The Aurora Swing Reverses Again - This Time in Uber's Favor, Alongside a Genuinely Stronger Operating Quarter
Income from operations was $1,228 million, up more than sevenfold from $172 million a year ago - an eighth consecutive positive GAAP quarter, exceeding Q4 2024's standalone $770 million and every quarter this site has tracked to date. Adjusted EBITDA rose 35% year-over-year to $1,868 million, an eleventh straight positive quarter. Free cash flow reached $2,250 million, up 66% from $1,359 million a year ago, aided by $2,324 million of operating cash flow against $74 million of capex - another new single-quarter high.
Net income attributable to Uber swung to a $1,776 million profit, reversing the $(654) million loss reported in the 2024-03 post. Unlike the FY2024 headline (dominated by a one-time $6.4 billion tax valuation release), this quarter's swing is more modest and partly operational: a $402 million income tax benefit and a comparatively small $51 million net unrealized gain on debt and equity securities (Didi +$155 million, Aurora +$137 million, partly offset by a $102 million Grab markdown and $139 million of net losses on other investments). Revenue grew 14% to $11,533 million. Mobility Adjusted EBITDA grew 19% to $1,753 million and Delivery Adjusted EBITDA grew 45% to $763 million, both new Q1 highs; Freight's loss narrowed to $(7) million from $(21) million a year ago, a rare improvement for a segment that has been a persistent drag since 2023.
The Prescription
This is a cleaner quarter than the FY2024 annual report: operating income of $1,228 million is up sevenfold year-over-year almost entirely on genuine operating improvement, and even the net income swing back to profitability is driven mostly by a tax benefit and a comparatively modest equity-stake gain rather than the outsized, one-off items that dominated Q4 2024. The Aurora stake specifically flipped favorable again this quarter (+$137 million, after Q4 2024's +$629 million full-year gain and Q1 2024's -$505 million loss) - this site continues to flag it as the single largest recurring source of quarter-to-quarter GAAP noise in Uber's results, even as its size relative to total net income has shrunk this quarter.
Freight's narrowing loss is worth watching into subsequent quarters - the first quarter since this site began tracking Freight that the segment's loss meaningfully improved rather than widened or stayed flat.
Key Financial Metrics
Q1 2025 vs. Q1 2024 - consolidated, reported in USD
| Metric | Q1 2025 | Q1 2024 | YoY |
|---|---|---|---|
| Revenue | $11,533M | $10,131M | ✅ +14% |
| Adjusted EBITDA» | $1,868M | $1,382M | ✅ +35%, eleventh straight positive quarter |
| Income (Loss) from Operations | $1,228M | $172M | ✅ +614%, eighth straight positive quarter |
| Net Income (Loss) attributable to Uber | $1,776M | $(654)M | ✅ swung to a profit, on a tax benefit and modest equity-stake gain |
| Free Cash Flow | $2,250M | $1,359M | ✅ +66%, new single-quarter high |
Balance sheet: Dec 2024 vs. Mar 2025
| Balance sheet metric | Mar 2025 | Dec 2024 | Change |
|---|---|---|---|
| Cash and Cash Equivalents | $5,132M | $5,893M | down 13% |
| Total Assets | $52,822M | $51,244M | up 3% |
| Total Liabilities | $29,917M | $28,768M | up 4% |
| Long-term Debt, net of current | $8,350M | $8,347M | roughly flat |
| Goodwill | $8,069M | $8,066M | roughly flat |
Cash declined modestly during the quarter while total assets and liabilities both ticked up a few percent; long-term debt and goodwill were essentially unchanged.
Uber's net income swung back to a $1,776 million profit this quarter, from a $(654) million loss a year ago, but the more durable number is operating income of $1,228 million - up more than sevenfold year-over-year, an eighth straight positive GAAP quarter.
Segment Results
Segment Adjusted EBITDA, Q1 2025 vs. Q1 2024
| Segment | Adj. EBITDA Q1 2025 | Adj. EBITDA Q1 2024 | Change |
|---|---|---|---|
| Mobility | $1,753M | $1,479M | ✅ +19% |
| Delivery | $763M | $528M | ✅ +45% |
| Freight | $(7)M | $(21)M | ✅ narrower loss |
Mobility and Delivery both set new Q1 highs. Freight's loss narrowed by two-thirds year-over-year, a notable improvement after several quarters of persistent or widening losses.
Beyond the Usual
The Equity-Stake Swing Turns Modestly Favorable Again
This quarter's net unrealized gain on debt and equity securities was just $51 million - Didi +$155 million and Aurora +$137 million, partly offset by a $102 million Grab markdown and $139 million of net losses on other investments. This is a much smaller swing than the multi-hundred-million or billion-dollar moves this site has tracked in prior quarters (Q1 2024's -$721 million, Q3 2024's +$1,664 million, FY2024's +$1.6 billion), suggesting the equity-stake portfolio's volatility, while still present, was more muted this quarter.
Stock Price Since Last Quarter
Uber's stock recovered through the first quarter: from a December 31, 2024 close of $60.32, up to $66.85 in January, $76.01 in February, and $72.86 at the March 31, 2025 close - a gain of roughly 21% for the quarter, reversing Q4 2024's sharp decline.
Target Valuation Range
Fairly-valued. Uber traded at an EV/Revenue multiple of roughly 3.9x against TTM revenue as of this quarter's close - up from Q4 2024's ~3.4x, as the stock's Q1 rally outpaced revenue growth.
With approximately 2,091,168,098 shares outstanding as of May 5, 2025 (per the 10-Q's cover page) and a March 31, 2025 close of $72.86, Uber's market capitalization was approximately $152.4 billion. Against total liabilities of $29.92 billion and cash and cash equivalents of $5.13 billion, enterprise value was roughly $177.1 billion - up from the ~$148.9 billion calculated in the 2024-12 post, on the stock's Q1 rally. Against TTM revenue of roughly $45.4 billion (FY2024's $43,978 million, less Q1 2024 revenue of $10,131 million, plus this quarter's $11,533 million), that implies an EV/Revenue» of roughly 3.9x.
| Mar 2025 | Dec 2024 | |
|---|---|---|
| TTM Revenue | $45.4B | $44.0B |
| Enterprise Value | $177.1B | $148.9B |
| EV/Revenue | 3.9x | 3.4x |
The valuation re-rated meaningfully as the stock recovered from its Q4 2024 pullback, while the operating story kept improving - an eighth straight positive GAAP operating quarter, an eleventh straight positive Adjusted EBITDA quarter, and free cash flow up 66% year-over-year to a new single-quarter high. This site continues to hold off on a full DCF.
Uber Technologies, Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC in May 2025.