regularly assess the need for a valuation allowance against our deferred tax assets. In making that assessment, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of all available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will be realized.
Based on available evidence, we continue to maintain a valuation allowance against the California R&D credits, as we believe it is not more-likely-than-not to be realized, as we expect R&D tax credit generation to exceed our ability to use these credits in future periods.
Furthermore, based on available evidence, we believe it is more-likely-than-not that the Netherlands’ net deferred tax assets will not be fully realizable. We will continue to maintain a valuation allowance against these net deferred tax assets. We regularly review the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing taxable temporary differences and tax planning strategies by jurisdiction.
Based on our assessment of current income and anticipated future earnings, there is a reasonable possibility that we will have sufficient evidence to release a significant portion of the valuation allowance in the Netherlands within the next 12 months. However, our judgment regarding future earnings and the exact timing and amount of any valuation allowance release is subject to change due to many factors, including future market conditions and the ability to successfully execute our business plans and/or tax planning strategies. Release of the valuation allowance would result in the recognition of net deferred tax assets on our consolidated balance sheet and would result in an income tax benefit in the period the release is recorded.
v3.25.1
Net Income (Loss) Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share
Note 7 – Net Income (Loss) Per Share
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the periods presented. Diluted net income (loss) per share is computed by giving effect to all potential weighted average dilutive common stock. For diluted net income (loss) per share, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities by application of the if-converted method, as applicable.
We take into account the effect on consolidated net income (loss) per share of dilutive securities of entities in which we hold equity interests that are accounted for using the equity method.
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts):
Three Months Ended March 31,
20242025
Basic net income (loss) per share:
Numerator
Net income (loss) including non-controlling interests$(663)$1,774 
Net loss attributable to non-controlling interests, net of tax(9)(2)
          Net income (loss) attributable to common stockholders$(654)$1,776 
Denominator
Basic weighted-average common stock outstanding2,078,467 2,092,464 
Basic net income (loss) per share attributable to common stockholders (1)
$(0.31)$0.85 
Diluted net income (loss) per share:
Numerator
     Net income (loss) attributable to common stockholders$(654)$1,776 
Assumed net loss attributable to Freight Holding contingently issuable shares(16)(13)
     Diluted net income (loss) attributable to common stockholders$(670)$1,763 
Denominator
     Number of shares used in basic net income (loss) per share computation2,078,467 2,092,464 
     Dilutive effect of equity awards— 27,006 
     Dilutive effect of Freight Holding contingently issuable shares1,701 827 
     Dilutive effect of other contingently issuable shares— 2,321 
     Diluted weighted-average common stock outstanding2,080,168 2,122,618 
Diluted net income (loss) per share attributable to common stockholders (1)
$(0.32)$0.83 
(1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate.
The following potentially dilutive outstanding securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):
Three Months Ended March 31,
20242025
Equity awards110,238 45,364 
Freight Holding contingently issuable shares10,594 — 
Other contingently issuable shares2,321 — 
Total123,153 45,364 
v3.25.1
Segment Information and Geographic Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information and Geographic Information
Note 8 – Segment Information and Geographic Information
We determine our operating segments based on how the chief operating decision maker (“CODM”), our Chief Executive Officer, manages the business, allocates resources, makes operating decisions and evaluates operating performance.
Our three operating and reportable segments are as follows:
Segment
Description
MobilityMobility products connect consumers with Drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Mobility also includes activity related to our financial partnerships products and advertising.
Delivery
Delivery offerings allow consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered. In certain markets, Delivery provides offerings for grocery, alcohol, and convenience store delivery as well as select other goods. We refer to the grocery, alcohol, convenience and retail categories collectively as Grocery & Retail. Delivery also includes advertising.
Freight
Freight connects Carriers with Shippers on our platform, and gives Carriers upfront, transparent pricing and the ability to book a shipment. Freight also includes transportation management and other logistics services offerings.
Our segment operating performance measure is segment Adjusted EBITDA. The CODM uses segment Adjusted EBITDA to evaluate segment operating performance, generate future operating plans, and make strategic decisions. The CODM does not evaluate operating segments using asset information and, accordingly, we do not report asset information by segment. Segment Adjusted EBITDA excludes non-cash items or items that management does not believe are reflective of our ongoing core operations (as shown in the table below).
The following table provides information about our segments and a reconciliation to income (loss) before income taxes and income (loss) from equity method investments (in millions):
Three Months Ended March 31, 2024
MobilityDeliveryFreightTotal
Revenue$5,633 $3,214 $1,284 $10,131 
Platform Participant direct transaction costs (1)
(1,437)(1,342)(1,159)(3,938)
Other (2)
(2,717)(1,344)(146)(4,207)
Segment Adjusted EBITDA$1,479 $528 $(21)1,986 
Reconciling items:
Corporate G&A and Platform R&D (3)
(604)
Depreciation and amortization(190)
Stock-based compensation expense(484)
Legal, tax, and regulatory reserve changes and settlements (4)
(527)
Goodwill and asset impairments/loss on sale of assets3 
Acquisition, financing and divestitures related expenses(5)
Restructuring and related charges(7)
Income from operations172 
Interest expense(124)
Other income (expense), net(678)
Income (loss) before income taxes and loss from equity method investments$(630)
Three Months Ended March 31, 2025
MobilityDeliveryFreightTotal
Revenue$6,496 $3,777 $1,260 $11,533 
Platform Participant direct transaction costs (1)
(1,771)(1,506)(1,134)(4,411)
Other (2)
(2,972)(1,508)(133)(4,613)
Segment Adjusted EBITDA$1,753 $763 $(7)2,509 
Reconciling items:
Corporate G&A and Platform R&D (3)
(641)
Depreciation and amortization(171)
Stock-based compensation expense(435)
Legal, tax, and regulatory reserve changes and settlements (4)
(28)
Acquisition, financing and divestitures related expenses(3)
Loss on lease arrangement, net(2)
Restructuring and related charges(1)
Income from operations1,228 
Interest expense(105)
Other income (expense), net262 
Income (loss) before income taxes and loss from equity method investments$1,385 
(1) Platform Participant direct transaction costs primarily consist of (i) costs paid directly to Platform Earners on our platform recorded in cost of revenue, excluding depreciation and amortization; and (ii) incentives to end-users recorded in sales and marketing.
(2) Other primarily consists of non-Platform Participant costs, including: (i) trip insurance, payment card fees and bank fees, customer support and technology costs; and (ii) other operating costs, primarily related to employee headcount costs (excluding stock-based compensation), external contractor expenses and brand marketing as well as (iii) costs related to bringing new Platform Earners and new Platform end-users to the Platform recorded in costs and expenses.
(3) Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change.
(4) Legal, tax, and regulatory reserve changes and settlements are primarily related to certain significant legal proceedings or governmental investigations related to worker classification definitions, or tax agencies challenging our non-income tax positions. These matters have limited precedent, cover extended historical periods and are unpredictable in both magnitude and timing, therefore are distinct from normal, recurring legal, tax and regulatory matters and related expenses incurred in our ongoing operating performance.
