UBER · Q3 2025 Earnings

Bullish

Uber

Reported November 4, 2025

30-second summary

30-second take: Q3 revenue of $13.47B (+20.4% YoY) cleared the high end of the prior gross-bookings guide ($49.74B vs. $48.25B–$49.75B), and Delivery's 29% growth — its fastest in four years — beat Mobility's 20% for the second straight quarter. Adjusted EBITDA of $2.26B hit a record 4.5% of gross bookings, and management guided Q4 EBITDA to $2.41B–$2.51B implying 31–36% YoY growth — operating leverage still running at roughly 2x the topline. The strategic frame escalated meaningfully: Khosrowshahi laid out six new pillars ranging from hybrid AV marketplaces to AI-powered driver gigs, with the Stellantis/NVIDIA partnership giving the AV story its first concrete fleet number (5,000 vehicles).

Headline numbers

EPS

Q3 FY2025

$3.11

Revenue

Q3 FY2025

$13.47B

+20.4% YoY

Free cash flow

Q3 FY2025

$2.23B

Operating margin

Q3 FY2025

8.3%

Key financials

Q3 FY2025

Metric	Q3 FY2025	YoY	Q2 FY2025	QoQ
Revenue	$13.47B	+20.4%	$12.65B	+6.5%
EPS	$3.11	—	$0.63	+393.7%
Operating margin	8.3%	—	11.5%	-319bps
Free cash flow	$2.23B	—	$2.48B	-9.9%

Guidance

Q3 FY2025 beat on Gross Bookings at the high end of prior guidance; Q4 guidance raised with Adjusted EBITDA growth accelerating to 31–36% YoY.

Guidance is issued one quarter forward. The Prior-guide column references the guide issued last quarter for the period just reported; the New-guide column is for next quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Gross Bookings	Q3 FY2025	$48.25 billion to $49.75 billion	$49.74 billion	+$0.0 billion (at top of guide range; beat by $0.0B)	Beat
Gross Bookings YoY growth	Q3 FY2025	17% to 21% YoY (constant currency)	20.4% YoY	in-line with guide (20.4% within 17–21% range)	Met
Adjusted EBITDA	Q3 FY2025	$2.19 billion to $2.29 billion	$2.256 billion	+$0.0 billion (at top of guide range; in-line)	Beat

New guidance

Metric	Period	Guide	YoY
Gross Bookings	Q4 FY2025	$52.25 billion to $53.75 billion	17% to 21% YoY (constant currency)
Adjusted EBITDA	Q4 FY2025	$2.41 billion to $2.51 billion	31% to 36% YoY

Segment performance

Q3 FY2025

Segment	Q3 FY2025	YoY
Mobility	$7.682B	+20.0%
Delivery	$4.477B	+29.0%
Freight	$1.308B	—
Mobility Gross Bookings	$25.111 billion	—
Delivery Gross Bookings	$23.322 billion	—

Platform metrics

Q3 FY2025

Segment	Q3 FY2025
Trips	3.512 billion
Monthly Active Platform Consumers (MAPCs)	189 million
Gross Bookings	$49.74 billion

Profitability

Q3 FY2025

Segment	Q3 FY2025
Adjusted EBITDA	$2.256 billion
Adjusted EBITDA Margin (% of Gross Bookings)	4.5%
Operating Cash Flow	$2.328 billion

Management tone

Q1: customer-optimization recovery → Q2: Delivery-at-parity and the $20B buyback → Q3: six-pillar platform reframe with AV and AI as operating reality.

One quarter ago AV was framed as "three business models we could pursue." This quarter it has a fleet partner, a chip partner, and a 5,000-vehicle starting number. The Q2 transcript discussed Lucid/Neuro as supply expansion within an established playbook; on this call Khosrowshahi gave the first concrete capital-deployment shape: "Uber will lean in with balance sheet early, then see financialization of fleet assets" via REITs and private equity. The Stellantis/NVIDIA pairing on the Hyperion 10 platform converts what was strategic optionality into specific infrastructure. The shift signals management now thinks AV economics need to be underwritten on the balance sheet near-term, not just sliced into clever partnership structures — a more capital-intensive admission than Q2's language implied.

Cross-platform monetization has graduated from a stat into the organizing principle. Last quarter the line was "dual-service users have 35% higher retention, generate 3x gross bookings." This quarter it's the lead of a six-pillar strategy: "from trip experience to lifetime experience." Khosrowshahi's verbatim anchor: "cross-platform consumers spending three times more and retaining 35% better than single product users." The number didn't change, but its position did — Q2 it was supporting evidence; Q3 it's the strategic thesis the entire organization is being reorganized around (Andrew Macdonald's elevation to COO, six explicit pillars, advertising and merchant platform as their own pillar).

