Uber Technologies, Inc
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
UBER$68.59-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001543151-25-000023
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001543151-25-000033
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 185 previous paragraphs and 185 current paragraphs.
126 unchanged; 46 reworded; 11 added; 12 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 20 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Highlights for the Third Quarter 2025
Current report
A significant portion of our historical valuation allowance was related to deferred tax assets in the Netherlands. Realization of these deferred tax assets is dependent on future pre-tax earnings. In evaluating the recoverability of these deferred tax assets as of September 30, 2025, we considered all available evidence, both positive and negative.
Current report
As of September 30, 2025, we are in a 12-quarter cumulative income position based on the Netherlands’ pre-tax book income adjusted for permanent book-to-tax differences. The 12-quarter cumulative income position is considered significant positive evidence that is both objective and verifiable. The historical income position provides us evidence to place greater reliance on projections of future profit as a source of income. Furthermore, current-year profitability and corresponding positive taxable income in the Netherlands, along with projections of future profit, provides strong positive evidence for the realization of our deferred tax assets in the Netherlands.
Current report
Based on all available evidence, including the objective and verifiable positive evidence as described above and anticipated future earnings, we concluded it is more-likely-than-not that our Netherlands’ deferred tax assets will be realizable. Accordingly, we released $4.9 billion of our Netherlands valuation allowance during the quarter ended September 30, 2025. We will continue to monitor the need for a valuation allowance against our deferred tax assets on a quarterly basis.
Current report
Revenue increased$2.3 billion, or 20%, primarily attributable to an increase in Gross Bookings of 21%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes.
Current report
Operations and support expenses increased $48 million, or 7%, primarily attributable to a $32 million increase in employee headcount costs and a $10 million increase in other service expenses.
Current report
Sales and marketing expenses increased $416 million, or 13%, primarily attributable to a $160 million increase in consumer discounts, promotions, credits and refunds to $1.2 billion, compared to $1.1 billion in the same period in 2024, a $154 million increase in indirect advertising and marketing, and a$92 million increase in employee headcount costs.
Current report
General and administrative expenses increased $553 million, or 88%, primarily attributable to a $480 million increase in legal-related accruals and expenses.
Current report
Debt Redemptions
Current report
In September 2025, we exercised the call option and fully redeemed $700 million of the 2027 Senior Notes and $500 million of the 2028 Senior Notes, using a portion of the net proceeds from the 2031 Senior Notes and 2035 Senior Notes. In addition, we announced our intent to redeem the 2025 Convertible Notes pursuant to a scheduled redemption in December 2025. For additional information, see Note 4 – Long-Term Debt and Credit Arrangements in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Current report
These include, but are not limited to: production timelines; vehicles meeting certain quality thresholds and complying with other requirements; and fleet operator participation. Our cash requirement has not been determined and there can be no assurance that such purchases will be completed as contemplated. As of September 30, 2025, there have been no additional material changes outside the ordinary course of business to the contractual obligations, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.
Removed paragraphs (12)
Previous report
Highlights for the Second Quarter 2025
Previous report
Furthermore, based on available evidence, we believe it is more-likely-than-not that the Netherlands’ net deferred tax assets will not be fully realizable. We will continue to maintain a valuation allowance against these net deferred tax assets. We regularly review the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing taxable temporary differences and tax planning strategies by jurisdiction.
Previous report
Based on our assessment of current income and anticipated future earnings, there is a reasonable possibility that we will have sufficient evidence to release a significant portion of the valuation allowance in the Netherlands within the next 12 months. However, our judgment regarding future earnings and the exact timing and amount of any valuation allowance release is subject to change due to many factors, including future market conditions and the ability to successfully execute our business plans and/or tax planning strategies. Release of the valuation allowance would result in the recognition of net deferred tax assets on our consolidated balance sheet and would result in an income tax benefit in the period the release is recorded.
Previous report
Revenue increased$3.4 billion, or 16%, primarily attributable to an increase in Gross Bookings of 15%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes.
Previous report
Operations and support expenses decreased $3 million, primarily attributable to a $23 million decrease in external contractor expenses and a $19 million decrease in Driver background check costs, partially offset by a $37 million increase in employee headcount costs.
Previous report
Sales and marketing expenses increased $95 million, or 9%, primarily attributable to a $45 million increase in indirect advertising and marketing and a $40 million increase in employee headcount costs. In addition, consumer discounts, promotions, credits and refunds increased by $4 million to $403 million compared to $399 million in the same period in 2024.
Previous report
General and administrative expenses decreased $569 million, or 30%, primarily attributable to a $489 million decrease in legal-related accruals and expenses.
Previous report
Depreciation and amortization expenses decreased $17 million, or 5%, primarily attributable to various acquired intangible assets becoming fully amortized during the period.
