Uber Technologies (UBER) Q4 2024 earnings summary

Executive summary

• Achieved record highs in trips, gross bookings, and adjusted EBITDA, with 21% year-over-year gross bookings growth for both Q4 and full-year 2024, surpassing guidance on a constant-currency basis.

• Revenue increased 20% year-over-year to $12.0B in Q4 2024; net income reached $6.9B, including a significant tax benefit.

• Growth was balanced across Mobility and Delivery, driven by product innovation, expanded partnerships, and increased multi-product usage among consumers.

• Uber One membership base reached 30 million, up 60% year-over-year, driving retention and incremental growth.

• Continued investment in autonomous vehicle (AV) partnerships and technology, positioning for future growth.

Financial highlights

• Q4 2024 gross bookings were $44.2B, up 21% year-over-year; revenue was $12.0B, up 20% year-over-year.

• Adjusted EBITDA for Q4 2024 was $1.84B, up 44% year-over-year, with a margin of 4.2% of gross bookings.

• Net income for Q4 2024 was $6.88B, including a $6.38B tax valuation release and $556M net unrealized gain from equity investments.

• Free cash flow for Q4 2024 was $1.7B, up 122% year-over-year; trailing twelve months free cash flow conversion reached 106% of adjusted EBITDA.

• Liquidity position at year-end 2024 was $7.0B in unrestricted cash and $8.5B in equity stakes.

Outlook and guidance

• Q1 2025 gross bookings expected to grow 17–21% year-over-year on a constant-currency basis, translating to $42.0–$43.5B.

• Q1 2025 adjusted EBITDA guidance: $1.79–$1.89B, representing 30–37% year-over-year growth.

• Growth framework through 2026 targets low to mid-teens for the core business, with growth bets pushing into higher teens.

• Confident in meeting mid to high teens top-line and 30%-40% bottom-line growth over the three-year guidance period.

• 2025 stock-based compensation projected at $1.7–1.9B; depreciation and amortization at $600–700M.