Executive Summary

Strong quarter with double-digit top-line and profit growth: revenue +14% YoY to $11.53B, Gross Bookings +14% to $42.82B, and Adjusted EBITDA +35% to $1.87B with margin expanding to 4.4% of GB . EPS printed $0.83 on $1.78B GAAP net income, aided by a $51M net investment revaluation benefit .
Mixed vs estimates: revenue was slightly below consensus ($11.53B vs $11.62B), but EPS significantly beat ($0.83 vs $0.50 consensus). Company Adjusted EBITDA exceeded S&P’s standardized EBITDA consensus framework; note methodological differences (see Estimates Context) (Values retrieved from S&P Global) .
Q2 guide constructive: Gross Bookings $45.75–$47.25B (CC +16–20%) and Adjusted EBITDA $2.02–$2.12B, despite ~1.5ppt FX headwind to reported growth .
Key catalysts: moderation in U.S. insurance costs enabling better affordability, continued Delivery margin expansion (ads, scale leverage), and rapid AV partnership momentum (Waymo utilization in Austin; new AV partnerships announced) .

What Went Well and What Went Wrong

What Went Well
- Profitable growth at scale: Income from operations surged to $1.23B; Adjusted EBITDA rose 35% YoY to $1.87B with margin up to 4.4% of GB . CEO: “yet another quarter of profitable growth at scale” .
- Delivery profitability tailwinds: Delivery Adjusted EBITDA +45% YoY to $763M; CFO cited advertising and scale leverage; incremental Delivery margins of 9% in Q1 .
- AV execution and utilization: Waymo vehicles in Austin exhibiting very high utilization; five AV partnerships announced across regions (e.g., May Mobility, WeRide expansion) .
What Went Wrong
- Slight revenue miss vs consensus: $11.53B actual vs $11.62B consensus; Freight trends remained soft (GB and revenue down ~2% YoY) (Values retrieved from S&P Global).
- Pricing/mix softened GB per trip: Trip growth outpaced GB growth as affordability initiatives and international mix weighed on GB per trip; offset by volume and margin accretion .
- Insurance still a headwind (though moderating): CFO expects high-single-digit insurance cost growth in 2025, lower than prior years; policy reform still work-in-progress (e.g., Georgia tort reform awaiting signature) .

Financial Results

Consolidated metrics (oldest → newest)

Metric	Q3 2024	Q4 2024	Q1 2025
Gross Bookings ($B)	$40.97	$44.20	$42.82
Revenue ($B)	$11.19	$11.96	$11.53
Income from Operations ($B)	$1.06	$0.77	$1.23
Net Income ($B)	$2.61	$6.88	$1.78
Diluted EPS ($)	$1.20	$3.21	$0.83
Adjusted EBITDA ($B)	$1.69	$1.84	$1.87
Adj. EBITDA Margin (% GB)	4.1%	4.2%	4.4%
Operating Cash Flow ($B)	$2.15	$1.75	$2.32
Free Cash Flow ($B)	$2.11	$1.71	$2.25

Segment breakdown (Revenue $B)

Segment Revenue	Q3 2024	Q4 2024	Q1 2025
Mobility	$6.41	$6.91	$6.50
Delivery	$3.47	$3.77	$3.78
Freight	$1.31	$1.28	$1.26
Total	$11.19	$11.96	$11.53

Segment breakdown (Gross Bookings $B)

Segment GB	Q3 2024	Q4 2024	Q1 2025
Mobility	$21.00	$22.80	$21.18
Delivery	$18.66	$20.13	$20.38
Freight	$1.31	$1.27	$1.26
Total	$40.97	$44.20	$42.82

KPIs and margin mix

KPI / Margin	Q3 2024	Q4 2024	Q1 2025
MAPCs (M)	161	171	170
Trips (B)	2.87	3.07	3.04
Delivery Adj. EBITDA ($B)	$0.63	$0.73	$0.76
Mobility Adj. EBITDA ($B)	$1.68	$1.77	$1.75
Freight Adj. EBITDA ($B)	$(0.02)	$(0.02)	$(0.01)

Estimate comparison (Q1 2025)

Revenue: $11.53B actual vs $11.62B consensus (miss) .
EPS: $0.83 diluted EPS vs $0.50 Primary EPS consensus (beat).
EBITDA: Company Adjusted EBITDA $1.87B vs S&P standardized EBITDA consensus ~$1.84B; S&P “actual” EBITDA shows ~$1.41B due to differing definitions. Values retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Gross Bookings ($B)	Q2 2025	N/A	$45.75–$47.25; assumes ~1.5ppt FX headwind to reported YoY growth	New guide
Adjusted EBITDA ($B)	Q2 2025	N/A	$2.02–$2.12 (+29–35% YoY)	New guide
Gross Bookings ($B)	Q1 2025	$42.0–$43.5 (given Feb 5)	Actual $42.82	Met/High end
Adjusted EBITDA ($B)	Q1 2025	$1.79–$1.89 (given Feb 5)	Actual $1.87	In range

