Uber Announces Results for Third Quarter 2025

Trips grew 22% year-over-year and Gross Bookings grew 21% year-over-year Income from operations of $1.1 billion; Adjusted EBITDA of $2.3 billion, up 33% year-over-year Operating cash flow of $2.3 billion and Free cash flow of $2.2 billionSAN FRANCISCO--(BUSINESS WIRE)--Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2025. “Uber’s growth kicked into high gear in Q3, marking one of the largest trip-volume increases in the company’s history,” said Dara Khosrowshahi, CEO. “We’re building on that momentum by investing in lifelong customer relationships, leaning into our local commerce strategy, and harnessing the transformative potential of AI and autonomy.” “We delivered another impressive quarter on both the top and bottom lines, with accelerating growth and record profitability,” said Prashanth Mahendra-Rajah, CFO. “This consistent execution positions us very well to invest in the many accretive growth opportunities ahead, while maintaining our commitment to returning capital to shareholders.” Financial and Operational Highlights for Third Quarter 2025 Trips during the quarter grew 22% year-over-year (“YoY”) to 3.5 billion, driven by Monthly Active Platform Consumers (“MAPCs") growth of 17% YoY and monthly Trips per MAPC growth of 4% YoY. Gross Bookings grew 21% YoY to $49.7 billion, or 21% on a constant currency basis. Revenue grew 20% YoY to $13.5 billion, and 19% on a constant currency basis. Income from operations grew 5% YoY to $1.1 billion. Net income attributable to Uber Technologies, Inc. was $6.6 billion, which includes a $4.9 billion benefit from a tax valuation release. Adjusted EBITDA grew 33% YoY to $2.3 billion. Adjusted EBITDA margin as a percentage of Gross Bookings was 4.5%, up from 4.1% in Q3 2024. Net cash provided by operating activities was $2.3 billion and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $2.2 billion. Unrestricted cash, cash equivalents, and short-term investments were $9.1 billion at the end of the third quarter. We intend to redeem our $1.2 billion Convertible Notes due December 2025 in Q4 2025. Outlook for Q4 2025 For Q4 2025, we anticipate: Gross Bookings of $52.25 billion to $53.75 billion, representing growth of 17% to 21% YoY on a constant currency basis. Our outlook assumes a roughly 1 percentage-point currency tailwind to total reported YoY growth. Adjusted EBITDA of $2.41 billion to $2.51 billion, which represents 31% to 36% YoY growth. Financial and Operational Highlights for Third Quarter 2025 Three Months Ended September 30, (In millions, except percentages) 2024 2025 % Change % Change (Constant Currency (1)) Monthly Active Platform Consumers (“MAPCs”) 161 189 17 % Trips 2,868 3,512 22 % Gross Bookings $ 40,973 $ 49,740 21 % 21 % Revenue $ 11,188 $ 13,467 20 % 19 % Income from operations $ 1,061 $ 1,113 5 % Net income attributable to Uber Technologies, Inc. (2) $ 2,612 $ 6,626 154 % Adjusted EBITDA (1) $ 1,690 $ 2,256 33 % Net cash provided by operating activities $ 2,151 $ 2,328 8 % Free cash flow (1) $ 2,109 $ 2,230 6 % (1) See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release. (2) Q3 2024 net income includes a $1.7 billion net benefit (pre-tax) from revaluations of Uber’s equity investments. Q3 2025 net income includes a $4.9 billion benefit from a tax valuation release and a $1.5 billion net benefit (pre-tax) from revaluations of Uber’s equity investments. Results by Offering and Segment Gross Bookings Three Months Ended September 30, (In millions, except percentages) 2024 2025 % Change % Change (Constant Currency) Gross Bookings: Mobility $ 21,002 $ 25,111 20 % 19 % Delivery 18,663 23,322 25 % 24 % Freight 1,308 1,307 — % — % Total $ 40,973 $ 49,740 21 % 21 % Revenue Three Months Ended September 30, (In millions, except percentages) 2024 2025 % Change % Change (Constant Currency) Revenue: Mobility $ 6,409 $ 7,682 20 % 18 % Delivery 3,470 4,477 29 % 27 % Freight 1,309 1,308 — % — % Total $ 11,188 $ 13,467 20 % 19 % Adjusted EBITDA and Segment Adjusted EBITDA Three Months Ended September 30, (In millions, except percentages) 2024 2025 % Change Segment Adjusted EBITDA: Mobility $ 1,682 $ 2,038 21 % Delivery 628 921 47 % Freight (19 ) (20 ) (5 )% Corporate G&A and Platform R&D (1) (601 ) (683 ) (14 )% Adjusted EBITDA (2) $ 1,690 $ 2,256 33 % (1) Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change. (2) “Adjusted EBITDA” is a non-GAAP measure as defined by the SEC. See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release. Webcast and conference call information A live audio webcast of our third quarter ended September 30, 2025 earnings release call will be available at https://investor.uber.com/, along with the earnings press release and slide presentation. The call begins on November 4, 2025 at 5:00 AM (PT) / 8:00 AM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site. We also provide announcements regarding our financial performance and other matters, including SEC filings, investor events, press and earnings releases, on our investor relations website (https://investor.uber.com/), and our blogs (https://uber.com/blog) and X accounts (@uber and @dkhos), as a means of disclosing material information and complying with our disclosure obligations under Regulation FD. About Uber Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 68 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities. 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Uber Announces Results for Third Quarter 2025

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