Core Insights - Uber Technologies reported revenue of $12.65 billion for the quarter ended June 2025, reflecting an 18.2% increase year-over-year and a surprise of +1.57% over the Zacks Consensus Estimate of $12.46 billion [1] - The earnings per share (EPS) was $0.63, up from $0.47 in the same quarter last year, with an EPS surprise of +1.61% compared to the consensus estimate of $0.62 [1] Financial Performance Metrics - Gross Bookings totaled $46.76 billion, exceeding the average estimate of $46.28 billion from 12 analysts [4] - Gross Bookings for Delivery reached $21.73 billion, surpassing the estimated $21.24 billion from nine analysts [4] - Monthly Active Platform Consumers (MAPCs) were reported at 180, compared to the estimated 176 from nine analysts [4] - Gross Bookings for Mobility were $23.76 billion, slightly below the average estimate of $23.89 billion from nine analysts [4] - Total trips amounted to 3,268, exceeding the average estimate of 3,250 from eight analysts [4] - Gross Bookings for Freight were $1.26 billion, slightly below the average estimate of $1.27 billion from eight analysts [4] Revenue Breakdown - Revenue from Mobility was $7.29 billion, above the estimated $7.23 billion from nine analysts, representing an 18.8% increase year-over-year [4] - Revenue from Freight was $1.26 billion, slightly below the estimated $1.28 billion from nine analysts, showing a -0.9% change year-over-year [4] - Revenue from Delivery reached $4.1 billion, exceeding the estimated $3.94 billion from nine analysts, with a year-over-year increase of 24.6% [4] Adjusted EBITDA - Adjusted EBITDA for Mobility was $1.91 billion, slightly above the estimated $1.9 billion from six analysts [4] - Adjusted EBITDA for Corporate G&A and Platform R&D was reported at -$653 million, compared to the average estimate of -$602.13 million from six analysts [4] - Adjusted EBITDA for Freight was -$6 million, better than the estimated -$10.24 million from six analysts [4] Stock Performance - Uber's shares have returned -8.3% over the past month, while the Zacks S&P 500 composite has changed by +0.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Market Overview & Trends - Asian and European markets are showing positive movement, influenced by earnings reports and tariff developments [1][3] - US market performance is under scrutiny following a disappointing previous day [2] - Earnings and tariffs are expected to be major focal points during the trading day [4] - A weakening economy is indicated by labor revisions, with the bond market pricing in potential Fed cuts [28] - Market sentiment is influenced by the "buy the dip" mentality (FOMO) and the performance of tech and AI sectors [29][30] Company Specific News - **Glencore:** Abandoned plans to move its primary listing to New York, citing no added value for shareholders, and reported a net loss of $655 million in the first half of 2025, nearly triple the $233 million loss from the previous year [5] - **Glencore:** Launched a $1 billion cost-cutting program in response to lower coal prices, copper production issues, and tariff uncertainties [6] - **Nova Nordisk:** Weight loss drug Wegovy sees sales soar, but US sales disappoint [1][39] - **Disney:** Adjusted earnings per share exceeded expectations at $161 versus an expected $146, while Q3 revenue aligned with expectations at $237 billion, shares are down by over 15% in pre-market [16] - **McDonald's:** Earnings per share slightly missed expectations at $314 versus an expected $315, but revenue exceeded expectations at $684 billion versus an expected $67 billion, shares are up around 3% in pre-market [17][18] - **Uber:** Revenue came in at $1265 billion versus an expected $1248 billion, and earnings per share met expectations at 63 cents, shares are down 14%-16% in pre-market [19] - **AMD:** Analyst suggests the upside is unlimited, expecting to regain $15 billion lost due to China sanctions over the last two quarters [23] - **Honda:** Raised its annual profit guidance despite a 50% year-over-year fall in operating profits in the first quarter, citing a smaller-than-expected impact from tariffs [45] - **Open Door:** Shares are down over 20% in pre-market after offering disappointing guidance, citing a challenging macro environment and persistent housing market weakness [46] - **Super Micro Computer:** Shares are plunging in pre-market after cutting its annual sales forecast, with fourth-quarter results falling below expectations due to order delays from economic uncertainty [47] - **Snap:** Analyst says numbers are better than feared, but results are not encouraging compared to the rest of the ad complex, stock is down another quick 15% after hours [49][51] Tariffs & Trade - Countries are pushing for last-minute trade deals as the tariff deadline approaches [7] - Switzerland is attempting to avoid 39% tariffs [9] - India is facing potential increases in tariffs due to its consumption of Russian oil [9] - A 90-day pause on tariffs is expected to be extended, potentially paving the way for a Trump-Xi meeting [13] Federal Reserve (The Fed) - There is speculation about a potential interest rate cut by the Federal Reserve in September, with some suggesting a possible 50 basis point cut [31][32]

