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Bond Market News
Uber Upgraded to BBB+; Outlook Positive
June 9, 2025
Uber Technologies was upgraded to BBB+ from BBB by Fitch, while maintaining a positive outlook. It reflects the increased diversity of Uber’s profit generation and continuous growth and profitability. Uber reaps benefits from its diversified business model spanning mobility, delivery, freight, groceries and advertising. Uber’s free cash flow (FCF) has improved from a $1bnn deficit in 2021 to Fitch-estimated FCF of over $6.5bn in 2025. Since 2022, EBITDA margin from delivery segment has improved from 5.1% to 20% in 1Q2025. Uber has also reported an annual revenue of $1.5bn from the advertising segment. Its strong FCF gives it ample financial flexibility to invest in growth, reward shareholders, and still maintain leverage comfortably below 1.5x in 2025, as per Fitch.
Uber’s 4.3% 2030s are trading at 98.265, yielding 4.72%.
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