UBER UBS TMT 2025

Call Details

• Call Title: Uber Technologies, Inc. Q4 2025 Earnings Call
• Date: December 4, 2025 at 12:16 AM UTC
• Management Team:
  • Prashanth Mahendra-Rajah (Chief Financial Officer)

Call Summary

Financial Performance

• Gross bookings grew 21% in the third quarter and the company reported being at a $50 billion run rate for gross bookings.
• Global trips grew 22% in the third quarter, which the company attributed to 17% growth in monthly active users and 4% growth in frequency.
• The number of couriers and drivers added to the platform increased 21% year-over-year in the referenced quarter.
• The number of merchants on the platform grew 12% year-over-year in Q3.
• The grocery and retail delivery business is running at a $12 billion run rate and is growing meaningfully faster than overall delivery.
• Merchant-funded offers have increased by over 50% year-over-year, which management presented as supporting affordability and retention.

Guidance

• The three-year framework set in February targeted gross bookings growth in the mid- to high teens CAGR and EBITDA growth in the high 30s to 40%.
• The company stated it will redeploy a portion of profit dollars into longer-duration growth opportunities and therefore does not expect the same level of near-term margin expansion as historically seen.
• Insurance-related savings in the U.S. were described as being in the 'hundreds of millions of dollars' and were characterized as recurring and earmarked for 2026 pricing actions.
• No specific numeric quarterly or full-year guidance for Q4 2025 gross bookings or EBITDA was disclosed on the call.
• The company stated it expects to have 10-plus cities by the end of 2026 where customers can order an autonomous vehicle on Uber.
• There was no explicit revision to the previously stated three-year framework announced during the call.