Uber Technologies (UBER) Q3 2025 earnings summary

Executive summary

• Achieved 22% year-over-year trip growth and 21% Gross Bookings growth, reaching 3.5 billion trips and $49.7 billion in bookings for Q3 2025, with record highs in audience and engagement.

• Revenue rose 20% year-over-year to $13.5 billion, driven by strong Mobility and Delivery segments, while Freight remained flat.

• Net income surged to $6.6 billion, including a $4.9 billion tax valuation release and $1.5 billion in equity gains.

• Adjusted EBITDA increased 33% year-over-year to $2.3 billion, with a margin of 4.5% of Gross Bookings and trailing twelve-month free cash flow of $8.7 billion.

• Strategic focus areas include lifetime customer value, hybrid human-autonomous marketplace, expansion into grocery/retail, multi-gig opportunities, merchant growth, and generative AI.

Financial highlights

• Q3 2025 revenue: $13.5 billion (+20% YoY); gross bookings: $49.7 billion (+21% YoY); net income: $6.6 billion; Adjusted EBITDA: $2.3 billion (+33% YoY); free cash flow: $2.2 billion for the quarter, $8.7 billion trailing twelve months.

• Adjusted EBITDA margin was 4.5% of Gross Bookings, up 40 bps YoY; free cash flow conversion was 107% of Adjusted EBITDA.

• Repurchased $1.5 billion in common stock during the quarter, reducing diluted share count by 1% YoY.

• Ended Q3 2025 with $9.1 billion in unrestricted cash, cash equivalents, and short-term investments.

• Foreign exchange provided a $250 million YoY tailwind.

Outlook and guidance

• Q4 2025 Gross Bookings expected at $52.25–53.75 billion, up 17–21% YoY on a constant-currency basis; Adjusted EBITDA guidance is $2.41–2.51 billion, up 31–36% YoY.

• Management expects continued revenue growth driven by Mobility and Delivery, with Freight remaining challenged by market conditions.

• 2025 stock-based compensation expected at $1.7–1.9 billion; D&A expense at $650–750 million.

• Transitioning to Adjusted Operating Income and Adjusted EPS reporting in 2026 for greater transparency.

• Forward-looking statements highlight ongoing risks from competition, regulatory changes, and macroeconomic factors.