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Back of Napkin

Uber Technologies, Inc. UBER

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Uber's take rate on rides fell from 30.7% to 25.4% in four quarters, which on $29.0B of quarterly mobility bookings is roughly $1.5B of revenue a quarter.

Gross bookings grew 24% over the same period, so the platform got much bigger while Uber's cut of it got smaller.

UBER · price with moving averages

Daily · 6MWeekly · 3Y
$34$51$68$86$103 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Uber runs three marketplaces. Mobility matches riders with drivers and is the profit engine. Delivery moves food and groceries and is now nearly as large in bookings. Freight matches shippers with trucking capacity and loses money.

The economics come down to one number: what percentage of the money flowing across the platform Uber keeps. That is the take rate, and it has been falling. Everything else about this business, the network effects, the driver supply, the international footprint, ultimately expresses itself through that single percentage.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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