Uber Q3 2025 earnings: revenue up 20%, one-time gains lift reported profit
Uber's revenue grew about 20% and bookings rose 21% in Q3 2025, with reported profit lifted mainly by a large tax benefit and investment gains.
| Q3 2025 | Reported |
|---|---|
| EPS | $3.11 |
| Revenue | $13.47B |
Figures as reported by the company to the SEC for the quarter ended September 30, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Revenue was $13.47 billion, up from $11.19 billion in the same quarter last year. The reported per-share profit of $3.11 was boosted by unusual items: a roughly $4.0 billion tax benefit and about $1.6 billion in gains on equity investments, not from day-to-day operations. Uber’s own ‘adjusted’ profit measure, which strips out those one-time items, was $1.20 per share, up 74% from a year earlier.
- Underlying demand for rides and deliveries grew strongly: gross bookings (the total dollar value of trips and orders before Uber’s cut) rose 21% to $49.74 billion, trips rose 22% to 3.5 billion, and monthly active platform users grew 17% to 189 million.
- Operating income was $1.1 billion, and adjusted EBITDA – a core profitability gauge that excludes one-time items, taxes, interest and depreciation – rose 33% to $2.3 billion, with margins improving as the business grows.
- The company generated $2.3 billion in operating cash flow and $2.2 billion in free cash flow (cash left after running and investing in the business), indicating the underlying business is converting growth into cash even before accounting for the one-time gains that lifted reported profit.
- Trailing-twelve-month figures show the swings one-time items can cause: net profit margin over the past year stands at 17.3% and return on equity at 35.7%, both flattered by non-operating gains, while trailing EPS is actually down 22.8% versus the prior year period – a reminder that large tax and investment items can move reported profit up or down sharply from quarter to quarter.
- CEO Dara Khosrowshahi said Uber’s growth ‘kicked into high gear’ in the quarter, calling it one of the largest trip-volume increases in the company’s history, and pointed to continued investment in customer loyalty, local commerce (bringing more local retailers onto the platform), and artificial intelligence and self-driving vehicle partnerships.
- Despite the growth in revenue and bookings, Uber shares fell about 5% on the day results were released, according to financial media coverage.
Q3 2025 in context
| Metric | Sep 2025 | Sep 2024 | Change |
|---|---|---|---|
| Revenue | $13.5B | $11.2B | +20.4% |
| Net income | $6.6B | $2.6B | +153.7% |
| Free cash flow | $2.2B | $2.1B | +5.7% |
| Diluted EPS | $3.11 | $1.20 | +159.2% |
| Operating margin | 8.3% | 9.5% | -1.2 pts |
| Net margin | 49.2% | 23.3% | +25.9 pts |
Figures for the quarter ended Sep 2025 and the quarter ended Sep 2024, as reported to the SEC.
How the stock took it
Uber Technologies Inc closed at $85.44 on Jan 9, 2026, the last session before the report, and at $85.41 on Jan 13, 2026, the first session after it — -0.0% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · earnings call · CNBC