Group 1 - Uber Technologies reported quarterly earnings of $0.63 per share, exceeding the Zacks Consensus Estimate of $0.62 per share, and up from $0.47 per share a year ago, representing an earnings surprise of +1.61% [1] - The company posted revenues of $12.65 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.57%, and an increase from $10.7 billion year-over-year [2] - Uber shares have increased approximately 48.2% since the beginning of the year, significantly outperforming the S&P 500's gain of 7.1% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $0.68 on revenues of $12.94 billion, and for the current fiscal year, it is $2.90 on revenues of $50.73 billion [7] - The Zacks Industry Rank indicates that the Internet - Services sector is currently in the bottom 38% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - In Q2 2025, Uber achieved all-time highs in audience and frequency, with trips and gross bookings both increasing by 18% [5] - Adjusted EBITDA, GAAP operating income, and free cash flow also reached new highs [5] - The company anticipates continued strong performance in Q3, projecting high teens growth in gross bookings and low to mid-30s growth in EBITDA [5] Business Line Data and Key Metrics Changes - The introduction of lower-cost products, such as Moto, contributed to a significant audience growth of 15% [22] - The premium business surpassed $10 billion, growing at 35%, while the reserve business grew by 60% [22] - Uber One membership increased by 6 million quarter over quarter, reaching a total of 36 million members, with a focus on enhancing mobility offerings [25] Market Data and Key Metrics Changes - In the top 10 markets, only about 20% of consumers aged 18 and older use Uber on a monthly basis, indicating substantial room for audience expansion [24] - The average Waymo vehicle deployed on Uber's network is busier than 99% of human drivers in terms of completed trips per day [28] Company Strategy and Development Direction - Uber is focusing on a platform strategy that integrates mobility and delivery services, aiming to increase cross-platform engagement [6] - The company announced a $20 billion share repurchase authorization to enhance shareholder value [7] - Uber is investing in autonomous vehicle partnerships and expanding its operating zones, with significant progress in partnerships with Waymo and others [7][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of audience and bookings, driven by the introduction of new products and improved pricing strategies [50] - The company is optimistic about the future of autonomous vehicles, with plans to ramp up deployments significantly [7][28] - Management highlighted the importance of experimentation and targeted promotions to enhance consumer engagement across platforms [10][11] Other Important Information - Uber's advertising business is growing rapidly, with plans to externalize technical capabilities, including data licensing opportunities [78] - The company is exploring various business models for autonomous vehicles, including merchant and agency models [64] Q&A Session Summary Question: Follow-up on platform initiatives and consumer behavior - Management acknowledged the challenges of executing cross-platform promotions but noted that users engaging with both mobility and delivery services have higher retention rates and generate more bookings [10][11] Question: Insights on audience growth and autonomous vehicle deployment - Management attributed audience growth to the introduction of lower-cost products and emphasized the ongoing potential for expansion in the market [22][24] - Updates on autonomous vehicle utilization indicated that Waymo vehicles are performing exceptionally well on the network [28] Question: Clarification on vehicle commitments and partnerships - Management discussed the strategic importance of partnerships with Neuro and Lucid, emphasizing the benefits of increased supply for the platform [33][64] Question: Consumer response to pricing changes and confidence in trip acceleration - Management reported positive consumer responses to pricing adjustments, with expectations for continued growth in mobility trips [50][51] Question: Future of OEM partnerships and market share - Management expressed confidence in expanding OEM partnerships and highlighted the competitive landscape for autonomous vehicles [43][46]

Financial Data and Key Metrics Changes - In Q2 2025, Uber achieved all-time highs in trips and gross bookings, both increasing by 18% [5] - Adjusted EBITDA, GAAP operating income, and free cash flow also reached new highs [5] - The company anticipates continued strong performance in Q3, projecting high teens growth in gross bookings and low to mid-30s growth in EBITDA [5] Business Line Data and Key Metrics Changes - The introduction of lower-cost products, such as Moto in developing markets, contributed to over $1.5 billion in gross bookings, growing by 40% [22] - The premium business surpassed $10 billion, growing by 35%, while the reserve business grew by 60% [22] - Uber One membership grew by 6 million quarter over quarter, reaching 36 million members, with members spending three