Q3 2025 Uber Technologies Inc Earnings Call

November 4, 2025

To prevent any background noise.

After the Speakers' remarks, there will be a question and answer session and if you would like to ask a question. During this time. Please press star one on your telephone keypad.

I would now like to turn the conference over to the Lucky Craftsman Murphy, Vice President Strategic Finance Investor Relations you may begin.

Thank you Sarah.

Thank you everyone for joining us today and welcome to <unk> third quarter 2025 earnings presentation.

On the call today, we have Uber CEO Dara is Russia.

CFO <unk> Mahendra Rajah.

During today's call, we will present, both GAAP and non-GAAP financial measures and additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures are included in the press release supplemental slides and our filings with the SEC each of which is closer to Investor Day October Dot com.

Certain statements in this presentation and on this call are forward looking statements you should not place undue reliance on forward looking statements.

Actual results may vary.

It may differ materially from these forward looking statements and we do not undertake any obligation to update any forward looking statements, we make today, except as required by law.

More information about factors that may cause actual results to differ materially from forward looking statements. Please refer to the press release, we issued today as well as risks and uncertainties described in our most recent Form 10-K, and then other filings made with the SEC.

Published our quarterly earnings press release prepared remarks, and supplemental slides to our Investor Relations website earlier today and we ask you to review those documents if you haven't already.

We open the call to questions. Following brief opening remarks from <unk> with that let me hand, it over to Dara.

Thanks, Paul Q3 was an outstanding quarter for <unk>, driven by a powerful combination of innovation and execution.

<unk> grew 22%, marking our fastest growth since 2023, both lines of business accelerated with mobility trips growing 21% significantly exceeding our expectations.

This top line strength was fueled by record audience and engagement up 17% and 4% respectively.

Gross bookings grew 21% while average pricing remained relatively flat this translated into record adjusted EBITDA and free cash flow reinforcing our ability to deliver affordability for consumers, while generating strong operating leverage.

We're expecting more of the same strong performance in Q4 with another quarter of high teens gross bookings growth and low to mid <unk> EBITDA growth in fact, we hit a new record over Halloween weekend. This most recent Halloween with more than 130 million trips across mobility and delivery and training generating more.

<unk> 2 billion and gross bookings.

While we're proud of what we built we're even more focused on what comes next as I often remind the team great technology companies delivered today, while building for tomorrow.

To that end, we've decided we've defined six strategic areas of focus to guide our next phase.

First from trip experienced a lifetime experience, we're deepening engagement across our platform with cross platform consumer spending three times more than retaining 35% better than single product users second.

Second is building a hybrid future theme.

Seamlessly integrating human drivers and autonomous vehicles into a single marketplace, giving us unmatched flexibility and efficiencies.

Third divesting in local commerce, expanding rapidly into grocery and retail now and at approximately 12 billion gross bookings run rate and growing significantly faster the restaurant delivery.

Fourth it's multiple kicks this as broadening earning opportunities for $9 4 million drivers and couriers, including new digital task powered by AI solutions.

Fifth is becoming a growth engine for merchants, helping our over $1 2 million merchant partners drive significant incremental sales through ads offers and new demand channels like Uber direct as well as new partnerships and then finally generative AI embedding intelligence across Uber to enhanced productivity optum.

<unk> is our operations and deliver more personalized consumer experiences youll.

You'll see us invest in these areas with our product our people and our capital in the years ahead.

They are designed to deepen customer relationships grow our technology advantage and to extend the profitability flywheel that we built with.

With strong execution, a unified global platform and unmatched scale. We are building. The next generation of Uber, one that is positioned to create lasting value for many many years ahead.

With that.

Operator, why don't we start questions.

Thank you.

Your first question comes from the line of Doug Anmuth of Jpmorgan. Your line is open.

Thanks for taking the questions.

Can you just talk about the path to increase to 20% of <unk> in markets, where you have mobility and delivery. They use Uber one and can you talk about subscribers of cross platform usage and then could you expand on the recently announced Nvidia and partnership both of you've invested in central PV Tech providers.

We've talked about deploying 100000 vehicles can you talk about the timeline and then who own the fleets in that scenario.

Sure absolutely.

So in terms of cross platform.

And the penetration there.

As we talked about about 20, 20% of consumers, where we operate both mobility and delivery because we don't operate on mobility delivery in every single country that we operate in only 20% of consumers.

Our active across both businesses and for example, 30% of our mobility riders have never tried any uber eats offering and 75% have never tried grocery and retail and typically where we see a higher penetration of about 20%, it's in markets, where mobility and delivery are particularly.

Strong in terms of their penetration Australia would be an example of that.

And so just mathematically the cross platform.

Crossover is higher.

What we have now done what we're doing now is to set of specific programs to drive cross platform behavior. So you.

You will see kind of top tabs and rides and eats app to make it easier to transact across the various businesses.

We're creating like personalized experiences to upsell based on context.

Let's say ROTC eats if youre going to work we will offer you Starbucks on the way to work that's great incremental business for Starbucks.

And it's kind of a delightful experience for you as well.

And then of course membership is a huge factor and deepening kind of our own relationship with consumers. But then also introducing cross platform as well. So all of those are various ways to drive cross platform. The average cross platform consumers spending three times more.

Then kind of mono line consumers. So it's just a mathematical and unique advantage that we have.

I think we're very very early in terms of the innings in terms of driving cross platform.

Cross platform activity is happening naturally.

Again lots of a lot of innovation going on from the teams to make sure that when we target cross platform usage, we're doing with kind of with the right context and not getting in the way of your just order a pizza on a Friday night.

In terms of Nvidia, we're very very excited about the partnership there.

Nvidia is creating with Hyperion.

Like a reference architecture for L four ready.

<unk> L for ready autonomous that theyre going to make available to any OEM out there and if you kind of step back and you think about the strategy a future 10 years from now where every single new car sold is not only <unk> ready if it's a personal car, but it's also our already if you want to contribute back.

Our.

Two a ride sharing platform like ours or Mike.

<unk> those cars as well that has a very bright future for the world because it will make the world safer in terms of these.

Thomas vehicles being Super safe not getting distracted in terms of driving but its also very good for our ecosystem and that we will have already.

Supply of cars on our platform as well.

We are.

Very early but I think that we're quite confident in demonstrating that cars L. For cars that are on our platform can drive higher revenue per car per day.

Then cars that aren't on our platform. So we think that they can video strategy and our strategy is very much aligned we announced the relationship also is still out of this with the.

Initial 5000 vehicles that are going to be powered by Nvidia as well, but.

But we expect that to scale significantly more going forward.

We will use our <unk>.

Again, Nvidia is building the software as well so it's a hardware platform, but in video is also investing in building out <unk> software stack that will be.

Then essentially distributable on any car using the Hyperion 10 platform, which is a great reference arcade architecture.

And then in terms of who's going to own the fleets.

We will we can lean in with our balance sheet early on to kind of establish the economics of these suites, but eventually we think that youre going to have just like you have got these rights owning hotels.

Better yield vehicles, I think that you will see yield vehicles show up for fleets.

In terms of.

Whether they are owned by private equity or public fleets out there. So we can lean in with our balance sheet, but we think that all of these assets are going to be financials over a period of time. So very excited about the partnership obviously if there is one hour you want in the world in terms of AI or autonomous with Nvidia.

Super excited too.

Innovate with them.

Thank you Thompson please sure.

The next question comes from Eric Sheridan with Goldman Sachs. Your line is open.

So much for taking the questions on the delivery side of the business as you continue to widen out the array of what Youre offering users can you talk a little bit about how much of that as a stimulant to new user growth for Uber eats or a driver of increased frequency across the broader platform just dependent understand where the.

What is sort of the output of the yield is showing up in the business and then on the EV side, maybe building on.

Doug's question, where you've rolled out evs today, what have you learned so far with respect to the impact of more supply on the road and how it helps either stimulate demand or impact on the pricing side. Thanks. So much.

Yeah, Hi, Eric It's <unk> I'll take the first part of that on delivery and then let <unk> address the AAV side, we had a we're really thrilled with how the delivery business has accelerated for the third quarter. It's the fastest growth we've seen in four years.

Four points of acceleration and it really.

You're seeing that growth pretty broad across multiple markets and it's coming from investments that we're making in a number of areas on improving improving the product on the grocery and retail side, specifically, we're very excited on how grocery and retail is leading to.

And introduction of folks into the online food delivery as well and we're seeing great growth in there I think we have some data in our supplemental charts that show some of the statistics around that which is which is which is grocery and retail being a source of creating.

Operator: Conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session, and if you would like to ask a question during this time, please press star one on your telephone keypad. I would now like to turn the conference over to Balaji Krishnamurthy, Vice President, Strategic Finance, Investor Relations. You may begin.

For the third quarter, it's the fastest growth we've seen in four years.

Four points of acceleration and it's really.

Consumers for the online food delivery grocery and retail.

Seeing that growth pretty broad across multiple markets and it's coming from investments that we're making in <unk> and a number of areas on improving improving the product on the grocery and retail side specifically.

Great Tam for US I think in the prepared remarks, we mentioned that we're at now a $12 billion run rate with <unk>, which is and it's growing at a meaningfully faster rate than our online food delivery.

Balaji Krishnamurthy: Thank you, Sara. Thank you, everyone, for joining us today, and welcome to Uber's third quarter 2025 earnings presentation. On the call today, we have Uber CEO, Dara Khosrowshahi, and CFO, Prashanth Mahendra-Rajah. During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP and non-GAAP measures, are included in the press release, supplemental slides, and our filings with the SEC, each of which is posted to investor.uber.com. Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may vary, may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law.

We're very excited on how grocery and retail is leading to.

And we will continue to lean into that grocery retail business, which is now variable contribution positive. So it is.

And introduction of folks into the online food delivery as well and we're seeing great growth in there I think we have some data in our supplemental charts that show some of the statistics around that which is which is the live which is grocery and retail being a source of creating.

Helping us carry its own weight with high growth and it really is working quite complementary with delivery and then as Dara just answered in Doug's question. It's at Cross Cross platform strategy that we're working on to help folks move across all three of our <unk>.

Consumers for the online food delivery grocery and retail.

Great Tam for US I think in the prepared remarks, we had mentioned that we're at now a $12 billion run rate with two which is in its growing at a meaningfully faster rate than our online food delivery.

investor.uber.com. Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may vary, may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law.

And then Eric in terms of how avs are affecting the overall business listen it's very very early the biggest scale.

Operations that we've got our with Weibo, and Austin, and Atlanta, and what we are seeing.

And we will continue to lean into that.

So retail business, which is now variable contribution positive so it is.

Is that those markets are growing faster than other U S markets and this is in a Q3, where the U S actually accelerated nicely Q3 over Q2, so the overall U S market is strong, but we're finding that for example growth in Phoenix Austin Atlanta was more than twice the rest of the U S. So that's certainly a good signal.