Geographic Information
The following table presents our revenues disaggregated by geographical region. Revenue by geographical region is based on where the transaction occurred. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors (in millions):
Three Months Ended March 31,
20242025
United States and Canada ("US&CAN")$5,473 $6,219 
Latin America ("LatAm")710 717 
Europe, Middle East and Africa ("EMEA")2,756 3,321 
Asia Pacific ("APAC")1,192 1,276 
Total revenue$10,131 $11,533 
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 9 – Commitments and Contingencies
Contingencies
From time to time, we are a party to various claims, non-income tax audits and litigation in the normal course of business. As of December 31, 2024 and March 31, 2025, we had recorded aggregate liabilities of $1.5 billion of which $221 million relate to non-
income tax matters in accrued and other current liabilities on the condensed consolidated balance sheets for all of our legal, regulatory and non-income tax matters that were probable and reasonably estimable.
We are currently party to various legal and regulatory matters that have arisen in the normal course of business and include, among others, alleged independent contractor misclassification claims, Fair Credit Reporting Act (“FCRA”) claims, alleged background check violations, pricing and advertising claims, unfair competition claims, intellectual property claims, employment discrimination and other employment-related claims, Americans with Disabilities Act (“ADA”) claims, data and privacy claims, securities claims, antitrust claims, challenges to regulations, and other matters. We have existing litigation, including class actions, Private Attorney General Act lawsuits, arbitration claims, and governmental administrative and audit proceedings, asserting claims by or on behalf of Drivers that Drivers are misclassified as independent contractors. In connection with the enactment of California State Assembly Bill 5 (“AB5”), we have received and expect to continue to receive - in California and in other jurisdictions - an increased number of misclassification claims. With respect to our outstanding legal and regulatory matters, based on our current knowledge, we believe that the ultimate amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on our business, financial position, results of operations, or cash flows. The outcome of such legal matters is inherently unpredictable and subject to significant uncertainties. If one or more of these matters were resolved against us for amounts in excess of management's expectations, our results of operations, financial condition or cash flows could be materially adversely affected.
Driver Classification
California Attorney General Lawsuit
In January 2020, AB5 went into effect. AB5 codifies a test to determine whether a worker is an employee under California law. The test is referred to as the “ABC” test, and was originally handed down by the California Supreme Court in Dynamex Operations v. Superior Court in 2018. Under the ABC test, workers performing services for a hiring entity are considered employees unless the hiring entity can demonstrate three things: the worker (A) is free from the hiring entity’s control, (B) performs work that is outside the usual course of the hiring entity’s business, and (C) customarily engages in the independent trade, work or type of business performed for the hiring entity.
On May 5, 2020, the California Attorney General, in conjunction with the city attorneys for San Francisco, Los Angeles and San Diego, filed a complaint in San Francisco Superior Court against Uber and Lyft, Inc. (“Lyft”). The complaint alleges drivers are misclassified, and seeks an injunction and monetary damages related to the alleged competitive advantage caused by the alleged misclassification of drivers.
On August 10, 2020, the Court issued a preliminary injunction order, prohibiting us from classifying drivers as independent contractors and from violating various wage and hour laws. The injunction was stayed pending appeal. On October 22, 2020, the Court of Appeal affirmed the lower court’s ruling, and we filed a petition for review of the decision with the California Supreme Court. The petition was based upon the passage of Proposition 22 by California voters in November 2020, and requested that the Court of Appeal opinion be vacated because AB5’s application to Uber was superseded by Proposition 22.
Proposition 22 was a state ballot initiative that provides a framework for drivers that use platforms like ours to qualify as independent workers. As a result of the passage of Proposition 22, drivers are able to maintain their status as independent contractors under California law, and we and our competitors are required to comply with the provisions of Proposition 22. Proposition 22 went into effect on December 16, 2020.
The California Supreme Court declined the petition for review on February 10, 2021. The lawsuit was returned to the trial court following the appellate proceedings on February 22, 2021. On April 12, 2021, the California Attorney General, Uber and Lyft filed a stipulation to dissolve the preliminary injunction with the trial court. On April 16, 2021, the trial court signed an order granting the stipulation. Although the preliminary injunction has been dissolved, the lawsuit remains ongoing relating to claims by the California Attorney General for periods prior to enactment of Proposition 22. The parties petitioned to stay this matter pending coordination with other California employment related matters, which was granted and a coordination judge was assigned. The case had been stayed pending appeal of the denial of a motion to compel arbitration, however the California Supreme Court denied review on January 17, 2024, and the case was remitted back to the Superior Court on January 29, 2024 for further proceedings. On July 2, 2024, the Superior Court lifted the stay. We intend to continue to vigorously defend ourselves. The ultimate resolution of these matters is uncertain and the amount accrued is recorded within accrued and other current liabilities on the condensed consolidated balance sheet as of March 31, 2025.
Swiss Social Security Rulings
Several Swiss administrative bodies have issued decisions in which they classify Drivers or Couriers as employees of Uber for social security or labor purposes. We are challenging them before the Social Security and Administrative Tribunals. On March 21, 2023, the Federal Tribunal ruled that Drivers who have used the Uber App in 2014 qualify as employees for social security purposes. In October 2024, the Social Security authority decided that the changes to our 2023 model are not sufficient to classify drivers as independent contractors. We have filed an appeal against this decision. During the first quarter of 2025, we separately have resolved the social security dispute for the years 2014 to July 2020 with the SVA Zürich authority. We continue to litigate the amounts of social security contributions at issue through 2022.
On June 3, 2022, the Federal Tribunal issued two rulings by which both Drivers and Couriers in the Canton of Geneva are classified as employees of Uber B.V., Uber Portier B.V. and Uber Switzerland GmbH. Following the ruling of the Federal Tribunal on Eats, the Social Security authorities claimed the payment of social security contributions since the launch of Uber Eats. In November 2022, we reached a settlement with the Canton of Geneva on Mobility with regards to social security implications.
The ultimate resolution of the matters before the social security authorities is uncertain and the amount accrued for those matters is recorded within accrued and other current liabilities on the condensed consolidated balance sheet as of March 31, 2025.
Other Driver Classification Matters
Additionally, we have received other lawsuits and governmental inquiries in other jurisdictions, and anticipate future claims, lawsuits, arbitration proceedings, administrative actions, and government investigations and audits challenging our classification of Drivers as independent contractors and not employees. We believe that our current and historical approach to classification is supported by the law and intend to continue to defend ourselves vigorously in these matters. However, the results of litigation and arbitration are inherently unpredictable and legal proceedings related to these claims, individually or in the aggregate, could have a material impact on our business, financial condition, results of operations and cash flows. Regardless of the outcome, litigation and arbitration of these matters can have an adverse impact on us because of defense and settlement costs individually and in the aggregate, diversion of management resources and other factors.
State Unemployment Taxes
New Jersey Department of Labor
In 2018, the New Jersey Department of Labor (“NJDOL”) opened an audit reviewing whether Drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply from 2014 through 2018. The NJDOL made an assessment on November 12, 2019, against both Rasier and Uber. Both assessments were calculated through November 15, 2019, but only calculated the alleged contributions, penalties, and interests owed from 2014 through 2018. The NJDOL has provided several assessments from February through October 2021. We have submitted payment for the principal revised amount of the assessment and have since reached agreement on and paid the remaining amounts allegedly owed from 2014 through 2018.
The NJ DOL has initiated an audit for the period of 2019 through the second quarter of 2023. The ultimate resolution of the matter is uncertain, and the amount accrued for those matters is recorded within accrued and other current liabilities on the condensed consolidated balance sheet as of March 31, 2025.
