Uber Reports Strong Q1 2025 – Profits and Cash Flow Surge, But Guidance Stays Conservative

Slight Revenue Miss, But All Other Metrics Beat Expectations

Uber released its Q1 2025 earnings, reporting revenue of $11.53 billion – slightly below analyst expectations of $11.62 billion but still a 14% year-over-year increase. Adjusted earnings per share (EPS) came in at $0.83, significantly above estimates ($0.50) and marking a massive 359% increase from the same quarter last year.

Operational metrics also showed strength: over 3 billion trips were completed on the platform (+18% YoY), and Monthly Active Platform Consumers (MAPCs) rose 14% to 170 million.

Bottom Line Turns Strongly Positive – $1.78 Billion Net Income

Operating income totaled $1.23 billion, a sharp increase from $172 million last year. Net income jumped to $1.78 billion compared to a $654 million net loss in Q1 2024. This shift drove the major EPS improvement.

Adjusted EBITDA reached $1.87 billion – up 35% YoY and above the $1.84 billion expectation. Free cash flow surged 66% YoY to $2.25 billion, indicating robust financial health and a cash-generative growth profile.

Despite losses in Freight, improvement continues, while core segments demonstrate solid margin expansion.

Q2 Outlook – Growth in Gross Bookings, Slower EBITDA Growth

For Q2 2025, Uber projects gross bookings between $45.75B–$47.25B, a 16–20% YoY increase (constant currency). Adjusted EBITDA is forecast between $2.02B–$2.12B, reflecting a 29–35% annual growth rate, slightly slower than the Q1 pace.

CEO Dara Khosrowshahi stated: “With 18% trip growth and strong user retention, we’re proving the durability of our platform. We’re announcing five new autonomous vehicle initiatives to advance the future of mobility.”

CFO Prashanth Mahendra-Rajah added: “Over $2 billion in free cash flow this quarter underscores our focus on durable, cash-generative growth.”

Investor Takeaway

Uber continues to impress on profitability and cash flow – but a slight revenue miss and a more cautious Q2 outlook may temper investor enthusiasm. Still, Q1’s strong operational execution positions Uber as a post-COVID benchmark for stable tech growth.

Key watchpoint for the next quarters: Can Freight turn profitable? And will Mobility and Delivery maintain momentum without the help of favorable currency or positive earnings surprises?