Helping us carry its own weight with high growth and really is working quite complementary with delivery and then as Dara just answered in Doug's question. It's a cross cross platform strategy that we're working on to help folks move across all three of our lobbies.

Balaji Krishnamurthy: For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks and uncertainties described in our most recent Form 10-K and in other filings made with the SEC. We published our quarterly earnings press release, prepared remarks, and supplemental slides to our investor relations website earlier today, and we ask you to review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara. With that, let me hand it over to Dara.

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks and uncertainties described in our most recent Form 10-K and in other filings made with the SEC. We published our quarterly earnings press release, prepared remarks, and supplemental slides to our investor relations website earlier today, and we ask you to review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara. With that, let me hand it over to Dara.

<unk>.

That has also led to is that drive our earnings and those markets are super Super healthy as well.

And then Eric in terms of how avs are affecting the overall business listen it's very very early the biggest scale.

So in Austin for example, where we have the most <unk> on the ground.

Operations that we've got our with Weibo and Austin and Atlanta, and what we are seeing is that those markets are growing faster than other U S markets. On this this isn't a Q3, whereas the U S actually accelerated nicely Q3 over Q2, so the overall U S market is strong.

However earnings per hour actually outpace the rest of the U S. So whether or not the growth in those markets is correlation or causal.

Dara Khosrowshahi: Thanks, Balaji. Q3 was an outstanding quarter for Uber, driven by a powerful combination of innovation and execution. Trips grew 22%, marking our fastest growth since 2023. Both lines of business accelerated with mobility trips scoring 21%, significantly exceeding our expectations. This top-line strength was fueled by record audience and engagement of 17% and 4%, respectively. Gross bookings grew 21%, while average pricing remained relatively flat. This translated into record adjusted EBITDA and free cash flow, reinforcing our ability to deliver affordability for consumers while generating strong operating leverage. We're expecting more of the same strong performance in Q4, with another quarter of high teens gross bookings growth and low to mid-30s EBITDA growth. In fact, we hit a new record over Halloween weekend, this most recent Halloween, with more than 130 million trips across mobility and delivery, and generating more than $2 billion in gross bookings.

It's too soon to tell but the market certainly look healthy our partnership with Weibo continues to be excellent from an operational standpoint.

But we're finding that for example growth in Phoenix, Austin, Atlanta was more than twice the rest of the U S. So that's certainly good signal.

<unk> utilization is still very very high.

And what we're seeing as an overall market that is healthy as well, which is really good signal as we transition to this hybrid network of.

What that has also led to is that drive our earnings and those markets are super Super healthy as well.

<unk> in human drivers.

So in Austin for example, where we have the most <unk> on the ground.

Yeah.

Alright next question.

The next question comes from Brian Nowak with Morgan Stanley. Your line is open.

Driver earnings per hour actually outpaced the rest of the U S. So whether or not the growth in those markets is correlation or causal.

deliver affordability for consumers while generating strong operating leverage. We're expecting more of the same strong performance in Q4, with another quarter of high teens gross bookings growth and low to mid-30s EBITDA growth. In fact, we hit a new record over Halloween weekend, this most recent Halloween, with more than 130 million trips across mobility and delivery, and generating more than $2 billion in gross bookings.

Thanks for taking my questions I have two one on mobility and one on <unk>.

Too soon to tell but the market certainly look healthy.

Delivery of the first one on mobility the U S business seems to be doing very well again, just I'm just curious for any further color on progress you're making in the urban versus suburban strategy or the spar city strategy that you talked about call. It six or nine months ago sort of drivers of that that growth in that nice centric growth youre seeing in the U S urban.

Our partnership with Weibo continues to be excellent from an operational standpoint.

<unk> utilization is still very very high.

And what we're seeing is an overall.

That's healthy as well, which is really good signal as we transition to this hybrid network of <unk> and human drivers.

Suburban.

And then in food delivery and.

Any color you can give us about the European food delivery business. One of your one of your competitors is going to be entering a couple of those markets potentially a little more aggressively to come how do you sort of think about the key investment areas into 'twenty six youre focused on in the European food delivery business.

Dara Khosrowshahi: While we're proud of what we built, we're even more focused on what comes next. As I often remind the team, great technology companies deliver today while building for tomorrow. To that end, we've defined six strategic areas of focus to guide our next phase. First, from trip experience to lifetime experience. We're deepening engagement across our platform, with cross-platform consumers spending three times more and retaining 35% better than single-product users. Second is building a hybrid future, seamlessly integrating human drivers and autonomous vehicles into a single marketplace, giving us unmatched flexibility and efficiency. Third, investing in local commerce, expanding rapidly into grocery and retail, now at an approximately $12 billion Gross Bookings run rate and growing significantly faster than restaurant delivery. Fourth is multiple gigs. This is broadening earning opportunities for 9.4 million drivers and couriers, including new digital tasks powered by Uber AI Solutions.

While we're proud of what we built, we're even more focused on what comes next. As I often remind the team, great technology companies deliver today while building for tomorrow. To that end, we've defined six strategic areas of focus to guide our next phase. First, from trip experience to lifetime experience. We're deepening engagement across our platform, with cross-platform consumers spending three times more and retaining 35% better than single-product users. Second is building a hybrid future, seamlessly integrating human drivers and autonomous vehicles into a single marketplace, giving us unmatched flexibility and efficiency.

Alright next question.

The next question comes from Brian Nowak with Morgan Stanley. Your line is open.

Thanks for taking my questions I have two one on mobility and one on delivery. The first one on mobility. The U S business seems to be doing very well again.

Okay. Thanks, Thanks, Brian I'm going to handle the first question on mobility, and then Dara will talk about competitors in the food delivery space. So.

Just curious for any further color on progress you're making in the urban versus suburban strategy or the sparse city strategy that you talked about call. It six or nine months ago sort of drivers of that that growth in that nice that trip growth youre seeing in the U S urban versus suburban.

The sparse geography strategy, which we had talked about this originally if you recall. This originally was was an output of the work that we had led on <unk>.

And then in food delivery and.

Third, investing in local commerce, expanding rapidly into grocery and retail, now at an approximately $12 billion Gross Bookings run rate and growing significantly faster than restaurant delivery. Fourth is multiple gigs. This is broadening earning opportunities for 9.4 million drivers and couriers, including new digital tasks powered by Uber AI Solutions.

Focusing on how to increase our delivery business and in that in that analysis and as we began to look at how we can make.

Better progress on delivery, we identified that.

More opportunity for us to continue to push on sparse geographies in the mobility area and the benefit that we're seeing there really is it first it's a very large footprint. So as we look across across the.

Okay. Thanks, Thanks, Brian I'm going to handle the first question on mobility, and then Dara will talk about competitors in the food delivery space. So the the sparse geography strategy, which we had talked about this originally if you recall. This originally was was.

Dara Khosrowshahi: Fifth is becoming a growth engine for merchants, helping our over 1.2 million merchant partners drive significant incremental sales through ads, offers, and new demand channels like Uber Direct, as well as new partnerships. And then finally, Generative AI, embedding intelligence across Uber to enhance productivity, optimize our operations, and deliver more personalized consumer experiences. You'll see us invest in these areas with our product, our people, and our capital in the years ahead. They're designed to deepen customer relationships, grow our technology advantage, and to extend the profitability flywheel that we built. With strong execution, a unified global platform, and unmatched scale, we're building the next generation of Uber, one that's positioned to create lasting value for many, many years ahead. With that, Operator, why don't we start questions?

Fifth is becoming a growth engine for merchants, helping our over 1.2 million merchant partners drive significant incremental sales through ads, offers, and new demand channels like Uber Direct, as well as new partnerships. And then finally, Generative AI, embedding intelligence across Uber to enhance productivity, optimize our operations, and deliver more personalized consumer experiences. You'll see us invest in these areas with our product, our people, and our capital in the years ahead. They're designed to deepen customer relationships, grow our technology advantage, and to extend the profitability flywheel that we built. With strong execution, a unified global platform, and unmatched scale, we're building the next generation of Uber, one that's positioned to create lasting value for many, many years ahead. With that, Operator, why don't we start questions?

The globe here.

Similar for the U S. Our are sparse geographies are actually growing at about one five times the rate of our denser denture market.

An output of the work that we had led on <unk>.

Focusing on how to increase our delivery business and in that in that analysis and as we began to look at how we can make.

And the penetration opportunity in these is sparser market continues to be quite high and we are.

Better progress on delivery, we identified that.

Our rough take is that is that we're.

Maybe.

20, 20% into what the opportunity is on the on the spot market. So still lots of upside there and again thats global numbers, but youre sort of seeing similar demographics for the U S, which I think is where your question was so in focusing on the.

The globe here.

Similar for the U S. Our are sparse geographies are actually growing at about one five times the rate of our denser denture market.

As far as geographies, we're really focused on three areas. It is it is on the expanding the.

Operator: Thank you. Your first question comes from the line of Doug Anmuth of JPMorgan. Your line is open.

The availability of the product increasing the reliability of the product and then ensuring that we have the right product fit for.

And the penetration opportunity in these sparks for market continues to be quite high.

Doug Anmuth: Thanks for taking the questions. Dara, can you just talk about the path to increase the 20% of users used in markets where you have mobility and delivery? They use Uber One and talk about those drivers of cross-platform usage. And then could you expand on the recently announced NVIDIA partnership? Both of you have invested in several AV tech providers. You've also talked about deploying 100,000 vehicles. Can you talk about the timeline and then who will own the fleets in that scenario? Thanks.

Our rough take is that is that.

For example, the wait and save product has been an excellent match for the sparse geographies because typically when you're in a more suburban environment.

Maybe.

20, 20% into what the opportunity is on the on the spot market. So still lots of upside there and again, that's global numbers, but youre sort of seeing similar demographics for the U S, which I think is where your question was so in focusing on the.

You're in a situation, where you don't mind waiting a little bit for you or ride, which gives us the ability to find the right match and to compensate for the lower density of cars, which may be in that market. So all of that is continuing to feed the flywheel and we feel very excited about how it starts geography.

As far as geographies, we're really focused on three areas. It is it is on the expanding the.

Dara Khosrowshahi: Sure, absolutely. So in terms of cross-platform and the penetration there, as we talked about, about 20% of consumers where we operate both mobility and delivery, because we don't operate mobility and delivery in every single country that we operate in, only 20% of consumers are active across both businesses. And for example, 30% of our mobility riders have never tried any Uber Eats offering, and 75% have never tried grocery and retail. And typically where we see a higher penetration of that 20%, it's in markets where mobility and delivery are particularly strong in terms of their penetration. Australia would be an example of that. And so just mathematically, the cross-platform crossover is higher. What we have now done, what we're doing now is to set up specific programs to drive cross-platform behavior.

The availability of the product increasing the reliability of the product and then ensuring that we have the right product fit.

