Uber Technologies, Inc

Previous wording

In the first quarter of 2025, our MAPCs were 170 million, growing 14% compared to the same period in 2024.

Current wording

In the second quarter of 2025, our MAPCs were 180 million, growing 15% compared to the same period in 2024.

Previous wording

Overall Gross Bookings increased to $42.8 billion in the first quarter of 2025, up 14%, or 18% on a constant currency basis, compared to the same period in 2024. Mobility Gross Bookings grew 20% year-over-year, on a constant currency basis primarily due to an increase in Mobility Trip volumes. Delivery Gross Bookings grew 18% year-over-year, on a constant currency basis, primarily driven by an increase in Delivery Trip volumes. Freight Gross Bookings decreased 1% year-over-year, on a constant currency basis.

Current wording

Overall Gross Bookings increased to $46.8 billion in the second quarter of 2025, up 17%, or 18% on a constant currency basis, compared to the same period in 2024. Mobility Gross Bookings grew 18% year-over-year, on a constant currency basis primarily due to an increase in Mobility Trip volumes. Delivery Gross Bookings grew 20% year-over-year, on a constant currency basis, primarily driven by an increase in Delivery Trip volumes. Freight Gross Bookings decreased 1% year-over-year, on a constant currency basis.

Previous wording

Revenue was $11.5 billion, up 14% year-over-year, primarily attributable to an increase in Gross Bookings of 14%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes.

Current wording

Revenue was $12.7 billion, up 18% year-over-year, primarily attributable to an increase in Gross Bookings of 17%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes.

Previous wording

Net income attributable to Uber Technologies, Inc. was $1.8 billion, which includes the favorable impact of a pre-tax unrealized gain on debt and equity securities, net of $51 million primarily related to changes in the fair value of our equity securities, including: a $155 million unrealized gain on our Didi investment, a $137 million unrealized gain on our Aurora investment, partially offset by a $102 million unrealized loss on our Grab investment, and a $139 million net unrealized loss on our other investments.

Current wording

Net income attributable to Uber Technologies, Inc. was $1.4 billion, which includes the unfavorable impact of a pre-tax unrealized loss on debt and equity securities, net of $17 million primarily related to changes in the fair value of our equity securities, including: $482 million unrealized loss on our Aurora investment, partially offset by a $268 million unrealized gain on our Grab investment, a $110 million unrealized gain on our Joby investment, and an $87 million net unrealized gain on our other investments.

Previous wording

Adjusted EBITDA was $1.9 billion, up $486 million compared to the same period in 2024. Mobility Adjusted EBITDA was $1.8 billion, up $274 million compared to the same period in 2024. Delivery Adjusted EBITDA was $763 million, up $235 million compared to the same period in 2024. These increases were partially offset by a $37 million increase in Corporate G&A and Platform R&D costs, year-over-year.

Current wording

Adjusted EBITDA was $2.1 billion, up $549 million compared to the same period in 2024. Mobility Adjusted EBITDA was $1.9 billion, up $338 million compared to the same period in 2024. Delivery Adjusted EBITDA was $873 million, up $285 million compared to the same period in 2024. These increases were partially offset by an $80 million increase in Corporate G&A and Platform R&D costs, year-over-year.

Previous wording

We ended the quarter with $6.0 billion in unrestricted cash, cash equivalents, and short-term investments.

Current wording

We ended the quarter with $7.4 billion in unrestricted cash, cash equivalents, and short-term investments.

Previous wording

Based on available evidence, we continue to maintain a valuation allowance against the California R&D credits, as we believe it is not more-likely-than-not to be realized, as we expect R&D tax credit generation to exceed our ability to use these credits in future periods.

Current wording

Based on all available positive and negative evidence, we continue to maintain a valuation allowance against the California R&D credits, as we believe it is not more-likely-than-not to be realized, as we expect R&D tax credit generation to exceed our ability to use these credits in future periods.

Previous wording

The following discussion and analysis is for the three months ended March 31, 2025 compared to the same period in 2024.

Current wording

The following discussion and analysis is for the three and six months ended June 30, 2025 compared to the same periods in 2024.

