Uber crosses a strategic threshold toward sustainable profitability

Administrateur
Jun 5
1 min read

Uber Technologies kicked off 2025 with its strongest quarter yet: revenue of $11.5 billion (+14 % YoY) and net income of $1.8 billion, supported by record free cash flow of $2.3 billion.

Solid financial foundations

Trips grew 18 % to 3 billion, while Gross Bookings reached  $42.8 billion (+14 %). Mobility and Delivery each contributed roughly half of that total, and adjusted EBITDA rose 35 % to $1.9 billion (4.4 % of bookings). Guidance for Q2 2025 points to bookings of  $45.8‑47.3 billion and EBITDA of $2.0‑2.1 billion.et EBITDA ajusté de 2,0‑2,1 milliards USD, confirmant la trajectoire haussière.

A more balanced portfolio

Delivery margins improve thanks to in‑app advertising, now tracking over $1 billion in annual revenue. Freight’s losses narrowed to $7 million, showing cost discipline in a weak trucking cycle. Subscription program Uber One deepens user engagement, though a recent FTC lawsuit over alleged “dark‑pattern” sign‑ups underlines compliance risks.

Regulation and risk

The forthcoming EU platform‑work directive could trim EMEA mobility margins by up to three percentage points if drivers are reclassified as employees.Uber advocates a middle‑way status combining flexibility with benefits. In the U.S., the FTC case adds reputational pressure.

Autonomous and beyond

An expanded partnership with Waymo will deploy fully autonomous EVs in Austin and Atlanta in early 2025, underscoring Uber’s asset‑light autonomy strategy. Investment continues in dynamic‑pricing AI, electric‑vehicle charging, and an advertising marketplace that already boasts 500 000 active advertisers.

Outlook and valuation

With a market cap near $178 billion (about 42 × 2025e EPS), Uber is priced as a multiproduct cash‑flow platform rather than a loss‑making growth story. Key catalysts include scaling autonomy, EU regulatory clarity, and advertising leverage. Main risks remain labor reclassification, intensifying competition, and Freight cyclicality.