times more than single business consumers [25][12] Market Data and Key Metrics Changes - In the top 10 markets, only about 20% of consumers aged 18 and older use Uber on a monthly basis, indicating significant room for audience expansion [24] - The average Waymo vehicle deployed on Uber's network is busier than 99% of human drivers in terms of completed trips per day [29] Company Strategy and Development Direction - Uber is focusing on enhancing cross-platform engagement, with fewer than one in five consumers currently active across both mobility and delivery [6] - The company is investing in autonomous vehicle (AV) partnerships and expanding operating zones, with significant deployments planned in the US and internationally [7] - A new $20 billion share repurchase authorization was announced to enhance shareholder value [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued audience growth and the positive impact of pricing adjustments on consumer behavior [54] - The company is optimistic about the future of AVs, with ongoing partnerships and a focus on commercialization [28][46] - Management highlighted the importance of a barbell strategy in mobility, targeting both low-cost and premium offerings [78] Other Important Information - Uber's advertising business is growing rapidly, separating audience and fulfillment capabilities [80] - The company is exploring data licensing opportunities within AV, aiming to assist in faster market entry for AVs [81] Q&A Session Summary Question: Follow-up on platform initiatives and consumer behavior - Management acknowledged the complexity of executing cross-platform promotions and emphasized the importance of targeted marketing to enhance consumer experience [11] Question: Insights on audience growth and durability - Management attributed audience growth to the introduction of lower-cost products and noted that only 20% of potential consumers are currently engaged [24][22] Question: Update on autonomous vehicle rides and partnerships - Management confirmed that Waymo vehicles are performing well, with high utilization rates, and expressed excitement about ongoing partnerships with various AV players [29][46] Question: Discussion on pricing growth deceleration and consumer response - Management reported positive consumer responses to pricing adjustments, with increased transaction growth observed in July [54] Question: Clarification on buyback strategy and execution - Management explained that the $20 billion buyback is part of a multi-year plan, with a commitment to return a significant portion of cash flow to shareholders [58][59]

1. 8月6日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.35%，标普500指数期货涨0.24%，纳指期货涨 0.23%。 2. 截至发稿，德国DAX指数涨0.02%，英国富时100指数涨0.20%，法国CAC40指数涨0.28%，欧洲斯托克50指数涨0.22%。 3. 截至发稿，WTI原油涨1.63%，报66.22美元/桶。布伦特原油涨1.52%，报68.67美元/桶。 | 瑞 伦敦布伦特原油 | 2025年10月 | 68.67 | 68.81 | 67.65 | +1.03 | +1.52% | | --- | --- | --- | --- | --- | --- | --- | | 雪 WTI原油 | 2025年9月 | 66.22 | 66.34 | 65.12 | +1.06 | +1.63% | 市场消息 降息预期凌乱，华尔街投行"吵"起来。美国"非农"数据暴雷令美联储降息预期飙升，但本周华尔街知名投行对降息分歧却在加 大。高盛、花旗均认为，9月或激进降息，摩根大通甚至认为今年可能降息125个基点。然而，美银认为今年美联储或按兵不 动，巴克莱和汇丰同样态度谨慎。未来几个月将 ...

Financial Performance - Uber reported earnings of $063 per share, matching estimates, with revenue of $1265 billion, exceeding expectations [1] - The company authorized a $20 billion share buyback [1] - Trip growth reached 18%, totaling 33 billion trips, and gross bookings grew by 18% in constant currency, amounting to $47 billion [3] - EBITDA increased by 35% to $21 billion, marking a record for the company [3] - Free cash flow in the past year amounted to $85 billion [4] Market Trends and Consumer Behavior - Consumer demand remains strong in both mobility and delivery sectors in the US [5] - Uber is modulating insurance cost increases and passing savings onto consumers, which doesn't affect profitability [6] - In the US, trip growth accelerated in July compared to Q2, and Q3 trip growth in the US mobility sector is expected to be faster than Q2 [7] - Uber employs a barbell strategy, offering savings to price-sensitive consumers while also catering to the premium demographic [9] - Premium business is up over $10 billion, with 30% growth, and the reserve business is up 50% [11] Autonomous Technology and Competition - The Baidu deal is primarily focused on autonomous technology, aiming to tap into a $1 trillion total addressable market (TAM) [12] - Uber is collaborating with Waymo in Austin and Atlanta, with Waymo in Atlanta being busier than 99% of drivers in Atlanta [13] - Tesla is viewed as both a potential competitor and partner in the autonomous vehicle market [15]

盘前市场动向 1. 8月6日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.35%，标普500指数期货涨0.24%，纳指期货涨 0.23%。 | = US 30 | 44,267.00 | 44,364.00 | 44,074.50 | +155.30 | +0.35% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,314.10 | 6,332.90 | 6,287.60 | +14.90 | +0.24% | | 트 US Tech 100 | 23,072.30 | 23,118.10 | 22,937.50 | +53.70 | +0.23% | 2. 截至发稿，德国DAX指数涨0.02%，英国富时100指数涨0.20%，法国CAC40指数涨0.28%，欧洲斯托克50指数涨0.22%。 | 德国DAX30 | 23,862.00 | 23,998.59 | 23,806.00 | +4.81 | +0.02% | | --- | --- | --- | --- | --- | --- | | 器 英国富时100 | 9,16 ...

