Uber Technologies (UBER) risk factors, 2025 10-K

Operational Risks

1. 01Our business would be adversely affected if Drivers were classified as employees, workers or quasi-employees
2. 02Law and reclassify all mobility and delivery earners who make more than one minimum salary a month as employees, with traditional labor law rights, including sharing into the profits of the company
3. 03For all of these reasons, we may not be able to compete successfully against our current and future competitors. Our inability to compete effectively would have an adverse effect on, or otherwise harm, our business, financial condition, and operating results
4. 04We have incurred significant losses, including in the United States and other major markets. We expect our operating expenses to increase in the foreseeable future, and we may not maintain profitability
5. 05If we are unable to attract or maintain a sufficient number of Drivers, consumers, merchants, Shippers, and Carriers, whether as a result of competition or other factors, our platform will become less appealing to platform users, and our financial results would be adversely impacted
6. 06Our historical workplace culture and forward-leaning approach created operational, compliance, and cultural challenges, and a failure to address these challenges would adversely impact our business, financial condition, operating results, and prospects
7. 07Public reporting or disclosure of reported safety information, including information about safety incidents reportedly occurring on or related to our platform, whether generated by us or third parties such as media or regulators, may adversely impact our business and financial results
8. 08We are making substantial investments in new offerings and technologies, and may increase such investments in the future. These new ventures are inherently risky, and we may never realize any expected benefits from them
9. 09As of December 31, 2024, we operated in over 70 countries. We have limited experience operating in many jurisdictions outside of the United States and have made, and expect to continue to make, significant investments to expand our international operations and compete with local and other global competitors
10. 10We have limited influence over our minority-owned entities, which subjects us to substantial risks, including potential loss of value
11. 11We may experience significant fluctuations in our operating results. If we are unable to achieve or sustain profitability, our prospects would be adversely affected and investors may lose some or all of the value of their investment
12. 12If our growth slows more significantly than we currently expect, we may not be able to maintain profitability, which would adversely affect our financial results and future prospects
13. 13Our business depends on retaining and attracting high-quality personnel, and continued attrition, future attrition, or unsuccessful succession planning could adversely affect our business
14. 14Cyberattacks, including computer malware, ransomware, viruses, denial of service attacks, account takeovers, spamming, phishing and social engineering attacks could harm our reputation, business, and operating results
15. 15If we are unable to successfully introduce new or upgraded products, offerings, or features for Drivers, consumers, merchants, Shippers, and Carriers, we may fail to retain and attract such users to our platform and our operating results would be adversely affected
16. 16Loss or material modification of our credit card acceptance privileges could have an adverse effect on our business and operating results
17. 17Our platform is highly technical, and any undetected errors could adversely affect our business
18. 18Our growing use of artificial intelligence and machine learning may present additional risks, including risks associated with algorithm development or use, the tools and data sets used, and/or a complex, developing regulatory environment
19. 19We are subject to climate change risks, including physical and transitional risks, and if we are unable to manage such risks, our business may be adversely impacted
20. 20Increased attention to, and evolving expectations regarding sustainability matters may adversely impact our business, reputation and liabilities, including in the context of certain goals we have announced
21. 21inaccurate or otherwise misaligned with stakeholder expectations. Any failure or perceived failure to satisfy evolving stakeholder expectations regarding our climate goals and environmental and social reporting may harm our reputation and impact relationships with certain investors and other stakeholders

