Uber Technologies (UBER -0.72%), the global mobility and delivery platform, released its second quarter earnings on August 6, 2025. The most notable news was that GAAP revenue beat Wall Street expectations, and profitability reached new highs. The company reported diluted earnings per share (EPS) of $0.63 (GAAP), while GAAP revenue grew to $12,651 million, topping the $12,471 million consensus. Free cash flow (non-GAAP) and net income (GAAP) surged, and Uber announced a $20 billion share repurchase authorization. The quarter demonstrated steady progress in both core businesses and ongoing margin expansion.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP, Diluted) | $0.63 | $0.63 | $0.47 | 34.0% |
| Revenue (GAAP) | $12.7 billion | N/A | $10.7 billion | 18.2% |
| Net Income (GAAP) | $1.4 billion | $1.0 billion | 33.5% | |
| Adjusted EBITDA | $2.1 billion | N/A | N/A | |
| Free Cash Flow | $2.5 billion | $1.7 billion | 47.1% |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Business Overview and Key Focus Areas
Uber Technologies operates a platform that connects riders, drivers, and couriers in more than 15,000 cities. The company’s main businesses are ride-hailing (Mobility), food and grocery delivery (Delivery), and freight logistics (Freight). Uber leverages technology and data to create efficient matching, pricing, and payments for both consumers and partners.
Recently, Uber has focused on deepening the synergies between its Mobility and Delivery services, investing in advanced technology like autonomous vehicles, and expanding advertising within its app. Key success factors include platform scale, regulatory compliance, loyalty programs, technology investments, and the ability to grow its network of drivers, couriers, and users.
Quarter Highlights and Financial Performance
Uber’s performance in the quarter showed broad-based improvements. GAAP revenue surpassed analyst expectations, driven by double-digit gains in both Mobility and Delivery. The Mobility segment, which covers ride-hailing services, saw revenue increase 19% and gross bookings jump 16%. Mobility Segment Adjusted EBITDA reached $1.9 billion, up 22%. A growing share of trips came from suburban and less dense markets, now accounting for roughly 20% of total Mobility volume.
Delivery, which includes Uber Eats and other food and grocery courier services, continued to deliver fast growth. Delivery segment revenue was up 25%, with gross bookings 20% higher than the prior year. Delivery’s Adjusted EBITDA surged 48% to $873 million, reflecting expanding margins from advertising and operational leverage. The company also cited “merchant-funded offers” and high membership penetration as drivers behind growth in user engagement and profitability.
Monthly Active Platform Consumers, a measure of unique users across all Uber services, grew 15% to 180 million. Total trips on the platform reached 3.3 billion, an 18% increase.
The Freight business remained challenging. Revenue was nearly flat year over year, dropping 1%, and the segment continued to deliver a negative Adjusted EBITDA. While segment losses narrowed, Freight’s persistently weak performance remains a key risk. Management cited ongoing competitive pressure and called out partner risks in the broader ecosystem as watch items for this area.
Product Families and Strategic Initiatives
Uber’s Mobility segment includes ride-hailing and car services, ranging from basic rides to luxury vehicles. Delivery covers online food and grocery delivery, primarily through the Uber Eats app. The Freight business offers logistics and shipping solutions connecting shippers and carriers digitally.
The period was notable for new technology investments, including autonomous vehicle partnerships. Uber announced partnerships with 20 autonomous vehicle companies. In Delivery, the company expanded merchant integrations with chains such as Domino’s. These innovation efforts are aimed at strengthening Uber’s ecosystem and creating new revenue streams. There were no material changes to dividend policy; Uber does not currently pay a dividend.
Outlook and What to Watch
Looking ahead, management’s financial outlook for Q3 2025 includes gross bookings of $48.25 billion to $49.75 billion, representing a 17% to 21% increase from the prior year. Adjusted EBITDA is projected between $2.19 billion and $2.29 billion for Q3 2025, an increase of 30% to 36%. These forecasts also include an expected contribution from Uber’s acquisition of Turkish delivery company Trendyol Go.
Investors should monitor the pace of growth in core Mobility and Delivery segments, continued progress on margin expansion, and cash generation to support the new share repurchase program. Areas that could weigh on future results include the ongoing weaknesses in the Freight business and potential regulatory or partner-related disruptions. Uber does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