California Employment Development Department
In 2014, the California employment development department (“CA EDD”) opened an audit to review whether drivers should be treated as employees or independent contractors. The department issued an assessment in 2016 for the periods of 2013 - 2015 and we have since reached an agreement with the CA EDD for this period. In 2022, we received requests for information related to an audit of a subsequent period, which covers the fourth quarter of 2017 through the fourth quarter of 2020. We have also received an audit for the years 2018 - 2020 covering couriers who used the Postmates platform and received an assessment in June 2023. We are in the process of appealing the assessment. The ultimate resolution of the matter is uncertain, and the amount accrued for those matters is recorded within accrued and other current liabilities on the condensed consolidated balance sheet as of March 31, 2025.
Non-Income Tax Matters
We recorded an estimated liability for contingencies related to non-income tax matters and are under audit by various domestic and foreign tax authorities with regard to such matters.
The subject matter of these contingent liabilities and non-income tax audits primarily arise from the characterization for tax purposes of the transactions on the platform, as well as the application of certain employee benefits and employment and income taxes to our Drivers and Couriers. In jurisdictions with disputes connected to transactions on the platform, disputes involve the applicability of transactional taxes (such as sales tax, VAT, GST and similar taxes) or gross receipts taxes. In jurisdictions with disputes connected to employment or income taxes, disputes involve the applicability of withholding taxes related to employment taxes or back-up income tax withholding on payments made to Drivers, Couriers, and Merchants.
Our estimated liability is inherently subjective due to the complexity and uncertainty of these matters and the judicial processes in certain jurisdictions; therefore, the final outcome could be materially different from the estimated liability recorded.
United Kingdom
As of March 14, 2022, we modified our operating model in the UK, such that as of that date Uber UK is a merchant of transportation and is required to remit VAT. Uber UK is remitting VAT under the Value Added (Tour Operators) Order 1987 (“VAT Order 1987”), which allows for VAT remittance on a calculated margin, rather than on Gross Bookings.
As of March 31, 2025, we have received multiple assessments from the HMRC disputing our application of VAT Order 1987 for the period of March 2022 to September 2024, totaling approximately $1.8 billion (£1.4 billion) for unpaid VAT. Uber paid the assessments in order to proceed with the appeal process. The payments do not represent our acceptance of the assessments.
The payments made in 2023 through 2025 are recorded as a receivable in other assets on our condensed consolidated balance sheet because we believe that we will be successful in our appeal, upon which, the full amount of our payments will be returned to us with interest upon completion of the appeals process. We expect to receive additional assessments related to this matter. HMRC has expressed their intention to not enforce assessments pending the determination of the appeal of a competitor on a related matter. If payment of future assessments is required, the payments would decrease operating cash flow and have no impact on our results of operations. We plan to vigorously defend our application of the VAT Order 1987 and are waiting to obtain hearing dates from the Tax Tribunal.
Other Legal and Regulatory Matters
We have been or are currently subject to various government inquiries and investigations surrounding the legality of certain of our business practices, compliance with antitrust, anti-bribery and anti-corruption laws (including the Foreign Corrupt Practices Act) and other global regulatory requirements, labor laws, securities laws, data protection and privacy laws, consumer protection laws, environmental laws, and the infringement of certain intellectual property rights. We are investigating many of these matters and are implementing a number of recommendations to our managerial, operational and compliance practices, as well as strengthening our overall governance structure. In many cases, we are unable to predict the outcomes and implications of these inquiries and investigations on our business, which could be time consuming, costly to investigate, and require significant management attention. Furthermore, the outcome of these inquiries and investigations could negatively impact our business, reputation, financial condition, and operating results, including possible fines and penalties and requiring changes to operational activities and procedures.
We have been and expect to continue to be subject to personal injury claims for compensation based on traffic accidents, deaths, injuries, or other incidents that occur on our platform even when Drivers, consumers, or third parties are not actively using our platform. Various plaintiffs have also coordinated and may in the future attempt to coordinate personal injury claims in various jurisdictions through mass tort or similar proceedings. We use a combination of third-party insurance and self-insurance mechanisms to provide for personal injury risks. Our insurance reserves include unpaid losses and loss adjustment expenses related to these claims.
Indemnifications
In the ordinary course of business, we often include standard indemnification provisions in our arrangements with third parties. Pursuant to these provisions, we may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with their activities or non-compliance with certain representations and warranties made by us. In addition, we have entered into indemnification agreements with our officers, directors, and certain current and former employees, and our certificate of incorporation and bylaws contain certain indemnification obligations. It is not possible to determine the maximum potential loss under these indemnification provisions / obligations because of the unique facts and circumstances involved in each particular situation.
v3.25.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities
Note 10 – Variable Interest Entities
Consolidated VIEs
We consolidate VIEs in which we hold a variable interest and are the primary beneficiary. We are the primary beneficiary because we have the power to direct the activities that most significantly impact the economic performance of these VIEs. As a result, we consolidate the assets and liabilities of these VIEs.
Total assets included on the condensed consolidated balance sheets for our consolidated VIEs as of December 31, 2024 and March 31, 2025 were $3.4 billion and $3.4 billion, respectively. Total liabilities included on the condensed consolidated balance sheets for these VIEs as of December 31, 2024 and March 31, 2025 were $724 million and $740 million, respectively.
Uber Freight Holding Corporation
As of March 31, 2025, we own the majority of the issued and outstanding capital stock of Uber Freight Holding Corporation (“Freight Holding”) and report a non-controlling interest as further described in Note 11 – Non-Controlling Interests.
Unconsolidated VIEs
We do not consolidate VIEs in which we hold a variable interest but are not the primary beneficiary because we lack the power to direct the activities that most significantly impact the entities’ economic performance. We are exposed to these unconsolidated VIEs’ economic risks and rewards through the related carrying amount of assets and liabilities and any financial guarantees, which represent variable interests. Our unconsolidated VIEs consist of investments in privately held companies, primarily vehicle fleet operators.
Our carrying amounts of assets recognized on the condensed consolidated balance sheets and maximum exposure to loss related to unconsolidated VIEs were (in millions):
As of
December 31, 2024March 31, 2025
Total assets (1)
$678 $1,119 
Maximum exposure to loss (2)
803 1,260 
(1) Total assets includes a term loan to Moove Cars Mobility, S.L., formerly Garment Investments S.L. dba Moove (“Moove”). As of December 31, 2024 and March 31, 2025, the term loan to Moove was $288 million and $353 million, respectively, and accounted for as a loan receivable, carried at amortized cost recorded within other assets on the condensed consolidated balance sheets. In 2021, we entered into and completed a series of agreements with Moove, including (i) an equity investment, through preferred shares, (ii) a term loan to Moove, and (iii) a commercial partnership agreement. After this series of agreements, Moove is considered a related party.
Our carrying amounts of liabilities recognized on the condensed consolidated balance sheets were not material as of December 31, 2024 and March 31, 2025.
(2) Our maximum exposure to loss includes the carrying amounts of assets and liabilities recognized on our condensed consolidated balance sheets as well as an immaterial financial guarantee.
v3.25.1
Non-Controlling Interests
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Non-Controlling Interests
Note 11 – Non-Controlling Interests
Freight Holding
As of both December 31, 2024 and March 31, 2025, we owned 84% of our subsidiary Freight Holding’s capital stock, or 80% and 78%, respectively, on a fully-diluted basis. The minority stockholders of Freight Holding include, among others: (i) holders of Freight Holding’s Series A and A-1 Preferred Stock; (ii) holders of common equity awards issued under the employee equity incentive plans; and (iii) current and former employees who hold fully vested shares.