Previous wording

Cost of revenue, exclusive of depreciation and amortization, increased $769 million, or 12%, mainly due to a $238 million increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Mobility Gross Bookings in certain markets, a $197 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven in our Mobility business, a $178 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Delivery Gross Bookings in certain markets, and a $54 million increase in credit card processing costs, as a result of increased Gross Bookings.

Current wording

Cost of revenue, exclusive of depreciation and amortization, increased$1.1 billion, or 17%, mainly due to a $379 million increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Mobility Gross Bookings in certain markets; a $343 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Delivery Gross Bookings in certain markets; and a $283 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven in our Mobility business.

Previous wording

Sales and marketing expenses increased $140 million, or 15%, primarily attributable to a $65 million increase in consumer discounts, promotions, credits and refunds to $371 million compared to $306 million in the same period in 2024, a $46 million increase in indirect advertising and marketing, and a $23 million increase in employee headcount costs.

Current wording

Sales and marketing expenses increased $235 million, or 12%, primarily attributable to a $91 million increase in indirect advertising and marketing; a $70 million increase in consumer discounts, promotions, credits and refunds to $775 million compared to $705 million in the same period in 2024; and a$64 million increase in employee headcount costs.

Previous wording

Research and development expenses increased $25 million, or 3%, primarily attributable to a $63 million increase in employee headcount costs, partially offset by a $35 million decrease in stock-based compensation.

Current wording

Research and development expenses increased $105 million, or 7%, primarily attributable to a $145 million increase in employee headcount costs, partially offset by a $28 million decrease in stock-based compensation.

Previous wording

Operations and support expenses decreased $17 million, or 2%, primarily attributable to a decrease in stock-based compensation.

Current wording

General and administrative expenses decreased $17 million, or 2%, primarily attributable to a $77 million decrease in other corporate expenses, a $25 million decrease in employee headcount costs, and an $18 million decrease in general insurance expense, partially offset by an $80 million increase in legal-related accruals and expenses and a $24 million increase in external contractor expense.

Previous wording

General and administrative expenses decreased $552 million, or 46%, primarily attributable to a decrease in legal-related accruals and expenses.

Current wording

General and administrative expenses decreased $569 million, or 30%, primarily attributable to a $489 million decrease in legal-related accruals and expenses.

Previous wording

Depreciation and amortization expenses decreased $19 million, or 10%, primarily attributable to various acquired intangible assets becoming fully amortized during the period.

Current wording

Depreciation and amortization expenses decreased $17 million, or 5%, primarily attributable to various acquired intangible assets becoming fully amortized during the period.

Previous wording

Interest expense decreased$19 million, or 15% primarily attributable to debt refinancing activities in the second half of 2024.

Current wording

Interest expense decreased$31 million, or 22% primarily attributable to debt refinancing activities in the second half of 2024.

Previous wording

During the three months ended March 31, 2025, unrealized gain on debt and equity securities, net, primarily includes: a $155 million unrealized gain on our Didi investment, a $137 million unrealized gain on our Aurora investment, partially offset by a $102 million unrealized loss on our Grab investment, and a $139 million net unrealized loss on our other investments. For additional information, refer to Note 2 – Investments and Fair Value Measurement in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Current wording

During the three months ended June 30, 2025, unrealized loss on debt and equity securities, net, primarily includes: a $482 million unrealized loss on our Aurora investment, partially offset by a $268 million unrealized gain on our Grab investment, a $110 million unrealized gain on our Joby investment, and an $87 million net unrealized gain on our other investments. For additional information, refer to Note 2 – Investments and Fair Value Measurement in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Previous wording

Unrealized gain (loss) on debt and equity securities, net increased by $772 million primarily due to changes in the fair value of our equity securities. During the three months ended March 31, 2024, unrealized loss on debt and equity securities, net, primarily includes: a $505 million unrealized loss on our Aurora investment, a $123 million unrealized loss on our Grab investment, and a $69 million unrealized loss on our Didi investment.

Current wording

Unrealized gain (loss) on debt and equity securities, net increased by $422 million primarily due to changes in the fair value of our equity securities. During the six months ended June 30, 2024, unrealized loss on debt and equity securities, net, primarily includes: a $522 million unrealized loss on our Aurora investment; partially offset by a $109 million unrealized gain on our Didi investment and a $96 million gain on our Grab investment.

