Technology
Global rideshare and delivery network with 150+ million active users, now generating meaningful free cash flow after years of operating losses.
View forensic reportUber ad revenue crossed $1.5 billion run-rate in late 2024, growing 70%+ year on year. The capital-light profit layer is bigger than our prior view assumed.
Uber at 14.9x earnings with $52 billion in revenue and a 19.3% profit margin is no longer a growth-at-all-costs rideshare startup. It's a profitable logistics platform.
Uber at 15.2x earnings with $9.8 billion in FCF versus Shopify at a premium growth multiple. Both are platform businesses — but only one offers compelling value today.
The market prices Uber as a disruption target. The financial data and recent AV partnerships tell a different story.
Three years ago Uber barely broke even. In 2025 it generated $9.8 billion in free cash flow. That kind of trajectory does not stay cheap forever.