Freight Holding Supplier Financing Program
Freight Holding utilizes a third-party financial institution that allows our suppliers to be paid by the third-party financial institution earlier than the due date on the applicable invoice at a discounted price. In general, supplier invoices financed by the third-party financial institution are due for payment by Freight Holding within 30 days. As of December 31, 2024 and March 31, 2025, the liability related to the supplier financing program was immaterial and the amounts are included within accounts payable on the condensed consolidated balance sheets.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) Attributable to Parent $ 1,776 $ (654)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet, as of December 31, 2024, included herein was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2024, included in our Annual Report on Form 10-K. The results for the interim periods are not necessarily indicative of results for the full year.
In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive income (loss), cash flows and the change in equity for the periods presented.
There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 14, 2025, that have had a material impact on our condensed consolidated financial statements and related notes.
In Note 10 – Variable Interest Entities, certain prior period disclosures related to our unconsolidated variable interest entities (“VIEs”) are presented to conform to the current period presentation. This change had no impact on our previously reported total assets, total liabilities, results of operations, comprehensive income or net cash flows from operating, financing or investing activities.
Basis of Consolidation
Basis of Consolidation
Our condensed consolidated financial statements include the accounts of Uber Technologies, Inc. and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated. Refer to Note 10 – Variable Interest Entities for further information.
Use of Estimates
Use of Estimates
The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis, management evaluates estimates, including, but not limited to: fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of amortizable long-lived assets; fair value of acquired intangible assets and related impairment assessments; impairment of goodwill; stock-based compensation; income taxes and non-income tax reserves; certain deferred tax assets and tax liabilities; insurance reserves; and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates.
Recently Issued Accounting Pronouncements Not Yet Adopted
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The standard will be effective for public companies for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures,” which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. The standard will be effective for public companies for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements and related disclosures.
Net Income (Loss) Per Share
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the periods presented. Diluted net income (loss) per share is computed by giving effect to all potential weighted average dilutive common stock. For diluted net income (loss) per share, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities by application of the if-converted method, as applicable.
We take into account the effect on consolidated net income (loss) per share of dilutive securities of entities in which we hold equity interests that are accounted for using the equity method.
v3.25.1
Investments and Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Investments
Our investments on the condensed consolidated balance sheets consisted of the following (in millions):
As of
December 31, 2024March 31, 2025
Classified as short-term investments:
Marketable debt securities (1):
U.S. government and agency securities$167 $192 
Commercial paper220 121 
Corporate bonds659 535 
Certificates of deposit38 46 
Short-term investments$1,084 $894 
Classified as restricted investments:
Marketable debt securities (1):
U.S. government and agency securities$5,552 $5,920 
Commercial paper179 89 
Corporate bonds1,288 1,362 
Restricted investments$7,019 $7,371 
Classified as investments:
Non-marketable equity securities:
Didi$2,602 $2,757 
Other (2)
608 814 
Marketable equity securities:
Grab2,529 2,428 
Aurora (3)
2,054 2,191 
Other523 412 
Note receivable from a related party (2)
144 144 
Investments$8,460 $8,746 
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.
(2) These balances include certain investments recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments.
(3) In connection with Aurora’s November 2021 initial public offering, we are subject to a lock-up agreement in which our ability to sell or transfer our shares in Aurora is partially restricted until November 2025.
Schedule of Fair Value, Assets Measured on Recurring Basis
The following table presents our financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2024As of March 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,868 $— $— $1,868 $734 $— $— $734 
U.S. government and agency securities— 5,848 — 5,848 — 6,153 — 6,153 
Commercial paper— 702 — 702 — 289 — 289 
Corporate bonds— 1,974 — 1,974 — 1,901 — 1,901 
Certificates of deposit— 38 — 38 — 46 — 46 
Non-marketable equity securities— — 11 11 — — 6 6 
Marketable equity securities5,106 — — 5,106 5,031 — — 5,031 
Note receivable from a related party— — 144 144 — — 144 144 
Total financial assets$6,974 $8,562 $155 $15,691 $5,765 $8,389 $150 $14,304 
Summary of Amortized Cost, Unrealized Gains and Losses and Fair Value of Debt Securities
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities (in millions):
 As of December 31, 2024As of March 31, 2025
 Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government and agency securities$5,843 $7 $(2)$5,848 $6,148 $6 $(1)$6,153 
Commercial paper702 — — 702 289 — — 289 
Corporate bonds1,975 1 (2)1,974 1,901 1 (1)1,901 
Certificates of deposit38 — — 38 46 — — 46 
Total$8,558 $8 $(4)$8,562 $8,384 $7 $(2)$8,389 
Schedule of Securities without Readily Determinable Fair Value
The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):
As of
December 31, 2024March 31, 2025
Initial cost basis$2,030 $2,239 
Upward adjustments2,611 2,767 
Downward adjustments (including impairment)(1,442)(1,441)
Total carrying value at the end of the period$3,199 $3,565 
v3.25.1
Long-Term Debt and Credit Arrangements (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Components of Debt
Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages):
As of
December 31, 2024March 31, 2025
Stated Interest Rates
Effective Interest RatesMaturities
2025 Convertible Notes (1)
$1,150 $1,150 0.00 %0.2 %December 2025
2028 Convertible Notes1,725 1,725 0.875 %1.1 %December 2028
2027 Senior Note700 700 7.50 %7.7 %September 2027
2028 Senior Note500 500 6.25 %7.0 %January 2028
2029 Senior Note1,500 1,500 4.50 %4.7 %August 2029
2030 Senior Note1,250 1,250 4.30 %4.5 %January 2030
2034 Senior Note1,500 1,500 4.80 %4.9 %September 2034
2054 Senior Note1,250 1,250 5.35 %5.4 %September 2054
Total debt (2)
9,575 9,575 
Less: unamortized discount and issuance costs(78)(75)
Less: current portion of long-term debt (1)
(1,150)(1,150)
Total long-term debt$8,347 $8,350 
(1) The 2025 Convertible Notes will mature on December 15, 2025, and was classified within accrued and other current liabilities on our condensed consolidated balance sheets.
(2) The total fair value of our outstanding debt was $9.5 billion and $9.9 billion as of December 31, 2024 and March 31, 2025, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.
v3.25.1
Supplemental Financial Statement Information (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets were as follows (in millions):
As of
December 31, 2024March 31, 2025
Prepaid expenses$415 $455 
Other receivables482 512 
Other493 615 
Prepaid expenses and other current assets$1,390 $1,582 
Schedule of Accrued and Other Current Liabilities
Accrued and other current liabilities were as follows (in millions):
As of
December 31, 2024March 31, 2025
Accrued legal, regulatory and non-income taxes$1,533 $1,503 
Accrued Drivers and Merchants liability1,421 2,147 
Accrued compensation and employee benefits649 331 
Income and other tax liabilities751 739 
Current portion of long-term debt1,150 1,150 
Other2,185 2,320 
Accrued and other current liabilities$7,689 $8,190 
Schedule of Other Long-Term Liabilities
Other long-term liabilities were as follows (in millions):
As of
December 31, 2024March 31, 2025
Deferred tax liabilities$9 $13 
Other440 395 
Other long-term liabilities$449 $408 
Components of Other Income (Expense), Net
The components of other income (expense), net were as follows (in millions):
Three Months Ended March 31,
20242025
Interest income$159 $169 
Foreign currency exchange gains (losses), net(164)50 
Unrealized gain (loss) on debt and equity securities, net (1)
(721)51 
Other, net48 (8)
Other income (expense), net$(678)$262 
(1) During the three months ended March 31, 2024, unrealized loss on debt and equity securities, net represents changes in the fair value of our equity securities, primarily including: a $505 million unrealized loss on our Aurora investment, a $123 million unrealized loss on our Grab investment, and a $69 million unrealized loss on our Didi investment.
