Uber(UBER) - 2025 Q2 - Quarterly Results

Executive Summary & Q2 2025 Highlights 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 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 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] - 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] - Trailing twelve-month free cash flow reached a new all-time high of $8.5 billion, with a commitment to durable, profitable growth[2] Q3 2025 Outlook 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] Detailed Financial and Operational Results (Q2 2025) 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 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 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 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 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 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 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 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 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 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 This section outlines Uber's mission, investor relations details, forward-looking statement caveats, and definitions and reconciliations of non-GAAP financial measures About Uber 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] - Evolution: Started in 2010 to provide rides, now a platform for moving people, food, and things, enabling over 64 billion trips[11] Investor Information 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][17] - Contacts for investors/analysts: investor@uber.com; Media: press@uber.com[17] Forward-Looking Statements 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] - Forward-looking statements are identified by terms such as "anticipate," "expect," "plan," "will," etc[12] - Risks include competition, growth management, financial performance, investments, ability to attract partners, brand reputation, legal/regulatory developments, and global economic impact[12] Non-GAAP Financial Measures 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 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] - Gross Bookings: Total dollar value of Mobility rides, Delivery orders, and Freight revenue, indicating platform scale[26] - Monthly Active Platform Consumers ("MAPCs"): Unique consumers completing at least one Mobility ride or Delivery order per month, averaged quarterly[27] - Segment Adjusted EBITDA: Segment revenue less direct costs and expenses, with applicable exclusions from Adjusted EBITDA[28] - Trips: Number of completed consumer Mobility rides and Delivery orders, measuring platform scale and usage[29] Definitions of Non-GAAP Measures 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][31][34] - 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] - Free Cash Flow: Defined as net cash flows from operating activities less capital expenditures[36] - 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] Reconciliations of Non-GAAP Measures 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 |