These are going to continue to provide growth for our U S market for for many many quarters to come.

For example, the wait and save product has been an excellent match for the sparse geographies because typically when you're in a more suburban environment.

Hand here now to Dara to talk about the delivery competition environment gas it will be so we are.

Very happy about our position in Europe.

The leading position in Europe.

You're in a situation, where you don't mind waiting a little bit for your ride, which gives us the ability to find the right match and to compensate for the lower density of cars, which may be in that market. So all of that is continuing to feed the flywheel and we feel very excited about how sparse geography.

We have become the number one player in the U K, we've been the number one player in France for some period of time.

Gaining category position very solidly in both Spain, and Germany I was visiting their last.

Last week to visit with the teams and understand a bit more with the about the market.

These are going to continue to provide growth for our U S market for for many many quarters to come.

Momentum in Europe, and the profitability in Europe is excellent.

Listen food is a huge category. It's no surprise this is.

Hand here now to Dara to talk about the delivery competition environment, absolutely. So we are.

Two trillion Tam in food and kind of 10 trillion Tam in grocery so.

Very happy about our positioning in Europe, we've got the leading position in Europe.

Competition is going to be a fact.

We have built our positioning Europe organically in some of our competitors have had to buy their way into.

We have become the number one player in the U K, we've been the number one player in France for some period of time.

Dara Khosrowshahi: So you'll see kind of top tabs and rides and the Uber Eats app to make it easier to transact across the various businesses. We're creating personalized experiences to upsell based on context, let's say rides to Eats. If you're going to work, we'll offer you Starbucks on the way to work. That's great incremental business for Starbucks, and it's kind of a delightful experience for you as well. And then, of course, membership is a huge factor in deepening kind of our own relationship with consumers, but then also introducing cross-platform as well. So all of those are various ways to drive cross-platform. The average cross-platform consumer is spending three times more than kind of monoline consumers. So it's just a mathematical and unique advantage that we have, and I think we're very, very early in terms of the innings in terms of driving cross-platform activity.

So you'll see kind of top tabs and rides and the Uber Eats app to make it easier to transact across the various businesses. We're creating personalized experiences to upsell based on context, let's say rides to Eats. If you're going to work, we'll offer you Starbucks on the way to work. That's great incremental business for Starbucks, and it's kind of a delightful experience for you as well. And then, of course, membership is a huge factor in deepening kind of our own relationship with consumers, but then also introducing cross-platform as well. So all of those are various ways to drive cross-platform. The average cross-platform consumer is spending three times more than kind of monoline consumers. So it's just a mathematical and unique advantage that we have, and I think we're very, very early in terms of the innings in terms of driving cross-platform activity.

European position and Thats always more difficult because it comes with a bunch of integration mess et cetera that we don't have to deal with.

We're gaining category position very solidly in both Spain and Germany.

Visiting their last last week to visit with the teams and understand a bit more with the ABA.

And I think from our standpoint, we're going to do more of the same which is it's all about expanding merchant selection.

The market.

So the momentum in Europe, and the profitability in Europe is excellent.

And improving service improving.

Reliability in terms of delivering the food to you exactly as as expected at the right time.

Food is a huge category, it's no surprise.

To Shirley and Tim in food and kind of 10 trillion Tam in grocery so competition is going to be a fact.

We're going to use the power of the platform to drive cross sell and membership as well.

And then we're going to continue to kind of deepen our partnership with the ecosystem you have seen announcements with open table.

We have built our positioning Europe organically in some of our competitors have had to buy their way into.

The card I food as well in Brazil, not in Europe, obviously, but in Brazil.

European position and Thats always more difficult because it comes with a bunch of integration mess et cetera that we don't have to deal with.

The last thing that I would say is we've competed with a number of these players.

And I think from our standpoint, we're going to do more of the same which is it's all about expanding merchant selection.

Outside of the U S. We compete with door dash in many markets.

And improving service improving.

In Australia, Japan, Canada, we've been gaining category position in those markets for some period of time. So competition against these players is nothing new and certainly in the U S.

Dara Khosrowshahi: It's happening naturally, and again, a lot of innovation going on from the teams to make sure that when we target cross-platform usage, we're doing this kind of with the right context and not getting in the way of you just ordering pizza on a Friday night. In terms of NVIDIA, we are very, very excited about the partnership there. NVIDIA is creating with Hyperion like a reference architecture for L4-ready, L4-ready autonomous that they're going to make available to any OEM out there. And if you kind of step back and you think about the strategy, a future 10 years from now where every single new car sold is not only L3-ready if it's a personal car, but it's also L4-ready if you want to contribute that car to a ride-sharing platform like ours or fleets might buy those cars as well.

It's happening naturally, and again, a lot of innovation going on from the teams to make sure that when we target cross-platform usage, we're doing this kind of with the right context and not getting in the way of you just ordering pizza on a Friday night. In terms of NVIDIA, we are very, very excited about the partnership there. NVIDIA is creating with Hyperion like a reference architecture for L4-ready, L4-ready autonomous that they're going to make available to any OEM out there. And if you kind of step back and you think about the strategy, a future 10 years from now where every single new car sold is not only L3-ready if it's a personal car, but it's also L4-ready if you want to contribute that car to a ride-sharing platform like ours or fleets might buy those cars as well.

Reliability in terms of delivering the food to you exactly as as expected at the right time.

We're going to use the power of the platform to drive cross sell and membership as well.

Europe and the rest of the World, we have been a category gainer for some period of time, while improving profitability and I expect that to continue.

And then we're going to continue to kind of deepen our partnership with the ecosystem you have seen announcements with open table.

The car I food as well in Brazil, not in Europe, obviously, but in Brazil.

Great.

Alright, let's take another question.

The last thing that I'll say is we've competed with a number of these players.

The next question comes from Justin Post with Bank of America. Your line is open.

Outside of the U S. We compete with door dash in many markets.

Great. Thanks for taking my question just would love to hear you talk about.

Australia, Japan, Canada, we've been gaining category position in those markets for some period of time. So competition against these players is nothing new and certainly in the U S.

The margin flow through in the quarter. If you made any extra investments and then second how youre thinking about the investments youre going to need over the next 12 to 18 months to really scale your business and could that impact mobility margins. Thank you.

Europe and the rest of the World, we have been a category gainer for some period of time, while improving profitability and I expect that to continue.

Okay Justin.

Dara Khosrowshahi: That is a very bright future for the world because it'll make the world safer in terms of these autonomous vehicles being super safe, not getting distracted in terms of driving. But it's also very good for our ecosystem in that we will have a ready kind of supply of cars on our platform as well. And we are very early, but I think that we're quite confident in demonstrating that cars, L4 cars that are on our platform, can drive higher revenue per car per day than cars that aren't on our platform. So we think that the NVIDIA strategy and our strategy is very much aligned. We announced the relationship also with Stellantis, with an initial 5,000 vehicles that are going to be powered by NVIDIA as well, but we expect that to scale significantly more going forward.

That is a very bright future for the world because it'll make the world safer in terms of these autonomous vehicles being super safe, not getting distracted in terms of driving. But it's also very good for our ecosystem in that we will have a ready kind of supply of cars on our platform as well. And we are very early, but I think that we're quite confident in demonstrating that cars, L4 cars that are on our platform, can drive higher revenue per car per day than cars that aren't on our platform. So we think that the NVIDIA strategy and our strategy is very much aligned. We announced the relationship also with Stellantis, with an initial 5,000 vehicles that are going to be powered by NVIDIA as well, but we expect that to scale significantly more going forward.

I'll take the first one and I'll, let Derrick comment on that second one there so.

Great.

Alright, let's take another question.

Let's take a step back to reflect on third quarter.

The next question comes from Justin Post with Bank of America. Your line is open.

Our profit our EBITDA was up 33% year over year and as a result, we hit an all time high for margins at four 5% of GBS, which is up roughly 40 bps year over year.

Great. Thanks for taking my question just would love to hear you talk about.

The margin flow through in the quarter, if you've made any extra investments and then second how youre thinking about the investments youre going to need over the next 12 to 18 months to really scale your business and could that impact mobility margins. Thank you.

The outlook for Q4 is pretty consistent another rinse and repeat and we are tracking exactly where we want to be against the three year framework. We gave you in February of 24 and that is mid to high teens gross bookings growth and a high 30% to 40%.

Okay Justin.

I'll take the first one and I'll, let Derrick comment on that second one there so.

Maybe let's take a step back to reflect on third quarter.

EBITDA CAGR.

We really are proud of how we've been able to drive profitable growth at scale here, both mobility and delivery are accelerating and thats accelerating off of a pretty enormous space. So so it is it is tough to say.

Our profit our EBITDA was up 33% year over year and as a result, we hit an all time high for margins at four 5% of GBS, which is up roughly 40 bps year over year.

Dara Khosrowshahi: We will use, again, NVIDIA is building the software as well, so it's a hardware platform, but NVIDIA is also investing in building out L4 software stack that will be then essentially distributable on any car using the Hyperion 10 platform, which is a great reference architecture. And then in terms of who's going to own the fleets, we can lean in with our balance sheet early on to kind of establish the economics of these fleets. But eventually, we think that you're going to have, just like you've got these REITs owning hotels that are yield vehicles, I think that you will see yield vehicles show up for fleets in terms of whether they're owned by private equity or public fleets out there.

We will use, again, NVIDIA is building the software as well, so it's a hardware platform, but NVIDIA is also investing in building out L4 software stack that will be then essentially distributable on any car using the Hyperion 10 platform, which is a great reference architecture. And then in terms of who's going to own the fleets, we can lean in with our balance sheet early on to kind of establish the economics of these fleets. But eventually, we think that you're going to have, just like you've got these REITs owning hotels that are yield vehicles, I think that you will see yield vehicles show up for fleets in terms of whether they're owned by private equity or public fleets out there.

Really defy the law of large numbers and with that with that growth, we're converting that into strong profitability and generating a ton of cash almost $9 billion on a trailing 12 month, which we're reducing to which we're using to reduce share count. So we are very deliberately as we have said for several quarters now we are very.

The outlook for Q4 is pretty consistent another rinse and repeat.

And we are tracking exactly where we want to be against the three year framework. We gave you in February of 24 and that is mid to high teens gross bookings growth and a high 30% to 40%.

Liberally moderating the pace of our margin expansion over.

EBITDA CAGR.

Over the last the last.

Couple of years, we've demonstrated that this enterprise in this business model can be profitable we've taken our for example, we've taken our delivery business from when I joined in late 'twenty three from from like a low 2%.

Dara Khosrowshahi: So we can lean in with our balance sheet, but we think that all these assets are going to be financialized over a period of time. So very excited about the partnership. Obviously, if there's one ally you want in the world in terms of AI or autonomous, it's NVIDIA, and super excited to innovate with them.

