Uber Technologies (UBER) Q3 2024 earnings summary

Executive summary

• Revenue grew 20% year-over-year to $11.2B in Q3 2024, with net income surging to $2.6B, including a $1.7B pre-tax unrealized gain on equity securities, and record GAAP operating income exceeding $1 billion.

• Adjusted EBITDA reached $1.7B, up 55% year-over-year, with margin improving to 4.1% of Gross Bookings; free cash flow for the quarter was $2.1B.

• Platform scale expanded to 161M Monthly Active Platform Consumers, with trips up 17% to 2.9B and MAPCs up 13% year-over-year.

• Uber One membership base grew 70% year-over-year to over 25 million, generating 35% of combined Mobility and Delivery Gross Bookings.

• Advertising business expanded nearly 80% year-over-year, with strong progress in both delivery and mobility ad products.

Financial highlights

• Gross Bookings reached $41.0B, up 20% year-over-year in constant currency, with Mobility up 24% and Delivery up 17%.

• Adjusted EBITDA margin improved to 4.1% of Gross Bookings; net income per diluted share was $1.20, up from $0.10 a year ago.

• Free Cash Flow for the quarter was $2.1B, with TTM Free Cash Flow at $6.0B and conversion rate over 100%.

• Cash and short-term investments totaled $9.1B as of September 30, 2024.

• Income from operations rose 169% year-over-year to $1.1B.

Outlook and guidance

• Q4 2024 Gross Bookings expected between $42.75B and $44.25B, up 16–20% year-over-year on a constant currency basis.

• Q4 Adjusted EBITDA guidance is $1.78B to $1.88B, representing 39–47% year-over-year growth.

• Management expects continued growth in Mobility and Delivery, with ongoing investments in new products and international expansion.

• Mobility expected to grow in the low 20% range on a constant currency basis in Q4, with EBITDA margin likely flattish sequentially.

• Insurance cost increases are expected to moderate in 2025, with ongoing efforts to reduce costs through safety and regulatory initiatives.