Core Viewpoint - Uber Technologies has transitioned from a risky tech startup to a blue-chip quality stock, with robust capital returns and significant growth potential [1][2]. Business and Operational Quality - The board has authorized a $20 billion share repurchase program, representing approximately 10% of the market cap as of early August [2]. - Uber's share buybacks have resulted in a 1.1% reduction in share count year-over-year, expected to continue offsetting share-based compensation [2]. - The company is projected to achieve a 400% to 600% increase in stock price over the next decade, trading at 32 times its current earnings outlook [3]. Growth Trajectory - Earnings are forecasted to grow at a compound annual growth rate (CAGR) in the high-20% to high-30% range for at least the next ten years, potentially reaching 5 times earnings by 2035 [4]. - The company has reported an 18% increase in trips and gross bookings, alongside a 35% increase in adjusted EBITDA and adjusted earnings [9]. Analyst Sentiment - The consensus among 38 analysts is a high conviction Moderate Buy rating, with over 70% rating it as a Buy, indicating a 10% upside potential [7]. - Despite mixed Q2 results, the overall sentiment remains positive, with price target increases offsetting downgrades [6]. Financial Metrics - The Q2 results showed a bottom-line miss due to increased investments in business acquisition and growth, but the market did not view this as a major concern [9]. - Free cash flow for Q2 was reported at $2.5 billion, with a payout ratio near 50%, indicating sustainability in share buybacks [10]. - Institutional ownership exceeds 80%, providing a solid support base for the stock [11].

Core Viewpoint - The second quarter earnings season has been challenging, with many companies performing well but facing stock sell-offs. Analysts suggest that this is a good time for investors to find undervalued stocks, particularly in the case of Lyft, which has seen its stock price drop despite strong operational metrics [1][3]. Financial Performance - Lyft reported a revenue of $1.588 billion for Q2, an 11% year-over-year increase, slightly below Wall Street's expectation of $1.600 billion. The revenue growth rate decreased by approximately 3 percentage points compared to Q1 [13][14]. - Active riders increased to 26.1 million, up from 24.2 million in Q1 and 23.7 million in Q2 of the previous year [13]. - Gross bookings reached a record high of $4.490 billion, reflecting a 12% year-over-year growth [14]. Strategic Shifts - Lyft has shifted its strategy from aggressive growth to focusing on profitable operations and reasonable competition with Uber. This has led to an increase in adjusted EBITDA and free cash flow [4][20]. - The company plans to selectively pursue market share growth in lower penetration markets, indicating a renewed commitment to growth [7]. Market Position and Valuation - Lyft's current stock price is around $13, with a market capitalization of $5.66 billion. After accounting for $1.79 billion in cash and $526.5 million in debt, the enterprise value is approximately $4.4 billion [7]. - Analysts expect Lyft's revenue for FY 2025 to reach $6.47 billion, a 12% increase year-over-year, with a free cash flow margin of 16.2% [8][10]. Cost Management - Lyft has successfully reduced per-ride subsidies, which decreased by 20% year-over-year to $1.03 per ride, indicating a shift towards profitable growth rather than competing on price [17][20]. - The adjusted EBITDA for Q2 reached a historical high of $129.4 million, a 25% increase year-over-year, driven by reduced subsidies and strict control over operating expenses [20][22]. Future Outlook - Lyft's guidance for Q3 includes gross bookings of $4.65 billion to $4.80 billion, representing a year-over-year growth of 13% to 17% [17]. - The company is on track to achieve long-term targets set during the Investor Day in June 2024, indicating a positive outlook despite the challenging economic environment [17].

Core Insights - Uber Technologies reported strong second-quarter 2025 results, with earnings per share of 63 cents exceeding estimates and showing a 34% year-over-year improvement. Total revenues reached $12.65 billion, surpassing expectations and reflecting an 18% year-over-year increase [1][2]. Revenue Breakdown - The Mobility segment contributed 57.6% of total revenues, generating $7.28 billion, which is a 19% year-over-year increase. This figure exceeded expectations of $7.15 billion [2]. User Engagement and Growth - Gross bookings rose 17% to $46.8 billion, indicating robust demand. Monthly active platform consumers increased by 15% to 180 million, and the platform recorded 3.3 billion trips, an 18% year-over-year rise [3][4]. Uber Eats Performance - Uber Eats has gained popularity in international markets, surpassing ride-hailing in some regions. The company aims to enhance cross-platform usage to boost overall engagement and revenue [5]. Investment in Autonomous Technology - Uber is heavily investing in autonomous mobility, partnering with 20 companies in the autonomous vehicle and delivery sectors. Autonomous services are currently operational in 12 cities globally [6]. Strategic Partnerships - The partnership with Waymo has expanded, with a commercial robotaxi service launched in Austin, Texas. This move positions Uber as a significant player in the autonomous ride market, especially amid competition from Tesla [7][8]. Price Target and Analyst Outlook - The average price target for Uber Technologies is $101.93, reflecting a potential increase of 14.03% from the last closing price of $89.39. Analyst forecasts range from a low of $68.00 to a high of $120.00 [9]. ETF Exposure - Uber has considerable exposure to the iShares US Transportation ETF (IYT), with a weight of 22.60%. There is also a leveraged ETF available for Uber, namely GraniteShares 2x Long UBER Daily ETF (UBRL) [10][11].

Core Viewpoint - The article discusses the contrasting fates of electric vehicle startups in the U.S. and China, highlighting the struggles of Rivian, Lucid, and Fisker in the U.S. market compared to the profitability transition of Chinese counterparts like NIO, Xpeng, and Li Auto [5][6]. Group 1: Rivian - Rivian's Q2 2025 financial report shows a net loss of $1.1 billion, exceeding market expectations, with an adjusted EBITDA loss forecast raised from $1.7-1.9 billion to $2.0-2.25 billion for the year [8][12]. - The decline in revenue is attributed to the reduction of non-core income from emission credits, with expectations for credit sales lowered from $300 million to $160 million [8][12]. - Rivian plans to pause factory operations for three weeks in Q3 to prepare for new model production, with a total production of 5,979 vehicles in Q2, a significant year-on-year decline [9][11]. - The company is focusing on the upcoming R2 project, a mid-range SUV expected to launch in 2026, which is seen as crucial for transitioning to the mainstream market [11][13]. - Rivian has secured a $5.8 billion partnership with Volkswagen for technology and capital collaboration, which includes a $1 billion equity investment [12]. Group 2: Lucid - Lucid's Q2 2025 report indicates a downward revision of its annual production target from 20,000 to between 18,000 and 20,000 vehicles, with quarterly revenue of $259 million falling short of analyst expectations [16][17]. - The company faces challenges in demand and supply chain issues, with increased import costs due to tariffs and reduced regulatory credits impacting revenue [17][18]. - Lucid is pursuing a dual strategy by entering the Robotaxi market in partnership with Uber and Nuro, planning to deploy 20,000 autonomous taxis by 2026 [19][20]. - The company is also developing a mid-range electric vehicle priced around $50,000, but lacks a clear timeline for its release [21][22]. - Lucid's financial model is under pressure, as both the Robotaxi initiative and the mid-range vehicle strategy require time and capital, which are currently in short supply [23]. Group 3: Fisker - Fisker has officially filed for bankruptcy in June 2024, with court approval for its liquidation plan in October, marking a dramatic exit from the market [26][27]. - The company’s downfall is attributed to insufficient funding, product failures, and a lack of partnerships, leading to a significant drop in vehicle sales and customer trust [31]. - Fisker’s Ocean SUV is now being sold at drastically reduced prices, with some vehicles available for as low as $16,500, highlighting the collapse of its market position [28][29]. - The failure of Fisker serves as a cautionary tale for the electric vehicle industry, emphasizing the importance of sustainable business models over initial hype and funding [31][32].

