Uber Technologies, Inc. (UBER) delivered a standout performance in the first quarter of 2025, reinforcing its trajectory of profitable growth and strategic execution across its core businesses. Gross Bookings reached $42.8 billion, marking a 14% year-over-year increase, or 18% on a constant currency basis. Revenue followed suit, rising 14% YoY to $11.5 billion. Profitability surged, with Income from Operations climbing to $1.2 billion, up sharply from $172 million a year earlier, while Net Income flipped from a $654 million loss in Q1 2024 to a $1.8 billion gain—boosted modestly by a $51 million net benefit from revalued equity investments.

Operational momentum was evident across the board. Monthly Active Platform Consumers (MAPCs) grew 14% YoY to 170 million, and total trips hit 3.0 billion, a robust 18% jump. Engagement also deepened, with monthly trips per MAPC rising 3% YoY.

Profitability metrics were particularly impressive: Adjusted EBITDA rose 35% YoY to $1.9 billion, with a margin of 4.4% relative to Gross Bookings, up from 3.7% a year ago. Cash flow remained a highlight, with Net Cash from Operating Activities soaring 64% YoY to $2.3 billion, and Free Cash Flow surging 66% to $2.25 billion. Uber ended the quarter with a healthy $6.0 billion in unrestricted cash and short-term investments.

Across segments, Mobility posted $21.2 billion in Gross Bookings (+13% YoY) and $6.5 billion in revenue (+15%), with Adjusted EBITDA of $1.75 billion—up 19%. Growth was fueled by higher trip volumes, though margin gains were partly tempered by increased driver-related costs. Delivery remained a strong growth engine with $20.4 billion in Gross Bookings (+15%) and $3.8 billion in revenue (+18%), while Adjusted EBITDA jumped 45% to $763 million, driven by ad revenue growth and greater scale. The Freight segment faced headwinds, with bookings and revenue each down 2%, but efficiency gains helped narrow its Adjusted EBITDA loss to just $7 million.

Strategically, Uber repurchased $1.5 billion in stock during the quarter and reiterated its confidence in long-term growth. Management highlighted continued investment in autonomous vehicles, with five new AV partnerships or pilots announced during the quarter.

Looking ahead, Uber guided for Q2 2025 Gross Bookings between $45.75 billion and $47.25 billion, implying 16% to 20% YoY growth on a constant currency basis, and Adjusted EBITDA of $2.02 billion to $2.12 billion, reflecting expected growth of 29% to 35% YoY. With no major risks flagged and operational momentum intact, Uber appears well-positioned to sustain its strong performance through the next quarter and beyond.