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

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

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

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

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

Core Viewpoint - Baidu has announced strategic partnerships with Uber and Lyft to expand its autonomous driving services in new markets, particularly in Europe, which is expected to enhance its commercial potential and core capabilities in the autonomous driving value chain [1]. Group 1: Strategic Partnerships - Baidu has formed a strategic cooperation with Lyft, following a previous partnership with Uber, aiming to deploy the sixth generation of autonomous vehicles in Germany and the UK by 2026 [1]. - The partnerships are expected to scale up operations in the European market to thousands of vehicles, facilitating the commercialization of autonomous driving [1]. Group 2: Market Impact and Analyst Insights - Citigroup analysts view the partnerships as a positive development for Baidu's Apollo Go, indicating the company's core capabilities in the autonomous driving sector [1]. - Following these announcements, Citigroup has raised Baidu's target price to $140 while maintaining a buy rating [1]. Group 3: Stock Performance - Baidu's pre-market stock price increased by 0.97% to $86.69, with a closing price of $85.86, reflecting a decrease of 2.03% on the previous trading day [1]. - The stock has a market capitalization of approximately $29.516 billion, with a price-to-earnings ratio of 9.36 and a price-to-book ratio of 0.786 [1].

Core Viewpoint - Citigroup raised the target price for Baidu (BIDU.US) to $140, maintaining a buy rating, highlighting the strategic partnerships with Uber and Lyft as significant for expanding the commercial potential of Apollo Go in the autonomous driving market [1] Group 1 - Baidu's strategic collaboration with Uber and Lyft is seen as a positive move to tap into new markets with commercial potential [1] - The partnerships emphasize Baidu's core capabilities within the autonomous driving value chain [1] - Following the announcement of the partnership with Uber on July 15, Baidu established a strategic collaboration with Lyft on August 4 [1] Group 2 - Baidu and Lyft plan to deploy the sixth generation of autonomous vehicles in Germany and the UK by 2026, with plans to scale up to thousands of vehicles in the European market [1]

Core Viewpoint - The announcement of Waymo's robotaxi rollout in Dallas without Uber has raised concerns among investors, leading to a decline in Uber's stock, while Lyft continues to pursue a strategic partnership approach in the autonomous vehicle (AV) space [1][2]. Group 1: Company Strategies - Uber has historically relied on partnerships with companies like Waymo and GM Cruise to integrate robotaxis into its platform, but the recent exclusion from Waymo's Dallas expansion has created uncertainty [1][5]. - Lyft is adopting a more diversified partnership strategy, collaborating with Mobileye, May Mobility, Marubeni, and Baidu to establish its AV future, with planned rollouts in Dallas, Atlanta, and Europe [3][6]. - Lyft's establishment of the Driver Autonomous Forum in Atlanta indicates a long-term, inclusive approach to planning its AV rollout, leveraging experienced drivers for insights [4]. Group 2: Investment Considerations - Uber's market position is characterized by strong brand recognition but is vulnerable to being sidelined by Waymo, which could impact investor confidence [5]. - Lyft's leaner operational model and diversified partnerships may build greater trust among investors, presenting a more balanced risk profile as it scales its AV deployment [5][6]. - As the robotaxi market matures, Lyft's methodical approach could offer potentially higher rewards for investors compared to Uber's reliance on a single partner [6].