Core Insights - Uber reported Q2 2025 revenue of $12.651 billion, a year-over-year increase of 18.23%, with adjusted EBITDA of $2.1 billion, up 35% [1] Revenue Growth - Uber's revenue growth is driven by the synergy between its ride-hailing and delivery services, with total orders increasing by 17% to $46.8 billion [1] - Delivery segment bookings reached $18.13 billion, a 20% increase, accounting for 38.7% of total bookings, while Mobility bookings were $20.55 billion, up 18%, representing 43.9% of total bookings [1] - Monthly active platform users (MAPCs) grew by 15% year-over-year to a record 180 million [1] Structural Changes - The delivery business saw total order volume of $21.73 billion, a 20% increase, significantly outpacing traditional ride-hailing growth [2] - The success of the Uber One membership program has driven growth, with higher retention and profitability among second-year members [2] - The acquisition of Turkish delivery platform Trendyol Go is expected to further boost delivery business growth [2] Ride-Hailing Business Growth - Uber's core ride-hailing business recorded total orders of $23.76 billion, with a year-over-year growth of 18% when adjusted for fixed exchange rates [2] - The number of trips increased by 19%, maintaining a healthy growth rate for the fourth consecutive quarter, indicating strong user engagement [2] - New features aimed at enhancing user experience, such as a senior-friendly account option and a female-only matching feature, have been introduced [2] Investment Outlook - The company is positioned to reshape the global smart transportation ecosystem through its dual-engine strategy of ride-hailing and delivery, along with advancements in autonomous driving technology [3] - Focus on the synergy between membership ecosystems, global expansion, and AI technology empowerment is recommended, as well as the potential for profit model transformation in emerging markets [3]

经调整每股收益（EPS）：0.63 美元，同比增长34%，符合预期 调整后EBITDA：21亿美元，同比增长35%，创历史新高 过去12个月自由现金流创纪录达85亿美元、宣布200亿美元的股票回购计划 营收细分来看：两驾马车齐飞 周三，Uber（UBER）公布了强劲的第二季度财报，这家网约车巨头营收与总预订额双双超出市场预 期，并同步宣布了一项高达200亿美元的股票回购计划，显示出对公司业务的强烈信心。然而，财报电 话会议上关于如何应对Waymo和特斯拉等竞争对手的无人驾驶出租车战略的讨论，让投资者产生担 忧，导致市场反应冷淡，Uber当天的股价下跌了0.19%，报收于89.22美元，盘后还继续小跌。让我们来 详细拆解下这份报告传递了哪些信号。01Q2财报数据一览 总预订额：467.6 亿美元，同比增长17%，超预期 营收：126.5 亿美元，同比增长18%，超市场预期 总预订额：205.5亿美元，同比增长18%，占总预定额的43.9%； 机场接送、高端车型（Uber Black、Comfort）贡献显著； Uber One会员（3600 万人）拉动了40%以上的Mobility+ Delivery订单。 整 ...