So we can lean in with our balance sheet, but we think that all these assets are going to be financialized over a period of time. So very excited about the partnership. Obviously, if there's one ally you want in the world in terms of AI or autonomous, it's NVIDIA, and super excited to innovate with them.

EBITDA margin two to now almost almost four.

The strong profitability and generating a ton of cash almost $9 billion on a trailing 12 month, which we're reducing to which we are using to reduce share count. So we are very deliberately as we have said for several quarters. Now we are very deliberately moderating the pace of our margin expansion.

And that has been through to demonstrate that this is a great business. These are both great businesses.

With that we're now asking investors measure us on total profitability.

Doug Anmuth: Thank you, Dara.

Understand that we are committed to annual profit expansion year over year profit expansion for as far into the future as we can see but we will sort of run the balance between the two product lines and and on a sequential basis to make investments and thats because we.

Dara Khosrowshahi: Sure.

Operator: The next question comes from Eric Sheridan with Goldman Sachs. Your line is open.

Over the last the last.

Eric Sheridan: Thanks so much for taking the questions. On the delivery side of the business, as you continue to widen out the array of what you're offering users, can you talk a little bit about how much of that is a stimulant to new user growth for Uber Eats or a driver of increased frequency across the broader platform, just to better understand where sort of the output of the yield is showing up in the business? And then on the AV side, maybe building on Doug's question, where you've rolled out AVs today, what have you learned so far with respect to the impact of more supply on the road and how it helps either stimulate demand or impact on the pricing side? Thanks so much.

From like a low 2%.

As we've said many times, we have so many exciting opportunities to invest and I won't go through all the big laundry list here, but Dara has already mentioned the exciting things we see on cross platform.

EBITA margin two to now almost almost four.

And that has been through to demonstrate that this is a great business. These are both great businesses.

The investments, we're making in affordability and low cost product offerings is it's partly what is responsible for the acceleration in mobility that we're talking about.

With that we're now asking investors measure us on total profitability.

In some earlier questions, we talked about grocery and retail which are which are being a great source of adding new consumers. So I could go on and on but that's the model and we're excited about the future and I would just continue to remind investors focus on our overall profit dollar expansion and know that we are committed.

Prashanth Mahendra-Rajah: Yeah. Hi, Eric. It's Prashanth. I'll take the first part of that on delivery and then let Dara address the AV side. We're really thrilled with how the delivery business has accelerated for Q3. It's the fastest growth we've seen in four years, four points of acceleration, and you're seeing that growth pretty broad across multiple markets. It's coming from investments that we're making in a number of areas on improving the product. On the grocery and retail side specifically, we're very excited on how grocery and retail is leading to an introduction of folks into the online food delivery as well. And we're seeing great growth, and I think we have some data in our supplemental charts that show some of the statistics around that, which is grocery and retail being a source of creating consumers for the online food delivery.

So many exciting opportunities to invest and I won't go through a big laundry list here, but Dara has already mentioned the <unk>.

To grow that debt on an annual basis for as far into the future as we can see let me let me know.

Exciting things, we see on cross platform.

Relate that among the many exciting investment opportunities to the handoff to Dara to talk about investment opportunities and yes.

The investments, we're making in affordability and low cost product offerings is partly what is responsible for the acceleration in mobility that we're talking about.

Yes, just so just putting some perspective in terms of <unk>.

It is not profitable today and any new products that we.

Introduced into the marketplace starts off in a position, where we're losing money and were unprofitable and the.

Pattern is the same every single time.

Introducing new product invest in building out supply of that product once we invest in building out that supply of that product, we build up liquidity in the ecosystem and as we built up liquidity, we build more consumer demand.

Grow that that on an annual basis for as far into the future as we can see let me let me know relate that among the many exciting investment opportunities to handoff to Dara to talk about investment opportunities and maybe.

Prashanth Mahendra-Rajah: Grocery and retail, it's a great plan for us. I think in the prepared remarks, we may have mentioned that we're now at a $12 billion run rate, and it's growing at a meaningfully faster rate than our online food delivery. We'll continue to lean into that grocery and retail business, which is now variable contribution positive. So it's helping us carry its own weight with high growth and really is working quite complementary with delivery. Then, as Dara just answered in Doug's question, it's that cross-platform strategy that we're working on to help folks move across all three of our LOBs.

Grocery and retail, it's a great plan for us. I think in the prepared remarks, we may have mentioned that we're now at a $12 billion run rate, and it's growing at a meaningfully faster rate than our online food delivery. We'll continue to lean into that grocery and retail business, which is now variable contribution positive. So it's helping us carry its own weight with high growth and really is working quite complementary with delivery. Then, as Dara just answered in Doug's question, it's that cross-platform strategy that we're working on to help folks move across all three of our LOBs.

Liquidity and reliability improves consumer demand improves as does willingness to pay to improve like that we've done at 10 times 15 times over and over again.

Yes, just so just putting some perspective in terms of of ABB.

It is not profitable today and any new products that we.

And if you look at our strategy on the mobility business, it's a bit of a barbell strategy. So we've got kind of Uber X, which is kind of the baseline business and then we have some premium products.

Introduced into the marketplace starts off in a position, where we're losing money and were unprofitable and the.

Pattern is the same every single time.

Like you Furby Uber for business that has premium margins like Black and reserve that also come with premium margins as well and we use those premium margins to invest into.

Introducing new products invest in building up supply of that product once we invest in building out that supply of that product, we built up liquidity in the ecosystem and as we built up liquidity, we build more consumer demand.

Some of the categories that we're trying to build our growth path. For example, so this was taxi. It was two wheelers Moto three wheelers auto Rickshaws in India is Uber X share for example, all of those products.

Liquidity and reliability improves consumer demand improves as does willingness to pay to improve like that we've done at 10 times 15 times over and over again and.

Dara Khosrowshahi: And then, Eric, in terms of how AVs are affecting the overall business, listen, it's very, very early. The biggest scale operations that we've got are with Waymo in Austin and Atlanta. What we are seeing is that those markets are growing faster than other US markets. This is in a Q3 where the US actually accelerated nicely, Q3 over Q2. So the overall US market is strong, but we're finding that, for example, growth in Phoenix, Austin, and Atlanta was more than twice the rest of the US. So that's certainly a good signal. What that has also led to is that driver earnings in those markets are super, super healthy as well. So in Austin, for example, where we have the most AVs on the ground, driver earnings per hour actually outpaced the rest of the US.

And if you look at our strategy on the mobility business, it's a bit of a barbell strategy. So we've got kind of Uber X, which is kind of the baseline business and then we have some premium products.

Have been unprofitable when we launch and as we build out liquidity kind of the profitability of those products improves and frankly, we can turn those profit those products profitable if we want it tomorrow, but it's about the balance of investing in profitability and growth. The same is true of Avi here, which is as we are building.

Like you for B Uber for business that has premium margins like Black add reserve that also come with a premium margins as well and we use those premium margins to invest into.

Our supply base.

We'll lose money and I expect that will be profitable for a few years going forward and as we built liquidity, we can take the margins up.

Right now it is.

It looks exactly like a number of our early product and kind of we can balance the.

Have been unprofitable when we launch and as we build out liquidity kind of the profitability of those products improves and frankly, we can turn those those products profitable if we want it tomorrow, but it's about the balance of investing in profitability and growth. The same is true of Avi here, which is as we are building.

Dara Khosrowshahi: So whether or not the growth in those markets is correlation or causal, it's too soon to tell. But the markets certainly look healthy. Our partnership with Waymo continues to be excellent from an operational standpoint. Waymo utilization is still very, very high. And what we're seeing is an overall market that's healthy as well, which is a really good signal as we transition to this hybrid network of AVs and human drivers. All right, next question.

So whether or not the growth in those markets is correlation or causal, it's too soon to tell. But the markets certainly look healthy. Our partnership with Waymo continues to be excellent from an operational standpoint. Waymo utilization is still very, very high. And what we're seeing is an overall market that's healthy as well, which is a really good signal as we transition to this hybrid network of AVs and human drivers. All right, next question.

Overall margins of our mobility business with this barbell strategy of premium products feeding some of our investment products and feeding some of the new growth paths as it relates to <unk> will also use our balance sheet will kind of invest in that the ecosystem various players.

We will we have established a global fleet network to make sure of that.

Our supply base.

We'll lose money and I expect that <unk> will be profitable for a few years going forward and as we built liquidity, we can take the margins up.

They can claim a car's recharge of cars et cetera.

We're also investing in AAV data collection, a partnership with Nvidia so that.

Right now it is.

Looks exactly like a number of our early products.

We are collecting kind of rideshare specific data that we can provide to our partners as well.

Operator: The next question comes from Brian Nowak with Morgan Stanley. Your line is open.

We can balance.

The overall margins of our mobility business with this barbell strategy of premium products feeding some of our investment products and feeding some of the new growth bets as it relates to AAV will also use our balance sheet will kind of invest in that ecosystem various players.

So this is something we've done multiple times and we expect to run the play again.

Brian Nowak: Thanks for taking my questions. I have two, one on mobility and one on delivery. The first one on mobility, the US business seems to be doing very well again. Just curious for any further color on progress you're making in the urban versus suburban strategy or the sparse city strategy. I think you talked about, call it six or nine months ago, sort of drivers of that growth and that nice trip growth you're seeing in the US, urban versus suburban. And then on food delivery, any color you can give us about the European food delivery business? One of your competitors is going to be entering a couple of those markets potentially a little more aggressively to come. How do you sort of think about the key investment areas into 2026 you're focused on in the European food delivery business? Thanks.

In terms of the barbell strategy that we've got.

Great. Thank you.

Welcome.

<unk>.

The next question comes from Ron Josey with Citi. Your line is open.

We will we have established a global fleet network to make sure of that.

Great. Thanks for taking the question, maybe sticking with the investment team, but to your point on lifetime investments I think in the letter you talked about suggested some short term investments for loyalty gains can you help us understand a little bit more on the royalty gains on the Uber one benefits clearly we've talked about cross platform and then back on U S trip growth, which accelerated affordability.

They can claim the cars recharge of cars et cetera.

And we're also investing in A&P data collection, a partnership with Nvidia so that.

We are collecting kind of rideshare specific data that we can provide to our partners as well.

<unk> totally get it talk to us about insurance rates and then the benefits from newer driver newer writers like seniors in teens. Thank you.

So this is something we've done multiple times and we expect to run the play again.

In terms of the barbell strategy that we've got.

Great. Thank you.

Absolutely. So we're very very happy about our progress and number one I think the last time that we talked to we talked about 36 million members growing at healthy rates that continues.

