Uber Technologies, Inc. (NYSE: UBER) has released its financial and operational results for the second quarter of 2025, pointing to strong and sustained performance across its global platform. The company reported new highs in audience, frequency, and profitability, underscoring the success of its platform-centric strategy. CEO Dara Khosrowshahi noted that “Our platform strategy is working, with record audience, frequency, and profitability across Mobility and Delivery”.

Analysis of Financial and Operational Performance

Uber’s Gross Bookings for the second quarter of 2025 grew by 17% year-over-year to a total of $46.8 billion. On a constant currency basis, the growth rate was even higher, at 18%. Similarly, revenue for the quarter grew by 18% to $12.7 billion, also at an identical rate on a constant currency basis. The impressive increase in revenue and bookings was directly reflected in the company’s profitability. Uber’s income from operations surged by 82% year-over-year to $1.5 billion. Adjusted EBITDA, a key non-GAAP profitability metric, grew by 35% year-over-year to $2.1 billion , with Adjusted EBITDA margin rising to 4.5% of Gross Bookings, up from 3.9% in Q2 2024. Net income attributable to Uber Technologies, Inc. was $1.4 billion.

The company’s cash flow also demonstrated exceptional strength. Net cash provided by operating activities amounted to $2.6 billion, while free cash flow reached $2.5 billion for the quarter. On a longer-term basis, trailing twelve-month free cash flow hit an all-time high of $8.5 billion, representing an 80% growth year-over-year. The growth in trailing twelve-month free cash flow comes against an Adjusted EBITDA of $7.5 billion, representing a conversion rate of 114%, and serves as proof of the significant earnings power of the business.

Platform Strategy and Segment Performance

The strong results are driven by Uber’s core strategy of positioning its platform as a hub that integrates Mobility and Delivery services. CEO Khosrowshahi noted that the platform continues to expand its customer base to a record 180 million Monthly Active Platform Consumers (MAPCs), a 15% increase year-over-year. These consumers used the platform more frequently than ever before, averaging 6.1 trips per month, a 2% increase year-over-year. This output growth was complemented by an expansion of the driver and courier supply base, which hit a record 8.8 million, a 20% increase year-over-year. The company emphasized the significant potential that remains among its existing customers, as fewer than 1 in 5 are currently active across both segments. Customers who use both services are three times more valuable than single-service customers, with a 35% higher retention rate.

To encourage cross-platform usage, Uber offers unique benefits through its Uber One membership program, which grew to over 36 million members in June 2025, an increase of approximately 60% year-over-year. These members now generate over 40% of combined Delivery and Mobility Gross Bookings. Looking at specific segment performance, the Mobility segment posted 19% trip growth, while Gross Bookings grew by 18% on a constant currency basis. The Delivery segment also continued to exceed expectations, with 17% trip growth and 20% Gross Bookings growth on a constant currency basis. Freight, however, showed flattish Gross Bookings year-over-year.

Innovation, Acquisitions, and Strategic Partnerships

Uber continues to lead the commercialization of autonomous vehicle (AV) technology with 20 different partners worldwide across its Mobility, Delivery, and Freight segments. The company continues to expand through existing partnerships, such as with Waymo in Austin and Atlanta, and with WeRide in Abu Dhabi. Additionally, Uber announced new partnerships with Baidu, Lucid, and Nuro, which are expected to significantly expand the presence of autonomous vehicles on the platform in the coming years. Uber plans to operationalize around five new autonomous deployments in the second half of 2025 in the U.S., the Middle East, and Asia.

The company supplements its organic growth strategy with strategic acquisitions and innovative partnerships. At the end of the second quarter, Uber closed the acquisition of Trendyol Go, a move expected to strengthen its operations in Turkey in the coming years. An additional strategic partnership was announced with iFood in Brazil, which will give users of both companies reciprocal access to each other’s services, thereby expanding their customer bases. These acquisitions and partnerships demonstrate Uber’s ability to leverage its operational strengths for strategic expansion.

Balance Sheet, Capital, and Outlook

Uber maintains a strong liquidity position with $7.4 billion in unrestricted cash, cash equivalents, and short-term investments at the end of the second quarter. Additionally, its equity stakes were valued at $8.7 billion, the majority of which are publicly listed. The company plans to opportunistically monetize these equity stakes over time to fund additional investments, including in the autonomous vehicle space.

In line with its strong performance, Uber’s Board of Directors authorized a new share repurchase program of an additional $20 billion, which underscores management’s confidence in the business’s future and its commitment to creating shareholder value. As CFO Prashanth Mahendra-Rajah stated, “Today’s announcement of a new $20 billion share repurchase authorization underscores our confidence in the business, following yet another quarter of strong top and bottom-line performance”.

The excellent second-quarter results allow Uber to provide a positive outlook for the third quarter of 2025. The company anticipates Gross Bookings to be in the range of $48.25 billion to $49.75 billion, representing a growth of 17% to 21% year-over-year on a constant currency basis. Adjusted EBITDA is expected to reach a range of $2.19 billion to $2.29 billion, reflecting a 30% to 36% growth year-over-year.

Overall, the second quarter of 2025 reports demonstrate Uber’s operational and financial resilience and the success of its platform strategy. The consistent growth in profitability and key metrics, combined with investments in innovation and future technologies, position the company for continued profitable and sustainable growth in the long term.