Financial Performance - Uber's Q2 2025 revenue reached $12651 million, representing an 18% increase year-over-year[54] - Adjusted EBITDA for Q2 2025 was $2119 million, a 35% increase year-over-year[57] - Mobility gross bookings grew to $23762 million in Q2 2025, an 18% increase in constant currency year-over-year[63] - Delivery gross bookings increased to $21734 million in Q2 2025, reflecting a 20% growth in constant currency year-over-year[70] - Freight revenue remained relatively stable at $1261 million in Q2 2025, showing a (1%) change in constant currency year-over-year[75] Operational Metrics - Monthly Active Platform Consumers (MAPCs) increased by 15% year-over-year, reaching 180 million in Q2 2025[42] - Total trips grew by 18% year-over-year to 3268 million in Q2 2025[44] - Monthly trips per MAPC (Frequency) increased by 2% year-over-year to 61 in Q2 2025[43] Strategic Initiatives - Uber One membership program has 36 million members and accounts for over 40% of combined Delivery & Mobility bookings[31, 32] - Uber is expanding its AV technology commercialization, with deployments in 12 cities across 3 countries and plans for ~5 additional cities in 2025[35, 36]

Aspen Colorado along with Becky Quick and Joe Kernen. Second quarter results just out from Uber. Want to get straight to them.Earnings of $0.63% per share. It's in line with estimates. That's on revenue of $12.65% billion.That's ahead of expectations and trips during that quarter, growing 18% to $3.3% billion, 3.3% billion, not dollars, with monthly active platform consumers up 15%. That's over the prior year. Now, delivery revenue growing 20%.That also tops estimates and mobility. And we'll go through how ...

Uber announces $20 billion in new stock buybacks after sharing a better-than-expected third-quarter forecast https://t.co/6HBzV33LBy ...

[Executive Summary & Q2 2025 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q2%202025%20Highlights) This section provides an overview of Uber's strong Q2 2025 financial and operational performance, CEO/CFO commentary, and Q3 2025 outlook, including a new $20 billion share repurchase authorization [Q2 2025 Financial & Operational Performance Overview](index=1&type=section&id=Q2%202025%20Financial%20%26%20Operational%20Performance%20Overview) Uber reported strong Q2 2025 results with significant year-over-year growth across key metrics, including Trips, Gross Bookings, Revenue, and profitability, alongside a new $20 billion share repurchase authorization | Metric | Q2 2025 Value | YoY Growth | | :-------------------------------- | :---------------- | :--------- | | Trips | 3.3 billion | 18% | | Gross Bookings | $46.8 billion | 17% (18% CC) | | Revenue | $12.7 billion | 18% (18% CC) | | Income from operations | $1.5 billion | 82% | | Net income attributable to Uber | $1.4 billion | 33% | | Adjusted EBITDA | $2.1 billion | 35% | | Operating cash flow | $2.6 billion | 41% | | Free cash flow | $2.5 billion | 44% | | Share Repurchase Authorization | $20 billion | New | [CEO & CFO Commentary](index=1&type=section&id=CEO%20%26%20CFO%20Commentary) CEO Dara Khosrowshahi highlighted the success of Uber's platform strategy, achieving record audience, frequency, and profitability in Mobility and Delivery, with future potential in autonomous partnerships. CFO Prashanth Mahendra-Rajah emphasized confidence in the business through the new share repurchase program and strong financial performance, including a record high trailing twelve-month free cash flow - CEO Dara Khosrowshahi noted the platform strategy's success, achieving record audience, frequency, and profitability across Mobility and Delivery, with 20 autonomous partners globally[2](index=2&type=chunk) - CFO Prashanth Mahendra-Rajah announced a new **$20 billion share repurchase authorization**, reflecting confidence in the business after strong top and bottom-line performance[2](index=2&type=chunk) - Trailing twelve-month free cash flow reached a new all-time high of **$8.5 billion**, with a commitment to durable, profitable growth[2](index=2&type=chunk) [Q3 2025 Outlook](index=1&type=section&id=Outlook%20for%20Q3%202025) For Q3 2025, Uber anticipates continued strong growth in Gross Bookings and Adjusted EBITDA, with a neutral to modestly positive foreign exchange impact. The outlook includes contributions from