Previous wording

For the three months ended March 31, 2025 compared to the same period in 2024, Mobility revenue increased $863 million, or 15%, and Mobility Adjusted EBITDA increased $274 million, or 19%.

Current wording

For the three months ended June 30, 2025 compared to the same period in 2024, Mobility revenue increased $1.2 billion, or 19%, and Mobility Adjusted EBITDA increased $338 million, or 22%.

Previous wording

Mobility Adjusted EBITDA increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $238 million increase in Driver payments and incentives recorded in Mobility Platform Participant direct transaction costs, a $197 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven, a $60 million increase in network costs, a $38 million increase in credit card processing costs as a result of increased Gross Bookings, and a $19 million increase in employee headcount costs, recorded in Mobility other expense.

Current wording

Mobility Adjusted EBITDA increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $379 million increase in Driver payments and incentives recorded in Mobility Platform Participant direct transaction costs, a $283 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven, a $53 million increase in network costs, a $33 million increase in credit card processing costs as a result of increased Gross Bookings, and a $16 million increase in employee headcount costs, recorded in Mobility other expense.

Previous wording

For the three months ended March 31, 2025 compared to the same period in 2024, Delivery revenue increased $563 million, or 18%, and Delivery Adjusted EBITDA increased $235 million, or 45%.

Current wording

For the three months ended June 30, 2025 compared to the same period in 2024, Delivery revenue increased $809 million, or 25%, and Delivery Adjusted EBITDA increased $285 million, or 48%.

Previous wording

Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 15%, driven by an increase in Trip volumes, and a $124 million increase in advertising revenue.

Current wording

Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 20%, driven by an increase in Trip volumes, and a $125 million increase in advertising revenue.

Previous wording

Delivery Adjusted EBITDA increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by a $178 million increase in Courier payments and incentives recorded in Delivery Platform Participant direct transaction costs, a $48 million increase in employee headcount costs, a $42 million increase in indirect advertising and marketing, a $17 million increase in insurance expense primarily due to an increase in miles driven, and a $15 million increase in credit card processing costs as a result of increased Gross Bookings, recorded in Delivery other expense.

Current wording

Delivery Adjusted EBITDA increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by a $521 million increase in Courier payments and incentives recorded in Delivery Platform Participant direct transaction costs, and a $129 million increase in employee headcount costs, a $73 million increase in indirect advertising and marketing, a $37 million increase in credit card processing costs as a result of increased Gross Bookings, and a $27 million increase in insurance expense primarily due to an increase in miles driven, recorded in Delivery other expense.

Previous wording

For the three months ended March 31, 2025 compared to the same period in 2024, Freight revenue decreased $24 million, or 2%, and Freight Adjusted EBITDA improved $14 million, or 67%.

Current wording

For the three months ended June 30, 2025 compared to the same period in 2024, Freight revenue decreased $12 million, or 1%, and Freight Adjusted EBITDA improved $6 million, or 50%.

Previous wording

Freight revenue decreased primarily attributable to a 2% decrease in Freight Gross Bookings due to lower revenue per load as a result of the challenging freight market cycle.

Current wording

Freight revenue decreased primarily attributable to a 1% decrease in Freight Gross Bookings due to lower revenue per load as a result of the challenging freight market cycle.

Previous wording

Freight Adjusted EBITDA improved primarily attributable to a $24 million decrease in Freight Carrier payments recorded in Freight Platform Participant direct transaction costs and a $13 million decrease in Freight other expenses, partially offset by a$24 million decrease in revenue.

Current wording

Freight Adjusted EBITDA improved primarily attributable to a $12 million decrease in Freight Carrier payments recorded in Freight Platform Participant direct transaction costs and a $5 million decrease in Freight other expenses, partially offset by a$12 million decrease in revenue.

Previous wording

Net cash provided by operating activities was $2.3 billion for the three months ended March 31, 2025, primarily consisting of $1.8 billion of net income, adjusted for certain non-cash items, which primarily includes: $435 million of stock-based compensation expense; $412 million of deferred income taxes; $178 million of depreciation and amortization expense; $51 million in unrealized gains on debt and equity securities, net, as well as a $478 million increase in cash from working capital. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the “Non-Income Tax Matters” section below.

