Uber Technologies, Inc.

Uber Technologies, Inc. is an American technology platform that connects consumers with ride-hailing, food delivery, grocery and retail delivery, and freight services across more than 70 countries, generating $52.0 billion in revenue in fiscal 2025. Founded in 2009 as a black-car hailing app called UberCab, the company ignited and then came to define the global ride-hailing industry, expanding into food delivery in 2014 with Uber Eats and freight logistics in 2017. It listed on the New York Stock Exchange in May 2019 at a valuation of roughly $82 billion.

This is a redemption story with a second act just beginning. Uber spent its first decade as the world's most famous money-losing startup — burning through more than $30 billion in cumulative operating losses to subsidize rider and driver acquisition in a global land grab. The pivot to profitability took hold in 2023, and the company has since delivered three straight years of accelerating free cash flow, culminating in $9.8 billion of FCF in fiscal 2025. The stock, which traded below $20 in late 2022, now changes hands around $70. But the file no longer turns on whether Uber can be profitable — that question is settled. It turns on whether the platform can sustain its growth trajectory and defend its franchise value as autonomous vehicles reconfigure the competitive landscape over the next five to ten years.