Margin language softened in a deliberate way. Q2's posture was operating-leverage triumphalism. This quarter Mahendra-Rajah explicitly told Justin Post that Uber is "deliberately moderating margin expansion to fund investments" and that AV will be "unprofitable for several years." The barbell — premium products (Uber Black, Reserve, U4B) funding growth investments — is now articulated as the explicit margin model. Read: 4.5% all-time-high EBITDA margin is the ceiling for now, with management choosing to reinvest the next 50bps rather than print it.

Ambition expanded beyond the multi-year framework. Khosrowshahi's "building the next generation of Uber, one that's positioned to create lasting value for many, many years ahead" is a noticeably longer-horizon frame than the prior cadence of "next 3-year framework" math. The six pillars (lifetime experience, hybrid AV, local commerce, multiple gigs, merchant growth engine, generative AI) are designed to keep TAM expansion in front of margin maturation. The vs.-typical reading: this is the most strategically aggressive Uber call in at least two years.

Recurring themes management leaned on this quarter:

Platform consolidation and cross-product engagement monetizationAutonomous vehicle integration and hybrid operations readinessGeographic expansion into non-restaurant local commerce (grocery/retail)AI as operational and consumer-facing enabler across all segmentsMerchant platform and advertising as growth engineMargin expansion through operating leverage on record topline growth

Risks management surfaced:

Forward-looking statements subject to material differences from actual resultsRegulatory and legal uncertainties described in 10-K filingsAutonomous vehicle integration execution risk (implicit in 'building a hybrid future')Consumer adoption risk for new local commerce categoriesCompetitive pressures in multiple gig economy

Q&A highlights

Doug Anmes · JP Morgan

How will Uber increase cross-platform usage of Uber One from 20% penetration? Can you expand on the NVIDIA partnership, timeline for deploying 100,000 AV vehicles, and who will own the fleets?

Management outlined specific programs to drive cross-platform behavior including app integration, personalized experiences, and membership. On NVIDIA partnership: they're creating L4-ready reference architecture with Hyperion platform; Stellantis partnership announced with 5,000 vehicles; Uber will use balance sheet initially but expects eventual financialization of fleets through REITs and private equity.

Currently only 20% of consumers active across both mobility and delivery30% of mobility riders never tried Uber Eats; 75% never tried grocery/retailCross-platform consumers spend 3x more than monoline consumersAustralia shows higher penetration of cross-platform usage

Eric Sheridan · Goldman Sachs

How much does expanding delivery offerings drive new user growth versus frequency? What have you learned about AV supply impact on demand and pricing in deployed markets?

Delivery accelerated 4 points to fastest growth in 4 years; grocery/retail at $12B run rate growing faster than food delivery and creating funnel of new online delivery consumers. Grocery/retail now variable contribution positive. AV markets (Austin, Atlanta, Phoenix) growing 2x+ faster than rest of US; driver earnings outpacing rest of US, though causal relationship unclear at this stage.

Delivery growth: fastest in 4 years with 4 points acceleration in Q3Grocery and retail run rate: $12 billion, growing meaningfully faster than online food deliveryGrocery/retail now variable contribution positiveAustin, Atlanta, Phoenix markets with AVs growing more than 2x rest of US

Brian Nowak · Morgan Stanley

Can you provide color on progress in urban versus suburban/sparse city strategy for mobility? What are key investment areas for European food delivery given competitive threats?

Sparse geographies growing 1.5x rate of denser markets globally and in US; only 20% penetration achieved so far. Focus: expanding availability, improving reliability, right product fit (wait and save works well). Europe: #1 in UK, France; gaining in Spain, Germany. Built position organically vs. competitors who acquired; focused on merchant selection, service, reliability, cross-sell, membership, and ecosystem partnerships.

Sparse geographies growing 1.5x rate of denser markets (global and US)Only ~20% into sparse markets opportunityWait and save product performs well in sparse geographiesUK #1 position; France #1 for some time; gaining in Spain and Germany

Justin Post · Bank of America

Walk through margin flow-through in Q3. How will investments needed to scale AV over next 12-18 months impact mobility margins?

Q3 EBITDA up 33% YoY with 4.5% margin (all-time high, +40 bps YoY). Q4 tracking consistently. On track for 3-year framework: mid-to-high teens GB growth, high 30-40% EBITDA CAGR. Management deliberately moderating margin expansion to fund investments. AV unprofitable today; expect losses for several years as supply builds, then margins improve via barbell strategy (premium products fund growth bets).