the Trendyol Go acquisition | Metric | Q3 2025 Outlook | YoY Growth (Constant Currency) | | :---------------- | :-------------------- | :----------------------------- | | Gross Bookings | $48.25 billion - $49.75 billion | 17% - 21% | | Adjusted EBITDA | $2.19 billion - $2.29 billion | 30% - 36% | - The outlook includes the contribution from the Trendyol Go acquisition; excluding this, the growth outlook for Gross Bookings would be **16% to 20% YoY** on a constant-currency basis[4](index=4&type=chunk) [Detailed Financial and Operational Results (Q2 2025)](index=2&type=section&id=Detailed%20Financial%20and%20Operational%20Results%20(Q2%202025)) This section presents a comprehensive breakdown of Uber's Q2 2025 financial and operational metrics, highlighting robust growth across Mobility and Delivery segments [Key Financial and Operational Metrics](index=2&type=section&id=Financial%20and%20Operational%20Highlights%20for%20Second%20Quarter%202025%20(Table)) Uber's Q2 2025 saw robust growth in key operational and financial metrics, with Monthly Active Platform Consumers (MAPCs) increasing by 15% and Trips by 18%. Gross Bookings and Revenue both grew by 17% and 18% respectively, while profitability metrics like Income from operations and Adjusted EBITDA showed even stronger growth | Metric | Q2 2024 | Q2 2025 | % Change | % Change (Constant Currency) | | :------------------------------------ | :-------- | :-------- | :--------- | :----------------------------- | | Monthly Active Platform Consumers ("MAPCs") (in millions) | 156 | 180 | 15 % | | | Trips (in millions) | 2,765 | 3,268 | 18 % | | | Gross Bookings (in millions) | $39,952 | $46,756 | 17 % | 18 % | | Revenue (in millions) | $10,700 | $12,651 | 18 % | 18 % | | Income from operations (in millions) | $796 | $1,450 | 82 % | | | Net income attributable to Uber Technologies, Inc. (in millions) | $1,015 | $1,355 | 33 % | | | Adjusted EBITDA (in millions) | $1,570 | $2,119 | 35 % | | | Net cash provided by operating activities (in millions) | $1,820 | $2,564 | 41 % | | | Free cash flow (in millions) | $1,721 | $2,475 | 44 % | | [Results by Offering and Segment](index=2&type=section&id=Results%20by%20Offering%20and%20Segment) Uber's Mobility and Delivery segments demonstrated strong growth in Gross Bookings, Revenue, and Adjusted EBITDA, while the Freight segment experienced a slight decline in Gross Bookings and Revenue but improved its Adjusted EBITDA loss [Gross Bookings by Segment](index=2&type=section&id=Gross%20Bookings) Mobility Gross Bookings grew 16% (18% constant currency) to $23.8 billion, and Delivery Gross Bookings increased 20% (20% constant currency) to $21.7 billion. Freight Gross Bookings saw a marginal decrease of 1% | Gross Bookings (in millions) | Q2 2024 | Q2 2025 | % Change | % Change (Constant Currency) | | :--------------------------- | :-------- | :-------- | :--------- | :----------------------------- | | Mobility | $20,554 | $23,762 | 16 % | 18 % | | Delivery | $18,126 | $21,734 | 20 % | 20 % | | Freight | $1,272 | $1,260 | (1)% | (1)% | | Total | $39,952 | $46,756 | 17 % | 18 % | [Revenue by Segment](index=2&type=section&id=Revenue) Revenue growth was strong across Mobility (19% YoY, 18% constant currency) and Delivery (25% YoY, 23% constant currency), reaching $7.3 billion and $4.1 billion respectively. Freight revenue declined slightly by 1% | Revenue (in millions) | Q2 2024 | Q2 2025 | % Change | % Change (Constant Currency) | | :-------------------- | :-------- | :-------- | :--------- | :----------------------------- | | Mobility | $6,134 | $7,288 | 19 % | 18 % | | Delivery | $3,293 | $4,102 | 25 % | 23 % | | Freight | $1,273 | $1,261 | (1)% | (1)% | | Total | $10,700 | $12,651 | 18 % | 18 % | [Adjusted EBITDA by Segment](index=3&type=section&id=Adjusted%20EBITDA%20and%20Segment%20Adjusted%20EBITDA) Both Mobility and Delivery segments significantly improved their Adjusted EBITDA, with Mobility growing 22% to $1.9 billion and Delivery surging 48% to $873 million. The Freight segment reduced its Adjusted EBITDA loss by 50% | Segment Adjusted EBITDA (in millions) | Q2 2024 | Q2 2025 | % Change | | :------------------------------------ | :-------- | :-------- | :--------- | | Mobility | $1,567 | $1,905 | 22 % | | Delivery | $588 | $873 | 48 % | | Freight | $(12) | $(6) | 50 % | | Corporate G&A