Uber’s second quarter delivered revenue and profit results that surpassed Wall Street expectations, and the market responded with a positive uptick. Management pointed to user growth across both mobility and delivery, with CEO Dara Khosrowshahi citing “all-time highs in both audience and frequency.” Notably, the quarter saw increased monthly active platform consumers and a significant rise in Uber One membership, fueled by both premium and lower-cost offerings. The leadership attributed operating margin gains to product mix improvements and disciplined operational execution.
Is now the time to buy UBER? Find out in our full research report (it’s free).
Uber (UBER) Q2 CY2025 Highlights:
- Revenue: $12.65 billion vs analyst estimates of $12.48 billion (18.2% year-on-year growth, 1.4% beat)
- Adjusted EPS: $0.85 vs analyst estimates of $0.82 (4% beat)
- Adjusted EBITDA: $2.12 billion vs analyst estimates of $2.11 billion (16.7% margin, in line)
- Operating Margin: 11.5%, up from 7.4% in the same quarter last year
- Monthly Active Platform Consumers: 180 million, up 24 million year on year
- Market Capitalization: $191.3 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Uber’s Q2 Earnings Call
- Eric Sheridan (Goldman Sachs): Asked about the drivers behind cross-platform engagement and the potential for a single super app. CEO Dara Khosrowshahi explained that aggressive experimentation and targeted promotions are key, but noted that building a unified experience is a gradual process.
- Brian Nowak (Morgan Stanley): Inquired about the durability of user and membership growth, and updates on autonomous vehicle deployment. Khosrowshahi credited new product launches and said audience growth shows no sign of slowing, while AV launches in Austin and Atlanta are seeing high utilization.
- Michael Morton (Moffett Nathanson): Sought clarity on the rationale behind partnerships with Lucid and Nuro, and the capital commitment to AVs. Khosrowshahi and CFO Prashanth Mahendra-Rajah emphasized that targeted investments support ecosystem growth and are manageable within Uber’s capital strategy.
- Justin Post (Bank of America): Focused on broadening OEM partnerships and the impact of Tesla’s expansion. Khosrowshahi said hardware scalability is key and expects more OEM announcements, while competition is being closely monitored.
- Ross Sandler (Barclays): Asked about the scale of vehicle commitments in new partnerships and the business models with AV providers. Mahendra-Rajah said cash flow allocation will prioritize shareholder returns, and Khosrowshahi described several AV partnership models Uber is testing.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will monitor (1) the rate of cross-platform adoption and Uber One membership growth, (2) milestones in autonomous vehicle deployments and new OEM partnership announcements, and (3) execution on the $20 billion share repurchase plan. Progress in integrating AI-driven personalization and expanding into new geographies will also be important indicators of Uber’s ability to sustain growth and profitability.
Uber currently trades at $91.66, up from $89.48 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free).
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