Q3 EBITDA: +33% YoYQ3 margin: 4.5% of GBV, all-time high (+40 bps YoY)TTM cash generation: ~$9 billionDelivery margin improved from low 2% (late 2023) to ~4% current

Ron Josie · Citi

Explain loyalty gains and short-term Uber One investments. Detail insurance rate benefits and newer user segments (seniors, teens) contribution to US trip growth.

Uber One at 36M members, growing at healthy rates, now in 42 countries (vs. 28 a year ago). First 6 months member acquisition is profit-negative due to discounts exceeding usage/retention increments, but becomes profitable afterward as retention and cross-platform adoption kick in. Insurance strategy yielded 3 wins: legislation (California limit reduction $1M to $60k individual/$300k accident), tech (Driving Insights Dashboard improving driver behavior), commercial (captive insurer + negotiations stabilizing costs). Expect hundreds of millions in insurance savings to pass to customers via lower fares in 2026.

Uber One: 36M members, growing healthilyUber One geographic expansion: 42 countries (from 28 a year ago)Uber One gross bookings penetration: ~2/3 in delivery, increasing in mobilityBenefits: 6% cash back on rides, no delivery fee, up to 10% off orders, priority delivery

Answers to last quarter's watch list

Whether Q3 Delivery revenue growth holds above Mobility's growth rate. Delivery 29% vs. Mobility 20% — Delivery's lead widened from 6 points in Q2 to 9 points in Q3. Management called it Delivery's fastest growth in four years.

Resolved positively

Adjusted EBITDA dollars vs. the $2.19B–$2.29B guide. Came in at $2.256B — above the midpoint, +33% YoY, with margin at a record 4.5% of gross bookings (+40bps YoY). Operating leverage delivered roughly as advertised, and the Q4 guide steps growth up to 31–36% YoY.

Resolved positively

Buyback cadence and share-count reduction. Specific buyback execution figures and updated share count were not called out on the print or in the Q&A summaries provided.

Continue monitoring

AV ride volume disclosure. Still no quantified AV ride mix, but management gave the first concrete fleet figure (5,000 Stellantis/NVIDIA vehicles) and identified Austin/Atlanta/Phoenix as growing 2x+ the rest of the U.S. The disclosure moved from anecdote toward scale, but not to a trip-count number.

Continue monitoring

U.S. Mobility profit-per-ride YoY trajectory. Not directly called out, but Mobility revenue grew 20% in line with Q2, and management committed to passing "hundreds of millions" in 2026 insurance savings through to consumers — implying the profit-per-ride bridge is holding for now, with more passthrough pressure ahead.

Continue monitoring

Freight stabilization. Freight revenue $1.31B at 0% YoY — the eight-quarter decline streak ended, but inflection isn't here.

Continue monitoring

What to watch into next quarter

Whether Q4 Adjusted EBITDA hits the top of $2.41B–$2.51B. Top of range = 36% YoY growth — sustaining mid-30s EBITDA growth on high-teens topline is what justifies the platform-reinvestment narrative.

Delivery growth deceleration risk. 29% is a four-year high; if Q4 Delivery growth slips below 25%, the "Delivery as primary engine" thesis takes a hit just as management has bet the strategic frame on it.

First quantified AV trip/revenue disclosure. Management has now sized the Stellantis fleet (5,000); the next escalation is a trip count, gross bookings contribution, or unit-economics number. Continued silence past Q4 would erode the AV credibility-build.

Cross-platform penetration past 20%. Khosrowshahi has framed this as the central monetization lever for two straight quarters. Watch whether Q4 brings a 21%+ disclosure or whether the number stays stuck.

2026 insurance savings passthrough pace. Management committed to "hundreds of millions" flowing to consumers as lower fares — track whether U.S. Mobility take rate or per-trip pricing visibly decelerates in Q4 and whether profit-per-ride holds despite it.

Buyback execution against the ~$23B authorization. Q2 reduced share count 1% QoQ at ~50% FCF allocation; with $2.23B FCF in Q3, the math implies another ~1% reduction — watch the actual print.

Sources

Uber Technologies Q3 2025 earnings press release, SEC filing — https://www.sec.gov/Archives/edgar/data/1543151/000154315125000030/uberq325earningspressrelea.htm
Uber Q3 2025 earnings call Q&A exchanges (prepared remarks excerpts via Q&A)

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