Uber Technologies (UBER) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered record highs in audience, frequency, gross bookings, and profitability, with 180 million monthly users (up 15% YoY) and 3.3 billion trips (up 18% YoY).

• Revenue rose 18% year-over-year to $12.7B, net income attributable to shareholders was $1.4B (up 33%), and Adjusted EBITDA reached $2.1B (up 35%).

• Uber One membership grew 60% YoY to 36 million, now generating over 40% of combined Delivery & Mobility bookings.

• Expanded autonomous vehicle (AV) operations and partnerships, including launches with Waymo, Lucid, Nuro, and deployments in 12 cities.

• Announced a new $20 billion share repurchase authorization, reflecting strong cash flow and confidence in sustained value creation.

Financial highlights

• Q2 2025 revenue: $12.7B (+18% YoY); gross bookings: $46.8B (+18% YoY); net income: $1.4B (+33% YoY); Adjusted EBITDA: $2.1B (+35% YoY).

• Free cash flow for the quarter was $2.5B, with trailing twelve months free cash flow at $8.5B.

• Monthly Active Platform Consumers grew 15% YoY to 180M.

• Adjusted EBITDA margin improved to 4.5% of gross bookings (up 60 bps YoY).

• Net cash provided by operating activities was $2.6B for the quarter; unrestricted cash, cash equivalents, and short-term investments totaled $7.4B at quarter end.

Outlook and guidance

• Q3 2025 Gross Bookings expected at $48.25–49.75B, up 17–21% YoY on a constant-currency basis; Adjusted EBITDA guidance is $2.19–2.29B, up 30–36% YoY.

• Management provided forward-looking non-GAAP guidance, noting unpredictability of significant items.

• Continued investment in new products, technology, and international expansion anticipated.

• No material impact expected from recent U.S. tax law changes in 2025.

• Forward-looking statements highlight risks from competition, regulatory changes, inflation, and interest rates.