Airbnb's Performance & Outlook - Airbnb's Q2 earnings showed a double beat, but the stock reversed course during the earnings call [1] - Investors are concerned about Airbnb's growth trajectory due to a cautious Q3 outlook for both revenue and adjusted EBITDA [2] - Airbnb faces tough comparisons, especially against strong performance from rival Booking Holdings [2] Travel Industry & Consumer Demand - Lyft shares were down as much as 14% after missing on revenue for the quarter [2] - Lyft's CEO indicated they are focusing on partnerships for its autonomous vehicle strategy [3] - The travel industry prints from Uber and Lyft suggest investors are jittery about the health of the consumer and travel demand [3] Competitive Landscape - The intense rivalry between Lyft and Uber continues to be a key factor [2] - Uber's CEO stated that Uber is not seeing weakness in the consumer [3] - Lyft's numbers indicated weakening US travel demand [3]

Core Insights - The article discusses Uber Technologies, Inc.'s performance in Q1 and its strategies to navigate the challenging macroeconomic environment [1]. Group 1: Company Analysis - Uber has been actively managing its operations amidst a tricky macroenvironment, focusing on growth and sustainability [1]. - The analysis includes a review of Uber's financial metrics and operational strategies to assess its resilience and adaptability [1]. Group 2: Analyst Background - The author has extensive qualifications, including a CFA Charter and a PhD in Finance, and holds an honorary academic position, indicating a strong foundation in financial analysis [1]. - The author engages in quantitative research across various financial domains, enhancing the credibility of the insights provided [1].

[Special Note Regarding Forward-Looking Statements](index=3&type=section&id=Special%20Note%20Regarding%20Forward-Looking%20Statements) This section provides cautionary statements regarding forward-looking information, noting actual results may differ from projections [PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This part presents unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents Uber's unaudited condensed consolidated financial statements, including balance sheets, operations, equity, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20December%2031%2C%202024%20and%20June%2030%2C%202025) This section presents Uber's condensed consolidated balance sheets as of December 31, 2024, and June 30, 2025 | Item | As of December 31, 2024 (Millions) | As of June 30, 2025 (Millions) | | :--------------------------------------- | :--------------------------------- | :------------------------------- | | Cash and cash equivalents | $5,893 | $6,438 | | Total current assets | $12,245 | $14,107 | | Total assets | $51,244 | $55,982 | | Total current liabilities | $11,476 | $12,686 | | Total liabilities | $28,768 | $32,352 | | Total Uber Technologies, Inc. stockholders' equity | $21,558 | $22,598 | | Total liabilities, redeemable non-controlling interests and equity | $51,244 | $55,982 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202024%20and%202025) This section presents Uber's condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2025 | Metric (Millions) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Revenue | $10,700 | $12,651 | $20,831 | $24,184 | | Total costs and expenses | $9,904 | $11,201 | $19,863 | $21,506 | | Income from operations | $796 | $1,450 | $968 | $2,678 | | Net income attributable to Uber Technologies, Inc. | $1,015 | $1,355 | $361 | $3,131 | | Basic Net income per share | $0.49 | $0.65 | $0.17 | $1.50 | | Diluted Net income per share | $0.47 | $0.63 | $0.15 | $1.46 | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202024%20and%202025) This section presents Uber's condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2024 and 2025 | Metric (Millions) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income including non-controlling interests | $1,008 | $1,350 | $345 | $3,124 | | Other comprehensive income (loss), net of tax | $(42) | $50 | $(58) | $82 | | Comprehensive income attributable to Uber Technologies, Inc. | $973 | $1,405 | $303 | $3,213 | [Condensed Consolidated Statements of Redeemable Non-Controlling Interests and Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Redeemable%20Non-Controlling%20Interests%20and%20Equity%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202024%20and%202025) This section presents Uber's condensed consolidated statements of redeemable non-controlling interests and equity for the periods ended June 30, 2025 | Equity Item (Millions) | Balance as of December 31, 2024 | Balance as of June 30, 2025 | | :--------------------- | :------------------------------ | :-------------------------- | | Redeemable Non Controlling Interests | $93 | $183 | | Additional Paid-In Capital | $42,801 | $40,625 | | Accumulated Deficit | $(20,726) | $(17,592) | | Total Equity | $22,383 | $23,447 | - During the six months ended June 30, 2025, significant equity changes included **$448 million** from stock-based compensation, **$1.8 billion** from common stock repurchases, and **$1.792 billion** in net income (loss)[25](index=25&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202024%20and%202025) This section presents Uber's condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2025 | Cash Flow Activity (Millions) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :---------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $3,236 | $4,888 | | Net cash used in investing activities | $(1,918) | $(2,003) | | Net cash used in financing activities | $(291) | $(2,057) | | Net increase in cash and cash equivalents, and restricted cash and cash equivalents | $877 | $1,057 | | End of period cash and cash equivalents, and restricted cash and cash equivalents | $7,881 | $9,667 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes on significant accounting policies, investments, debt, equity, income taxes, and segment information [Note 1 – Description of Business and Summary of Significant Accounting Policies](index=12&type=section&id=Note%201%20%E2%80%93%20Description%20of%20Business%20and%20Summary%20of%20Significant%20Accounting%20Policies) This note describes Uber's global technology platform, financial statement presentation, accounting policies, and recent pronouncements - Uber operates a technology platform connecting Mobility Drivers, Eaters with Merchants and Couriers, and Shippers with Carriers globally, primarily in the U.S., Canada, Latin America, EMEA, and APAC (excluding China/Southeast Asia)[31](index=31&type=chunk)[32](index=32&type=chunk) - The Taiwan Fair Trade Commission prohibited Uber's acquisition of Foodpanda Taiwan in January 2025, leading to a **$236 million** termination fee recorded in Q4 2024 and settled in cash in April 2025[33](index=33&type=chunk) - The company is evaluating ASU 2023-09 (Income Taxes) effective for fiscal years after Dec 15, 2024, and ASU 2024-03 (Expense Disaggregation) effective for fiscal years after Dec 15, 2026, for potential impacts on financial statements[40](index=40&type=chunk)[41](index=41&type=chunk) [Note 2 – Investments and Fair Value Measurement](index=14&type=section&id=Note%202%20%E2%80%93%20Investments%20and%20Fair%20Value%20Measurement) This note details Uber's investments, fair value measurements, and derivatives not designated as hedging instruments | Investment Category | As of Dec 31, 2024 (Millions) | As of June 30, 2025 (Millions) | | :------------------ | :---------------------------- | :---------------------------- | | Short-term investments | $1,084 | $932 | | Restricted investments | $7,019 | $7,864 | | Investments (incl. Didi, Grab, Aurora) | $8,460 | $8,660 | | Total financial assets | $15,691 | $15,902 | | Total financial liabilities (2028 Exchangeable Senior Notes) | $0 | $1,224 | - As of June 30, 2025, **25%** of Aurora shares remain subject to lock-up restrictions through November 2025, and approximately **48%** of Aurora Class A common stock is pledged as collateral for 2028 Exchangeable Senior Notes[43](index=43&type=chunk) - The total notional amount of outstanding derivatives not designated as hedging instruments was **$2.0 billion** as of June 30, 2025[49](index=49&type=chunk) - Unrealized loss on debt and equity securities, net, for the three months ended June 30, 2025, was **$17 million**, primarily due to a **$482 million** unrealized loss on Aurora investment, partially offset by gains on Grab (**$268 million**) and Joby (**$110 million**) investments[82](index=82&type=chunk) [Note 3 – Long-Term Debt