Uber Q3 2025 Earnings Review

In case you missed it:

• Palantir & Hims Earnings Reviews.
• Meta Earnings Review.
• Alphabet Earnings Review.
• Apple, ServiceNow & Starbucks Earnings Reviews.
• Amazon & Mercado Libre Earnings Reviews.
• PayPal Earnings Review.
• Tesla Earnings Review.
• SoFi Earnings Review.
• Netflix Earnings Review.
• Taiwan Semi Earnings Review.
• My current portfolio & performance vs. the S&P 500.

Coupang & Cava reviews are coming tonight. Robinhood, Duolingo, The Trade Desk and a few other reviews will come later in the week.

a. Key Points

• Investing in a few growth areas with early success.
• Uber One growth remains strong.
• Uber’s mobility markets with the most autonomous vehicles are growing the fastest.
• Affordability is driving accelerating engagement.
• A link to Uber’s recent "GoGet" product event can be found here (section 7). 

b. Demand

• Beat bookings estimates by 1.4% & beat guidance by 1.4%.
• Beat revenue estimates by 1.5%
• Beat Monthly Active Platform Consumer (MAPC) estimates by 2.6%.
• Foreign exchange (FX) was as expected. It did not help the revenue or bookings beats.

c. Profits & Margins

• Missed EBITDA estimates by 0.5% & slightly beat guidance by 0.4%.
• Beat FCF estimates by 5.6%.
• The large GAAP EPS beat was driven by equity investments. Not important. 

The GAAP EBIT margin contraction isn’t concerning. It’s related to a telegraphed acceleration in targeted investments (more later) and a $479M legal charge. Ex-legal, EBIT margin would have been 11.8% for a new company record.

d. Balance Sheet

• $9.1B in cash & equivalents.
• $10.3B in equity investments. They have sold $1.4B in investments so far this year and plan to keep selling over time to fund investments and shareholder returns.
• $10.6B in debt. They issued $2.3B in senior notes to retire notes with shorter maturities.
• Share count fell by 1.4% Y/Y.

e. Guidance & Valuation