Uber(US:UBER)2025-11-04 21:04Financial Performance - Monthly Active Platform Consumers (MAPCs) increased to 189 million, a growth of 17% year-over-year[167] - Gross Bookings reached $49.7 billion, up 21% on a constant currency basis compared to the same period in 2024[168] - Revenue was $13.5 billion, reflecting a 20% year-over-year increase, primarily driven by a 21% rise in Gross Bookings[169] - Net income attributable to Uber Technologies, Inc. was $6.6 billion, including a $4.9 billion benefit from the release of deferred tax assets valuation allowance[170] - Adjusted EBITDA was $2.3 billion, an increase of 33% compared to the same period in 2024[171] - Free cash flow for the nine months ended September 30 was $6.96 billion, a 34% increase year-over-year[166] - Revenue for the three months ended September 30, 2025, was $13,467 million, a 20% increase from $11,188 million in the same period of 2024, primarily driven by a 21% increase in Gross Bookings[202][203] - Revenue for the nine months ended September 30, 2025, was $37,651 million, an 18% increase from $32,019 million in the same period of 2024, also attributed to a 17% increase in Gross Bookings[202][204] - Net income attributable to Uber Technologies, Inc. for the three months ended September 30, 2025, was $6,626 million, compared to $2,612 million in the same period of 2024[200] - Income from operations for the nine months ended September 30, 2025, was $3,791 million, compared to $2,029 million in the same period of 2024[200] Cost and Expenses - Cost of revenue, exclusive of depreciation and amortization, for the three months ended September 30, 2025, was $8,109 million, a 20% increase from $6,761 million in the same period of 2024[205][206] - Cost of revenue, exclusive of depreciation and amortization, for the nine months ended September 30, 2025, was $22,657 million, a 17% increase from $19,417 million in the same period of 2024[205][207] - General and administrative expenses for the three months ended September 30, 2025, increased by $553 million, or 88%, primarily due to a $480 million increase in legal-related accruals and expenses[217][218] - Sales and marketing expenses for the three months ended September 30, 2025, were $1,277 million, a 17% increase from $1,096 million in the same period of 2024[211][212] - Research and development expenses for the three months ended September 30, 2025, were $862 million, an 11% increase from $774 million in the same period of 2024[214][215] - Total costs and expenses for the three months ended September 30, 2025, were $12,354 million, a 22% increase from $10,127 million in the same period of 2024[200] Cash Flow and Investments - The company ended the quarter with $9.1 billion in unrestricted cash, cash equivalents, and short-term investments[172] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $7.216 billion, up from $5.387 billion in 2024, a 34% increase[266] - Net cash used in investing activities for the nine months ended September 30, 2025, was $2.0 billion, significantly lower than $4.6 billion in 2024[269] - Net cash used in financing activities for the nine months ended September 30, 2025, was $2.6 billion, compared to a net cash provided of $1.3 billion in 2024[271] - As of September 30, 2025, the company held $8.4 billion in cash and cash equivalents, with $3.2 billion held by foreign subsidiaries[273] - The company established a commercial paper program in June 2025, allowing for the issuance of up to $2.0 billion in unsecured commercial paper notes[276] - The company believes its existing cash balance is sufficient to meet anticipated cash requirements for at least the next 12 months[275] - As of September 30, 2025, the company held cash and cash equivalents totaling $11.5 billion, with marketable debt securities amounting to $8.5 billion[292] Business Segments Performance - Mobility Gross Bookings grew 19% year-over-year, while Delivery Gross Bookings increased by 24%[168] - Mobility revenue for the three months ended September 30, 2025, increased by 20% to $7,682 million, driven by a 20% increase in Mobility Gross Bookings[237] - Delivery revenue for the three months ended September 30, 2025, increased by 29% to $4,477 million, attributed to a 25% increase in Delivery Gross Bookings[241] - Mobility Adjusted EBITDA for the three months ended September 30, 2025, increased by 21% to $2,038 million, reflecting increased Gross Bookings[236] - Delivery Adjusted EBITDA for the three months ended September 30, 2025, increased by 47% to $921 million, driven by increased revenue including advertising[242] - Freight revenue remained flat for the three months ended September 30, 2025, while Adjusted EBITDA declined by $1 million, or 5%[245] Future Projections and Expectations - The company expects fluctuations in revenue based on Trip volume, Driver supply, and macroeconomic conditions[174] - Gross Bookings for Mobility in Q4 2023 were $19.285 billion, projected to grow to $25.111 billion by Q3 2025, representing a 30% increase[255] - Delivery Gross Bookings in Q4 2023 were $17.011 billion, expected to reach $23.322 billion by Q3 2025, indicating a 37% growth[255] Tax and Legal Matters - Provision for income taxes for the three months ended September 30, 2025, showed a significant change due to the release of valuation allowance on deferred tax assets[231] - The company has received assessments from HMRC totaling approximately $1.8 billion (£1.4 billion) for unpaid VAT, which it has paid to proceed with the appeal process[282] Shareholder Returns - The board of directors authorized a total of $27.0 billion for the Share Repurchase Program, including $7.0 billion in February 2024 and an additional $20.0 billion in July 2025[278] - As of September 30, 2025, approximately $21.1 billion remained available for share repurchases under the Share Repurchase Program[279] Investments and Market Risks - The carrying value of the company's investments was $10.6 billion as of September 30, 2025, including equity method investments[294] - The company is exposed to a hypothetical 100 basis point increase in interest rates, which would decrease the fair value of its notes by $605 million[290] - The company enters into foreign currency derivative contracts to mitigate foreign exchange risk, although these contracts do not fully eliminate the risk[296] - The company has experienced fluctuations in net income due to transaction gains or losses related to foreign currency remeasurement[295]