During the three months ended March 31, 2025, unrealized gain on debt and equity securities, net represents changes in the fair value of our equity securities, primarily including: a $155 million unrealized gain on our Didi investment, a $137 million unrealized gain on our Aurora investment, partially offset by a $102 million unrealized loss on our Grab investment, and a $139 million net unrealized loss on our other investments.
v3.25.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Summary of Stock Options and SAR Activity
A summary of stock option and SAR activity for the three months ended March 31, 2025 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years):
SARs Outstanding Number of SARsOptions Outstanding Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)Aggregate Intrinsic Value
As of December 31, 202433 7,198 $40.16 4.90$153 
Granted— 484 $74.44 
Exercised(3)(655)$12.66 
Canceled and forfeited(3)(60)$10.58 
As of March 31, 202527 6,967 $45.38 5.17$195 
Exercisable as of March 31, 202527 3,069 $25.92 3.51$146 
Schedule of Restricted Stock Units Activity
The following table summarizes the activity related to our RSUs for the three months ended March 31, 2025 (in thousands, except per share amounts):
Number of SharesWeighted-Average
 Grant-Date Fair
 Value per Share
Unvested and outstanding as of December 31, 202466,202 $48.49 
Granted28,067 $74.24 
Vested(10,028)$42.24 
Canceled and forfeited(2,276)$48.86 
Unvested and outstanding as of March 31, 202581,965 $58.06 
Schedule of Stock-Based Compensation Expense by Function The following table summarizes total stock-based compensation expense by function (in millions):
Three Months Ended March 31,
20242025
Operations and support$67 $52 
Sales and marketing21 24 
Research and development299 264 
General and administrative97 95 
Total$484 $435 
v3.25.1
Net Income (Loss) Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts):
Three Months Ended March 31,
20242025
Basic net income (loss) per share:
Numerator
Net income (loss) including non-controlling interests$(663)$1,774 
Net loss attributable to non-controlling interests, net of tax(9)(2)
          Net income (loss) attributable to common stockholders$(654)$1,776 
Denominator
Basic weighted-average common stock outstanding2,078,467 2,092,464 
Basic net income (loss) per share attributable to common stockholders (1)
$(0.31)$0.85 
Diluted net income (loss) per share:
Numerator
     Net income (loss) attributable to common stockholders$(654)$1,776 
Assumed net loss attributable to Freight Holding contingently issuable shares(16)(13)
     Diluted net income (loss) attributable to common stockholders$(670)$1,763 
Denominator
     Number of shares used in basic net income (loss) per share computation2,078,467 2,092,464 
     Dilutive effect of equity awards— 27,006 
     Dilutive effect of Freight Holding contingently issuable shares1,701 827 
     Dilutive effect of other contingently issuable shares— 2,321 
     Diluted weighted-average common stock outstanding2,080,168 2,122,618 
Diluted net income (loss) per share attributable to common stockholders (1)
$(0.32)$0.83 
(1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following potentially dilutive outstanding securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):
Three Months Ended March 31,
20242025
Equity awards110,238 45,364 
Freight Holding contingently issuable shares10,594 — 
Other contingently issuable shares2,321 — 
Total123,153 45,364 
v3.25.1
Segment Information and Geographic Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table provides information about our segments and a reconciliation to income (loss) before income taxes and income (loss) from equity method investments (in millions):
Three Months Ended March 31, 2024
MobilityDeliveryFreightTotal
Revenue$5,633 $3,214 $1,284 $10,131 
Platform Participant direct transaction costs (1)
(1,437)(1,342)(1,159)(3,938)
Other (2)
(2,717)(1,344)(146)(4,207)
Segment Adjusted EBITDA$1,479 $528 $(21)1,986 
Reconciling items:
Corporate G&A and Platform R&D (3)
(604)
Depreciation and amortization(190)
Stock-based compensation expense(484)
Legal, tax, and regulatory reserve changes and settlements (4)
(527)
Goodwill and asset impairments/loss on sale of assets3 
Acquisition, financing and divestitures related expenses(5)
Restructuring and related charges(7)
Income from operations172 
Interest expense(124)
Other income (expense), net(678)
Income (loss) before income taxes and loss from equity method investments$(630)
Three Months Ended March 31, 2025
MobilityDeliveryFreightTotal
Revenue$6,496 $3,777 $1,260 $11,533 
Platform Participant direct transaction costs (1)
(1,771)(1,506)(1,134)(4,411)
Other (2)
(2,972)(1,508)(133)(4,613)
Segment Adjusted EBITDA$1,753 $763 $(7)2,509 
Reconciling items:
Corporate G&A and Platform R&D (3)
(641)
Depreciation and amortization(171)
Stock-based compensation expense(435)
Legal, tax, and regulatory reserve changes and settlements (4)
(28)
Acquisition, financing and divestitures related expenses(3)
Loss on lease arrangement, net(2)
Restructuring and related charges(1)
Income from operations1,228 
Interest expense(105)
Other income (expense), net262 
Income (loss) before income taxes and loss from equity method investments$1,385 
(1) Platform Participant direct transaction costs primarily consist of (i) costs paid directly to Platform Earners on our platform recorded in cost of revenue, excluding depreciation and amortization; and (ii) incentives to end-users recorded in sales and marketing.
(2) Other primarily consists of non-Platform Participant costs, including: (i) trip insurance, payment card fees and bank fees, customer support and technology costs; and (ii) other operating costs, primarily related to employee headcount costs (excluding stock-based compensation), external contractor expenses and brand marketing as well as (iii) costs related to bringing new Platform Earners and new Platform end-users to the Platform recorded in costs and expenses.
(3) Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change.
(4) Legal, tax, and regulatory reserve changes and settlements are primarily related to certain significant legal proceedings or governmental investigations related to worker classification definitions, or tax agencies challenging our non-income tax positions. These matters have limited precedent, cover extended historical periods and are unpredictable in both magnitude and timing, therefore are distinct from normal, recurring legal, tax and regulatory matters and related expenses incurred in our ongoing operating performance.
Revenue Disaggregated by Geographic Areas
The following table presents our revenues disaggregated by geographical region. Revenue by geographical region is based on where the transaction occurred. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors (in millions):
Three Months Ended March 31,
20242025
United States and Canada ("US&CAN")$5,473 $6,219 
Latin America ("LatAm")710 717 
Europe, Middle East and Africa ("EMEA")2,756 3,321 
Asia Pacific ("APAC")1,192 1,276 
Total revenue$10,131 $11,533 
v3.25.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
Our carrying amounts of assets recognized on the condensed consolidated balance sheets and maximum exposure to loss related to unconsolidated VIEs were (in millions):
As of
December 31, 2024March 31, 2025
Total assets (1)
$678 $1,119 
Maximum exposure to loss (2)
803 1,260 
(1) Total assets includes a term loan to Moove Cars Mobility, S.L., formerly Garment Investments S.L. dba Moove (“Moove”). As of December 31, 2024 and March 31, 2025, the term loan to Moove was $288 million and $353 million, respectively, and accounted for as a loan receivable, carried at amortized cost recorded within other assets on the condensed consolidated balance sheets. In 2021, we entered into and completed a series of agreements with Moove, including (i) an equity investment, through preferred shares, (ii) a term loan to Moove, and (iii) a commercial partnership agreement. After this series of agreements, Moove is considered a related party.
