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, driven by strong Mobility and Delivery performance.

• Adjusted EBITDA increased 55% year-over-year to $1.7B, with margin improving to 4.1% of Gross Bookings and Mobility and Delivery as primary contributors.

• Gross Bookings reached $41.0B, up 16% year-over-year, with platform scale expanding to 161M Monthly Active Platform Consumers and 2.9B trips, up 13% and 17% year-over-year, respectively.

• Uber One membership grew 70% year-over-year to 25 million, and advertising revenue in Delivery rose nearly 80% year-over-year.

• Ended the quarter with $9.1B in unrestricted cash, cash equivalents, and short-term investments.

Financial highlights

• Net income attributable to Uber was $2.6B, up from $221M in Q3 2023, with diluted EPS of $1.20.

• Adjusted EBITDA margin improved to 4.1% of Gross Bookings, and free cash flow for the quarter was $2.1B.

• Income from operations rose 169% year-over-year to $1.1B; net cash from operations more than doubled to $2.2B.

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

• Share repurchases totaled $375M to $701M under the current buyback program.

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.

• Adjusted EBITDA guidance for Q4 2024 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.

• Sufficient liquidity is anticipated to meet capital requirements and fund operations for at least the next 12 months.