and Credit Arrangements](index=16&type=section&id=Note%203%20%E2%80%93%20Long-Term%20Debt%20and%20Credit%20Arrangements) This note details Uber's long-term debt, including Senior, Convertible, and Exchangeable Senior Notes, and credit arrangements | Debt Type | As of Dec 31, 2024 (Millions) | As of June 30, 2025 (Millions) | Stated Interest Rate | Maturity | | :-------------------------- | :---------------------------- | :---------------------------- | :------------------- | :------------- | | 2025 Convertible Notes | $1,150 | $1,150 | 0.00 % | Dec 2025 | | 2028 Convertible Notes | $1,725 | $1,725 | 0.875 % | Dec 2028 | | 2028 Exchangeable Senior Notes | — | $1,224 | 0.00 % | May 2028 | | Senior Notes (various) | $6,450 | $6,450 | 4.30 % - 7.50 % | Sep 2027 - Sep 2054 | | **Total Debt** | **$9,575** | **$10,799** | | | - In May 2025, Uber issued **$1.15 billion** aggregate principal amount of 0.00% exchangeable senior notes due in 2028, with an initial exchange rate of **117.6471 shares** of Aurora Class A common stock per **$1,000** principal amount[67](index=67&type=chunk)[68](index=68&type=chunk) - In June 2025, Uber established a commercial paper program allowing issuance of unsecured notes up to **$2.0 billion** outstanding at any time, with maturities up to 397 days, for general corporate purposes, with no notes outstanding as of June 30, 2025[76](index=76&type=chunk) - As of June 30, 2025, Uber had a **$5.0 billion** senior unsecured revolving loan commitment under its Credit Agreement, with no outstanding balance, and was in compliance with all covenants[74](index=74&type=chunk) [Note 4 – Supplemental Financial Statement Information](index=19&type=section&id=Note%204%20%E2%80%93%20Supplemental%20Financial%20Statement%20Information) This note provides detailed breakdowns of prepaid expenses, liabilities, and components of other income (expense), net | Item | As of Dec 31, 2024 (Millions) | As of June 30, 2025 (Millions) | | :---------------------------------- | :---------------------------- | :---------------------------- | | Prepaid expenses and other current assets | $1,390 | $1,777 | | Accrued and other current liabilities | $7,689 | $8,381 | | Other long-term liabilities | $449 | $467 | | Other Income (Expense), Net (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :----------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Interest income | $176 | $181 | $335 | $350 | | Foreign currency exchange gains (losses), net | $(83) | $97 | $(247) | $147 | | Unrealized gain (loss) on debt and equity securities, net | $333 | $(17) | $(388) | $34 | | Other, net | $(6) | $(99) | $42 | $(107) | | **Total Other income (expense), net** | **$420** | **$162** | **$(258)** | **$424** | [Note 5 – Stockholders' Equity](index=21&type=section&id=Note%205%20%E2%80%93%20Stockholders%27%20Equity) This note details stock option and RSU activity, stock-based compensation, and the Share Repurchase Program | Stock-Based Compensation Expense (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :---------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Operations and support | $54 | $59 | $121 | $111 | | Sales and marketing | $24 | $28 | $45 | $52 | | Research and development | $277 | $284 | $576 | $548 | | General and administrative | $100 | $104 | $197 | $199 | | **Total** | **$455** | **$475** | **$939** | **$910** | - As of June 30, 2025, there was **$4.2 billion** of unamortized compensation costs related to unvested awards, expected to be recognized over approximately **2.90 years**[86](index=86&type=chunk) - During the three and six months ended June 30, 2025, Uber repurchased **16.4 million** and **42.9 million** shares of common stock for **$1.4 billion** and **$3.2 billion**, respectively, under the Share Repurchase Program[90](index=90&type=chunk) - As of June 30, 2025, approximately **$2.6 billion** remained available for share repurchases under the program[90](index=90&type=chunk) [Note 6 – Income Taxes](index=22&type=section&id=Note%206%20%E2%80%93%20Income%20Taxes) This note discusses Uber's income tax expense/benefit, unrecognized tax benefits, tax examinations, and deferred tax asset valuation allowances | Income Tax (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Provision for (benefit from) income taxes | $57 | $142 | $86 | $(260) | | Effective tax rate | 5 % | 9 % | 19 % | (9)% | - During the six months ended June 30, 2025, gross unrecognized tax benefits increased by **$644 million**, with **$318 million** potentially impacting the effective tax rate if recognized[93](index=93&type=chunk) - Uber maintains a valuation allowance against California R&D credits and Netherlands' net deferred tax assets, but there's a reasonable possibility of releasing a significant portion of the Netherlands' valuation allowance within 12 months[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - The recently enacted One Big Beautiful Bill Act (OBBBA) in the U.S. is being evaluated, but no material impact on current year financials is expected[101](index=101&type=chunk)[102](index=102&type=chunk) [Note 7 – Net Income Per Share](index=23&type=section&id=Note%207%20%E2%80%93%20Net%20Income%20Per%20Share) This note provides the computation of basic and diluted net income per share for the three and six months ended June 30, 2024 and 2025 | Net Income Per Share | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Basic EPS | $0.49 | $0.65 | $0.17 | $1.50 | | Diluted EPS | $0.47 | $0.63 | $0.15 | $1.46 | | Basic Weighted-Average Shares (thousands) | 2,092,180 | 2,091,106 | 2,085,324 | 2,091,781 | | Diluted Weighted-Average Shares (thousands) | 2,150,019 | 2,125,628 | 2,151,647 | 2,124,181 | - Approximately **5 million** shares underlying equity awards were excluded from diluted EPS computation for the three and six months ended June 30, 2025, as their effect would have been antidilutive[105](index=105&type=chunk) [Note 8 – Segment Information and Geographic Information](index=24&type=section&id=Note%208%20%E2%80%93%20Segment%20Information%20and%20Geographic%20Information) This note outlines Uber's Mobility, Delivery, and Freight segments, providing financial performance and revenue disaggregated by geographical region | Segment Revenue (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :----------------------- | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Mobility | $6,134 | $7,288 | 19 % | $11,767 | $13,784 | 17 % | | Delivery | $3,293 | $4,102 | 25 % | $6,507 | $7,879 | 21 % | | Freight | $1,273 | $1,261 | (1)% | $2,557 | $2,521 | (1)% | | **Total Revenue** | **$10,700** | **$12,651** | **18 %** | **$20,831** | **$24,184** | **16 %** | | Segment Adjusted EBITDA (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------------- | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Mobility | $1,567 | $1,905 | 22 % | $3,046 | $3,658 | 20 % | | Delivery | $588 | $873 | 48 % | $1,116 | $1,636 | 47 % | | Freight | $(12) | $(6) | 50 % | $(33) | $(13) | 61 % | | Corporate G&A and Platform R&D | $(573) | $(653) | (14)% | $(1,177) | $(1,294) | (10)% | | **Total Adjusted EBITDA** | **$1,570** | **$2,119** | **35 %** | **$2,952** | **$3,987** | **35 %** | | Revenue by Geographic Region (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | United States and Canada | $5,825 | $6,561 | $11,298 | $12,780 | | Latin America | $679 | $789 | $1,389 | $1,506 | | Europe, Middle East and Africa | $2,987 | $3,897 | $5,743 | $7,218 | | Asia Pacific | $1,209 | $1,404 | $2,401 | $2,680 | | **Total Revenue** | **$10,700** | **$12,651** | **$20,831** | **$24,184** | [Note 9 – Commitments and Contingencies](index=27&type=section&id=Note%209%20%E2%80%93%20Commitments%20and%20Contingencies) This note details Uber's legal and regulatory contingencies, including driver classification lawsuits and non-income tax matters like the UK VAT dispute - As of June 30, 2025, Uber had recorded **$1.5 billion** in aggregate liabilities for legal, regulatory, and non-income tax matters, with **$200 million** related to non-income tax matters[111](index=111&type=chunk) - The California Attorney General lawsuit regarding driver misclassification for periods prior to Proposition 22 remains ongoing, with the Superior Court lifting the stay on July 2, 2024[117](index=117&type=chunk) - Swiss authorities continue to classify Drivers/Couriers as employees for social security purposes, with Uber appealing recent decisions and having settled disputes for 2014-July 2020 in SVA Zürich[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) - URSSAF in France issued a social security contributions assessment