Uber Announces Results for Third Quarter 2024

In This Article:

Gross Bookings grew 16% year-over-year and 20% year-over-year on a constant currency basis

Income from operations of $1.1 billion; Adjusted EBITDA of $1.7 billion, up 55% year-over-year

Operating cash flow of $2.2 billion; Free cash flow of $2.1 billion

SAN FRANCISCO, October 31, 2024--(BUSINESS WIRE)--Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2024.

"We delivered yet another record quarter of profitable growth at a global scale, reflecting the strength of our platform, which now has over 25 million Uber One members," said Dara Khosrowshahi, CEO. "We continue to build with an eye towards the future, optimizing our products for new customer segments and geographies, introducing Rider Verification nationwide to increase safety for drivers, and launching shuttles to airports and venues. And of course, we continue to advance our autonomous strategy, demonstrating how Uber can help unlock this exciting technology for the world."

"We hit another important milestone this quarter, delivering over $1 billion in GAAP operating income for the first time in our company's history, and are on track to deliver 20% Gross Bookings growth on a constant currency basis for the full year," said Prashanth Mahendra-Rajah, CFO. "We remain committed to returning capital to shareholders through repurchases, while strategically investing in organic growth vectors that will position us to capture the significant opportunities ahead."

Financial Highlights for Third Quarter 2024

  • Gross Bookings grew 16% year-over-year ("YoY") to $41.0 billion, or 20% on a constant currency basis, with Mobility Gross Bookings of $21.0 billion (+17% YoY or +24% YoY constant currency) and Delivery Gross Bookings of $18.7 billion (+16% YoY or +17% YoY constant currency). Trips during the quarter grew 17% YoY to 2.9 billion, or approximately 31 million trips per day on average.

  • Revenue grew 20% YoY to $11.2 billion, or 22% on a constant currency basis. Combined Mobility and Delivery revenue grew 23% YoY to $9.9 billion, or 25% on a constant currency basis.

  • Income from operations was $1.1 billion, up $667 million YoY and $265 million quarter-over-quarter ("QoQ").

  • Net income attributable to Uber Technologies, Inc. was $2.6 billion, which includes a $1.7 billion benefit (pre-tax) due to net unrealized gains related to the revaluation of Uber’s equity investments.

  • Adjusted EBITDA of $1.7 billion, up 55% YoY. Adjusted EBITDA margin as a percentage of Gross Bookings was 4.1%, up from 3.1% in Q3 2023.

  • Net cash provided by operating activities was $2.2 billion and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $2.1 billion.

  • Share repurchases were $375 million of our common stock under the February 2024 authorization.

  • Unrestricted cash, cash equivalents, and short-term investments were $9.1 billion at the end of the third quarter. We expect to redeem $2.0 billion of our outstanding debt in Q4 2024.