Previous report
Three and Six Months Ended June 30, 2025 Compared with the Same Periods in 2024
Previous report
Three and Six Months Ended June 30, 2025 Compared with the Same Periods in 2024
Previous report
Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 15%, driven by an increase in Trip volumes.
Previous report
In July 2025, our board of directors authorized a new share repurchase program up to an additional $20.0 billion of common stock.
Reworded paragraphs (46)
Previous wording
In the second quarter of 2025, our MAPCs were 180 million, growing 15% compared to the same period in 2024.
Current wording
In the third quarter of 2025, our MAPCs were 189 million, growing 17% compared to the same period in 2024.
Previous 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.
Current wording
Overall Gross Bookings increased to $49.7 billion in the third quarter of 2025, up 21% on a constant currency basis, compared to the same period in 2024. Mobility Gross Bookings grew 19% year-over-year, on a constant currency basis primarily due to an increase in Mobility Trip volumes. Delivery Gross Bookings grew 24% year-over-year, on a constant currency basis, primarily driven by an increase in Delivery Trip volumes. Freight Gross Bookings remained flat year-over-year, on a constant currency basis.
Previous 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.
Current wording
Revenue was $13.5 billion, up 20% year-over-year, primarily attributable to an increase in Gross Bookings of 21%. 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 $1.4 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.
Current wording
Net income attributable to Uber Technologies, Inc. was $6.6 billion, which includes: (i) a $4.9 billion benefit from the release of our Netherlands’ deferred tax assets valuation allowance and (ii) the favorable impact of a pre-tax unrealized gain on debt and equity securities, net of $1.5 billion primarily related to changes in the fair value of our equity securities, including: a $760 million unrealized gain on our Didi investment, a $530 million unrealized gain on our Grab investment, and a $181 million net unrealized gain on our other investments.
Previous 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.
Current wording
Adjusted EBITDA was $2.3 billion, up $566 million compared to the same period in 2024. Mobility Adjusted EBITDA was $2.0 billion, up $356 million compared to the same period in 2024. Delivery Adjusted EBITDA was $921 million, up $293 million compared to the same period in 2024. These increases were partially offset by an $82 million increase in Corporate G&A and Platform R&D costs, year-over-year.
Previous wording
We ended the quarter with $7.4 billion in unrestricted cash, cash equivalents, and short-term investments.
Current wording
We ended the quarter with $9.1 billion in unrestricted cash, cash equivalents, and short-term investments. We intend to redeem our $1.15 billion 2025 Convertible Notes pursuant to a scheduled redemption in December 2025. For additional information, see Note 4 – Long-Term Debt and Credit Arrangements 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
The following discussion and analysis is for the three and six months ended June 30, 2025 compared to the same periods in 2024.
Current wording
The following discussion and analysis is for the three and nine months ended September 30, 2025 compared to the same periods in 2024.
Previous wording
Revenue increased$2.0 billion, or 18%, 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.
Current wording
Revenue increased$5.6 billion, or 18%, 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
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.
Current wording
Cost of revenue, exclusive of depreciation and amortization, increased$1.3 billion, or 20%, mainly due to a $513 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 $495 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 $137 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven in our Mobility business.
Previous wording
Cost of revenue, exclusive of depreciation and amortization, increased$1.9 billion, or 15%, mainly due to a $617 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 $521 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 $479 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven in our Mobility business.
Current wording
Cost of revenue, exclusive of depreciation and amortization, increased$3.2 billion, or 17%, mainly due to a $1.1 billion 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 $1.0 billion 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 $616 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven in our Mobility business.
Previous wording
Operations and support expenses increased $14 million, or 2%, primarily attributable to a $25 million increase in employee headcount costs, partially offset by a $13 million decrease in external contractor expense.
Current wording
Operations and support expenses increased $45 million, or 2%, primarily attributable to a $69 million increase in employee headcount costs, partially offset by a $25 million decrease in external contractor expenses.
Previous 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.
Current wording
Sales and marketing expenses increased $181 million, or 17%, primarily attributable to a $90 million increase in consumer discounts, promotions, credits and refunds to $448 million, compared to $358 million in the same period in 2024, and a $63 million increase in indirect advertising and marketing.
Previous wording
Research and development expenses increased $80 million, or 11%, primarily attributable to a $82 million increase in employee headcount cost.
Current wording
Research and development expenses increased $88 million, or 11%, primarily attributable to a $77 million increase in employee headcount cost.
Previous 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.
Current wording
Research and development expenses increased $193 million, or 8%, primarily attributable to a $221 million increase in employee headcount costs, partially offset by a $18 million decrease in stock-based compensation.
Previous 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.