in June 2025, which Uber intends to appeal and vigorously challenge[121](index=121&type=chunk) - Uber has received multiple assessments from HMRC in the UK totaling approximately **$1.8 billion** (£1.4 billion) for unpaid VAT for March 2022-September 2024, which Uber paid to proceed with the appeal process, believing it will be successful[130](index=130&type=chunk)[131](index=131&type=chunk) [Note 10 – Variable Interest Entities](index=29&type=section&id=Note%2010%20%E2%80%93%20Variable%20Interest%20Entities) This note distinguishes consolidated and unconsolidated Variable Interest Entities (VIEs), detailing Uber's exposure to loss - Uber Freight Holding Corporation is a consolidated VIE, with total assets of **$3.4 billion** and total liabilities of **$755 million** as of June 30, 2025[136](index=136&type=chunk) - For unconsolidated VIEs (primarily vehicle fleet operators), Uber's carrying amount of assets was **$1.2 billion** and maximum exposure to loss was **$1.3 billion** as of June 30, 2025[139](index=139&type=chunk) - The term loan to Moove Cars Mobility, S.L. (a related party) was **$380 million** as of June 30, 2025[139](index=139&type=chunk) [Note 11 – Non-Controlling Interests](index=30&type=section&id=Note%2011%20%E2%80%93%20Non-Controlling%20Interests) This note details Uber's non-controlling interests in Freight Holding and Trendyol GO, classified as redeemable due to a put/call agreement - Uber owns **84%** of Freight Holding's capital stock as of June 30, 2025[140](index=140&type=chunk) - The non-controlling interest in Trendyol GO, acquired in June 2025, is classified as redeemable due to a put/call agreement exercisable in Q1 2031[142](index=142&type=chunk) [Note 12 – Business Combinations](index=30&type=section&id=Note%2012%20%E2%80%93%20Business%20Combinations) This note describes the acquisition of an 85% controlling stake in Trendyol GO for $697 million, expanding Delivery in Türkiye - On June 17, 2025, Uber acquired an **85%** controlling stake in Trendyol GO for **$697 million**, expanding its Delivery business in Türkiye[143](index=143&type=chunk)[144](index=144&type=chunk) - The acquisition resulted in **$705 million** in goodwill, assigned to the Delivery segment, and **$151 million** in identifiable intangible assets (consumer, merchant, other relationships; developed technology; trade name)[144](index=144&type=chunk)[145](index=145&type=chunk) - Trendyol GO contributed an immaterial amount of revenue and loss before taxes during the three months ended June 30, 2025[146](index=146&type=chunk) [Note 13 – Subsequent Events](index=31&type=section&id=Note%2013%20%E2%80%93%20Subsequent%20Events) This note discloses subsequent events, including a new robotaxi program partnership and an additional $20 billion share repurchase authorization - In July 2025, Uber announced a global robotaxi program with Lucid Group, Inc. and Nuro, Inc., including a **$300 million** equity investment in Lucid and an agreement to purchase a minimum of **20,000** Lucid vehicles equipped with Nuro's autonomous driving system over six years[147](index=147&type=chunk) - In July 2025, Uber's board of directors authorized a new share repurchase program for up to an additional **$20 billion** of common stock[148](index=148&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's discussion and analysis of Uber's financial condition and operational performance [Overview](index=32&type=section&id=Overview) This overview describes Uber's business model and highlights the significant legal challenge of driver classification - Uber is a technology platform connecting consumers with ride services, delivery services, and freight carriers globally[150](index=150&type=chunk) - Driver classification is a significant ongoing legal challenge globally, with potential for substantial additional expenses if drivers are reclassified as employees, impacting wage laws, benefits, and taxes[151](index=151&type=chunk)[153](index=153&type=chunk) - Compliance with Proposition 22 in California incurs additional expenses (guaranteed minimum earnings, insurance, healthcare subsidies) but is not expected to materially impact financials[152](index=152&type=chunk) [Financial and Operational Highlights](index=33&type=section&id=Financial%20and%20Operational%20Highlights) This section presents key financial and operational metrics, highlighting changes in Gross Bookings, revenue, and Adjusted EBITDA | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | | Monthly Active Platform Consumers (MAPCs) | 156 | 180 | 15 % | | Trips | 2,765 | 3,268 | 18 % | | Gross Bookings | $39,952 | $46,756 | 17 % | | Revenue | $10,700 | $12,651 | 18 % | | Income from operations | $796 | $1,450 | 82 % | | Net income attributable to Uber Technologies, Inc. | $1,015 | $1,355 | 33 % | | Adjusted EBITDA | $1,570 | $2,119 | 35 % | | Metric (Millions, except %) | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | | Net cash provided by operating activities | $3,236 | $4,888 | 51 % | | Free cash flow | $3,080 | $4,725 | 53 % | - Q2 2025 Gross Bookings increased **17%** (**18%** constant currency) to **$46.8 billion**, driven by Mobility (**18%** constant currency) and Delivery (**20%** constant currency) Trip volumes, while Freight Gross Bookings decreased **1%** constant currency[158](index=158&type=chunk) - Q2 2025 Adjusted EBITDA increased **$549 million** YoY to **$2.1 billion**, with Mobility Adjusted EBITDA up **$338 million** and Delivery Adjusted EBITDA up **$285 million**, partially offset by an **$80 million** increase in Corporate G&A and Platform R&D costs[161](index=161&type=chunk) [Components of Results of Operations](index=33&type=section&id=Components%20of%20Results%20of%20Operations) This section describes the primary components contributing to Uber's results of operations and various operating expenses [Revenue](index=33&type=section&id=Revenue) This section describes how Uber generates revenue, primarily from platform fees, and factors influencing its fluctuations - Revenue is primarily generated from fees paid by Drivers and Merchants for platform use, with Uber acting as an agent, and in certain markets, revenue is presented on a gross basis where Uber is primarily responsible for services[162](index=162&type=chunk) - Revenue is expected to fluctuate based on Trip volume, Driver supply, macroeconomic conditions, global travel, and pricing/promotional activities[163](index=163&type=chunk) [Cost of Revenue, Exclusive of Depreciation and Amortization](index=34&type=section&id=Cost%20of%20Revenue%2C%20Exclusive%20of%20Depreciation%20and%20Amortization) This section details components of Uber's cost of revenue, excluding depreciation and amortization, and factors influencing its variability - Costs include Driver/Courier payments (where Uber is primary), insurance, Uber Freight carrier costs, credit card processing fees, data center/networking, mobile device costs, and fare chargebacks[165](index=165&type=chunk) - Expected to fluctuate with Trip volume[166](index=166&type=chunk) [Operations and Support](index=34&type=section&id=Operations%20and%20Support) This section outlines expenses related to city operations, user support, and community management, and their expected trends - Primarily compensation for city operations, driver operations, user support, and community managers, plus customer support, driver background checks, and allocated corporate costs[167](index=167&type=chunk) - Expected to vary in absolute dollars but decrease as a percentage of revenue due to efficiency gains[168](index=168&type=chunk) [Sales and Marketing](index=34&type=section&id=Sales%20and%20Marketing) This section includes advertising, product marketing, consumer discounts/promotions, and compensation for sales/marketing - Includes advertising, product marketing, consumer discounts/promotions, and compensation for sales/marketing employees[169](index=169&type=chunk) - Expected to vary as a percentage of revenue due to marketing campaign timing[170](index=170&type=chunk) [Research and Development](index=34&type=section&id=Research%20and%20Development) This section details expenses for engineering, design, and product development, and the company's continued investment in R&D - Primarily compensation for engineering, design, and product development employees, ongoing improvements to existing products, and allocated corporate costs[171](index=171&type=chunk) - Expected to increase in absolute dollars and vary as a percentage of revenue due to continued investment in R&D[172](index=172&type=chunk) [General and