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Uber is also developing technologies designed to provide new solutions to solve everyday problems.
−Removed: Our technology is available in over 70 countries 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).
+Added: Our technology is available in over 70 countries around the world, principally in the United States (“U.S.”) and Canada, Latin America (“LatAm”), Europe (excluding Russia), the Middle East, Africa, and Asia Pacific (“APAC”, excluding China and Southeast Asia).
As of December 31, 2025, we had three operating and reportable segments:
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We refer to the grocery, alcohol, convenience, and retail categories collectively as Grocery & Retail.
−Removed: After launching our Delivery app, Uber Eats, over nine years ago, we believe our Delivery offering increases consumer engagement with the Uber platform overall, which in turn results in broader reach for our Merchants who can attract Uber Eats consumers from Uber without increasing their own costs.
+Added: After launching our Delivery app, Uber Eats, over ten years ago, we believe our Delivery offering increases consumer engagement with the Uber platform overall, which in turn results in broader reach for our Merchants who can attract Uber Eats consumers from Uber without increasing their own costs.
For Drivers, we believe the Delivery offering leverages, and has expanded, our earner base by increasing utilization and earnings across the network.
We also believe it attracts new Drivers to the platform who do not have access to Mobility-qualified vehicles.
−Removed: Over the last several years, our Delivery business has expanded to include Uber Direct, our white-label Delivery-as-a-Service offering to retailers and restaurants around the world, as well as advertising opportunities.
+Added: Over the last several years, our Delivery business has expanded to include Uber Direct, our white-label Delivery-as-a-Service offering to retailers and restaurants around the world, as well as advertising.
We believe that Freight is revolutionizing the logistics industry.
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Together, these elements power movement from point A to point B.
−Removed: Massive Network Our massive, efficient, and intelligent network consists of tens of millions of Drivers, consumers, Merchants, Shippers and Carriers, as well as underlying data, technology, and shared infrastructure.
+Added: Massive Network Our massive, efficient, and intelligent network consists of hundreds of millions of Drivers, consumers, Merchants, Shippers and Carriers, as well as underlying data, technology, and shared infrastructure.
Our network becomes smarter with every trip.
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For example, Delivery attracts new consumers to our network—for the three months ended December 31, 2025, approximately 58% of first-time Delivery consumers were new to our platform.
−Removed: Additionally, for the three months ended December 31, 2024, consumers who used both Mobility and Delivery generated 11.4 Trips per month on average, compared to 5.2 Trips per month on average for consumers who used a single offering in cities where both Mobility and Delivery were offered.
−Removed: We believe that these trends will improve as we further leverage the power of our platform.
+Added: Additionally, for the three months ended December 31, 2025, consumers who used both Mobility and Delivery generated over three times the Gross Bookings as compared to consumers who used a single offering in countries where both Mobility and Delivery were offered.
+Added: We believe that these trends will improve as we further leverage the power of our platform, especially as only approximately one in five eligible consumers are currently active monthly across both of our businesses.
With our platform, we are making it even easier for our consumers to unlock convenience—Uber One is our single cross-platform membership program that brings together the best of Uber.
−Removed: Uber One members have access to discounts, special pricing, priority service, and exclusive perks across our rides, delivery and grocery and retail offerings.
+Added: Uber One members have access to discounts, cash back, special pricing, priority service, and exclusive perks across our rides, delivery and grocery and retail offerings.
Uber One is available in over 30 countries.
−Removed: Our Eats Pass membership program continues to remain available in select cities as a subscription offering.
−Removed: Our membership programs are designed to make utilizing our suite of products a seamless and rewarding experience for our consumers.
+Added: Our Uber One membership program is designed to make utilizing our suite of products a seamless and rewarding experience for our consumers.
As of December 31, 2025, Uber One member base reached 46 million.
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During October 2022, we officially launched Uber’s advertising division and introduced Uber Journey Ads, an engaging way for brands to connect with consumers throughout the entire ride process.
−Removed: We now offer a model that enables brands to partner with Uber on a variety of advertising options on the Uber and Uber Eats apps, and beyond, while connecting with consumers in brand-safe and captivating ways.
−Removed: We also provide comprehensive reporting and analysis, which helps brands fine-tune their understanding of consumers and create more impactful campaigns as they connect with consumers at relevant points throughout their journeys and transactions.
+Added: We also offer a model that enables brands to partner with Uber on a variety of advertising options on the Uber and Uber Eats apps, and beyond, while connecting with consumers in brand-safe and captivating ways.
+Added: We provide comprehensive reporting and analysis, which helps brands fine-tune their understanding of consumers and create more impactful campaigns as they connect with consumers at relevant points throughout their journeys and transactions.
We believe that our advertising further strengthens the power of our platform and will continue to do so as we onboard more advertisers.
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We compete on a global basis in highly fragmented markets.
−Removed: We face significant competition in each of the mobility and delivery industries globally and in the logistics industry in the United States and Canada from existing, well-established, and low-cost alternatives, and in the future we expect to face competition from new market entrants given the low barriers to entry that characterize these industries.
+Added: We face significant competition in each of the mobility and delivery industries globally and in the logistics industry in the North America from existing, well-established, and low-cost alternatives, and in the future we expect to face competition from new market entrants given the low barriers to entry that characterize these industries.
As we and our competitors introduce new products and offerings, and as existing products evolve, we expect to become subject to additional competition.
