The "Moat of Sprawl": Uber Q4 2025 earnings - 2.4.2026 (049)

If you glanced at the headlines this morning, you probably saw that Uber’s Net Income crashed 95% quarter-over-quarter. It looks terrifying, but don’t panic-Miro and Susie break down why this is mostly accounting noise from a massive Q3 tax benefit and some equity portfolio volatility. The real operating business? It’s humming, with operating income up 59%.In this episode, we dig into the stat that completely reframes the Robotaxi narrative: 75% of Uber’s US profits come from outside the top 20 cities. We discuss why suburban sprawl is actually Uber's best defense against Waymo, how high insurance costs have turned into a competitive moat, and why the company is aggressively buying back its own stock.Plus, we look at the "boring but lucrative" transition to a new CFO. 🚕📉