Administrative](index=34&type=section&id=General%20and%20Administrative) This section covers compensation for executive and administrative employees, impairment charges, and legal accruals - Includes compensation for executive management and administrative employees (finance, HR, legal), impairment charges, and legal-related accruals[173](index=173&type=chunk) - Expected to increase in absolute dollars but decrease as a percentage of revenue due to improved fixed cost leverage and efficiencies, though legal/regulatory expenses may cause period-to-period variability[174](index=174&type=chunk) [Depreciation and Amortization](index=34&type=section&id=Depreciation%20and%20Amortization) This section explains expenses related to the depreciation of property and equipment and the amortization of intangible assets - Consists of depreciation on property and equipment (buildings, computer equipment, etc.) and amortization of intangible assets (capitalized internal-use software, acquired intangibles)[175](index=175&type=chunk) [Interest Expense](index=35&type=section&id=Interest%20Expense) This section details interest expenses primarily from outstanding debt, including amortization of debt discount and issuance costs - Primarily interest on outstanding debt, including amortization of debt discount and issuance costs[176](index=176&type=chunk) [Other Income (Expense), Net](index=35&type=section&id=Other%20Income%20(Expense)%2C%20Net) This section outlines components of other income and expense, including interest, foreign currency, and unrealized gains/losses - Includes interest income, foreign currency exchange gains/losses, and unrealized gains/losses on debt and equity securities[186](index=186&type=chunk) [Provision for (Benefit from) Income Taxes](index=35&type=section&id=Provision%20for%20(Benefit%20from)%20Income%20Taxes) This section discusses factors influencing Uber's effective tax rate, including valuation allowances and tax law changes - Effective tax rate varies based on foreign vs. domestic income, valuation allowance changes on deferred tax assets (U.S., Netherlands), and tax law changes[177](index=177&type=chunk) - Valuation allowance maintained against California R&D credits and Netherlands' net deferred tax assets, but a significant portion of the Netherlands' allowance may be released within 12 months[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk) - The Inflation Reduction Act Corporate Alternative Minimum Tax (CAMT) does not apply in 2025 but could in future years, and OECD's 15% minimum tax rate framework is being monitored, with insignificant impact expected for 2025[182](index=182&type=chunk)[183](index=183&type=chunk) [Income (Loss) from Equity Method Investments](index=35&type=section&id=Income%20(Loss)%20from%20Equity%20Method%20Investments) This section describes Uber's share of income or loss derived from its equity method investments - Primarily reflects Uber's share of income or loss from its equity method investments[184](index=184&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) This section provides a detailed analysis of Uber's financial performance across income statement line items [Revenue (Detailed)](index=37&type=section&id=Revenue%20(Detailed)) This section provides a detailed analysis of Uber's revenue performance and its drivers for the reporting periods | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Revenue | $10,700 | $12,651 | 18 % | $20,831 | $24,184 | 16 % | - Q2 2025 revenue increased **$2.0 billion** (**18%**) due to a **17%** increase in Gross Bookings, primarily from Mobility and Delivery Trip volumes[190](index=190&type=chunk) - Six months ended June 30, 2025, revenue increased **$3.4 billion** (**16%**) due to a **15%** increase in Gross Bookings, primarily from Mobility and Delivery Trip volumes[191](index=191&type=chunk) [Cost of Revenue, Exclusive of Depreciation and Amortization (Detailed)](index=37&type=section&id=Cost%20of%20Revenue%2C%20Exclusive%20of%20Depreciation%20and%20Amortization%20(Detailed)) This section provides a detailed analysis of Uber's cost of revenue, excluding depreciation and amortization | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Cost of revenue | $6,488 | $7,611 | 17 % | $12,656 | $14,548 | 15 % | | Percentage of revenue | 61 % | 60 % | | 61 % | 60 % | | - Q2 2025 cost of revenue increased **$1.1 billion** (**17%**), driven by a **$379 million** increase in Driver payments/incentives, a **$343 million** increase in Courier payments/incentives, and a **$283 million** increase in insurance expense[193](index=193&type=chunk) - Six months ended June 30, 2025, cost of revenue increased **$1.9 billion** (**15%**), driven by a **$617 million** increase in Driver payments/incentives, a **$521 million** increase in Courier payments/incentives, and a **$479 million** increase in insurance expense[194](index=194&type=chunk) [Operations and Support (Detailed)](index=38&type=section&id=Operations%20and%20Support%20(Detailed)) This section provides a detailed analysis of Uber's operations and support expenses and their key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Operations and support | $682 | $696 | 2 % | $1,367 | $1,364 | — % | | Percentage of revenue | 6 % | 6 % | | 7 % | 6 % | | - Q2 2025 operations and support expenses increased **$14 million** (**2%**) due to a **$25 million** increase in employee headcount costs, partially offset by a **$13 million** decrease in external contractor expense[196](index=196&type=chunk) - Six months ended June 30, 2025, operations and support expenses decreased **$3 million**, primarily due to decreases in external contractor expense (**$23 million**) and Driver background check costs (**$19 million**), partially offset by a **$37 million** increase in employee headcount costs[197](index=197&type=chunk) [Sales and Marketing (Detailed)](index=38&type=section&id=Sales%20and%20Marketing%20(Detailed)) This section provides a detailed analysis of Uber's sales and marketing expenses and their key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Sales and marketing | $1,115 | $1,210 | 9 % | $2,032 | $2,267 | 12 % | | Percentage of revenue | 10 % | 10 % | | 10 % | 9 % | | - Q2 2025 sales and marketing expenses increased **$95 million** (**9%**), primarily due to a **$45 million** increase in indirect advertising and marketing and a **$40 million** increase in employee headcount costs, with consumer discounts increasing **$4 million** to **$403 million**[199](index=199&type=chunk) - Six months ended June 30, 2025, sales and marketing expenses increased **$235 million** (**12%**), primarily due to a **$91 million** increase in indirect advertising, a **$70 million** increase in consumer discounts (to **$775 million**), and a **$64 million** increase in employee headcount costs[200](index=200&type=chunk) [Research and Development (Detailed)](index=38&type=section&id=Research%20and%20Development%20(Detailed)) This section provides a detailed analysis of Uber's research and development expenses and their key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Research and development | $760 | $840 | 11 % | $1,550 | $1,655 | 7 % | | Percentage of revenue | 7 % | 7 % | | 7 % | 7 % | | - Q2 2025 R&D expenses increased **$80 million** (**11%**) primarily due to an **$82 million** increase in employee headcount cost[202](index=202&type=chunk) - Six months ended June 30, 2025, R&D expenses increased **$105 million** (**7%**) primarily due to a **$145 million** increase in employee headcount costs, partially offset by a **$28 million** decrease in stock-based compensation[203](index=203&type=chunk) [General and Administrative (Detailed)](index=39&type=section&id=General%20and%20Administrative%20(Detailed)) This section provides a detailed analysis of Uber's general and administrative expenses and their key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | General and administrative | $686 | $669 | (2)% | $1,895 | $1,326 | (30)% | | Percentage of revenue | 6 % | 5 % | | 9 % | 5 % | | - Q2 2025 G&A expenses decreased **$17 million** (**2%**), primarily due to a **$77 million** decrease in other corporate expenses, a **$25 million** decrease in employee headcount costs, and an **$18 million** decrease in general insurance expense, partially offset by an **$80 million** increase in legal-related accruals[205](index=205&type=chunk) - Six months ended June 30, 2025, G&A expenses decreased **$569 million** (**30%**), primarily due to a **$489 million** decrease in legal-related accruals and expenses[206](index=206&type=chunk) [Depreciation and Amortization (Detailed)](index=39&type=section&id=Depreciation%20and%20Amortization%20(Detailed)) This section provides a detailed analysis of Uber's depreciation and amortization expenses and their key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Depreciation and amortization | $173 | $175 | 1 % | $363 | $346 | (5)% | | Percentage of revenue | 2 % | 1 % | | 2 % | 1 % | | - Six months ended June 30, 2025, depreciation and amortization expenses decreased **$17 million** (**5%**) primarily due to various acquired intangible assets becoming fully amortized[209](index=209&type=chunk) [Interest Expense (Detailed)](index=39&type=section&id=Interest%20Expense%20(Detailed)) This section provides a detailed analysis of Uber's interest expense and its key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Interest expense | $(139) | $(108) | (22)% | $(263) | $(213) | (19)% | | Percentage of revenue | (1)% | (1)% | | (1)% | (1)% | | - Q2 2025 interest expense decreased **$31 million** (**22%**) and six months ended June 30, 2025, interest expense decreased **$50 million** (**19%**), both primarily due to debt refinancing activities in the second half of 2024[211](index=211&type=chunk)[212](index=212&type=chunk) [Other Income (Expense), Net (Detailed)](index=40&type=section&id=Other%20Income%20(Expense)%2C%20Net%20(Detailed)) This section provides a detailed analysis of Uber's other income (expense), net, and its key drivers | Other Income (Expense), Net (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :----------------------------------- | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Interest income | $176 | $181 | 3 % | $335 | $350 | 4 % | | Foreign currency exchange gains (losses), net | $(83) | $97 | ** | $(247) | $147 | ** | | Unrealized gain (loss) on debt and equity securities, net | $333 | $(17) | ** | $(388) | $34 | ** | | Other, net | $(6) | $(99) | ** | $42 | $(107) | ** | | **Total Other income (expense), net** | **$420** | **$162** | **(61)%** | **$(258)** | **$424** | **(264)%** | - Q2 2025 unrealized gain (loss) on debt and equity securities, net, decreased by **$350 million**, primarily due to a **$482 million** unrealized loss on Aurora investment, partially offset by gains on Grab (**$268 million**) and Joby (**$110 million**)[214](index=214&type=chunk)[215](index=215&type=chunk) - Six months ended June 30, 2025, unrealized gain (loss) on debt and equity securities, net, increased by **$422 million**, primarily due to gains on Didi (**$190 million**) and Grab (**$166 million**), partially offset by a **$346 million** unrealized loss on Aurora[216](index=216&type=chunk)[217](index=217&type=chunk) [Provision for Income Taxes (Detailed)](index=40&type=section&id=Provision%20for%20Income%20Taxes%20(Detailed)) This section provides a detailed analysis of Uber's provision for income taxes and its key drivers | Income Tax (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Provision for (benefit from) income taxes | $57 | $142 | 149 % | $86 | $(260) | ** | | Effective tax rate | 5 % | 9 % | | 19 % | (9)% | | - The change in income tax provision is a result of the release of valuation allowance of certain U.S. federal and state deferred tax assets in Q4 2024[219](index=219&type=chunk) [Loss from Equity Method Investments (Detailed)](index=41&type=section&id=Loss%20from%20Equity%20Method%20Investments%20(Detailed)) This section provides a detailed analysis of Uber's loss from equity method investments and its key drivers | Metric (Millions, except %) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | % Change | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | % Change | | :------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Loss from equity method investments | $(12) | $(12) | — % | $(16) | $(25) | (56)% | - The change in loss from equity method investments was not material for the three and six months ended June 30, 2025, compared to the same periods in 2024[221](index=221&type=chunk) [Segment Results of Operations](index=41&type=section&id=Segment%20Results%20of%20Operations) This section analyzes the financial performance of Uber's Mobility, Delivery, and Freight operating segments [Mobility Segment](index=41&type=section&id=Mobility%20Segment) This section details the financial performance and key drivers of Uber's Mobility segment - Q2 2025 Mobility revenue increased **$1.2 billion** (**19%**) and Adjusted EBITDA increased **$338 million** (**22%**), driven by a **16%** increase in Gross Bookings and Trip volumes[225](index=225&type=chunk) - Increased costs included **$379 million** in Driver payments/incentives, **$283 million** in insurance expense, **$53 million** in network costs, **$33 million** in credit card processing, and **$16 million** in employee headcount costs for Q2 2025[226](index=226&type=chunk) - Six months ended June 30, 2025, Mobility revenue increased **$2.0 billion** (**17%**) and Adjusted EBITDA increased **$612 million** (**20%**), driven by a **15%** increase in Gross Bookings and Trip volumes[227](index=227&type=chunk) [Delivery Segment](index=42&type=section&id=Delivery%20Segment) This section details the financial performance and key drivers of Uber's Delivery segment - Q2 2025 Delivery revenue increased **$809 million** (**25%**) and Adjusted EBITDA increased **$285 million** (**48%**), driven by a **20%** increase in Gross Bookings, Trip volumes, and a **$125 million** increase in advertising revenue[229](index=229&type=chunk) - Increased costs included **$343 million** in Courier payments/incentives, **$81 million** in employee headcount costs, **$30 million** in indirect advertising, **$22 million** in credit card processing, and **$10 million** in insurance expense for Q2 2025[230](index=230&type=chunk) - Six months ended June 30, 2025, Delivery revenue increased **$1.4 billion** (**21%**) and Adjusted EBITDA increased **$520 million** (**47%**), driven by an **18%** increase in Gross Bookings and Trip volumes, and a **$248 million** increase in advertising revenue[231](index=231&type=chunk) [Freight Segment](index=42&type=section&id=Freight%20Segment) This section details the financial performance and key drivers of Uber's Freight segment - Q2 2025 Freight revenue decreased **$12 million** (**1%**) and Freight Adjusted EBITDA improved **$6 million** (**50%**), primarily due to a **1%** decrease in Freight Gross Bookings from lower revenue per load in a challenging freight market[233](index=233&type=chunk) - Improvement in Adjusted EBITDA was due to a **$12 million** decrease in Carrier payments and a **$5 million** decrease in Freight other expenses, partially offset by a **$12 million** decrease in revenue[234](index=234&type=chunk) - Six months ended June 30, 2025, Freight revenue decreased **$36 million** (**1%**) and Adjusted EBITDA improved **$20 million** (**61%**), also due to decreased Gross Bookings and lower revenue per load[235](index=235&type=chunk) [Certain Key Metrics](index=43&type=section&id=Certain%20Key%20Metrics) This section defines and presents key operational metrics: Monthly Active Platform Consumers, Trips, and Gross Bookings - Monthly Active Platform Consumers (MAPCs) are unique consumers completing a Mobility ride or Delivery order at least once a month, averaged quarterly, used to assess platform adoption and transaction frequency[237](index=237&type=chunk) - Trips are defined as the number of completed consumer Mobility rides and Delivery orders in a given period, measuring platform scale and usage[238](index=238&type=chunk) - Gross Bookings represent the total dollar value of Mobility rides, Delivery orders, and Freight revenue, indicating the scale of the platform and its impact on revenue[239](index=239&type=chunk) | Gross Bookings (Millions) | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :---------------------- | :------ | :------ | :------ | :------ | :------ | :------ | :------ | :------ | | Mobility | $17,903 | $19,285 | $18,670 | $20,554 | $21,002 | $22,798 | $21,182 | $23,762 | | Delivery | $16,094 | $17,011 | $17,699 | $18,126 | $18,663 | $20,126 | $20,377 | $21,734 | | Freight | $1,284 | $1,279 | $1,282 | $1,272 | $1,308 | $1,273 | $1,259 | $1,260 | [Reconciliations of Non-GAAP Financial Measures](index=44&type=section&id=Reconciliations%20of%20Non-GAAP%20Financial%20Measures) This section provides definitions and reconciliations for non-GAAP financial measures like Adjusted EBITDA and Free Cash Flow [Adjusted EBITDA](index=44&type=section&id=Adjusted%20EBITDA) This section defines Adjusted EBITDA and provides its reconciliation to net income, explaining its use by management - Adjusted