Prashanth Mahendra-Rajah: Okay, thanks. Thanks, Brian. I'm going to handle the first question on mobility, and then Dara will talk about competitors in the food delivery space. So the sparse geography strategy, which we had talked about, this originally, if you recall, this originally was an output of the work that we had led on focusing on how to increase our delivery business. And in that analysis, and as we began to look at how we can make better progress on delivery, we identified that there was more opportunity for us to continue to push on sparse geographies in the mobility area. And the benefit that we're seeing there really is, first, it's a very large footprint. So as we look across the globe here and similar for the US, our sparse geographies are actually growing at about one and a half times the rate of our denser markets.

You're welcome next question.

The next question comes from Ron Josey with Citi. Your line is open.

Great. Thanks for taking the question, maybe sticking with the investment theme, but to your point on lifetime investments I think in the letter you talked about suggested some short term investments for loyalty gains can you help us understand a little bit more on the royalty gains on the Uber one benefits clearly we've talked about cross platform and then back on U S trip growth, which accelerated affordability.

Penetration of Uber ones in terms of gross bookings, it's about two thirds of gross bookings for our delivery business and continues to increase.

Gross bookings penetration in mobility as well.

And the benefits are there frankly, they're just the best benefits.

<unk> totally get it talk to us about insurance rates and then the benefits from newer driver newer writers like seniors and teams. Thank you.

In the in the industry, you got 6% cashback on rides no delivery fee up to 10% off of orders plus exclusive selection and upgrade to priority delivery, and then kind of surprise and delight other moments as well, but that we give to our members. The other good news for US is that when we look at membership cohorts.

Absolutely. So we're very very happy about our progress and number one I think the last time that we talked to we talked about 36 million members growing at healthy rates that continues.

Penetration of Uber ones in terms of gross bookings, it's about two thirds of gross bookings for our delivery business and continues to increase.

And membership retention, even though remember the number of members is growing very very fast.

The cohorts actually in terms of retention continued to improve especially as we move.

Gross bookings penetration in mobility as well.

A higher percentage of the users from.

And the benefits are there.

Prashanth Mahendra-Rajah: And the penetration opportunity in these sparser markets continues to be quite high. Our rough take is that we're maybe 20% into what the opportunity is on the sparse market. So still lots of upside there. And again, that's global numbers, but you're sort of seeing similar demographics for the US, which I think is where your question was. So in focusing on the sparse geographies, we're really focused on three areas. It is on expanding the availability of the product, increasing the reliability of the product, and then ensuring that we have the right product fit.

And the penetration opportunity in these sparser markets continues to be quite high. Our rough take is that we're maybe 20% into what the opportunity is on the sparse market. So still lots of upside there. And again, that's global numbers, but you're sort of seeing similar demographics for the US, which I think is where your question was. So in focusing on the sparse geographies, we're really focused on three areas. It is on expanding the availability of the product, increasing the reliability of the product, and then ensuring that we have the right product fit.

Frankly, they're just the best benefits.

From monthly passes to annual passes as well and then at the same time, we continued to rollout the program geographically, we're up and we're now in 42 countries versus.

In the in the industry, you got 6% cashback on rides no delivery fee up to 10% off of orders plus exclusive selection and upgrade to priority delivery and then kind of.

Versus 28, a year ago now I would tell you that early on in the initial months when someone becomes a member typically that is profit negative for us because the.

Surprise and delight other moments as well, but that we give to our members. The other good news for US is that when we look at membership cohorts and membership retention, even though remember the number of members is growing very very fast.

The discounts that we offer the member exceed the increment in terms of how much they use the product.

The cohorts actually in terms of retention continued to improve especially as we move.

And or how well we retain them both of those go up.

As the members mature six plus months.

A higher percentage of the users from.

From monthly passes to annual passes as well and then at the same time, we continue to rollout the program geographically, we're up and we're now in 42 countries versus 28, a year ago now I would tell you that early on in the initial months when someone becomes a member typically that is profit.

Then the members actually become profitable as well so in the first six months actually moving somewhat over to membership, especially moving someone who was already a high frequency user is.

Prashanth Mahendra-Rajah: For example, the wait-and-save product has been an excellent match for the sparse geographies because typically, when you're in a more suburban environment, you're in a situation where you don't mind waiting a little bit for your ride, which gives us the ability to find the right match and to compensate for the lower density of cars which may be in that market. So all of that is continuing to feed the flywheel, and we feel very excited about how sparse geographies are going to continue to provide growth for our US market for many quarters to come. I'll hand here now to Dara to talk about the delivery competition environment.

For example, the wait-and-save product has been an excellent match for the sparse geographies because typically, when you're in a more suburban environment, you're in a situation where you don't mind waiting a little bit for your ride, which gives us the ability to find the right match and to compensate for the lower density of cars which may be in that market. So all of that is continuing to feed the flywheel, and we feel very excited about how sparse geographies are going to continue to provide growth for our US market for many quarters to come. I'll hand here now to Dara to talk about the delivery competition environment.

Our net negative we still make money on those members, but it is a net negative in terms of margins and then it becomes a net positive as the power of the platform comes in cross platform comes in and retention kicks in as well. So it's just an example of kind of a near term investments that we make.

Negative for us because the.

The discounts that we offer the member exceeds the increment in terms of how much they use the product.

To drive long term engagement and long term growth.

And or how well we retain them both of those go up.

And the math behind that was.

As the members mature six plus months.

Investments in terms of the lifetime value versus the cost of our member acquisition continues to improve.

Then the members actually become profitable as well so in the first six months actually moving somewhat over to membership, especially moving someone who was already a high frequency user is.

As a result, we're also kind of investing in and more partnerships to <unk>.

Dara Khosrowshahi: Yeah, absolutely. So we are very happy about our position in Europe. We've got the leading position in Europe. We've become the number one player in the UK. We've been the number one player in France for some period of time. We're gaining category position very solidly in both Spain and Germany. I was visiting there last week to visit with the teams and understand a bit more about the market. So the momentum in Europe and the profitability in Europe is excellent. And listen, food is a huge category. It's no surprise. This is a 2 trillion TAM in food and kind of 10 trillion TAM in grocery. So competition is going to be a fact. We have built a position in Europe organically, and some of our competitors have had to buy their way into a European position.

Our membership program with other membership programs, obviously, we have a best in breed program with Amex.

Our net negative we still make money on those members, but its a net negative in terms of margins and then it becomes a net positive as the power of the platform comes in cross platform comes in and retention kicks in as well. So it's just an example of kind of a near term investments that we make.

Consumer plan on spend.

But you're also seeing like exclusive premium table reservations via open table disc.

Discounted or sometimes free clear plus memberships as well so the power of the membership is actually getting stronger as we align with others in the industry as well.

To drive long term engagement and long term growth.

And the math behind that was.

Investments in terms of the lifetime value versus the cost of our member acquisition continues to improve.

Ron I'll take the second part of that question.

Insurance and 2025 really has been a very good year for us in terms of the progress that we've made and maybe before I get into the elements just.

As a result, we're also kind of investing in and more partnerships to <unk>.

A shout out to the cross functional team across Uber U S, who really has helped us in a number of different areas make great progress in 25. So we've always talked about sort of three elements to our insurance strategy and over the course of this year. All three have have really contributed to what I think will.

Our membership program with other membership programs, obviously, we have a best in breed program with Amex.

The consumer platinum spend.

But youre also seeing like exclusive premium table reservations via open table disc.

Dara Khosrowshahi: And that's always more difficult because it comes with a bunch of integration mess, etc., that we don't have to deal with. And I think from our standpoint, we're going to do more of the same, which is it's all about expanding merchant selection and improving service, improving reliability in terms of delivering the food to you exactly as expected at the right time. We're going to use the power of the platform to drive cross-sell and membership as well. And then we're going to continue to kind of deepen our partnership with the ecosystem. You've seen announcements with OpenTable, Instacart, iFood as well in Brazil, not in Europe, obviously, but in Brazil. And I think the last thing that I would say is we've competed with a number of these players outside of the US.

And that's always more difficult because it comes with a bunch of integration mess, etc., that we don't have to deal with. And I think from our standpoint, we're going to do more of the same, which is it's all about expanding merchant selection and improving service, improving reliability in terms of delivering the food to you exactly as expected at the right time. We're going to use the power of the platform to drive cross-sell and membership as well. And then we're going to continue to kind of deepen our partnership with the ecosystem. You've seen announcements with OpenTable, Instacart, iFood as well in Brazil, not in Europe, obviously, but in Brazil. And I think the last thing that I would say is we've competed with a number of these players outside of the US.

Discounted or sometimes free clear plus memberships as well so the power of the membership is actually getting stronger as we align with others in the industry as well.

Beneficial for us in 2006, and as we go forward on the legislation side, we've had a number of great wins in a variety of different areas of Georgia, Nevada, and then most recently I think theres been a bit a bit of press on the wins in California, which which will help specifically reduced the uninsured and underinsured.

Ron I'll take the second part of that question.

Insurance and two.

2025 really has been a very good year for us in terms of the progress that we've made and maybe before I get into the elements just.

Your insured motorists coverage limits.

That are applicable to us from $1 million down to 60000 on an individual basis and 300000 per accident that is that's very beneficial for us in California, and it adds to the momentum that we've seen a number of other states.

On the tech side, we've talked about the the driving insights dashboard and this is a this is a product that the tech team has developed that allows our drivers to get some in.

It will be beneficial for us in 2006 and as we go forward on the legislation side, we've had a number of great wins in a variety of different areas, Georgia, Nevada, and then most recently I think theres been a bit a bit depressed on the wins in California, which which will help specifically reduce the uninsured and.

Dara Khosrowshahi: We compete with DoorDash in many markets, Australia, Japan, Canada, and we've been gaining category position in those markets for some period of time. So competition against these players is nothing new. And certainly in Europe, and the rest of the world, we have been a category gainer for some period of time while improving profitability, and I expect that to continue.

We compete with DoorDash in many markets, Australia, Japan, Canada, and we've been gaining category position in those markets for some period of time. So competition against these players is nothing new. And certainly in Europe, and the rest of the world, we have been a category gainer for some period of time while improving profitability, and I expect that to continue.

Telegent and some performance feedback on what they are driving behavior is doing it helps a lot.

Underinsured motorist coverage limits.

Look them to jackrabbit starts and heartbreaking sharp turns and so forth and by giving them. This feedback we are actually seeing drivers on their own sort of improve.

That are applicable to us from a $1 million down to 60000 on an individual basis and 300000 per accident that is that's very beneficial for us in California, and it adds to the momentum that we've seen a number of other states on the tech side, we've talked about the the driving insights dashboard.

Doug Anmuth: Great.

Dara Khosrowshahi: All right. Let's take another question.

Improve their driving behavior.

Operator: The next question comes from Justin Post with Bank of America. Your line is open.

And it's actually actually we've seen.

We've introduced that visibility to drivers we've seen more miles driven by those in the highest scoring bucket, which is an indicator that folks are adopt adjusting their behavior to be safer drivers and then the sort of the cherry on top of that is we've now introduced advantage mode into select cities and we'll continue to roll that.