Current wording

Net cash provided by operating activities was $4.9 billion for the six months ended June 30, 2025, primarily consisting of $3.1 billion of net income, adjusted for certain non-cash items, which primarily includes: $910 million of stock-based compensation expense; $359 million of depreciation and amortization expense; $325 million of deferred income taxes; $34 million in unrealized gains on debt and equity securities, net, as well as a $927 million increase in cash from working capital. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the “Non-Income Tax Matters” section below.

Previous wording

Net cash provided by operating activities was $1.4 billion for the three months ended March 31, 2024, primarily consisting of $663 million of net loss, adjusted for certain non-cash items, which primarily included: $721 million in unrealized losses on debt and equity securities, net; $484 million of stock-based compensation expense; $194 million of depreciation and amortization expense, as well as a $575 million increase in cash from working capital. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the “Non-Income Tax Matters” section below.

Current wording

Net cash provided by operating activities was $3.2 billion for the six months ended June 30, 2024, primarily consisting of $345 million of net income, adjusted for certain non-cash items, which primarily includes: $939 million of stock-based compensation expense; $388 million in unrealized losses on debt and equity securities, net; and $375 million of depreciation and amortization expense. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the “Non-Income Tax Matters” section below.

Previous wording

Net cash used in investing activities was $242 million for the three months ended March 31, 2024, primarily consisting of purchases of marketable securities of $2.0 billion, purchases of non-marketable equity securities of $174 million, and $57 million in purchases of property and equipment, partially offset by proceeds from maturities and sales of marketable securities of $2.0 billion.

Current wording

Net cash used in investing activities was $2.0 billion for the six months ended June 30, 2025, primarily consisting of purchases of marketable securities of $7.6 billion, acquisition of businesses, net of cash acquired of $804 million, purchases of non-marketable equity securities of $191 million, and $163 million in purchases of property and equipment, partially offset by proceeds from maturities and sales of marketable securities of $7.0 billion.

Previous wording

Net cash used in investing activities was $542 million for the three months ended March 31, 2025, primarily consisting of purchases of marketable securities of $2.5 billion, purchases of non-marketable equity securities of $179 million, and $74 million in purchases of property and equipment, partially offset by proceeds from maturities and sales of marketable securities of $2.4 billion.

Current wording

Net cash used in investing activities was $1.9 billion for the six months ended June 30, 2024, primarily consisting of purchases of marketable securities of $5.3 billion, purchases of non-marketable equity securities of $232 million, and $156 million in purchases of property and equipment, partially offset by proceeds from maturities and sales of marketable securities of $3.9 billion.

Previous wording

Net cash used in financing activities was $1.9 billion for the three months ended March 31, 2025, primarily consisting of $1.8 billion in repurchases of common stock and $47 million of principal payments on finance leases.

Current wording

Net cash used in financing activities was $2.1 billion for the six months ended June 30, 2025, primarily consisting of $3.1 billion in repurchases of common stock and $75 million of principal payments on finance leases, partially offset by $1.1 billion in issuance of term loan and notes, net of issuance costs.

Previous wording

As of March 31, 2025, $2.7 billion of our $5.1 billion in cash and cash equivalents was held by our foreign subsidiaries. Cash held outside the United States may be repatriated, subject to certain limitations, and would be available to be used to fund our domestic operations. Repatriation of funds may result in immaterial tax liabilities.

Current wording

As of June 30, 2025, $3.1 billion of our $6.4 billion in cash and cash equivalents was held by our foreign subsidiaries. Cash held outside the United States may be repatriated, subject to certain limitations, and would be available to be used to fund our domestic operations. Repatriation of funds may result in immaterial tax liabilities.

Previous wording

In January 2025, we announced that we entered into an accelerated share repurchase (“ASR”) agreement with a large financial institution to repurchase $1.5 billion of our outstanding common stock as part of our previously announced Share Repurchase Program. The transactions under the ASR agreement were completed during the first quarter of 2025.

Current wording

During the first quarter of 2025, we completed an accelerated share repurchase (“ASR”) to repurchase $1.5 billion of our outstanding common stock as part of our previously announced Share Repurchase Program.

Previous wording

As of March 31, 2025, we had approximately $4.0 billion available to repurchase shares pursuant to the Share Repurchase Program. For additional information, see Note 5 – Stockholders' Equity in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Current wording

For additional information, see Note 5 – Stockholders' Equity in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.