Our carrying amounts of liabilities recognized on the condensed consolidated balance sheets were not material as of December 31, 2024 and March 31, 2025.
(2) Our maximum exposure to loss includes the carrying amounts of assets and liabilities recognized on our condensed consolidated balance sheets as well as an immaterial financial guarantee.
v3.25.1
Description of Business and Summary of Significant Accounting Policies (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2025
May 31, 2024
Trendyol Group | Subsequent Event | Forecast      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Interest acquired (in percent)   85.00%  
Cash consideration   $ 700  
Uber | Delivery Hero, Foodpanda Taiwan      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Interest acquired (in percent)     100.00%
Termination fee $ 236    
v3.25.1
Investments and Fair Value Measurement - Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Marketable Securities [Line Items]    
Short-term investments $ 894 $ 1,084
Restricted investments 7,371 7,019
Investments 8,746 8,460
Related Party    
Marketable Securities [Line Items]    
Note receivable from a related party 144 144
U.S. government and agency securities    
Marketable Securities [Line Items]    
Short-term investments 192 167
Restricted investments 5,920 5,552
Commercial paper    
Marketable Securities [Line Items]    
Short-term investments 121 220
Restricted investments 89 179
Corporate bonds    
Marketable Securities [Line Items]    
Short-term investments 535 659
Restricted investments 1,362 1,288
Certificates of deposit    
Marketable Securities [Line Items]    
Short-term investments 46 38
Didi    
Marketable Securities [Line Items]    
Non-marketable equity securities 2,757 2,602
Grab    
Marketable Securities [Line Items]    
Marketable equity securities 2,428 2,529
Aurora    
Marketable Securities [Line Items]    
Marketable equity securities 2,191 2,054
Other    
Marketable Securities [Line Items]    
Non-marketable equity securities 814 608
Marketable equity securities $ 412 $ 523
v3.25.1
Investments and Fair Value Measurement - Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Financial Assets    
Debt securities $ 8,389 $ 8,562
Non-marketable equity securities 3,565 3,199
U.S. government and agency securities    
Financial Assets    
Debt securities 6,153 5,848
Commercial paper    
Financial Assets    
Debt securities 289 702
Corporate bonds    
Financial Assets    
Debt securities 1,901 1,974
Certificates of deposit    
Financial Assets    
Debt securities 46 38
Recurring    
Financial Assets    
Non-marketable equity securities 6 11
Marketable equity securities 5,031 5,106
Note receivable from a related party 144 144
Total financial assets 14,304 15,691
Recurring | Money market funds    
Financial Assets    
Cash and cash equivalents 734 1,868
Recurring | U.S. government and agency securities    
Financial Assets    
Debt securities 6,153 5,848
Recurring | Commercial paper    
Financial Assets    
Debt securities 289 702
Recurring | Corporate bonds    
Financial Assets    
Debt securities 1,901 1,974
Recurring | Certificates of deposit    
Financial Assets    
Debt securities 46 38
Recurring | Level 1    
Financial Assets    
Non-marketable equity securities 0 0
Marketable equity securities 5,031 5,106
Note receivable from a related party 0 0
Total financial assets 5,765 6,974
Recurring | Level 1 | Money market funds    
Financial Assets    
Cash and cash equivalents 734 1,868
Recurring | Level 1 | U.S. government and agency securities    
Financial Assets    
Debt securities 0 0
Recurring | Level 1 | Commercial paper    
Financial Assets    
Debt securities 0 0
Recurring | Level 1 | Corporate bonds    
Financial Assets    
Debt securities 0 0
Recurring | Level 1 | Certificates of deposit    
Financial Assets    
Debt securities 0 0
Recurring | Level 2    
Financial Assets    
Non-marketable equity securities 0 0
Marketable equity securities 0 0
Note receivable from a related party 0 0
Total financial assets 8,389 8,562
Recurring | Level 2 | Money market funds    
Financial Assets    
Cash and cash equivalents 0 0
Recurring | Level 2 | U.S. government and agency securities    
Financial Assets    
Debt securities 6,153 5,848
Recurring | Level 2 | Commercial paper    
Financial Assets    
Debt securities 289 702
Recurring | Level 2 | Corporate bonds    
Financial Assets    
Debt securities 1,901 1,974
Recurring | Level 2 | Certificates of deposit    
Financial Assets    
Debt securities 46 38
Recurring | Level 3    
Financial Assets    
Non-marketable equity securities 6 11
Marketable equity securities 0 0
Note receivable from a related party 144 144
Total financial assets 150 155
Recurring | Level 3 | Money market funds    
Financial Assets    
Cash and cash equivalents 0 0
Recurring | Level 3 | U.S. government and agency securities    
Financial Assets    
Debt securities 0 0
Recurring | Level 3 | Commercial paper    
Financial Assets    
Debt securities 0 0
Recurring | Level 3 | Corporate bonds    
Financial Assets    
Debt securities 0 0
Recurring | Level 3 | Certificates of deposit    
Financial Assets    
Debt securities $ 0 $ 0
v3.25.1
Investments and Fair Value Measurement - Summary of Amortized Cost, Unrealized Gains and Losses and Fair Value of Debt Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 8,384 $ 8,558
Unrealized Gains 7 8
Unrealized Losses (2) (4)
Fair Value 8,389 8,562
U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 6,148 5,843
Unrealized Gains 6 7
Unrealized Losses (1) (2)
Fair Value 6,153 5,848
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 289 702
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 289 702
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,901 1,975
Unrealized Gains 1 1
Unrealized Losses (1) (2)
Fair Value 1,901 1,974
Certificates of deposit    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 46 38
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value $ 46 $ 38
v3.25.1
Investments and Fair Value Measurement - Narrative (Details)
$ in Billions
Mar. 31, 2025
USD ($)
Not Designated as Hedging Instrument  
Marketable Securities [Line Items]  
Notional amount $ 1.9
v3.25.1
Investments and Fair Value Measurement - Change in Equity Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Initial cost basis $ 2,239 $ 2,030
Upward adjustments 2,767 2,611
Downward adjustments (including impairment) (1,441) (1,442)
Total carrying value at the end of the period $ 3,565 $ 3,199
v3.25.1
Long-Term Debt and Credit Arrangements - Components of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Nov. 30, 2023
Dec. 31, 2020
Debt Instrument [Line Items]        
Total debt $ 9,575 $ 9,575    
Less: unamortized discount and issuance costs (75) (78)    
Less: current portion of long-term debt (1,150) (1,150)    
Total long-term debt 8,350 8,347    
Fair value of long-term debt 9,900 9,500    
Convertible Notes | 2025 Convertible Notes        
Debt Instrument [Line Items]        
Total debt $ 1,150 1,150    
Stated Interest Rates 0.00%     0.00%
Effective Interest Rates 0.20%      
Convertible Notes | 2028 Convertible Notes        
Debt Instrument [Line Items]        
Total debt $ 1,725 1,725    
Stated Interest Rates 0.875%   0.875%  
Effective Interest Rates 1.10%      
Senior Note | 2027 Senior Note        
Debt Instrument [Line Items]        
Total debt $ 700 700    
Stated Interest Rates 7.50%      
Effective Interest Rates 7.70%      
Senior Note | 2028 Senior Note        
