Uber Technologies (UBER) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose 16% year-over-year to $10.7B, with net income reaching $1.02B, up from $394M in Q2 2023, aided by $333M in pre-tax unrealized gains on equity securities.

• Adjusted EBITDA grew 71% year-over-year to $1.57B, with margin at 3.9% of Gross Bookings, and record GAAP operating income.

• Gross Bookings increased 21% year-over-year to $39.95B, reflecting strong demand across segments, with Mobility up 23% and Delivery up 16%.

• User base expanded 14% to 156M Monthly Active Platform Consumers, and trips increased 21% to 2.8B.

• Ended the quarter with $6.3B in unrestricted cash, cash equivalents, and short-term investments.

Financial highlights

• Net income attributable to Uber was $1.02B, with diluted EPS of $0.47, up from $0.18 a year ago.

• Adjusted EBITDA margin improved to 3.9% of Gross Bookings, up from 2.7% in Q2 2023.

• Mobility revenue grew 25% year-over-year to $6.13B; Delivery revenue grew 8% to $3.29B; Freight revenue was flat at $1.27B.

• Free cash flow for Q2 2024 was $1.72B, with operating cash flow at $1.8B.

• Cash and short-term investments totaled $6.3B as of June 30, 2024; long-term debt stood at approximately $9.5B.

Outlook and guidance

• Q3 2024 Gross Bookings expected between $40.25B and $41.75B, representing 18%–23% year-over-year growth on a constant currency basis.

• Adjusted EBITDA guidance for Q3 2024 is $1.58B–$1.68B, up 45%–54% year-over-year.

• Management expects continued revenue and Adjusted EBITDA growth, supported by strong platform adoption and operational leverage.

• Three-year model targets mid-teens or better growth for mobility, with high-thirties to 40% EBITDA margin over the next three years.

• Ongoing investments in new products, technology, and international expansion are expected to drive future growth.