General Economic Risks

1. 22Occurrence of a catastrophic event, including but not limited to disease, a weather event, war, or terrorist attack, could adversely impact our business, financial condition and results of operation
2. 23The impact of economic conditions, including the resulting effect on discretionary consumer spending, may harm our business and operating results
3. 24Increases in fuel, food, labor, energy, and other costs due to inflation and other factors could adversely affect our operating results
4. 25The successful operation of our business depends upon the performance and reliability of Internet, mobile, and other infrastructures that are not under our control
5. 26We rely on third parties maintaining open marketplaces to distribute our platform and to provide the software we use in certain of our products and offerings. If such third parties interfere with the distribution of our products or offerings or with our use of such software, our business would be adversely affected
6. 27One of the most important features of our platform is its broad interoperability with a range of devices, operating systems, and
7. 28We rely on third parties for elements of the payment processing infrastructure underlying our platform. If these third-party elements become unavailable or unavailable on favorable terms, our business could be adversely affected
8. 29We currently rely on a small number of third-party service providers to host a significant portion of our platform, and any interruptions or delays in services from these third parties could impair the delivery of our products and offerings and harm our business
9. 30Our use of third-party open source software could adversely affect our ability to offer our products and offerings and subjects us to possible litigation
10. 31We will require additional capital to support the growth of our business, and this capital might not be available on reasonable terms or at all
11. 32We have incurred a significant amount of debt and may in the future incur additional indebtedness. Our payment obligations under such indebtedness may limit the funds available to us, and the terms of our debt agreements may restrict our flexibility in operating our business
12. 33We may have exposure to materially greater than anticipated tax liabilities
13. 34Changes in global and U.S. tax legislation may adversely affect our financial condition, operating results, and cash flows
14. 35Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited
15. 36We are exposed to fluctuations in currency exchange rates
16. 37If we are unable to successfully identify, acquire and integrate suitable businesses, our operating results and prospects could be harmed, and any businesses we acquire may not perform as expected or be effectively integrated
17. 38We cannot guarantee that our share repurchase program will be fully consummated or that it will enhance long-term stockholder value
18. 39We may continue to be blocked from or limited in providing or operating our products and offerings in certain jurisdictions, and may be required to modify our business model in those jurisdictions as a result
19. 40Our business is subject to numerous legal and regulatory risks that could have an adverse impact on our business and future prospects
20. 41Changes in, or failure to comply with, competition laws could adversely affect our business, financial condition, or operating results
21. 42Our business is subject to extensive government regulation and oversight relating to the provision of payment and financial services
22. 43We currently are subject to a number of inquiries, investigations, and requests for information from the DOJ, other federal, state and local government agencies and other foreign government agencies, the adverse outcomes of which could harm our business
23. 44We are also subject to inquiries and investigations by government agencies related to certain transactions we have entered into in the United States and other countries
24. 45We face risks related to our collection, use, transfer, disclosure, and other processing of data, which could result in investigations, inquiries, litigation, fines, legislative and regulatory action, and negative press about our privacy and data protection practices
25. 46Adverse litigation judgments or settlements resulting from legal proceedings in which we may be involved could expose us to monetary damages or limit our ability to operate our business
26. 47We have operations in countries known to experience high levels of corruption and were previously subject to, and may in the future be subject to, inquiries, investigations, and requests for information with respect to our compliance with a number of anti-corruption laws to which we are subject
27. 48Drivers may become subject to increased licensing requirements, and we may be required to obtain additional licenses or cap the number of Drivers using our platform
28. 49We may be subject to liability for the means we use to attract and onboard Drivers
29. 50We may be subject to pricing regulations, as well as related litigation or regulatory inquiries
30. 51If we are unable to protect our intellectual property, or if third parties are successful in claiming that we are misappropriating the intellectual property of others, we may incur significant expense and our business may be adversely affected
31. 52valuable intellectual property or is found to infringe third party intellectual property rights in such lawsuits, the value of our investment may materially decline
32. 53Our reported financial results may be adversely affected by changes in accounting principles
33. 54If we are deemed an investment company under the Investment Company Act, applicable restrictions could have an adverse effect on our business

Risks Related to Ownership of Our Common Stock

1. 55Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer, or proxy contest difficult, thereby depressing the trading price of our common stock
2. 56Sales, directly or indirectly, of shares of our common stock by existing stockholders could cause our stock price to decline
3. 57We do not intend to pay cash dividends for the foreseeable future
4. 58This provision would not apply to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the U.S. federal courts have exclusive jurisdiction
5. 59As a result of being a public company, we are obligated to develop and maintain proper and effective internal controls over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the value of our common stock
6. 60The process of compiling the system and processing documentation necessary to perform the evaluation needed to comply with