Uber's 2025 Reality Check: 3 Shifts Investors Can't Ignore

Core Insights - The debate over Uber's ability to turn scale into sustainable profits has shifted, with the company now operating from a position of strength in 2025 [2] - Uber has achieved consistent profitability, strong free cash flow, and healthy growth in trips and active users, indicating the arrival of operating leverage [4][6] Profitability and Business Model - Profitability for Uber is now structural rather than situational, with consistent GAAP profitability and expanded adjusted EBITDA [4] - The Mobility segment has reached a level of maturity where incremental trips significantly contribute to profit without proportional increases in spending [5] Strategic Shifts in Uber Eats - Uber Eats is evolving into a broader local commerce platform, expanding beyond food delivery into grocery, convenience, and retail sectors [7] - This evolution allows Uber Eats to drive repeat usage and larger baskets, improving its economics through scale and better operational efficiencies [8][10] Financial Performance - In Q3 2025, Uber Eats' adjusted EBITDA surged by 47%, while revenue grew by 27%, showcasing improved earnings quality [10]