Doug Anmuth: Great. Thanks for taking my question. Just would love to hear you talk about the margin flow-through in the quarter, if you made any extra investments. And then second, how you're thinking about the investments you're going to need over the next 12 to 18 months to really scale your AV business, and could that impact mobility margins? Thank you.

Justin Post: Great. Thanks for taking my question. Just would love to hear you talk about the margin flow-through in the quarter, if you made any extra investments. And then second, how you're thinking about the investments you're going to need over the next 12 to 18 months to really scale your AV business, and could that impact mobility margins? Thank you.

And this is a this is a product that the tech team has developed that allows our drivers to get some intelligence in some performance.

Feedback on what their driving behavior is doing it helps the alert them to jackrabbit starts and heartbreaking sharp turns and so forth and by giving them. This feedback we are actually seeing drivers on their own sort of.

[noise] out and advantage mode actually provide some rewards to those drivers who are.

Prashanth Mahendra-Rajah: Okay. Yeah, Justin, I'll take the first one, and I'll let Dara sort of comment on that second one there. So maybe let's take a step back to reflect on third quarter. Our profit, our EBITDA, was up 33% year over year. And as a result, we hit an all-time high for margins at 4.5% of GBs, which is up roughly 40 basis points year over year. The outlook for Q4 is pretty consistent, another rinse and repeat. And we are tracking exactly where we want to be against the three-year framework we gave you in February of 2024. And that is mid to high teens gross bookings growth, and a high 30 to 40% EBITDA CAGR. We really are proud of how we've been able to drive profitable growth at scale here. Both mobility and delivery are accelerating, and that's accelerating off of a pretty enormous base.

The who are who are improving their driving score and then lastly on the on the commercial side.

Prove their driving behavior.

And it's actually actually we've seen.

Having a captive and having a having a a.

After we've introduced that visibility to drivers we've seen more miles driven by those in the highest scoring bucket, which is an indicator that folks are adopt adjusting their behavior to be safer drivers and then the sort of the cherry on top of that is we've now introduced advantage mode into select cities and we'll continue to.

Top class team that is working on the commercial negotiations, we we have the ability to continue to keep our partnerships really added in it.

A stable level and also where need be apply some tension on who holds the risk and who holds the how much profitability. Our partners can share from that and that allows us to keep tension on the cost side. So the result of all these efforts is we expect that we're going to see hundreds of millions of dollars of savings.

Roll that out and advantage mode actually provide some rewards to those drivers who are.

The who are who are improving their driving score.

And we look to pass those savings on to customers through lower fares really across the U S for next year.

And then lastly on the on the commercial side by having a captive been having are having a.

Top class team that is working on the commercial negotiations, we we have the ability to continue to keep our partnerships really at it.

Okay next question.

The next question comes from Ross Sandler with Barclays. Your line is open.

Prashanth Mahendra-Rajah: So it is tough to really defy the law of large numbers. With that growth, we're converting that into the strong profitability and generating a ton of cash, almost $9 billion on a trailing 12 months, which we're using to reduce share count. So we are very deliberately, as we have said for several quarters now, we are very deliberately moderating the pace of our margin expansion. Over the last couple of years, we demonstrated that this enterprise and this business model can be profitable. For example, we've taken our delivery business from when I joined in late 2023, from like a low 2% EBITDA margin to now almost 4%. And that has been through to demonstrate that this is a great business. These are both great businesses.

So it is tough to really defy the law of large numbers. With that growth, we're converting that into the strong profitability and generating a ton of cash, almost $9 billion on a trailing 12 months, which we're using to reduce share count. So we are very deliberately, as we have said for several quarters now, we are very deliberately moderating the pace of our margin expansion. Over the last couple of years, we demonstrated that this enterprise and this business model can be profitable. For example, we've taken our delivery business from when I joined in late 2023, from like a low 2% EBITDA margin to now almost 4%. And that has been through to demonstrate that this is a great business. These are both great businesses.

Hey, guys just wanted to ask about the.

Stable level, and also where need be apply some tension on who holds the risk and Google.

The new multiple gigs initiatives. So what are the some what are some of the areas that youre looking into for <unk>.

How much profitability our partners can share from that and that allows us to keep tension on the cost side. So the result of all these efforts is we expect that we're going to see hundreds of millions of dollars of savings and we look to pass those savings on to customers through lower fares really across the U S for next year.

<unk>, new earning potential.

Stepping back how might this initiative impact things like driver retention or overall profitability.

Hoover compared to just kind of.

Operating only the two areas of earnings that were in today. Thank you.

Okay next question.

The next question comes from Ross Sandler with Barclays. Your line is open.

Yeah, absolutely so.

Just similar to the consumer where we see consumers using multiple platforms they retain better.

Hey, guys just wanted to ask about the.

The new multiple gig initiatives. So we're doing some what are some of the areas that youre looking into for <unk>.

They use are they get embedded with our platform more the same is true for earners, which is to the extent that they use us for delivering and shopping et cetera, or delivering and <unk> mobility.

<unk>, new earning potential.

Prashanth Mahendra-Rajah: With that, we're now asking investors to measure us on total profitability, understand that we are committed to annual profit expansion, year-over-year profit expansion for as far into the future as we can see. We will sort of run the balance between the two product lines and on a sequential basis to make investments. That's because we, as we've said many times, we have so many exciting opportunities to invest in. I won't go through a big laundry list here, but Dara has already mentioned the exciting things we see on cross-platform. The investments we're making in affordability and low-cost product offerings is partly what is responsible for the acceleration in mobility that we're talking about. In some earlier questions, we talked about grocery and retail, which are being a great source of adding new consumers.

With that, we're now asking investors to measure us on total profitability, understand that we are committed to annual profit expansion, year-over-year profit expansion for as far into the future as we can see. We will sort of run the balance between the two product lines and on a sequential basis to make investments. That's because we, as we've said many times, we have so many exciting opportunities to invest in. I won't go through a big laundry list here, but Dara has already mentioned the exciting things we see on cross-platform. The investments we're making in affordability and low-cost product offerings is partly what is responsible for the acceleration in mobility that we're talking about. In some earlier questions, we talked about grocery and retail, which are being a great source of adding new consumers.

Stepping back home right.

This initiative impact things like driver retention or overall profitability.

There they are embedded with the platform, we retain them for longer et cetera.

What what.

Hoover compared to just kind of.

Kind of one way of looking at Uber, Obviously, we are a logistics transformation platform in terms of moving people places or getting anything to your home or getting a truck to to ship your goods. Another way of looking at our platform is that we're platform for work.

Operating only the two areas of earnings that were in today. Thank you.

Yeah, absolutely so.

Just similar to the consumer where we see consumers using multiple platforms they retain better.

The first kind of kind of work that we have gone after its transportation, but we can empower other kinds of work as well, which is what Uber AI solutions is all about.

They use are they get embedded with our platform more the same is true for earners, which is to the extent that they use us for delivering and shopping et cetera, or delivering and and our mobility.

The work that we're doing encompasses training AI models.

There are embedded with the platform, we retain them for longer et cetera.

Two rating, both kind of voice bot audio responses.

What kind.

Kind of one way of looking at Uber, Obviously, we are a logistics transformation platform in terms of moving people places or getting anything to your home or getting a truck to to ship your goods.

Two annotating video from multiple sources.

Prashanth Mahendra-Rajah: So I could go on and on, but that's the model, and we're excited about the future. I would just continue to remind investors, focus on our overall profit dollar expansion, and know that we are committed to grow that on an annual basis for as far into the future as we can see. Let me now relate that among the many exciting investment opportunities to hand off to Dara to talk about investment opportunities in AV.

So I could go on and on, but that's the model, and we're excited about the future. I would just continue to remind investors, focus on our overall profit dollar expansion, and know that we are committed to grow that on an annual basis for as far into the future as we can see. Let me now relate that among the many exciting investment opportunities to hand off to Dara to talk about investment opportunities in AV.

For various players like security cameras and robots for examples we're creating.

Another way of looking at our platform is that we're platform for work.

Judging query response payers across various answers <unk> answers and this kind of work is available to both earners, who are on the platform all around the world.

The first kind of kind of work that we have gone after its transportation, but we can empower other kinds of work as well, which is what Uber AI solutions is all about.

This work done and English and will need it done in Spanish and when you might need to done.

The work that we're doing encompasses training AI models.

In many other languages as well.

Dara Khosrowshahi: Yeah, Justin, so just putting some perspective in terms of AV. AV is not profitable today. Any new product that we introduce into the marketplace starts off in a position where we're losing money and we're unprofitable. The pattern is the same every single time. Introduce a new product, invest in building out supply of that product. Once we invest in building out that supply of that product, we build up liquidity in the ecosystem. As we build up liquidity, we build more consumer demand. As liquidity and reliability improves, consumer demand improves, as does willingness to pay to improve. Like that, we've done it 10 times, 15 times over and over again. If you look at our strategy on the mobility business, it's a bit of a barbell strategy. So we've got kind of UberX, which is kind of the baseline business.

And it's another earnings opportunity for both our earners, who are in place now, but also new orders, who can come to the platforms. Some of the some of the.

Two rating Bruce kind of voice Bot audio responses.

<unk> annotating video from multiple sources.

Rules require Phds for example in physics.

For various players like security cameras and robots for examples we're creating.

In order to get the gig done so to speak in the pay for that kind of work is obviously higher. So this is we think.

Kind of judging query response payers across various answers <unk> answers and this kind of work is available to both earners, who are on the platform all around the world. We need this work done and English and will need it done instead is when you might need to done.

One is it is an opportunity to provide more work as the nature of work changes.

Going forward.

We do think that it will provide more earnings opportunities for orders and kind of which is terrific.

In many other languages as well.

And it's another earnings opportunity for both our earners, who are in place now, but also new orders, who can come to the platforms. Some of the some of the.

And we think this can ultimately be another profitable line of business for us over AI solutions is we're landing a ton of customers.

And if it is it is kind of nascent.

Rules require Phds for example in physics.

Dara Khosrowshahi: We have some premium products like Uber for B, Uber for Business, that has premium margins like Uber Black and Uber Reserve that also come with premium margins as well. We use those premium margins to invest into some of the categories that we're trying to build, our growth bets, for example. This was taxi. It was two-wheelers Moto, three-wheelers auto rickshaws in India. It's UberX Share, for example. All of those products have been unprofitable when we launch. As we build out liquidity, kind of the profitability of those products improves. Frankly, we can turn those products profitable if we want it tomorrow, but it's about the balance of investing, profitability, and growth. The same is true of AV here, which is as we're building out our supply base, we'll lose money in AV.