No explicit guidance was provided for revenue, GAAP EPS, OpEx, OI&E, tax rate, or dividends in the materials reviewed .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3’24, Q4’24)	Current Period (Q1’25)	Trend
AV/Autonomy	Expanded partnerships (Waymo, Cruise, WeRide, Avride); autonomous deployments ramping	Waymo Austin ~100 vehicles with very high utilization; 5 AV announcements in recent weeks; partnerships with May Mobility (Arlington) and expanded WeRide to 15 cities	Accelerating
Insurance costs	Higher insurance expense pressured cost of revenue in prior quarters	Headwinds moderating; CPI motor insurance ~7% YoY; expect high-single-digit increases in 2025; pursuing policy reforms (e.g., GA tort reform)	Improving
Affordability	Focus on affordability (UberX Share, Shuttle expansion)	Passing lower insurance costs to consumers; pricing moderation; increased international mix weighed on GB/trip	Improving for users
Delivery monetization	Ad revenue a key driver; margins expanding	Delivery margin at 3.7% of GB; ads and scale leverage; grocery/retail now accretive at variable contribution	Improving
Macro/travel	Robust demand; Q4: membership growth and travel partnerships (Delta)	Macro stable; slight slower airport trips; no signs of consumer weakness; guidance consistent	Stable
Geography/less-dense markets	Continued global expansion; selection in UK/EU	Sparse markets now ~20% of Mobility trips and growing faster; frequency lower but Reserve mix/pricing support margins	Expanding TAM

Management Commentary

CEO on profitable growth and AV momentum: “We kicked off the year with yet another quarter of profitable growth at scale… five new autonomous vehicle announcements in just the last week.”
CFO on cash flow and discipline: “We delivered over $2 billion of quarterly free cash flow… focused on disciplined capital allocation… on track to deliver against our multiyear plan.”
CEO on AV utilization: “The average Waymo in Austin is busier than 99% of Austin drivers… very high utilization” .
CFO on insurance: “We… overestimated it. CPI print for March was… 7% YoY… expect [U.S. mobility] to be a very modest headwind of high single digits through 2025” .

Q&A Highlights

Affordability and elasticity: Lower insurance costs allowed moderated pricing; elasticity in line with history; mix shift to international/travel affected price/mix .
Delivery margin drivers: Ads and scale driving 70 bps YoY margin expansion to 3.7% of GB; grocery/retail turning accretive on variable contribution; 9% incremental margin in Q1 .
Sparse markets and growth: Sparse markets now ~20% of Mobility trips, growing faster than core; margin profiles converge post-investment; hundreds of new city launches planned in 2025 .
AV roadmap: Multi-partner strategy; software stacks shifting to large transformer models and more hardware-agnostic approaches; expansion in U.S. and internationally via partners (Waymo, May Mobility, WeRide, others) .
Macro and competition: Macro signals stable; U.S. competition steady; strength in Europe (Eats #1 in UK achieved organically) .

Estimates Context

Metric	Q1 2025 Consensus	Q1 2025 Actual	Δ
Revenue ($B)	11.62	11.53	-0.09
Primary EPS ($)	0.50	0.83	+0.33
EBITDA ($B)	1.84	1.41 (S&P standardized); Company Adjusted EBITDA $1.87	Methodology diff

Notes:

S&P “Primary EPS” vs reported diluted EPS can differ but directional beat is clear in Q1. S&P “EBITDA” is a standardized construct and is lower than company-reported Adjusted EBITDA due to treatment of items excluded by the company (see reconciliation) . Values retrieved from S&P Global.

Key Takeaways for Investors

Profit flywheel strengthening: sustained double-digit trip/GB growth with margin expansion to 4.4% of GB and $2.25B FCF in a seasonally soft quarter supports durable cash generation .
Delivery monetization runway: advertising and scale leverage continue to expand margins; grocery/retail turning accretive suggests further multi-year upside .
Insurance backdrop improving: moderating headwinds enable affordability, supporting frequency and engagement without sacrificing margins .
AV optionality building: high utilization in Austin and multiple new AV partnerships position Uber to benefit from autonomy supply as it scales across geographies .
Q2 guide constructive despite FX: GB $45.75–$47.25B and Adj. EBITDA $2.02–$2.12B indicate continued profitable growth; watch FX headwind (~1.5ppt) and mix effects .
Freight remains a drag but manageable: continued softness relative to Mobility/Delivery; limited near-term catalyst in the materials reviewed .
Estimate implications: modest revenue trim possible (mix/affordability), but EPS/EBITDA trajectory remains solid given margin levers; mind definitional differences between S&P EBITDA and company Adjusted EBITDA (Values retrieved from S&P Global).

Appendix: Additional Detail

Selected non-GAAP reconciliation items (Q1 2025)

Adjusted EBITDA reconciling items include D&A ($171M), SBC ($435M), and legal/tax/regulatory reserve changes ($28M), among others .
Net income included a $51M pre-tax net benefit from equity investment revaluations; Q1 2024 had a $721M headwind for context .

Operational and liquidity

OCF $2.32B; FCF $2.25B; unrestricted cash and ST investments $6.0B at quarter end .

All cited figures are from Uber’s Q1 2025 8-K and press release, Q1 2025 earnings call, and prior quarter press releases as noted.

Uber Technologies, Inc (UBER)·Q1 2025 Earnings Summary