Overview
- Uber closed 2025 with consistent GAAP profits, expanding adjusted EBITDA, and strong free cash flow alongside double‑digit growth in trips and active users.
- Operating leverage is now evident in Mobility, where incremental trips contribute materially to profit rather than merely covering fixed costs.
- Uber Eats is broadening into grocery, convenience, retail, and everyday essentials to drive higher order frequency and deepen daily use.
- Eats’ unit economics improved, with Q3 2025 adjusted EBITDA up about 47% versus 27% revenue growth, aided by better batching, routing, and disciplined incentives.
- Advertising is a growing contributor to earnings quality, though 2026 will test whether Uber can scale ads responsibly without eroding user trust or engagement.