Current wording
General and administrative expenses decreased $16 million, or 1%, primarily attributable to a $136 million decrease in legal-related accruals and expenses, partially offset by a $59 million increase in other corporate expenses, a $30 million increase in employee headcount costs, and a $25 million increase in external contractor expenses.
Previous wording
Interest expense decreased$50 million, or 19% primarily attributable to debt refinancing activities in the second half of 2024.
Current wording
Interest expense decreased$81 million, or 20% primarily attributable to debt refinancing activities in the second half of 2024.
Previous wording
Unrealized gain (loss) on debt and equity securities, net decreased by $350 million primarily due to changes in the fair value of our equity securities. During the three months ended June 30, 2024, unrealized gain on debt and equity securities, net, primarily includes: a $220 million unrealized gain on our Grab investment, and a $178 million unrealized gain on our Didi investment.
Current wording
Unrealized gain (loss) on debt and equity securities, net decreased by $193 million primarily due to changes in the fair value of our equity securities. During the three months ended September 30, 2024, unrealized gain on debt and equity securities, net, primarily includes: a $1.0 billion unrealized gain on our Aurora investment; a $322 million unrealized gain on our Didi investment; a $141 million unrealized gain on our Delivery Hero investment, and a $134 million unrealized gain on our Grab investment.
Previous 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.
Current wording
During the three months ended September 30, 2025, unrealized gain on debt and equity securities, net, primarily includes: a $760 million unrealized gain on our Didi investment; a $530 million unrealized gain on our Grab investment, and a $181 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 $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.
Current wording
Unrealized gain (loss) on debt and equity securities, net increased by $229 million primarily due to changes in the fair value of our equity securities. During the nine months ended September 30, 2024, unrealized gain on debt and equity securities, net, primarily includes: a $505 million unrealized gain on our Aurora investment; a $432 million gain on our Didi investment; a $230 million gain on our Grab investment, and a $113 million unrealized gain on our Delivery Hero investment.
Previous wording
During the six months ended June 30, 2025, unrealized gain on debt and equity securities, net, primarily includes: a $190 million unrealized gain on our Didi investment, a $166 million unrealized gain on our Grab investment, and a $24 million net unrealized gain on our other investments, partially offset by a $346 million unrealized loss on our Aurora investment. 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 nine months ended September 30, 2025, unrealized gain on debt and equity securities, net, primarily includes: a $950 million unrealized gain on our Didi investment; a $697 million net unrealized gain on our Grab investment, and a $155 million net unrealized gain on our other investments, partially offset by a $297 million net unrealized loss on our Aurora investment. 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
The change in our income tax provision is a result of the release of our valuation allowance of certain U.S. federal and state deferred tax assets in the fourth quarter of 2024.
Current wording
The change in our income tax provision is a result of the release of our valuation allowance on the Netherlands’ deferred tax assets, offset by tax expense on our earnings.
Previous 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%.
Current wording
For the three months ended September 30, 2025 compared to the same period in 2024, Mobility revenue increased $1.3 billion, or 20%, and Mobility Adjusted EBITDA increased $356 million, or 21%.
Previous wording
Mobility Adjusted EBITDA increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $617 million increase in Driver payments and incentives recorded in Mobility Platform Participant direct transaction costs, and a $479 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven, a $113 million increase in network costs, a $71 million increase in credit card processing costs as a result of increased Gross Bookings, and a $35 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 $513 million increase in Driver payments and incentives recorded in Mobility Platform Participant direct transaction costs, a $137 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven, a $48 million increase in network costs, a $46 million increase in indirect advertising and marketing, and a $38 million increase in credit card processing costs as a result of increased Gross Bookings, recorded in Mobility other expense.
Previous wording
For the six months ended June 30, 2025 compared to the same period in 2024, Mobility revenue increased $2.0 billion, or 17%, and Mobility Adjusted EBITDA increased $612 million, or 20%.
Current wording
For the nine months ended September 30, 2025 compared to the same period in 2024, Mobility revenue increased $3.3 billion, or 18%, and Mobility Adjusted EBITDA increased $968 million, or 20%.
Previous 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.
Current wording
Mobility Adjusted EBITDA increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $1.1 billion increase in Driver payments and incentives recorded in Mobility Platform Participant direct transaction costs, a $616 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven, a $161 million increase in network costs, a $109 million increase in credit card processing costs as a result of increased Gross Bookings, and a $65 million increase in indirect advertising and marketing, recorded in Mobility other expense.
Previous wording
For the six months ended June 30, 2025 compared to the same period in 2024, Delivery revenue increased $1.4 billion, or 21%, and Delivery Adjusted EBITDA increased $520 million, or 47%.
Current wording
For the three months ended September 30, 2025 compared to the same period in 2024, Delivery revenue increased $1.0 billion, or 29%, and Delivery Adjusted EBITDA increased $293 million, or 47%.
