From a stock price perspective, Uber Technologies (UBER -5.29%) has struggled this year. Shares are down 20% year-to-date. From a business perspective, however, things seem to be going quite well. The company reported earnings on Aug. 5, and many experts were impressed by the results. Gross bookings surged 22% year-over-year. The number of trips, meanwhile, grew by 18%, suggesting Uber has been able to flex some pricing power. Most impressively, Uber was able to post roughly $2 billion in operating income, up 40% versus the year prior. That income translated to diluted earnings per share of $1.17. Uber struggled to achieve profitability in its early years. But the company has been consistently profitable over the last two years. Uber’s core business isn’t very capital intensive. Its drivers are typically the ones purchasing and maintaining their equipment. That has allowed higher earnings to translate into higher cash flows. “[T]railing twelve-month free cash flow exceeded $10 billion for the first time in Uber’s history,” Uber announced, “giving us the flexibility to both invest for the future and pursue strategic opportunities, while continuing to reduce our share count.” Where exactly will Uber be investing its new cash? There’s one obvious answer: robotaxis. NYSE: UBER Key Data Points Can Uber dominate the robotaxi market? I have long been a fan of Tesla’s (TSLA -1.77%) robotaxi ambitions. A growing number of experts believe that robotaxis will be a multi-trillion-dollar market. Some even believe the global market will one day be worth $10 trillion. Tesla not only has impressive access to capital, but it also has the ability to manufacture its own self-driving vehicles. For now, Uber does not share all of these advantages. While profitable with positive cash flows, Uber is just 13% the size of Tesla That limits its relative ability to raise capital.