Debt Instrument [Line Items]        
Total debt $ 500 500    
Stated Interest Rates 6.25%      
Effective Interest Rates 7.00%      
Senior Note | 2029 Senior Note        
Debt Instrument [Line Items]        
Total debt $ 1,500 1,500    
Stated Interest Rates 4.50%      
Effective Interest Rates 4.70%      
Senior Note | 2030 Senior Note        
Debt Instrument [Line Items]        
Total debt $ 1,250 1,250    
Stated Interest Rates 4.30%      
Effective Interest Rates 4.50%      
Senior Note | 2034 Senior Note        
Debt Instrument [Line Items]        
Total debt $ 1,500 1,500    
Stated Interest Rates 4.80%      
Effective Interest Rates 4.90%      
Senior Note | 2054 Senior Note        
Debt Instrument [Line Items]        
Total debt $ 1,250 $ 1,250    
Stated Interest Rates 5.35%      
Effective Interest Rates 5.40%      
v3.25.1
Long-Term Debt and Credit Arrangements - Senior Notes (Details) - USD ($)
$ in Billions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Fair value of long-term debt $ 9.9 $ 9.5
v3.25.1
Long-Term Debt and Credit Arrangements - 2028 Convertible Notes and Capped Call Transactions (Details)
$ / shares in Units, $ in Millions
 1 Months Ended
Nov. 30, 2023
USD ($)
day
$ / shares
Rate
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]      
Fair value of long-term debt | $   $ 9,900 $ 9,500
Convertible Notes | 2028 Convertible Notes      
Debt Instrument [Line Items]      
Aggregate principal amount | $ $ 1,730    
Stated interest rate 0.875% 0.875%  
Capped calls cost | $ $ 141    
Initial cap price (in dollars per share) | $ / shares $ 95.81    
Conversion ratio | Rate 1.37848%    
Conversion price (in dollars per share) | $ / shares $ 72.54    
Redemption price (in percent) 100.00%    
Convertible Notes | 2028 Convertible Notes | Debt Conversion Terms One      
Debt Instrument [Line Items]      
Threshold trading days 20    
Threshold consecutive trading days 30    
Threshold percentage of stock price trigger 130.00%    
Convertible Notes | 2028 Convertible Notes | Debt Conversion Terms Two      
Debt Instrument [Line Items]      
Threshold trading days 5    
Threshold consecutive trading days 10    
Percentage of product of last reported sale price 98.00%    
v3.25.1
Long-Term Debt and Credit Arrangements - 2025 Convertible Notes, Narrative (Details) - Convertible Notes - 2025 Convertible Notes
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Dec. 31, 2020
USD ($)
day
$ / shares
Rate
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Debt Instrument [Line Items]      
Aggregate principal amount | $ $ 1,150    
Stated interest rate 0.00% 0.00%  
Conversion ratio | Rate 1.23701%    
Conversion price (in dollars per share) | $ / shares $ 80.84    
Redemption price (in percent) 100.00%    
Interest expense | $   $ 0 $ 0
Debt Conversion Terms One      
Debt Instrument [Line Items]      
Threshold trading days 20    
Threshold consecutive trading days 30    
Threshold percentage of stock price trigger 130.00%    
Debt Conversion Terms Two      
Debt Instrument [Line Items]      
Threshold trading days 5    
Threshold consecutive trading days 10    
Percentage of product of last reported sale price 98.00%    
v3.25.1
Long-Term Debt and Credit Arrangements - Credit Agreement, Narrative (Details) - Revolving Credit Facility - Credit Agreement - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Aggregate amount of commitments $ 5,000  
Line of credit balance $ 0 $ 0
v3.25.1
Long-Term Debt and Credit Arrangements - Letters of Credit, Narrative (Details) - Line of Credit - Letters of Credit - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Letters of credit outstanding $ 1,700 $ 1,400
Letters of credit outstanding that will reduce the available credit under facilities $ 356 $ 354
v3.25.1
Supplemental Financial Statement Information - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 455 $ 415
Other receivables 512 482
Other 615 493
Prepaid expenses and other current assets $ 1,582 $ 1,390
v3.25.1
Supplemental Financial Statement Information - Accrued and Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued legal, regulatory and non-income taxes $ 1,503 $ 1,533
Accrued Drivers and Merchants liability 2,147 1,421
Accrued compensation and employee benefits 331 649
Income and other tax liabilities 739 751
Current portion of long-term debt 1,150 1,150
Other 2,320 2,185
Accrued and other current liabilities $ 8,190 $ 7,689
v3.25.1
Supplemental Financial Statement Information - Other Long-Term Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Deferred tax liabilities $ 13 $ 9
Other 395 440
Other long-term liabilities $ 408 $ 449
v3.25.1
Supplemental Financial Statement Information - Other Income (Expenses), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Interest income $ 169 $ 159
Foreign currency exchange gains (losses), net 50 (164)
Unrealized gain (loss) on debt and equity securities, net 51 (721)
Other, net (8) 48
Other income (expense), net 262 (678)
Aurora    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Unrealized gain (loss) on debt and equity securities, net 137 (505)
Grab    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Unrealized gain (loss) on debt and equity securities, net (102) (123)
Didi    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Unrealized gain (loss) on debt and equity securities, net 155 $ (69)
Others    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Unrealized gain (loss) on debt and equity securities, net $ (139)  
v3.25.1
Stockholders' Equity - SAR and Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Options Outstanding Number of Shares    
Options outstanding (in shares) 7,198  
Granted (in shares) 484  
Exercised (in shares) (655)  
Canceled and forfeited (in shares) (60)  
Options outstanding (in shares) 6,967 7,198
Exercisable (in shares) 3,069  
Weighted-Average Exercise Price Per Share    
Weighted-Average Exercise Price Per Share, Outstanding (in dollars per share) $ 40.16  
Weighted-Average Exercise Price Per Share, Granted (in dollars per share) 74.44  
Weighted-Average Exercise Price Per Share, Exercised (in dollars per share) 12.66  
Weighted-Average Exercise Price Per Share, Canceled and forfeited (in dollars per share) 10.58  
Weighted-Average Exercise Price Per Share, Outstanding (in dollars per share) 45.38 $ 40.16
Weighted-Average Exercise Price Per Share, Exercisable (in dollars per share) $ 25.92  
Weighted-Average Remaining Contractual Life (in years)    
Weighted-Average Contractual Life, Outstanding (in years) 5 years 2 months 1 day 4 years 10 months 24 days
Weighted-Average Contractual Life, Exercisable (in years) 3 years 6 months 3 days  
Aggregate Intrinsic Value, Outstanding $ 195 $ 153
Aggregate Intrinsic Value, Exercisable $ 146  
SARs    
SARs Outstanding Number of SARs    
Shares outstanding (in shares) 33  
Granted (in shares) 0  
Exercised (in shares) (3)  
Canceled and forfeited (in shares) (3)  
Shares outstanding (in shares) 27 33
Exercisable (in shares) 27  
v3.25.1
Stockholders' Equity - RSUs Activity (Details) - RSUs
shares in Thousands
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Number of Shares  
Unvested and outstanding (in shares) | shares 66,202
Granted (in shares) | shares 28,067
Vested (in shares) | shares (10,028)
Canceled and forfeited (in shares) | shares (2,276)
Unvested and outstanding (in shares) | shares 81,965
Weighted-Average Grant-Date Fair Value per Share  
Weighted-Average Grant-Date Fair Value per Share, Unvested and outstanding (in dollars per share) | $ / shares $ 48.49
