Uber Technologies, Inc

Company facts

Industry

Services-Business Services, NEC

Headquarters

San Francisco, California

Most recent report

10-Q, filed Nov 4, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 1543151

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 6 of 11 sections worth reading, with 1 positive, 21 notable, and 15 negative flags.

• Financial Statements (Item 1)

  Major acquisition financing, debt surge, and pending takeover of Delivery Hero.
  Notable

  • Uber entered $1.6B in total return swaps on Delivery Hero stock, now worth $1.5B as of Q3 2026.
  • Uber acquired 24.99% of Delivery Hero for $2.3B in Q2 2026, then launched a full takeover in July.
  • Uber launched a €14.8B takeover of Delivery Hero, funded by €14.2B in new bridge and term loans.
  • Uber issued €4.5B in Euro Senior Notes in September 2026, adding $5.2B in net proceeds.
  • Uber repurchased $4.3B of stock in the first nine months of 2026, with $15.0B remaining authorized.
  • Uber changed its segment performance measure to Segment Operating Income starting Q1 2026.
  • Uber bought three companies for $1.5B cash in 2026: SpotHero ($617M), Getir ($361M), Blacklane ($554M).
  Negative

  • Australia High Court ruled against Uber on NSW payroll tax; accrued liability as of Q3 2026.

• Management's Discussion (Item 2)

  Dense with company-specific results, risks, and a pending $14.8B acquisition.
  Positive

  • Trips up 16% to 4.1B, MAPCs up 14% to 215M, and Gross Bookings up 20% to $59.8B in Q3 2026.
  Notable

  • UK business model change cut Q3 revenue by $1.1B; driver payments now reduce revenue, not cost.
  • Pending $14.8B Delivery Hero acquisition; funded by cash and new debt, expected close H2 2027.
  • Board authorized $20B buyback in July 2025; $15B remained as of Sept 30, 2026.
  Negative

  • UK VAT assessments total ~$3.4B; $1.9B paid, $1.5B expected to be paid to appeal.
  • Australia High Court ruled against Uber on NSW payroll tax; amount accrued as of Sept 30, 2026.

• Market Risk (Item 3)

  Contains specific interest rate, investment, and FX risk figures for Sep 30, 2026.
  Notable

  • A 100bp rate increase would reduce fair value of fixed-rate notes by $754M as of Sep 30, 2026.
  • Cash and equivalents rose to $12.2B at Sep 30, 2026 from $9.6B at Dec 31, 2025.
  • Marketable debt securities were $9.3B at Sep 30, 2026, slightly down from $9.4B at Dec 31, 2025.
  • Carrying value of investments was $11.5B as of Sep 30, 2026, including equity method investments.
  • A 10% USD strengthening would cut fair value of FX derivatives by $435M as of Sep 30, 2026.

• Legal Proceedings (Item 1)

  Incorporates material legal proceedings (driver classification, state unemployment taxes) by reference to Note 11, which is a real risk.
  Negative

  • Driver classification lawsuits are a core business risk; adverse outcome could reclassify drivers as employees, raising costs.
  • State unemployment tax disputes could lead to significant back taxes and penalties if resolved against Uber.

• Risk Factors (Item 1A)

  Company-specific quantified risks: driver classification, $15.7B debt, $7B deficit, Delivery Hero deal financing.
  Notable

  • 37,300 global employees as of Sep 30, 2026, with 21,600 outside the US; growth and restructuring risks.
  • Significant minority stakes in Didi, Grab, and Aurora; limited control and potential forced sale under Investment Company Act.
  • Over 75% of 2025 Gross Bookings paid by card or digital wallet; loss of payment acceptance would be severe.
  • U.S. federal NOLs of $4.1B (unlimited carryover) and $43M (expiring 2031); state NOLs of $7.0B; foreign NOLs of $20.3B.
  • FTC consent decree on privacy runs through 2038; 2016 breach cost $148M in state settlements; DOJ non-prosecution agreement in 2022.
  Negative

  • Over 150,000 US drivers filed arbitration demands asserting classification claims; majority resolved via settlements.
  • Brazil Supreme Court hearing on driver classification expected in 2027; outcome uncertain.
  • Mexico passed bill in Dec 2024 to reclassify mobility/delivery earners as employees with profit sharing.
  • New Zealand Supreme Court ruled in Nov 2025 that four drivers are employees while logged into the Uber app.
  • Accumulated deficit of $7 billion as of Sep 30, 2026; may not maintain profitability.
  • 15% of Mobility Gross Bookings in 2025 came from airport trips; vulnerable to regulation and air travel declines.
  • Cash trips were 6% of global Gross Bookings in 2025; safety and collection risks in Brazil and elsewhere.
  • California requires 90% of rideshare miles in zero-emission vehicles by 2030; Uber says 2025 goals unmet, 2030 goals out of reach.
  • Total debt of $15.7B; plus €14.2B bridge and €4.0B term loan for Delivery Hero acquisition.
  • Australia High Court ruled against Uber in Nov 2026 on payroll tax; accrual recorded, ongoing costs increased.

• Unregistered Sales and Repurchases (Item 2)

  Share buyback details and debt conversion are company-specific and material.
  Notable

  • Issued 902,556 shares in September 2026 on conversion of Careem notes at $55/share, diluting existing holders.

What changed: Sep 2026 vs. Jun 2026

About 8% of UBER's Sep 2026 10-Q is new information. 61 paragraphs were added, 197 changed, and 45 removed. Below are the most important lines SECSift identified.

• Item 1 91
• Item 2 76
• Item 1A 17
• Item 3 6
• Item 6 3
• Item 5 1
• Item 4 1