We have some premium products like Uber for B, Uber for Business, that has premium margins like Uber Black and Uber Reserve that also come with premium margins as well. We use those premium margins to invest into some of the categories that we're trying to build, our growth bets, for example. This was taxi. It was two-wheelers Moto, three-wheelers auto rickshaws in India. It's UberX Share, for example. All of those products have been unprofitable when we launch. As we build out liquidity, kind of the profitability of those products improves. Frankly, we can turn those products profitable if we want it tomorrow, but it's about the balance of investing, profitability, and growth. The same is true of AV here, which is as we're building out our supply base, we'll lose money in AV.

And its operations right now, but the potential that we see is enormous.

In order to get the gig done so to speak in the pay for that kind of work is obviously higher. So this is we think.

Next question please.

The next question comes from John calling Tony with Jefferies. Your line is open.

One is it is an opportunity to provide more work as the nature of work changes.

Going forward.

Great. Thanks for taking my questions.

We do think that it will provide more earnings opportunities for orders and kind of which is terrific.

First can you talk about any key capabilities provided by the toast partnership and how it fits into your broader framework for leveraging partnerships to help drive growth and profitability and second Sean maybe you can talk about the rationale for shifting some of the non-GAAP metrics and for the move.

And we think this can ultimately be another profitable line of business for US <unk> solutions is we're landing a ton of customers.

And if it is it is kind of nascent.

And its operations right now, but the potential that we see is enormous.

From adjusted EBITDA to adjusted operating income specifically does this have any reflection on your ramp in capital investments in the autonomous vehicle space. Thanks.

Next question please.

The next question comes from John Kellum, Tony with Jefferies. Your line is open.

Yeah, absolutely so in terms of toast.

We're very very happy about that partnership they are.

Great. Thanks for taking my questions.

Dara Khosrowshahi: I expect that AV won't be profitable for a few years going forward. As we build liquidity, we can take margins up. Right now, it looks exactly like a number of our early products. And kind of we can balance the overall margins of our mobility business with this barbell strategy of premium products feeding some of our investment products, and feeding some of the new growth bets. As it relates to AV, we'll also use our balance sheet. We'll kind of invest in the AV ecosystem, various players. We have established a global kind of fleet network to make sure that they can clean the cars, recharge the cars, etc. And we're also investing in AV data collection in partnership with NVIDIA so that we are collecting kind of rideshare-specific data that we can provide to our partners as well.

I expect that AV won't be profitable for a few years going forward. As we build liquidity, we can take margins up. Right now, it looks exactly like a number of our early products. And kind of we can balance the overall margins of our mobility business with this barbell strategy of premium products feeding some of our investment products, and feeding some of the new growth bets. As it relates to AV, we'll also use our balance sheet. We'll kind of invest in the AV ecosystem, various players. We have established a global kind of fleet network to make sure that they can clean the cars, recharge the cars, etc. And we're also investing in AV data collection in partnership with NVIDIA so that we are collecting kind of rideshare-specific data that we can provide to our partners as well.

A strategic partner and obviously toast is kind of one of the leading.

Can you talk about any key capabilities provided by the toast partnership and how it fits into your broader framework for leveraging partnerships to help drive growth and profitability.

Point of sale offerings.

On the industry.

What you will see in terms of total is that.

A restaurant that is toast enabled.

And second for Sean maybe you can talk about the rationale for shifting some of the non-GAAP metrics and for the move from adjusted EBITDA to adjusted operating income specifically does this have any reflection on your ramp in capital investments in the autonomous vehicle space. Thanks.

Essentially will be automatically enabled for eats as well.

So the integration between Towson eats is going to be seamless.

<unk> uploads will be seamless picture uploads will be seamless.

We're actually using the data the restaurant data that toast is empowering and then moving that data.

Yeah, absolutely so in terms of toast.

Very very happy about that partnership they are.

Directly across two breweries.

A strategic partner and obviously toast is kind of one of the leading.

It's got a simplified kind of setting up your operation on <unk>, it's going to simplify how you market on east and it's going to.

Point of sale offerings.

On the industry.

What you will see in terms of toast is that.

Save a bunch of time for those.

A restaurant that is toast enabled.

Those entrepreneurs, who are building out our restaurant ecosystem. So I think it's just going to be a more seamless integrated experience that gives restaurants, a lot more control a lot more flexibility and allows them to launch on eats immediately.

Essentially will be automatically enabled for eats as well.

Dara Khosrowshahi: So this is something we've done multiple times, and we expect to run the play again in AV in terms of the barbell strategy that we've got.

So this is something we've done multiple times, and we expect to run the play again in AV in terms of the barbell strategy that we've got.

So the integration between Towson eats is going to be seamless.

<unk> uploads will be seamless picture uploads will be seamless.

Doug Anmuth: Great. Thank you.

Justin Post: Great. Thank you.

Dara Khosrowshahi: Thank you, Justin.

Doug Anmuth: You're welcome.

Justin Post: You're welcome.

We are also hoping to help toast grow its international presence outside of the U S. Obviously, they are very very strong in the U S. Our footprint outside of the U S. As you know is much more mature. So we think this is kind of a win win for us It gives us.

Dara Khosrowshahi: Next question.

So we are actually using the data the restaurant data that toast is empowering and then moving that data.

Operator: The next question comes from Ron Josey with Citi. Your line is open.

Doug Anmuth: Great. Thanks for taking the question. Maybe sticking with the investment theme, but Dara to your point on lifetime investments, I think in the letter you talked about suggested some short-term investments for loyalty gains. Can you help us understand a little bit more on these loyalty gains, on the Uber One benefits? Clearly, we've talked about cross-platform. And then back on US trip growth, which accelerated affordability, the barbell approach, totally get it. Talk to us about insurance rates and then the benefits from newer drivers or newer riders like seniors and teens. Thank you.

Ron Josey: Great. Thanks for taking the question. Maybe sticking with the investment theme, but Dara to your point on lifetime investments, I think in the letter you talked about suggested some short-term investments for loyalty gains. Can you help us understand a little bit more on these loyalty gains, on the Uber One benefits? Clearly, we've talked about cross-platform. And then back on US trip growth, which accelerated affordability, the barbell approach, totally get it. Talk to us about insurance rates and then the benefits from newer drivers or newer riders like seniors and teens. Thank you.

Directly across two breweries.

It's got a simplified kind of setting up your operation on <unk>, it's going to simplify how you market on east and it's going to.

More footprint across the <unk> ecosystem.

And then for toast that helps them grow outside of the U S as well.

Save a bunch of time for those.

First of all if you want to take a second yeah.

Those entrepreneurs, who are building out our restaurant ecosystem. So I think it's just going to be a more seamless integrated experience that yields restaurants a lot.

So yes, thanks for the question John.

So the rationale really is a reflection just as as we as a company grow in size scale and maturity, we want to provide investors with with metrics that allow for better comparability across the alternative options. They have on on where to put their clients' capital.

More control a lot more flexibility and allows them to launch on eats immediately.

Dara Khosrowshahi: Yeah, absolutely. So we're very, very happy about our progress in Uber One. I think the last time that we talked to you, we talked about 36 million members growing at healthy rates. That continues. So the penetration of Uber One's in terms of gross bookings, it's about 2/3 of gross bookings for our delivery business and continues to increase its gross bookings penetration in mobility as well. And the benefits are frankly, they're just the best benefits in the industry. You got 6% cash back on rides, no delivery fee, up to 10% off of orders, plus exclusive selection and upgrade to priority delivery, and then kind of surprise and delight other moments as well that we give to our members.

And moving to a adjusted EPS model really allows for that that ease of compare and it reflects that.

More footprint across the <unk> ecosystem.

And then for toast that helps them grow outside of the U S as well.

Management team understand that there are real costs that come from depreciation from from some of the software amortization stock based comp et cetera that need to be reflected in <unk>.

Well, if you want to take the second so.

So yes, thanks for the question John.

The cost of our running the business as well as including really the benefits that come with reducing share count from returning the cash that this enterprise is generating two two shareholders bye bye.

Dara Khosrowshahi: The other good news for us is that when we look at membership cohorts and membership retention, even though the number of members is growing very, very fast, the cohorts actually in terms of retention continue to improve, especially as we move a higher percentage of the users from monthly passes to annual passes as well. At the same time, we continue to roll out the program geographically. We're now in 42 countries versus 28 a year ago. Now, I would tell you that early on in the initial months when someone becomes a member, typically that is profit negative for us because the discounts that we offer the member exceed the increment in terms of how much they use the product and/or how well we retain them. Both of those go up. As the members mature, six-plus months, then the members actually become profitable as well.

The other good news for us is that when we look at membership cohorts and membership retention, even though the number of members is growing very, very fast, the cohorts actually in terms of retention continue to improve, especially as we move a higher percentage of the users from monthly passes to annual passes as well. At the same time, we continue to roll out the program geographically. We're now in 42 countries versus 28 a year ago. Now, I would tell you that early on in the initial months when someone becomes a member, typically that is profit negative for us because the discounts that we offer the member exceed the increment in terms of how much they use the product and/or how well we retain them. Both of those go up. As the members mature, six-plus months, then the members actually become profitable as well.

And moving to a adjusted EPS model really allows for that that he's a compare and it reflects that.

Repurchasing our shares so nothing more to it than really I think it's a journey that all companies go through as they.

As they scale and become more meaningful in an investor's portfolio and then personally I think as as CFO I like having the lob leaders held to.

<unk> team understand that there are real costs that come from depreciation from from some of the software amortization stock based comp et cetera that need to be reflected in <unk>.

<unk> operating income because there are choices that they make on for example talent decisions and location decisions, which can impact costs, such as stock based compensation or depreciation and those are real cost to the business and it helps to have that also in their consideration as they think about where they are.

Repurchasing our shares so nothing more to it than really I think it's a journey that all companies go through as they as they scale and become more meaningful in an investor's portfolio and then personally I think as as CFO I like having the <unk> leader.

Want to make the investments to continue to drive topline growth, but being mindful of our of our commitments to continue to grow profitability. So it's really just a I think the appropriate evolution for the company given where we are.

Alright.

The last question please.

<unk> held to.

The last question comes from Nicole <unk> with Bernstein. Your line is open.

Dara Khosrowshahi: So in the first six months, actually moving someone over to membership, especially moving someone who is already a high-frequency user, is a net negative. We still make money on those members, but it's a net negative in terms of margins. And then it becomes a net positive as the power of the platform comes in, cross-platform comes in, and retention kicks in as well. So it's just an example of kind of a near-term investment that we make to drive long-term engagement and long-term growth. And the math behind those investments in terms of the lifetime value versus the cost of a member acquisition continues to improve. As a result, we're also kind of investing in more partnerships to align our membership program with other membership programs. Obviously, we have a best-in-breed program with Amex, the consumer Platinum Spend.

