Bond.az - Fitch Ratings upgraded Uber Technologies, Inc. (NYSE:UBER) Long-Term Issuer Default Rating to A- from BBB+ on Friday. The upgrade reflects increased diversification and expanding profitability in the delivery segment. The rating outlook is stable.
Fitch also upgraded Uber's senior and convertible notes to A- from BBB+ and affirmed the Short-Term IDR and commercial paper rating at F1.
The upgrade highlights continued revenue growth in Uber's delivery and mobility segments and a conservative financial policy. Fitch estimates Uber operates with EBITDA leverage below 1.75x, under the company's target of 2x.
Uber's free cash flow generation offers financial flexibility for strategic initiatives and shareholder returns. Uber One membership surpassed 50 million in Q1 2026. The delivery segment's non-GAAP operating margin rose to 19.0% in Q1 2026, contributing about 32% of non-GAAP operating income before corporate overhead.
Fitch estimates Uber's free cash flow at about $9 billion in 2026. In-app advertising reached an annual run rate of over $2 billion in Q4 2025. Autonomous vehicles are a key strategic priority for Uber.