and Platform R&D | $(573) | $(653) | (14)% | | Adjusted EBITDA | $1,570 | $2,119 | 35 % | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section provides Uber's condensed consolidated balance sheets, statements of operations, and cash flows for Q2 2025, reflecting significant financial growth [Condensed Consolidated Balance Sheets](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Uber's total assets increased to $55.98 billion from $51.24 billion at year-end 2024, driven by increases in cash, accounts receivable, and goodwill. Total liabilities also rose to $32.35 billion, while total equity increased to $23.45 billion | Balance Sheet Item (in millions) | As of Dec 31, 2024 | As of Jun 30, 2025 | | :-------------------------------- | :----------------- | :----------------- | | Total assets | $51,244 | $55,982 | | Total liabilities | $28,768 | $32,352 | | Total Uber Technologies, Inc. stockholders' equity | $21,558 | $22,598 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q2 2025, Uber reported revenue of $12.65 billion, an 18% increase YoY. Income from operations significantly grew by 82% to $1.45 billion, and net income attributable to Uber Technologies, Inc. increased by 33% to $1.35 billion. Diluted EPS was $0.63 | Income Statement Item (in millions, except per share) | Q2 2024 | Q2 2025 | | :---------------------------------------------------- | :-------- | :-------- | | Revenue | $10,700 | $12,651 | | Total costs and expenses | $9,904 | $11,201 | | Income from operations | $796 | $1,450 | | Net income attributable to Uber Technologies, Inc. | $1,015 | $1,355 | | Diluted Net income per share | $0.47 | $0.63 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash provided by operating activities increased by 41% to $2.56 billion in Q2 2025. Net cash used in investing activities decreased to $1.46 billion, while net cash used in financing activities remained relatively stable at $195 million | Cash Flow Item (in millions) | Q2 2024 | Q2 2025 | | :--------------------------- | :-------- | :-------- | | Net cash provided by operating activities | $1,820 | $2,564 | | Net cash used in investing activities | $(1,676) | $(1,461) | | Net cash used in financing activities | $(191) | $(195) | | Net increase (decrease) in cash and cash equivalents | $(103) | $1,067 | [Company Information & Disclosures](index=4&type=section&id=Company%20Information%20%26%20Disclosures) This section outlines Uber's mission, investor relations details, forward-looking statement caveats, and definitions and reconciliations of non-GAAP financial measures [About Uber](index=4&type=section&id=About%20Uber) Uber's mission is to create opportunity through movement, evolving from a ride-hailing service to a comprehensive platform for moving people, food, and things - Mission: To create opportunity through movement[11](index=11&type=chunk) - Evolution: Started in 2010 to provide rides, now a platform for moving people, food, and things, enabling over **64 billion trips**[11](index=11&type=chunk) [Investor Information](index=4&type=section&id=Webcast%20and%20conference%20call%20information) Uber provides investor information through live audio webcasts, its investor relations website, and social media channels, adhering to Regulation FD for material disclosures - Live audio webcast of earnings calls available at https://investor.uber.com/[9](index=9&type=chunk) - Financial performance announcements, SEC filings, and investor events are disclosed on the investor relations website (https://investor.uber.com/) and blogs/X accounts (@uber, @dkhos)[10](index=10&type=chunk)[17](index=17&type=chunk) - Contacts for investors/analysts: investor@uber.com; Media: press@uber.com[17](index=17&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements subject to risks and uncertainties, and actual results may differ materially from predictions. Investors are cautioned against undue reliance on these statements - Statements regarding future business expectations involve risks and uncertainties, and actual results may differ materially from predictions[12](index=12&type=chunk) - Forward-looking statements are identified by terms such as "anticipate," "expect," "plan," "will," etc[12](index=12&type=chunk) - Risks include competition, growth management, financial performance, investments, ability to attract