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, including a $333M pre-tax gain from equity investments, and Adjusted EBITDA up 71% to $1.6B.

• Gross Bookings grew 21% year-over-year on a constant-currency basis to $40B, with Mobility up 27% and Delivery up 17%.

• Monthly Active Platform Consumers expanded 14% to 156M, with trip frequency up 6% and total trips rising 21% to 2.8B.

• Platform supported a record 7.4 million monthly drivers and couriers, with average U.S. driver earnings at $33 per utilized hour.

• Strategic partnerships advanced, including BYD for 100,000 new EVs, Instacart, Aurora for AVs, and the $950M acquisition of Foodpanda Taiwan.

Financial highlights

• Adjusted EBITDA margin improved to 3.9% of Gross Bookings, up from 2.7% in Q2 2023; free cash flow for Q2 was $1.7B.

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

• Net income margin was 9.5% of revenue; diluted EPS reached $0.47, up from $0.18 a year ago.

• Cash and short-term investments totaled $6.3B at quarter end; long-term debt stood at $9.5B.

• Advertising run rate exceeded $1B, with restaurant-funded offers up 70% year-over-year.

Outlook and guidance

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

• Q3 Adjusted EBITDA guidance is $1.58B–$1.68B, representing 45%–54% year-over-year growth.

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

• Currency headwinds expected to impact reported growth, with a $400M headwind to Q3 Gross Bookings.

• Sufficient liquidity anticipated for at least the next 12 months, with $6.7B remaining under the share repurchase program.