Q2 Fiscal 2025 Financial Highlights (Ended June 30, 2025):

• Revenue: $12.7 billion, an 18% increase year-over-year (Y/Y), beating analyst estimates of $12.47 billion.

• Earnings Per Share (EPS): $0.63, exceeding the $0.62 analyst consensus.

• Gross Bookings: $46.8 billion, up 17% Y/Y (18% in constant currency).

• Adjusted EBITDA: $2.1 billion, surging 35% Y/Y and hitting a new all-time high.

• Free Cash Flow (FCF): $2.5 billion, a 44% increase Y/Y, demonstrating the company's strong ability to convert earnings into cash.

• Shareholder Return: Uber announced a new $20 billion share repurchase authorization, signaling a commitment to returning capital to shareholders.

Segment Performance & Analysis

The report highlighted a powerful, integrated platform strategy with Mobility and Delivery continuing to drive growth and profitability.

• Mobility (Ride-hailing):

  • Gross Bookings: $23.8 billion, an 18% Y/Y increase.

  • Revenue: $7.3 billion, up 19% Y/Y.

  • Adjusted EBITDA: $1.9 billion, a 22% increase Y/Y.

  • Key Takeaway: Mobility remains Uber's dominant and most profitable segment, with strong growth in both trips and gross bookings. The company noted a growing share of trips from suburban markets, showing its expanding reach.

• Delivery (Uber Eats):

  • Gross Bookings: $21.7 billion, up 20% Y/Y.

  • Revenue: $4.1 billion, a strong 25% increase Y/Y.

  • Adjusted EBITDA: $873 million, which surged by an impressive 48% Y/Y.

  • Key Takeaway: The Delivery segment continues to demonstrate fast growth and remarkable margin expansion, driven by operational leverage and new revenue streams like in-app advertising. The growth here is a testament to the success of its platform strategy and the increasing use of Uber One membership.

• Freight:

  • Revenue: $1.3 billion, down 1% Y/Y.

  • Adjusted EBITDA: A loss of $6 million, though this was an improvement from a $12 million loss in the prior year.

  • Key Takeaway: While Freight remains a challenging business due to persistent competitive pressure, the company is making progress in narrowing losses.

Margins, Free Cash Flow, and Future Outlook

The Q2 report was a clear statement about Uber's transition from a growth-at-all-costs model to a balanced approach of durable, profitable growth.

• Margin Expansion: The company's Adjusted EBITDA margin as a percentage of Gross Bookings expanded to 4.5%, up from 3.9% in Q2 2024. This consistent improvement is a key theme of the earnings report, driven by efficiencies in both the Mobility and Delivery segments.

• Cash Generation: Uber’s ability to generate cash is rapidly improving. Free cash flow surged 44% Y/Y, and management noted that FCF conversion hit a new all-time high, reinforcing confidence in the company's financial health.

• Management's Outlook: For Q3 2025, Uber is guiding for:

  • Gross Bookings: $48.25 billion to $49.75 billion (17%-21% Y/Y growth).

  • Adjusted EBITDA: $2.19 billion to $2.29 billion (30%-36% Y/Y growth).

  • CEO Dara Khosrowshahi stated, "Our platform strategy is working, with record audience, frequency, and profitability across Mobility and Delivery," while also highlighting the potential for further growth through autonomous vehicle partnerships.

Bottom Line 

Uber's Q2 2025 earnings report was exceptionally strong, hitting record highs in key operational and financial metrics. The company is no longer just a growth story; it has firmly established itself as a sustainably profitable business with significant cash-generating power. The announcement of a new $20 billion share repurchase program underscores management's confidence in this new reality and signals a strong commitment to shareholder returns.