UBER Q3 2025 Earnings

Call Details

• Call Title: Uber Technologies, Inc. Q3 2025 Earnings Call
• Date: November 4, 2025 at 1:00 PM UTC
• Management Team:
  • Dara Khosrowshahi (Chief Executive Officer)
  • Prashanth Mahendra-Rajah (Chief Financial Officer)
  • Balaji Krishnamurthy (Vice President, Strategic Finance, Investor Relations)

Call Summary

Financial Performance

• Global trips grew 22% in Q3 2025 compared to the prior period reported on the call.
• Mobility trips grew 21% in Q3 2025 and materially exceeded management expectations for the quarter.
• Gross bookings grew 21% in Q3 2025 while average pricing remained relatively flat versus the prior period.
• Adjusted EBITDA reached a record level and adjusted EBITDA was up 33% year-over-year for the quarter.
• Adjusted EBITDA margin reached 4.5% of gross bookings in Q3 2025, which was up roughly 40 basis points year-over-year.
• Free cash flow reached a record level and trailing 12-month cash generation was reported as almost $9B.
• Delivery growth in Q3 2025 was the fastest in four years and accelerated by four percentage points sequentially.

Guidance

• For Q4 2025 the company stated an expectation of another quarter of high-teens gross bookings growth and described an outlook of low to mid 30s using the same phrasing as on the call.
• The company said it is tracking exactly to the three-year framework communicated in February 2024, which targets mid to high teens gross bookings growth and a high 30% to 40% EBITDA CAGR.
• The company reiterated a commitment to annual profit dollar expansion and to moderate the pace of margin expansion to fund select investments.
• The company expects to see hundreds of millions of dollars of insurance-related savings and intends to pass those savings to customers through lower fares in the U.S. in the following year.
• Management stated that AV is not profitable today and that AV is expected to remain unprofitable for a few years as supply is built and liquidity improves.
• No changes to the three-year framework were announced on the call.