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, driven by strong contributions from Mobility and Delivery.

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

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

• Strategic partnerships in EVs, AVs, and new geographies, including BYD and Instacart, support continued expansion.

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.

• Cash and short-term investments totaled $6.3B as of June 30, 2024.

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

• 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.

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

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