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What Changed
Risk factors · Feb 14, 2025 → Feb 13, 2026
12 added · 13 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
For example, shifts in consumer behavior, including the use of new or emerging technologies, such as AI-enabled platforms and digital assistants, may disintermediate our relationship with consumers by controlling how our products are accessed, presented or selected, which could redirect demand to competitors and adversely affect our demand and growth.
For example, our investments into and commercial partnerships with various autonomous mobility and/or autonomous delivery companies currently support the development and deployment of autonomous vehicle technology capable of operation in the United States and globally.
As another example, in November 2025, the New Zealand Supreme Court ruled that four drivers are employees while logged into the Uber app.
There are also a number of companies developing and introducing autonomous vehicles and technologies 12 that either are competing with us or may compete with us in the future, including Alphabet (Waymo), Amazon (Zoox), and Tesla. • Delivery .
In addition, changes in or increased enforcement efforts pursuant to certain laws and regulations, including immigration and labor and employment laws, or laws that require us to make changes to our platform that decrease accessibility, including removing access to our platform, or flexibility provided to Drivers in certain jurisdictions, may result in a decrease in the pool of Drivers, which may result in increased competition for Drivers or higher costs of attracting and maintaining Drivers.
As of December 31, 2025, we had an accumulated deficit of $10.6 billion.
Our business depends on retaining and attracting high-quality personnel, and continued attrition, future attrition, or unsuccessful succession planning could adversely affect our business.
Breaches of our facilities, network, applications, identity management solutions or data security have in the past and could in the future disrupt our business or the security of our syst
Our efforts to attract and retain high-quality personnel may be compounded by intensified restrictions on immigration or the availability of work visas.
The government issued a demand for contributions, which we are challenging and which is subject to ongoing discussions and engagement with authorities.
Another example is in France, where the government is seeking social security contributions based on an allegation that Drivers are employees.
Any material decline in the business of these entities would adversely affect the value of our assets and our financial results.
No longer disclosed
For example, in January 2021, we completed the merger of our autonomous technologies business with Aurora, and included a $400 million investment in the combined company and a commercial agreement pursuant to which we and Aurora will collaborate with respect to the launch and commercialization of self-driving vehicles on our ridesharing network.
For example, in connection with Aurora’s November 2021 initial public offering, we are subject to a 4-year lock-up with respect to our shares in Aurora.
For example, fraudsters may attempt to induce employees, contractors, or platform users to disclose information to gain access to our data or the data of platform users.
In 2024, we derived 20% of our Mobility Gross Bookings from five metropolitan areas—Chicago, Los Angeles, and New York City in the United States, Sao Paulo in Brazil, and London in the United Kingdom.
We incurred an operating loss of $1.8 billion in the year ended December 31, 2022, and as of December 31, 2024, we had an accumulated deficit of $20.7 billion.
Breaches of our facilities, network, applications, identity management solutions or data security have in the past and could in the future disrupt our business or the security of our systems and platforms, impair our ability to protect data, compromise confidential or technical business information harming our reputation or competitive position, result in theft or misuse of our intellectual property or other assets, subject us to regulatory scrutiny or legal liability, require us to allocate more resources to improve technologies, or otherwise adversely affect our reputation, business and operating results.
Various other factors may also cause system failures or security breaches, including power outages, catastrophic events, inadequate or ineffective redundancy, issues with upgrading or creating new systems or platforms, flaws in third-party software or services, intentional acts or errors by our employees or third-party service providers, or breaches in the security of these systems or platforms.
If our incident response, disaster recovery, and business continuity plans do not resolve these issues in an effective manner, they could result in adverse impacts to our business operations and our financial results.
In addition, circumstances that have accelerated the growth of our Delivery offering stemming from stay-at-home order demand related to the pandemic may not continue in the future.
If we are unable to achieve sustained profits, our prospects would be adversely affected and investors may lose some or all of the value of their investment.
Additionally, we have entered into commercial partnerships with various autonomous mobility and/or autonomous delivery companies.
Because of our prominence, the number of platform users, and the types and volume of personal data on our sys