Weighted-Average Grant-Date Fair Value per Share, Granted (in dollars per share) | $ / shares 74.24
Weighted-Average Grant-Date Fair Value per Share, Vested (in dollars per share) | $ / shares 42.24
Weighted-Average Grant-Date Fair Value per Share, Canceled and forfeited (in dollars per share) | $ / shares 48.86
Weighted-Average Grant-Date Fair Value per Share, Unvested and outstanding (in dollars per share) | $ / shares $ 58.06
v3.25.1
Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 435 $ 484
Operations and support    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 52 67
Sales and marketing    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 24 21
Research and development    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 264 299
General and administrative    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 95 $ 97
v3.25.1
Stockholders' Equity - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Jan. 31, 2025
Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Authorized repurchase amount     $ 7,000
Accelerated share repurchases, authorized amount   $ 1,500  
Repurchases and sale of common stock (in shares) 26.6    
Repurchases and sale of common stock $ 1,800    
Remaining authorized repurchase amount 4,000    
Excise tax on share repurchases 0    
Restricted Stock Awards, Restricted Stock Units, and Stock Appreciation Rights      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unamortized compensation costs related to unvested awards $ 4,600    
Weighted-average recognition period (in years) 3 years 25 days    
v3.25.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Provision for (benefit from) income taxes $ (402) $ 29
Increase in gross unrecognized tax benefits 584  
Unrecognized tax benefits that would impact the effective tax rate 287  
Unrecognized tax benefits $ 297  
v3.25.1
Net Income (Loss) Per Share - Computation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator    
Net income (loss) including non-controlling interests $ 1,774 $ (663)
Net loss attributable to non-controlling interests, net of tax (2) (9)
Net income (loss) attributable to common stockholders $ 1,776 $ (654)
Denominator    
Basic weighted-average common stock outstanding (in shares) 2,092,464 2,078,467
Basic net income (loss) per share attributable to common stockholders (in dollars per share) $ 0.85 $ (0.31)
Numerator    
Net income (loss) attributable to common stockholders $ 1,776 $ (654)
Assumed net loss attributable to Freight Holding contingently issuable shares (13) (16)
Diluted net income (loss) attributable to common stockholders $ 1,763 $ (670)
Denominator    
Number of shares used in basic net income (loss) per share computation (in shares) 2,092,464 2,078,467
Dilutive effect of equity awards (in shares) 27,006 0
Diluted weighted-average common stock outstanding (in shares) 2,122,618 2,080,168
Diluted net income (loss) per share attributable to common stockholders (in dollars per share) $ 0.83 $ (0.32)
Freight Holding contingently issuable shares    
Denominator    
Dilutive effect of contingently issuable shares (in shares) 827 1,701
Other contingently issuable shares    
Denominator    
Dilutive effect of contingently issuable shares (in shares) 2,321 0
v3.25.1
Net Income (Loss) Per Share - Antidilutive Securities (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 45,364 123,153
Equity awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 45,364 110,238
Freight Holding contingently issuable shares    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 0 10,594
Other contingently issuable shares    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 0 2,321
v3.25.1
Segment Information and Geographic Information - Summary (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
segment
Mar. 31, 2024
USD ($)
Segment Reporting [Abstract]    
Number of operating segments | segment 3  
Number of reportable segments | segment 3  
Segment Reporting Information [Line Items]    
Revenue $ 11,533 $ 10,131
Depreciation and amortization (171) (190)
Stock-based compensation expense (435) (484)
Income from operations 1,228 172
Interest expense (105) (124)
Other income (expense), net 262 (678)
Income (loss) before income taxes and loss from equity method investments 1,385 (630)
Segments    
Segment Reporting Information [Line Items]    
Revenue 11,533 10,131
Platform Participant direct transaction costs (4,411) (3,938)
Other (4,613) (4,207)
Segment Adjusted EBITDA 2,509 1,986
Segments | Mobility    
Segment Reporting Information [Line Items]    
Revenue 6,496 5,633
Platform Participant direct transaction costs (1,771) (1,437)
Other (2,972) (2,717)
Segment Adjusted EBITDA 1,753 1,479
Segments | Delivery    
Segment Reporting Information [Line Items]    
Revenue 3,777 3,214
Platform Participant direct transaction costs (1,506) (1,342)
Other (1,508) (1,344)
Segment Adjusted EBITDA 763 528
Segments | Freight    
Segment Reporting Information [Line Items]    
Revenue 1,260 1,284
Platform Participant direct transaction costs (1,134) (1,159)
Other (133) (146)
Segment Adjusted EBITDA (7) (21)
Reconciling items    
Segment Reporting Information [Line Items]    
Corporate G&A and Platform R&D (641) (604)
Depreciation and amortization (171) (190)
Stock-based compensation expense (435) (484)
Legal, tax, and regulatory reserve charges and settlements (28) (527)
Goodwill and asset impairments/loss on sale of assets   3
Acquisition, financing and divestitures related expenses (3) (5)
Loss on lease arrangement, net (2)  
Restructuring and related charges (1) (7)
Income from operations $ 1,228 $ 172
v3.25.1
Segment Information and Geographic Information - Geographic Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenue $ 11,533 $ 10,131
United States and Canada ("US&CAN")    
Segment Reporting Information [Line Items]    
Revenue 6,219 5,473
Latin America ("LatAm")    
Segment Reporting Information [Line Items]    
Revenue 717 710
Europe, Middle East and Africa ("EMEA")    
Segment Reporting Information [Line Items]    
Revenue 3,321 2,756
Asia Pacific ("APAC")    
Segment Reporting Information [Line Items]    
Revenue $ 1,276 $ 1,192
v3.25.1
Commitments and Contingencies (Details)
$ in Millions, £ in Billions
Mar. 31, 2025
USD ($)
Mar. 31, 2025
GBP (£)
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]      
Loss contingency accrual $ 1,500   $ 1,500
Non-income tax, current 221   $ 221
Value tax assessment $ 1,800 £ 1.4  
v3.25.1
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Total assets $ 52,822 $ 51,244
Total liabilities 29,917 28,768
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total assets 3,400 3,400
Total liabilities $ 740 $ 724
v3.25.1
Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Total assets $ 52,822 $ 51,244
Maximum exposure to loss 1,260 803
Total liabilities 29,917 28,768
Financial Guarantee    
Variable Interest Entity [Line Items]    
Guarantee, maximum exposure to loss 0 0
Moove    
Variable Interest Entity [Line Items]    
Term loan receivable 353 288
Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Total assets 1,119 678
Total liabilities $ 0 $ 0
v3.25.1
Non-Controlling Interests (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Noncontrolling Interest [Line Items]    
Supplier financing program $ 0 $ 0
Freight Holding    
Noncontrolling Interest [Line Items]    
Ownership percentage in non-controlling interest 84.00% 84.00%
Diluted ownership percentage in non-controlling interest 78.00% 80.00%