partners, brand reputation, legal/regulatory developments, and global economic impact[12](index=12&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) Uber uses non-GAAP financial measures like Adjusted EBITDA, Free cash flow, and constant currency revenue growth to supplement GAAP information, believing they provide meaningful insights into core business performance for management and investors [Key Terms for Metrics](index=9&type=section&id=Key%20Terms%20for%20Our%20Key%20Metrics) This section defines key operational metrics used by Uber to measure the scale and usage of its platform and segment performance - **Driver(s):** Independent providers of ride or delivery services who use the platform[25](index=25&type=chunk) - **Gross Bookings:** Total dollar value of Mobility rides, Delivery orders, and Freight revenue, indicating platform scale[26](index=26&type=chunk) - **Monthly Active Platform Consumers ("MAPCs"):** Unique consumers completing at least one Mobility ride or Delivery order per month, averaged quarterly[27](index=27&type=chunk) - **Segment Adjusted EBITDA:** Segment revenue less direct costs and expenses, with applicable exclusions from Adjusted EBITDA[28](index=28&type=chunk) - **Trips:** Number of completed consumer Mobility rides and Delivery orders, measuring platform scale and usage[29](index=29&type=chunk) [Definitions of Non-GAAP Measures](index=9&type=section&id=Definitions%20of%20Non-GAAP%20Measures) Uber defines Adjusted EBITDA by excluding specific non-cash and non-recurring items from net income, and Free Cash Flow as net cash from operating activities less capital expenditures. Constant currency growth rates are used to assess underlying revenue performance without foreign exchange fluctuations - **Adjusted EBITDA:** Defined as net income (loss) excluding items such as income/loss from discontinued operations, non-controlling interests, taxes, equity method investments, interest expense, other income/expense, depreciation & amortization, stock-based compensation, certain legal/tax/regulatory changes, impairments, acquisition/financing/divestiture expenses, restructuring charges, and other non-recurring items[30](index=30&type=chunk)[31](index=31&type=chunk)[34](index=34&type=chunk) - **Constant Currency:** Calculated by translating current period financial results using prior period's monthly exchange rates to assess underlying revenue performance excluding foreign currency fluctuations[35](index=35&type=chunk) - **Free Cash Flow:** Defined as net cash flows from operating activities less capital expenditures[36](index=36&type=chunk) - **Limitations of Adjusted EBITDA:** Excludes recurring non-cash charges (depreciation, amortization, stock-based compensation), certain cash-settled restructuring charges, and does not reflect changes in taxes or components of other income/expense[38](index=38&type=chunk) [Reconciliations of Non-GAAP Measures](index=10&type=section&id=Reconciliations%20of%20Non-GAAP%20Measures) This section provides detailed reconciliations of Adjusted EBITDA to net income attributable to Uber Technologies, Inc. and Free Cash Flow to net cash provided by operating activities for the reported periods Adjusted EBITDA Reconciliation (in millions) | Item | Q2 2024 | Q2 2025 | | :------------------------------------------ | :-------- | :-------- | | Net income attributable to Uber Technologies, Inc. | $1,015 | $1,355 | | Add (deduct): | | | | Net loss attributable to non-controlling interests, net of tax | (7) | (5) | | Loss from equity method investments | 12 | 12 | | Provision for (benefit from) income taxes | 57 | 142 | | Other (income) expense, net | (420) | (162) | | Interest expense | 139 | 108 | | Depreciation and amortization | 173 | 175 | | Stock-based compensation expense | 455 | 475 | | Legal, tax, and regulatory reserve changes and settlements | 134 | — | | Acquisition, financing and divestitures related expenses | 3 | 19 | | Restructuring and related charges | 9 | — | | **Adjusted EBITDA** | **$1,570** | **$2,119** | Free Cash Flow Reconciliation (in millions) | Item | Q2 2024 | Q2 2025 | | :-------------------------------- | :-------- | :-------- | | Net cash provided by operating activities | $1,820 | $2,564 | | Purchases of property and equipment | (99) | (89) | | **Free cash flow** | **$1,721** | **$2,475** |