A New High for Operating Income, With Aurora Swinging the Other Way Again
Income from operations was $1,450 million, up 82% from $796 million a year ago - a ninth consecutive positive GAAP quarter and the largest yet, surpassing Q1 2025's $1,228 million. Adjusted EBITDA rose 35% year-over-year to $2,119 million, a twelfth straight positive quarter. Six-month free cash flow reached $4,725 million, up 53% from $3,080 million in the first half of 2024; standalone Q2 free cash flow was roughly $2,475 million (six-month total less Q1 2025's already-disclosed $2,250 million), another new single-quarter high.
Net income attributable to Uber was $1,355 million, up 33% from $1,015 million a year ago, despite a modest $17 million net unrealized loss on debt and equity securities this quarter - the Aurora stake swung to a $482 million unrealized loss, partly offset by a $268 million unrealized gain on Grab, $110 million on Joby, and $87 million of net gains on other investments. Unlike several prior quarters, the equity-stake mechanism this quarter was close to neutral in net terms even though Aurora alone moved sharply, meaning the net income growth was driven substantially by the underlying operating improvement. Revenue grew 18% to $12,651 million. Mobility Adjusted EBITDA grew 22% to $1,905 million and Delivery Adjusted EBITDA grew 48% to $873 million, both new highs; Freight's loss narrowed to $(6) million from $(12) million a year ago, a second consecutive quarter of improvement after Q1 2025's narrowing.
Total assets grew to $55,982 million from $51,244 million at year-end, and long-term debt rose to $9,578 million from $8,347 million; goodwill also rose to $8,907 million from $8,066 million, reflecting acquisition activity during the quarter not detailed in the sections reviewed here.
The Prescription
This is Uber's strongest operating quarter to date on a GAAP basis: $1,450 million of income from operations, a ninth straight positive quarter, growing sequentially from Q1 2025's already-strong $1,228 million. The equity-stake mechanism remained active - Aurora alone swung by nearly half a billion dollars unfavorably - but this quarter it happened to roughly offset against gains elsewhere, leaving net income growth (+33%) that, for once, tracks reasonably close to the operating story rather than being dominated by one direction or the other. Freight's second consecutive quarter of loss-narrowing is worth watching as a potential inflection after nearly two years of persistent or widening losses in this segment.
The rise in goodwill and long-term debt this quarter both warrant follow-up in a future post - neither is explained in the sections reviewed for this analysis, and a jump of this size in goodwill in particular suggests acquisition activity worth confirming against Uber's subsequent disclosures.
Key Financial Metrics
Q2 2025 vs. Q2 2024 - consolidated, reported in USD
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Revenue | $12,651M | $10,700M | ✅ +18% |
| Adjusted EBITDA» | $2,119M | $1,570M | ✅ +35%, twelfth straight positive quarter |
| Income (Loss) from Operations | $1,450M | $796M | ✅ +82%, ninth straight positive quarter, new high |
| Net Income (Loss) attributable to Uber | $1,355M | $1,015M | ✅ +33%, despite a $482M Aurora markdown |
| Free Cash Flow (six months) | $4,725M | $3,080M | ✅ +53% |
Balance sheet: Dec 2024 vs. Jun 2025
| Balance sheet metric | Jun 2025 | Dec 2024 | Change |
|---|---|---|---|
| Cash and Cash Equivalents | $6,438M | $5,893M | ✅ +9% |
| Total Assets | $55,982M | $51,244M | ✅ +9% |
| Total Liabilities | $32,352M | $28,768M | up 12% |
| Long-term Debt, net of current | $9,578M | $8,347M | up 15% |
| Goodwill | $8,907M | $8,066M | up 10% |
Total assets, liabilities, long-term debt, and goodwill all rose this quarter - a materially different balance-sheet picture than the roughly flat Q1 2025 result, suggesting a debt raise and/or acquisition activity during the quarter.
Uber's operating income reached a new high of $1,450 million this quarter, up 82% year-over-year - a ninth straight positive GAAP quarter, with Adjusted EBITDA up 35% to $2,119 million and six-month free cash flow up 53% to $4,725 million.
Segment Results
Segment Adjusted EBITDA, Q2 2025 vs. Q2 2024
| Segment | Adj. EBITDA Q2 2025 | Adj. EBITDA Q2 2024 | Change |
|---|---|---|---|
| Mobility | $1,905M | $1,567M | ✅ +22% |
| Delivery | $873M | $588M | ✅ +48% |
| Freight | $(6)M | $(12)M | ✅ narrower loss |
Mobility and Delivery both set new quarterly highs. Freight's loss narrowed for a second consecutive quarter.
Beyond the Usual
Aurora Swings Nearly Half a Billion Dollars Unfavorably, But Other Stakes Offset It
This quarter's Aurora stake moved by a $482 million unrealized loss - among the larger single-quarter swings this site has tracked for that holding (comparable in size to Q1 2024's $505 million loss and smaller than Q3 2024's roughly $1.0 billion gain). Unusually, this swing was largely offset by gains elsewhere in the portfolio (Grab +$268 million, Joby +$110 million), leaving the net equity-stake impact on net income close to neutral this quarter - a different pattern than most prior quarters, where one stake typically dominated the net swing in either direction.
Goodwill and Long-Term Debt Both Rose Meaningfully
Goodwill rose 10% to $8,907 million and long-term debt rose 15% to $9,578 million during the quarter - the first meaningful movement in either line since the September 2024 senior notes offering. The filing sections reviewed for this analysis do not detail the specific transaction(s) behind these increases; this is worth confirming in a future post once the underlying acquisition or financing activity is disclosed in more detail.
Stock Price Since Last Quarter
Uber's stock continued its climb through the second quarter: from a March 31, 2025 close of $72.86, up to $81.01 in April, $84.16 in May, and $93.30 at the June 30, 2025 close - a gain of roughly 28% for the quarter, a second straight quarterly gain.
Target Valuation Range
Fairly-valued. Uber traded at an EV/Revenue multiple of roughly 4.7x against TTM revenue as of this quarter's close - up from Q1 2025's ~3.9x, on the stock's strong Q2 rally.
With approximately 2,085,418,676 shares outstanding as of August 4, 2025 (per the 10-Q's cover page) and a June 30, 2025 close of $93.30, Uber's market capitalization was approximately $194.6 billion. Against total liabilities of $32.35 billion and cash and cash equivalents of $6.44 billion, enterprise value was roughly $220.5 billion - up sharply from the ~$177.1 billion calculated in the 2025-03 post, on the stock's Q2 rally combined with the rise in total liabilities. Against TTM revenue of roughly $47.3 billion (FY2024's $43,978 million, less first-half 2024 revenue of $20,831 million, plus this quarter's first-half 2025 total of $24,184 million), that implies an EV/Revenue» of roughly 4.7x.
| Jun 2025 | Mar 2025 | |
|---|---|---|
| TTM Revenue | $47.3B | $45.4B |
| Enterprise Value | $220.5B | $177.1B |
| EV/Revenue | 4.7x | 3.9x |
The valuation re-rated further this quarter as the stock's strong Q2 gain outpaced revenue growth, even as the operating story kept improving - a ninth straight positive GAAP operating quarter and a new high for both operating income and Adjusted EBITDA. This site continues to hold off on a full DCF.
Uber Technologies, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC in August 2025.