Previous wording
Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 18%, driven by an increase in Trip volumes, and a $248 million increase in advertising revenue.
Current wording
Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 25%, driven by an increase in Trip volumes, and a $146 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 $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.
Current wording
Delivery Adjusted EBITDA increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by a $495 million increase in Courier payments and incentives recorded in Delivery Platform Participant direct transaction costs, an $100 million increase in employee headcount costs, a $44 million increase in credit card processing costs as a result of increased Gross Bookings, and a $30 million increase in partnership and other fees, recorded in Delivery other expense.
Previous 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%.
Current wording
For the nine months ended September 30, 2025 compared to the same period in 2024, Delivery revenue increased $2.4 billion, or 24%, and Delivery Adjusted EBITDA increased $813 million, or 47%.
Previous 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.
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 $394 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 $343 million increase in Courier payments and incentives recorded in Delivery Platform Participant direct transaction costs, an $81 million increase in employee headcount costs, a $30 million increase in indirect advertising and marketing, a $22 million increase in credit card processing costs as a result of increased Gross Bookings, and a $10 million increase in insurance expense primarily due to an increase in miles driven, 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 $1.0 billion increase in Courier payments and incentives recorded in Delivery Platform Participant direct transaction costs, and a $229 million increase in employee headcount costs, a $90 million increase in indirect advertising and marketing, an $84 million increase in partnership and other fees, and a $81 million increase in credit card processing costs as a result of increased Gross Bookings, recorded in Delivery other expense.
Previous wording
For the six months ended June 30, 2025 compared to the same period in 2024, Freight revenue decreased $36 million, or 1%, and Freight Adjusted EBITDA improved $20 million, or 61%.
Current wording
For the three months ended September 30, 2025 compared to the same period in 2024, Freight revenue was flat, and Freight Adjusted EBITDA declined $1 million, or 5%.
Previous 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.
Current wording
Freight revenuewas flat, primarily attributable to a challenging freight market cycle, keeping Freight Gross Bookings relatively flat due to lower revenue per load.
Previous wording
Freight Adjusted EBITDA improved primarily attributable to a $36 million decrease in Freight Carrier payments recorded in Freight Platform Participant direct transaction costs and an $18 million decrease in Freight other expenses, partially offset by a $36 million decrease in Freight revenue.
Current wording
Freight Adjusted EBITDA declined primarily attributable to a $4 million increase in Freight other expenses, partially offset by a $4 million decrease in Freight Carrier payments recorded in Freight Platform Participant direct transaction costs.
Previous 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%.
Current wording
For the nine months ended September 30, 2025 compared to the same period in 2024, Freight revenue decreased $37 million, or 1%, and Freight Adjusted EBITDA improved $19 million, or 37%.
Previous 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.
Current wording
Freight Adjusted EBITDA improved primarily attributable to a $40 million decrease in Freight Carrier payments recorded in Freight Platform Participant direct transaction costs and a $14 million decrease in Freight other expenses, partially offset by a $37 million decrease in Freight revenue.
Previous 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.
Current wording
Net cash provided by operating activities was $7.2 billion for the nine months ended September 30, 2025, primarily consisting of $9.8 billion of net income, adjusted for certain non-cash items, which primarily includes: $4.5 billion of deferred income taxes; $1.5 billion in unrealized gains on debt and equity securities, net; $1.4 billion of stock-based compensation expense; $554 million of depreciation and amortization expense, as well as a $1.6 billion 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 $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.
Current wording
Net cash provided by operating activities was $5.4 billion for the nine months ended September 30, 2024, primarily consisting of $2.9 billion of net income, adjusted for certain non-cash items, which primarily includes: $1.4 billion of stock-based compensation expense, and $561 million of depreciation and amortization expense; partially offset by$1.3 billion in unrealized gains on debt and equity securities, net. 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 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.
Current wording
Net cash used in investing activities was $2.0 billion for the nine months ended September 30, 2025, primarily consisting of: purchases of marketable securities of $13.9 billion; acquisition of businesses, net of cash acquired of $804 million; purchases of non-marketable equity securities of $286 million, and $261 million in purchases of property and equipment; partially offset by proceeds from maturities and sales of marketable securities of $13.5 billion.
Previous 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.
Current wording
Net cash used in investing activities was $4.6 billion for the nine months ended September 30, 2024, primarily consisting of: purchases of marketable securities of $9.7 billion; purchases of non-marketable equity securities of $288 million, and $198 million in purchases of property and equipment; partially offset by proceeds from maturities and sales of marketable securities of $5.8 billion.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For additional information, see Note 7 – Income Taxes in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.
Current report — wording carried from elsewhere
Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 20%, driven by an increase in Trip volumes.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
As of June 30, 2025, we had approximately $2.6 billion available to repurchase shares pursuant to the Share Repurchase Program.