EBITDA is defined as net income (loss) excluding discontinued operations, non-controlling interests, income taxes, equity method investments, interest expense, other income (expense) net, depreciation and amortization, stock-based compensation, certain legal/tax/regulatory reserve changes, goodwill/asset impairments, acquisition/financing/divestiture expenses, restructuring charges, and other non-recurring items[245](index=245&type=chunk) - Used by management and investors to evaluate operating performance, generate future plans, and make strategic decisions, providing transparency and facilitating period-to-period comparisons by excluding non-cash and certain variable charges[246](index=246&type=chunk) - Legal, tax, and regulatory reserve changes and settlements are excluded as they are significant, unpredictable, and distinct from normal recurring operating performance[247](index=247&type=chunk) | Adjusted EBITDA Reconciliation (Millions) | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income attributable to Uber Technologies, Inc. | $1,015 | $1,355 | $361 | $3,131 | | Adjustments (selected) | | | | | | Depreciation and amortization | $173 | $175 | $363 | $346 | | Stock-based compensation expense | $455 | $475 | $939 | $910 | | Legal, tax, and regulatory reserve changes and settlements | $134 | — | $661 | $28 | | **Adjusted EBITDA** | **$1,570** | **$2,119** | **$2,952** | **$3,987** | [Constant Currency](index=45&type=section&id=Constant%20Currency) This section explains the use of constant currency growth rates to assess underlying revenue performance - Constant currency growth rates are presented to assess underlying revenue performance by excluding foreign currency rate fluctuations, calculated by translating current period results using prior period's monthly exchange rates[250](index=250&type=chunk) [Free Cash Flow](index=45&type=section&id=Free%20Cash%20Flow) This section defines Free Cash Flow as net cash from operating activities less capital expenditures - Free cash flow is defined as net cash flows from operating activities less capital expenditures[251](index=251&type=chunk) | Free Cash Flow Reconciliation (Millions) | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | | :------------------------------------- | :--------------------------- | :--------------------------- | | Net cash provided by operating activities | $3,236 | $4,888 | | Purchases of property and equipment | $(156) | $(163) | | **Free cash flow** | **$3,080** | **$4,725** | [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses Uber's sources and uses of cash, including operating, investing, and financing activities [Operating Activities](index=46&type=section&id=Operating%20Activities) This section details the net cash provided by Uber's operating activities and the primary drivers of changes in working capital - Net cash provided by operating activities was **$4.9 billion** for the six months ended June 30, 2025, primarily from **$3.1 billion** net income, adjusted for non-cash items like **$910 million** stock-based compensation and a **$927 million** increase in cash from working capital[254](index=254&type=chunk) - The increase in working capital cash was driven by higher accrued insurance reserves and other liabilities, partially offset by increases in accounts receivable and prepaid expenses due to tax matters[254](index=254&type=chunk) [Investing Activities](index=46&type=section&id=Investing%20Activities) This section details the net cash used in Uber's investing activities, primarily related to marketable securities and business acquisitions - Net cash used in investing activities was **$2.0 billion** for the six months ended June 30, 2025, mainly due to **$7.6 billion** in marketable securities purchases and **$804 million** for business acquisitions, partially offset by **$7.0 billion** from marketable securities maturities/sales[256](index=256&type=chunk) [Financing Activities](index=46&type=section&id=Financing%20Activities) This section details the net cash used in Uber's financing activities, including common stock repurchases and debt issuance - Net cash used in financing activities was **$2.1 billion** for the six months ended June 30, 2025, primarily from **$3.1 billion** in common stock repurchases and **$75 million** in finance lease payments, partially offset by **$1.1 billion** from term loan/notes issuance[258](index=258&type=chunk) [Other Information](index=46&type=section&id=Other%20Information) This section provides additional information on Uber's cash holdings and its assessment of future liquidity requirements - As of June 30, 2025, **$3.1 billion** of Uber's **$6.4 billion** cash and cash equivalents was held by foreign subsidiaries[260](index=260&type=chunk) - Uber believes existing U.S. cash and available credit are sufficient for anticipated cash requirements for at least the next 12 months[261](index=261&type=chunk) [Commercial Paper](index=47&type=section&id=Commercial%20Paper) This section describes the establishment of Uber's commercial paper program and its current status - In June 2025, Uber established a commercial paper program for up to **$2.0 billion**, with no outstanding notes as of June 30, 2025[262](index=262&type=chunk) [Share Repurchase Program](index=47&type=section&id=Share%20Repurchase%20Program) This section details the status of Uber's share repurchase program, including remaining authorization and new authorizations - As of June 30, 2025, **$2.6 billion** remained available under the **$7.0 billion** share repurchase program authorized in February 2024[264](index=264&type=chunk) - In July 2025, a new share repurchase program up to an additional **$20 billion** was authorized[148](index=148&type=chunk)[264](index=264&type=chunk) [Non-Income Tax Matters](index=47&type=section&id=Non-Income%20Tax%20Matters) This section discusses Uber's non-income tax matters, specifically the UK VAT assessments and the company's appeal strategy - Uber has received multiple assessments from HMRC in the UK totaling approximately **$1.8 billion** (£1.4 billion) for unpaid VAT (March 2022-September 2024), which were paid to proceed with the appeal process[267](index=267&type=chunk) - Payments are recorded as a receivable, as Uber believes it will be successful in its appeal and receive a full refund with interest[268](index=268&type=chunk) [Commitments](index=47&type=section&id=Commitments) This section confirms no material changes to Uber's non-cancelable contractual obligations since the last annual report - No material changes to non-cancelable contractual obligations (primarily network and cloud services) as of June 30, 2025, compared to the 2024 Annual Report on Form 10-K[269](index=269&type=chunk) [Critical Accounting Estimates](index=47&type=section&id=Critical%20Accounting%20Estimates) This section highlights significant estimates and assumptions required in preparing Uber's financial statements - Preparation of financial statements requires significant estimates and assumptions, particularly in revenue recognition, fair values of investments, useful lives of assets, impairment assessments, stock-based compensation, income taxes, and insurance reserves[270](index=270&type=chunk) - Estimates are based on historical experience and reasonable assumptions, but actual results may differ materially[270](index=270&type=chunk) [Recent Accounting Pronouncements](index=48&type=section&id=Recent%20Accounting%20Pronouncements) This section refers to Note 1 for information regarding recently issued accounting pronouncements and their potential impact - Refer to Note 1 for information on recently issued accounting pronouncements[272](index=272&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses Uber's exposure to market risks, including interest rate, investment, and foreign currency risks - A hypothetical **100 basis point** increase in interest rates would have decreased the fair value of Uber's fixed rate notes by **$420 million** as of June 30, 2025[274](index=274&type=chunk) - As of June 30, 2025, cash, cash equivalents, and marketable debt securities totaled **$9.7 billion** and **$8.8 billion** respectively, primarily in money market funds, government securities, and investment-grade corporate debt[276](index=276&type=chunk) - Uber is exposed to foreign currency risk from international revenue and expenses, partially mitigated by diversification and hedging, but fluctuations can still materially affect financial results[278](index=278&type=chunk)[279](index=279&type=chunk) - As of June 30, 2025, the carrying value of investments, including