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Uber Technologies (UBER) investor relations material
Uber Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 delivered 22% year-over-year trip growth and 21% Gross Bookings growth, reaching 3.5 billion trips and $49.7 billion in bookings, with revenue up 20% to $13.5 billion and net income surging to $6.6 billion, driven by a $4.9 billion tax benefit and $1.5 billion in equity gains.
Adjusted EBITDA increased 33% year-over-year to $2.3 billion, with a margin of 4.5% of Gross Bookings, and free cash flow for Q3 2025 was $2.2 billion, with unrestricted cash, cash equivalents, and short-term investments totaling $9.1 billion at quarter end.
Strategic focus areas include cross-platform engagement, expansion in Grocery & Retail, hybrid human/autonomous fleets, and partnerships in AI and autonomous vehicles.
Monthly Active Platform Consumers grew 17% year-over-year to 189 million, with cross-platform users spending 3x more and retaining 35% better than single-product users.
Platform innovation in search, cross-sell, and fulfillment, as well as investments in AI and local commerce, are driving higher user engagement and conversion.
Financial highlights
Q3 2025 revenue was $13.5 billion, up 20% year-over-year; gross bookings reached $49.7 billion, up 21% year-over-year.
Net income attributable to shareholders was $6.6 billion, including a $4.9 billion tax benefit and $1.5 billion in equity gains.
Adjusted EBITDA for Q3 2025 was $2.3 billion, up 33% year-over-year, with a margin of 4.5% of gross bookings.
Free cash flow for Q3 2025 was $2.2 billion; trailing twelve months free cash flow reached $8.7 billion.
Ended Q3 2025 with $9.1 billion in unrestricted cash, cash equivalents, and short-term investments.
Outlook and guidance
Q4 2025 Gross Bookings expected between $52.25 billion and $53.75 billion, representing 17% to 21% year-over-year growth on a constant currency basis.
Q4 2025 Adjusted EBITDA guidance of $2.41 billion to $2.51 billion, up 31% to 36% year-over-year.
Management expects continued revenue growth driven by Mobility and Delivery, with Freight remaining challenged by market conditions.
Forward-looking statements highlight ongoing risks from competition, regulatory changes, inflation, and interest rates.
The company plans to redeem $1.15 billion in 2025 Convertible Notes in December 2025.
Future tax impact of valuation release?
Drivers of Delivery's accelerated profitability?
Future capital return strategy for shareholders?
AV profitability timeline and funding strategy?
Uber AI Solutions: profitability outlook?
Impact of insurance savings on 2026 fares?
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Next Uber Technologies earnings date
Q4 20254 Feb, 2026
Next Uber Technologies earnings date
Q4 20254 Feb, 2026
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Frequently asked questions
Revolutionizing Modern Transportation
Uber has a fascinating history and has revolutionized the way we think about transportation. The company was founded in 2009 by Travis Kalanick and Garrett Camp, initially as a luxury car service. However, the idea quickly evolved, and the company launched its ride-hailing platform in San Francisco in 2010. As of Q1 2023, the company has a market cap of almost $70 billion and operates in over 10,000 cities worldwide. In addition to its core ride-hailing and food delivery services, Uber has also made headlines for its innovative projects, such as its self-driving car program and its flying taxi service, Uber Air.
Further reading: Dara Khosrowshahi: The Visionary CEO Transforming Uber
Match-making within transport
Uber generates revenue primarily through its ride-hailing services, where drivers are paid a portion of the fare, and Uber takes a commission. The company's technology platform matches riders with nearby drivers, and payments are processed through the app. The ride-hailing segment is the main revenue source for Uber, and the company is continuously looking for ways to expand its user base and services.
Uber eats – delivering food to your doorstep
Uber Eats is the company's food delivery service that allows users to order food from local restaurants and have it delivered to their doorstep. The service has become increasingly popular, especially during the COVID-19 pandemic, when people were relying on food delivery more than ever before. Uber takes a commission from the restaurant for each order, making it another important revenue stream for the company.
Diversifying its revenue streams
Uber is continuously expanding its services to diversify its revenue streams. In 2017, the company launched Uber Freight, a platform connecting shippers with truck drivers. Another launch is Uber Health, a service providing transportation for patients to and from medical appointments. These services are still in their early stages, but they show Uber's commitment to expanding beyond its core ride-hailing business.
Uber’s main competitors
Uber operates in a highly competitive market, with other public companies such as Lyft and Grab also offering ride-hailing services. Lyft is Uber's main competitor in the United States, while Grab operates in Southeast Asia. These companies also offer food delivery and other services to compete with Uber's diversification efforts.
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