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In addition, public transportation can be a superior substitute to our Mobility offering and in many cases, offers a faster and lower-cost travel option in many cities.
−Removed: We also compete with other ridesharing companies for Drivers and Riders, including Bolt, Didi, Grab, Lyft, and Ola.
−Removed: Our Delivery offering competes with numerous companies in the meal, grocery and other delivery space in various regions for drivers, consumers, and merchants, including DoorDash, Deliveroo, Glovo, Instacart, Gopuff, Rappi, iFood, Delivery Hero, Just Eat Takeaway, and Amazon.
+Added: We also compete with other ridesharing companies for Drivers and Riders, including Bolt, Didi, Lyft, and Ola.
+Added: There are also a number of companies developing and introducing autonomous vehicles and technologies that either are competing with us or may compete with us in the future, including Alphabet (Waymo), Amazon (Zoox), and Tesla.
+Added: Our Delivery offering competes with numerous companies in the meal, grocery and other delivery space in various regions for Drivers, consumers, and merchants, including DoorDash, Instacart, Gopuff, Rappi, Delivery Hero, Just Eat Takeaway, and Amazon.
Our Delivery offering also competes with restaurants and other merchants, including those that offer their own delivery and/or take-away, meal kit delivery services, grocery delivery services, and traditional grocers.
Our Freight offering competes with global and North American freight brokers and managed transportation providers such as C.H.
−Removed: Robinson, Total Quality Logistics, RXO, XPO, Echo Global Logistics, DHL, and NEXT Trucking.
+Added: Robinson, Total Quality Logistics, RXO, XPO, Echo Global Logistics, and DHL.
Government Regulation
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Outside of the United States, certain jurisdictions have adopted similar laws, rules, and regulations while other jurisdictions have not adopted any laws, rules, and regulations which govern our Mobility business.
−Removed: Further, certain jurisdictions, including Argentina, Germany, Italy, Japan, South Korea, and Spain, six countries that we have identified as expansion markets, have adopted laws, rules, and regulations banning certain ridesharing products or imposing extensive operational restrictions.
+Added: Further, certain jurisdictions have adopted laws, rules, and regulations banning certain ridesharing products or imposing extensive operational restrictions.
This uncertainty and fragmented regulatory environment creates significant complexities for our business and operating model.
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Some examples of our advocacy to preserve flexibility of work while expanding access to benefits and protections are as follows:
−Removed: ◦ In Washington State, we partnered with industry and labor to support a bill regulating rideshare, including minimum earnings, sick leave, paid family and medical leave, and workers’ compensation coverage for drivers.
−Removed: ◦ In New York and Massachusetts, we reached agreements with the Attorneys General that introduce new protections for rideshare drivers in these states, including minimum earnings and various benefits.
−Removed: ◦ In France, we reached a number of sectoral bargaining agreements with elected workers’ representatives to implement new standards related to minimum guaranteed revenues for couriers, minimum fare per trip for drivers, and deactivation transparency and appeals process for both.
+Added: We renewed our agreement with the ITF (International Transport Workers’ Federation), a democratic, affiliate-led federation of over 700 transport workers’ unions from 150 countries, representing 16.5 million workers.
+Added: The agreement invites collaboration on topics such as trade union representation, freedom of association and bargaining, working conditions, health and safety, social protections, and dispute resolution.
+Added: In 2024, Uber Eats and the UGT (Unión General de Trabajadores) signed a memorandum of understanding aimed at improving working conditions for platform workers across the entire delivery sector, focusing on safety, training, and collective representation.
+Added: ◦ We welcomed a number of policy developments and agreements across the globe, including:
+Added: ▪ In Canada, the provinces of British Columbia and Ontario introduced laws guaranteeing minimum earnings, transparency, and deactivation notices for platform drivers and couriers, while preserving their independent contractor status.
+Added: ▪ In Australia, the passage of the Fair Work Legislation Amendment affirms platform workers’ independent status while guaranteeing access to minimum pay standards, superannuation, and deactivation protections.
• Protections and benefits :
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• Learning and Growth :
−Removed: We have partnered with learning and academic institutions to provide opportunities to eligible Drivers and/or their family members through undergraduate degree programs and courses on entrepreneurship, skills
−Removed: development and language learning.
−Removed: For example, since its launch in 2018, our partnership with Arizona State University has enrolled nearly 15,000 Drivers and their family members in English language learning and entrepreneurship courses.
+Added: We have partnered with learning and academic institutions to provide opportunities to eligible Drivers and/or their family members through undergraduate degree programs and courses on entrepreneurship, skills development and language learning.
+Added: For example, since its launch in 2018, our partnership with Arizona State University has enrolled nearly 8,850 Drivers and their family members in the Arizona State University Uber Educational Program with full tuition coverage, and more than 10,000 Drivers and their family members have had over 19,000 enrollments in English language learning and entrepreneurship courses.
• Engagement :
−Removed: We are focused on listening to and responding to the ideas and concerns of Drivers and Merchants who use our platform.
+Added: We remain focused on listening to and responding to the ideas and concerns of Drivers and Merchants who use our platform.
We believe that the best ideas can come from anywhere, both inside and outside our company.
−Removed: In locations around the world, we are piloting innovative ways for Drivers to participate in meaningful dialogue with us.
+Added: In locations around the world, we continue to explore innovative ways for Drivers to participate in meaningful dialogue with us.
In markets across the world, we hold regular meetings with Driver associations and conduct regular surveys to gather feedback on our app, our support services, and other matters.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.