equity method investments, was **$9.0 billion**, subject to equity price risk and valuation challenges for privately held entities[277](index=277&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of Uber's disclosure controls and procedures and reports no material changes to internal control - As of June 30, 2025, Uber's disclosure controls and procedures were evaluated and deemed effective at a reasonable assurance level by management, including the CEO and CFO[280](index=280&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended June 30, 2025[281](index=281&type=chunk) - Management acknowledges inherent limitations, stating that control systems provide reasonable, not absolute, assurance against error and fraud[282](index=282&type=chunk) [PART II - OTHER INFORMATION](index=49&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This part provides additional information, including legal proceedings, risk factors, equity sales, and exhibits [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) This section details Uber's involvement in various legal actions and government investigations, noting potential impacts on operations - Uber is party to various legal actions and government investigations, including those concerning driver classification, non-income tax audits, and other business practices[284](index=284&type=chunk) - The ultimate outcome of these legal matters is inherently unpredictable, but the resolution of most is not expected to have a material adverse effect on consolidated financial position or liquidity, though it could be material to consolidated results of operations in any one accounting period[284](index=284&type=chunk) - Refer to Note 9 – Commitments and Contingencies for detailed information on material legal proceedings[285](index=285&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) This section outlines various factors that could materially and adversely affect Uber's business and financial results [Risk Factor Summary](index=50&type=section&id=Risk%20Factor%20Summary) This section summarizes key risks, including driver misclassification, competition, operational challenges, and regulatory issues - Key risks include driver misclassification, intense competition, the need for continued fare/fee adjustments and incentives, historical losses and expected operating expense increases, challenges in attracting/retaining platform users, reliance on high-quality personnel, brand/reputation management, autonomous vehicle technology risks, organizational structure optimization, workplace culture issues, safety incidents, and substantial investments in new ventures[287](index=287&type=chunk) - Additional risks involve cybersecurity, growing use of AI/machine learning, climate risks, environmental/social matters, catastrophic events, reliance on third-party marketplaces/software, capital requirements, acquisition integration, regulatory limitations, payment/financial services regulation, data privacy, intellectual property protection, and stock price volatility[290](index=290&type=chunk) [Operational and Economic Risks Related to Our Business](index=51&type=section&id=Operational%20and%20Economic%20Risks%20Related%20to%20Our%20Business) This section details operational and economic risks, such as driver reclassification, intense competition, and significant investments [Operational Risks](index=51&type=section&id=Operational%20Risks) This section details operational risks, including driver reclassification, competition, brand reputation, and autonomous vehicle technology - Reclassifying drivers as employees would lead to significant additional expenses (wages, benefits, taxes, penalties) and potential driver supply issues due to loss of flexibility[294](index=294&type=chunk) - Uber faces intense competition in mobility, delivery, and logistics from established alternatives, new entrants, and well-capitalized competitors, leading to potential revenue reduction, lower user numbers, and reduced margins[298](index=298&type=chunk)[300](index=300&type=chunk) - To remain competitive, Uber has lowered fares/service fees and offered significant driver incentives and consumer discounts, which negatively impact financial performance[306](index=306&type=chunk) - Uber has an accumulated deficit of **$17.6 billion** as of June 30, 2025, and expects operating expenses to increase due to investments in growth, R&D, marketing, and new offerings, making sustained profitability uncertain[308](index=308&type=chunk) - Failure to attract and retain a critical mass of drivers, consumers, merchants, shippers, and carriers due to competition, dissatisfaction, or regulatory changes would diminish platform appeal and adversely impact financial results[309](index=309&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk) - Negative media coverage, safety incidents, and challenges in maintaining brand reputation can harm Uber's ability to attract and retain users and lead to increased regulatory scrutiny and litigation[316](index=316&type=chunk)[317](index=317&type=chunk)[318](index=318&type=chunk) - Failure to offer autonomous vehicle technologies on its platform before competitors, or if such technologies perform poorly or are perceived as unsafe, could adversely impact financial performance and prospects due to reduced costs for competitors[322](index=322&type=chunk) - Rapid growth and workforce reductions create complexity and strain on management, operations, and systems, requiring continuous investment in personnel and technology, with potential adverse effects if not managed effectively[325](index=325&type=chunk)[328](index=328&type=chunk) - Historical workplace culture and compliance issues have led to regulatory scrutiny and may continue to harm business results and reputation[330](index=330&type=chunk) - Criminal, violent, or inappropriate activity by platform users or third parties can harm Uber's reputation, ability to attract users, and lead to significant liabilities, especially given less extensive background checks for delivery couriers[331](index=331&type=chunk)[332](index=332&type=chunk)[335](index=335&type=chunk) - Substantial investments in new offerings and technologies (e.g., grocery, alcohol delivery, freight management) are inherently risky, with no assurance of consumer demand or sufficient revenue to offset new expenses and liabilities[336](index=336&type=chunk)[337](index=337&type=chunk) - Operating in over 70 countries exposes Uber to significant international risks, including operational/compliance challenges, restrictive laws, intense local competition, currency fluctuations, and political instability[338](index=338&type=chunk)[339](index=339&type=chunk) - Minority ownership stakes in entities like Didi, Grab, and Aurora involve substantial risks due to limited influence, potential loss of value from market fluctuations, and contractual restrictions on selling assets[341](index=341&type=chunk)[342](index=342&type=chunk)[345](index=345&type=chunk)[346](index=3

Core Insights - Uber Technologies reported strong second-quarter 2025 results, with earnings per share of 63 cents and total revenues of $12.65 billion, both exceeding Zacks Consensus Estimates [1][11] - The company experienced an 18% year-over-year revenue growth on a reported basis and a 34% increase in earnings per share [1][11] Revenue Breakdown - Mobility segment contributed 57.6% of total revenues, with a 19% year-over-year increase to $7.28 billion, surpassing expectations [2] - Delivery segment revenues rose 25% year-over-year to $4.10 billion, also exceeding forecasts [3] - Freight segment revenues declined by 1% year-over-year to $1.26 billion, falling short of expectations [3] Financial Performance - Adjusted EBITDA surged 35% year-over-year to $2.11 billion, within the guided range [4] - Total gross bookings increased 17% year-over-year to $46.75 billion, aligning with guidance [6] - Operating cash flow was reported at $2.56 billion, with free cash flow at $2.47 billion [7] Future Guidance - For Q3 2025, Uber anticipates gross bookings between $48.25 billion and $49.75 billion, indicating a year-over-year growth of 17-21% [8] - Adjusted EBITDA for Q3 is expected to be in the range of $2.19 billion to $2.29 billion, suggesting a year-over-year growth of 30% to 36% [8]

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Market Dynamics & Competition - Uber CEO 认为在万亿美元级别的市场中，不存在赢家通吃的情况 [1] - 自动驾驶领域的竞争，无论是 Tesla、Waymo 还是其他公司，都将意味着更安全的道路 [1] - Uber 计划在自动驾驶领域扮演重要角色 [1] Partnerships & Opportunities - Tesla 的 Robotaxi 既可能是 Uber 的竞争对手，也可能是合作伙伴 [1] - Tesla 在自动驾驶方面谨慎的态度有利于安全 [1]