Uber Technologies (UBER) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 rose 14%–17% year-over-year to $11.5 billion, with strong growth in Mobility and Delivery segments and Gross Bookings up 14%–18% to $42.8–$44.2 billion.

• Net income reached $1.8 billion, reversing a $654 million loss in Q1 2024, with diluted EPS of $0.83 and basic EPS of $0.85.

• Adjusted EBITDA grew 35% year-over-year to $1.9 billion, with margin improving to 4.2%–4.4% of Gross Bookings.

• Free cash flow reached $2.25–$2.3 billion, up 64%–66% year-over-year, and cash and equivalents stood at $5.13–$6.0 billion at quarter-end.

• Strategic partnerships, AV initiatives, and acquisitions such as Trendyol Go and OpenTable integration were announced, with $1.5 billion in share repurchases completed.

Financial highlights

• Revenue increased 14%–17% year-over-year to $11.5 billion, with constant currency growth matching headline growth.

• Gross Bookings rose 14%–18% to $42.8–$44.2 billion, with Mobility up 13%–20% and Delivery up 15%–18%.

• Adjusted EBITDA reached $1.87–$1.9 billion, up from $1.38 billion in Q1 2024.

• Free cash flow for Q1 2025 was $2.25–$2.3 billion, with TTM Free Cash Flow conversion at 112% of Adjusted EBITDA.

• Cash and equivalents at quarter-end were $5.13–$6.0 billion.

Outlook and guidance

• Q2 2025 Gross Bookings expected between $45.75 billion and $47.25 billion, up 16%–20% year-over-year on a constant currency basis.

• Adjusted EBITDA guidance for Q2 2025 is $2.02–$2.12 billion, representing 29%–35% year-over-year growth.

• Management expects continued revenue and trip growth, ongoing investments in new products, and steady margin expansion.

• Outlook assumes a 1.5 percentage point currency headwind to total reported year-over-year growth.

• Forward-looking statements caution on risks from competition, regulatory changes, and macroeconomic factors.