Uber Technologies, Inc. (UBER) SEC Filings & Earnings Calls

Increased leverage from new debt issuance.

“Third Supplemental Indenture and Form of Notes indicate new debt.”

Strategic partner exit risk

“The Reporting Person periodically reviews its investments in issuers, including the Issuer, and intends to further assess its investment in the Issuer from time to time... may dispose of part or all of its investment” · word for word

Strategic investor exit

“Uber sold 72M shares, reducing stake to 10.9%, and stated it may further dispose of shares.”

Debt covenant risk: maintenance of consolidated adjusted EBITDA to interest expense ratio of not less than 3.00 to 1.00; cross-default triggers at $500M.

“Term Loan Credit Agreement requires that the Company maintain a ratio of consolidated adjusted earnings before interest, taxes, depreciation and amortization to consolidated interest expense of not less than 3.00 to 1.00.” · word for word

UK VAT Dispute

“As of June 30, 2026, we have received multiple assessments from His Majesty's Revenue & Customs (“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.” · word for word

Driver Classification Litigation

“The classification of Drivers is currently being challenged in courts, by legislators and by government agencies in the United States and abroad.” · word for word

Mobility Revenue Impact from UK Model Change

“Mobility business model changes in the United Kingdom (“UK”) that negatively impacted revenue by $1.1 billion.” · word for word

Investment Portfolio Volatility

“During the three months ended June 30, 2026, gains (losses) on debt and equity securities, net, primarily includes: a $1.1 billion unrealized gain on our Delivery Hero investment, a $899 million gain on our Aurora investment, and a net $102 million unrealized gain on other investments, partially offset by a $437 million loss on our Didi investment.” · word for word

Business model changes negatively impacted revenue growth by 8 percentage points

“Business model changes negatively impacted total revenue YoY growth by 8 percentage points on a reported and constant currency basis.” · word for word

Currency headwind expected in Q3 2026 guidance (1 percentage point)

“Our outlook assumes a roughly 1 percentage-point currency headwind to total reported YoY growth.” · word for word

GAAP net income includes significant non-operating gain from investment revaluations ($1.6B), which may not recur

“GAAP Net income attributable to Uber Technologies, Inc. was $2.4 billion, which includes a $1.6 billion net benefit (pre-tax) from revaluations of Uber’s equity investments.” · word for word

Integration risk from combining two large delivery platforms across 99 markets; potential regulatory hurdles in multiple jurisdictions.

“The combination is expected to accelerate innovation... By bringing together Uber’s global technology platform with Delivery Hero’s strong local brands” · word for word

Financing risk: $14.8B cash consideration requires bridge credit agreement; leverage increases.

“Bridge Credit Agreement, dated as of July 16, 2026, by and among Uber Technologies, Inc., as borrower, the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent.” · word for word

Divestiture complexity: SSW Partners acquires 14 markets; Uber does not control those businesses, creating potential competitive dynamics.

“Uber will not acquire control over the businesses transferred to SSW, and SSW will independently lead the process to find strategic partners” · word for word

Key investor stake reduction

“On June 2, 2026, Neben Holdings, LLC, a wholly-owned subsidiary of the Reporting Person, sold 67,500,000 shares of Class A Common Stock to a financial institution in a block sale transaction at a price per share of $7.10” · word for word

Strategic Partner Exit Risk

“Uber sold 67.5M shares of Aurora, reducing its stake to 15.6%.”

GAAP net income impacted by $1.5B pre-tax headwind from equity investment revaluations; Freight segment remains loss-making.

“GAAP Net income was $263 million, including $1.5B net headwind from revaluations of equity investments; Freight segment operating loss of $30M.”

Investment Portfolio Volatility

“Unrealized loss on debt and equity securities, net decreased by $1.5 billion primarily due to changes in the fair value of our equity securities. During the three months ended March 31, 2026, unrealized loss on debt and equity securities, net, primarily includes a $713 million loss on our Grab investment and a $674 million loss on our Didi investment.” · word for word

UK Business Model Change Impact

“The increase in revenue was partially offset by Mobility business model changes in the United Kingdom ("UK") that negatively impacted revenue by $1.0 billion.” · word for word

Driver Classification Litigation

“We are involved in numerous legal proceedings globally, including putative class and collective class action lawsuits, demands for arbitration, charges and claims before administrative agencies, and investigations or audits by labor, social security, and tax authorities that claim that Drivers should be treated as our employees (or as workers or quasi-employ” · word for word

Insurance cost exposure

“Made significant progress in lowering insurance costs through a combination of insurance reform advocacy efforts, culminating in the passage of SB 371 in California, and process improvements, including the expansion of Driver Insights on our platform.” · word for word

Regulatory environment

“The Board and Audit Committee oversee risk management, including Uber’s compliance with applicable laws and regulations.” · word for word

Regulatory approval risk for acquisition in Türkiye

“Transaction subject to regulatory approval and other closing conditions.”

Equity investment revaluation risk: $1.6B pre-tax headwind from revaluations.

“includes a $1.6 billion net headwind (pre-tax) from revaluations of Uber’s equity investments.” · word for word

No new risk signals; change in non-GAAP measures may affect comparability.

Freight segment remains weak (flat YoY)

“Freight Gross Bookings flat YoY; Freight Segment Adjusted EBITDA -$20M”

Driver Classification Litigation

“The classification of Drivers is currently being challenged in courts, by legislators and by government agencies in the United States and abroad.” · word for word

UK VAT Dispute

“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.” · word for word

Autonomous Vehicle Competition

“Waymo has introduced a commercialized ridehailing fleet of autonomous vehicles on its own platform... it is possible that our competitors could introduce autonomous vehicle offerings earlier than we will be able to offer autonomous vehicles on our platform.” · word for word