So in the first six months, actually moving someone over to membership, especially moving someone who is already a high-frequency user, is a net negative. We still make money on those members, but it's a net negative in terms of margins. And then it becomes a net positive as the power of the platform comes in, cross-platform comes in, and retention kicks in as well. So it's just an example of kind of a near-term investment that we make to drive long-term engagement and long-term growth. And the math behind those investments in terms of the lifetime value versus the cost of a member acquisition continues to improve. As a result, we're also kind of investing in more partnerships to align our membership program with other membership programs. Obviously, we have a best-in-breed program with Amex, the consumer Platinum Spend.

Hi, there. Thank you for taking my question I had a couple. Please so first I wanted to follow up on the strong results in mobility and I'm. Just wondering did the upside primarily come from the moderation in insurance pressure or were there other network improvements that unlocked the growth in the quarter as well I think the letter talks about driver supply.

Want to make the investments to continue to drive top line growth, but being mindful of our of our commitments to continue to grow profitability. So it's really just I think the appropriate evolution for the company given where we are.

And product update so just trying to understand the relative contribution from those additional factors and how they might continue to stack in your favor into 'twenty.

Alright.

Last question please.

And then my second question is on Evs Dara can you speak a little bit about the scale and quality of real world data that youre able to contribute it seems like that's a core constrained for a lot of companies.

The last question comes from Nicole <unk> with Bernstein. Your line is open.

And you can help chip away at that problem. So I'm curious to hear how you're going about tackling that thank you.

Yes, Thanks, Nicole I'll take the first one.

Dara Khosrowshahi: But you're also seeing exclusive premium table reservations via OpenTable, discounted, or sometimes free Clear Plus memberships as well. So the power of the membership is actually getting stronger as we align with others in the industry as well.

But you're also seeing exclusive premium table reservations via OpenTable, discounted, or sometimes free Clear Plus memberships as well. So the power of the membership is actually getting stronger as we align with others in the industry as well.

And it's very specific to mobility growth I believe is where you were asking so.

The business is doing really well look at the investments we've made.

And product update so just trying to understand the relative contribution from those additional factors and how they might continue to stack in your favor into 'twenty six.

Have are are starting to come through at a great rate to the marketplace trends are strong the product innovation is giving us conviction.

Prashanth Mahendra-Rajah: Ron, I'll take the second part of that question on insurance. 2025 really has been a very good year for us in terms of the progress that we've made. Maybe before I get into the elements, just a shout-out to the cross-functional team across Uber US, who really has helped us in a number of different areas make great progress in 2025. We've always talked about sort of three elements to our insurance strategy. Over the course of this year, all three have really contributed to what I think will be beneficial for us in 2026 and as we go forward. On the legislation side, we've had a number of great wins in a variety of different areas, Georgia, Nevada.

And then my second question is on Evs Dara can you speak a little bit about the scale and quality of the real world data that youre able to contribute it seems like that's a core constrained for a lot of companies.

I think what what we would like investors to really focus on is this growth is trip sled and that is the healthiest way to grow the business because it comes from expanding our audience and mobility audience hit 150, almost 150 million users that is a all time high for us.

And you can help chip away at that problem. So I'm curious to hear how you're going about tackling that thank you.

Yes, Thanks, Nicole I'll take the first one.

And it's very specific to mobility growth I believe is where you were asking so.

Our frequency growth was also very strong. So together you are seeing the right drivers behind it.

The business is doing really well look at the investments we've made.

And it's coming from great growth on the core.

Have are are starting to come through at a great rate to the marketplace trends are strong the product innovation is giving us conviction.

Well as the new product portfolio. So.

We still feel very confident as we look to 2026 and beyond I mean, the metric that we that keeps us excited is for.

I think what what we would like investors to really focus on is this growth is trip sled and that is the healthiest way to grow the business because it comes from expanding our audience and mobility.

Prashanth Mahendra-Rajah: And then most recently, I think there's been a bit of press on the wins in California, which will help specifically reduce the uninsured and underinsured motorist coverage limits that are applicable to us from $1 million down to $60,000 on an individual basis and $300,000 per accident. That's very beneficial for us in California, and it adds to the momentum that we've seen in a number of other states. On the tech side, we've talked about the Driving Insights dashboard. And this is a product that the tech team has developed that allows our drivers to get some intelligence and some performance feedback on what their driving behavior is doing. It helps alert them to jackrabbit starts and hard braking, sharp turns, and so forth. And by giving them this feedback, we are actually seeing drivers on their own sort of improve their driving behavior.

And then most recently, I think there's been a bit of press on the wins in California, which will help specifically reduce the uninsured and underinsured motorist coverage limits that are applicable to us from $1 million down to $60,000 on an individual basis and $300,000 per accident. That's very beneficial for us in California, and it adds to the momentum that we've seen in a number of other states. On the tech side, we've talked about the Driving Insights dashboard. And this is a product that the tech team has developed that allows our drivers to get some intelligence and some performance feedback on what their driving behavior is doing. It helps alert them to jackrabbit starts and hard braking, sharp turns, and so forth. And by giving them this feedback, we are actually seeing drivers on their own sort of improve their driving behavior.

For example, looking at our top 10 markets only 10% of the adult population uses Uber on a monthly basis. So we have we continue to see great opportunity to continue to penetrate the Tam and I think Dara has made reference to our barbell strategy and maybe just to help.

<unk> hit 150, almost 150 million users that is a all time high for us.

Our frequency growth was also very strong. So together you are seeing the right drivers behind it.

Put that in perspective.

We're X, which is really the core engine of our growth represents sort of about two thirds of our trips. So when you look at the wins you see you see the investments we've made in product innovation on the low cost such as the modal product wait and save the shuttle that we're running in New York shared <unk>.

And it's coming from great growth on the core.

Well as the new product portfolio. So.

We still feel very confident as we look to 2026 and beyond I mean, the metric that we that keeps us excited is for.

All of those are making uber more accessible to a to a broader population and helping us onboard new users, which is behind some of that audience growth and then the investments that we're making in premium which include the comfort. The black I think we've made mention that we are working to launch.

Put that in perspective.

<unk> X, which is really the core engine of our growth represents sort of about two thirds of our trips. So when you look at the wins you see you see the investments we've made in product product innovation on the low cost such as the modal product wait and save the shuttle that we're running in New York shared ride.

Prashanth Mahendra-Rajah: Actually, we've seen after we've introduced that visibility to drivers, we've seen more miles driven by those in the highest scoring bucket, which is an indicator that folks are adjusting their behavior to be safer drivers. Then sort of the cherry on top of that is we've now introduced Advantage Mode into select cities, and we'll continue to roll that out. Advantage Mode actually provides some rewards to those drivers who are improving their driving score. Then lastly, on the commercial side, by having a captive and having a top-class team that is working on the commercial negotiations, we have the ability to continue to keep our partnerships really at a stable level. Also, where need be, apply some tension on who holds the risk and who holds how much profitability our partners can share from that.

Actually, we've seen after we've introduced that visibility to drivers, we've seen more miles driven by those in the highest scoring bucket, which is an indicator that folks are adjusting their behavior to be safer drivers. Then sort of the cherry on top of that is we've now introduced Advantage Mode into select cities, and we'll continue to roll that out. Advantage Mode actually provides some rewards to those drivers who are improving their driving score. Then lastly, on the commercial side, by having a captive and having a top-class team that is working on the commercial negotiations, we have the ability to continue to keep our partnerships really at a stable level. Also, where need be, apply some tension on who holds the risk and who holds how much profitability our partners can share from that.

<unk> elite product in the in the next quarter or two all of those help us to balance that best overall profitability do allow us to continue to drive the margin expansion. So overall, we feel great about the growth and then sort of more specifically if if we think.

What happened in third quarter.

I would tell you that.

It was.

On the trip side we.

Had we had good growth internationally, Latam and APAC and we also had a great European summer travel that really helped out on trips and then just in terms of helping you bridge from the.

<unk> elite product in the in the next quarter or two all of those help us to balance that that overall profitability do allow us to continue to drive the margin expansion. So overall, we feel great about the growth and then sort of more specifically if if we think about.

<unk>.

Hi trip growth of 21% to 19% of GDP growth as I mentioned.

That growth internationally that puts a little bit of mixed pressure down because obviously a trips outside the U S and Canada are at a lower price points, so that puts a little bit of pressure as well. So I wouldn't really characterize what we saw in Q3 as as one off we are.

What happened in third quarter.

I would tell you that it was.

Prashanth Mahendra-Rajah: That allows us to keep tension on the cost side. So the result of all these efforts is we expect that we're going to see hundreds of millions of dollars of savings. And we look to pass those savings on to customers through lower fares really across the US for next year.

That allows us to keep tension on the cost side. So the result of all these efforts is we expect that we're going to see hundreds of millions of dollars of savings. And we look to pass those savings on to customers through lower fares really across the US for next year.

On the trip side we.

Had we had good growth internationally, Latam and APAC and we also had a great European summer travel that really helped out on trips and then just in terms of helping you bridge from.

Were now entering our busiest quarter Dara already made opening comments on what a spectacular weekend, we had for Halloween. So we feel good that that 2026 is going to be another great year for Uber and we'll continue to to be a business that has that is.

The high trip growth of 21% to 19% of GP growth as I mentioned.

Dara Khosrowshahi: Next question.

Operator: The next question comes from Ross Sandler with Barclays. Your line is open.

The ability to generate.

That growth internationally that puts a little bit of mixed pressure down because obviously a trips outside the U S and Canada are at a lower price point, so that puts a little bit of pressure as well. So I wouldn't really characterize what we saw in Q3 as as one off.

Hi, Mitch.

To high teens growth convert that into great profitability convert that into great cash and then use that to reduce share count and and that's the model we want people to get behind.

Brian Nowak: Hey, guys. Just wanted to ask about the new multiple gigs initiative. So what are some of the areas that you're looking into for new work, new earning potential? And stepping back, how might this initiative impact things like driver retention or overall profitability for Uber compared to just kind of operating only the two areas of earnings that we're in today? Thank you.

Ross Sandler: Hey, guys. Just wanted to ask about the new multiple gigs initiative. So what are some of the areas that you're looking into for new work, new earning potential? And stepping back, how might this initiative impact things like driver retention or overall profitability for Uber compared to just kind of operating only the two areas of earnings that we're in today? Thank you.

Great and then in terms of a visa and collection of real World data, we are collecting real world data as we speak.

Were now entering our busiest quarter Dara already made.

The advantage that we have as we already run a rideshare network and it's essentially.

Opening comments on what a spectacular weekend, we had for Halloween. So we feel good that that 2026 is going to be another great year for Uber and we will continue to to be a business that has that ability to have the ability to generate high.

Putting a vehicle in place that is appropriate for collection of this real world data and as you can expect.

The ride share use case is particular in terms of pickups and drop offs or the commonality of pickups and drop offs stadiums airports et cetera.

Dara Khosrowshahi: Yeah, absolutely. So just similar to the consumer where we see consumers using multiple platforms, they retain better, they get embedded with our platform more. The same is true for earners, which is to the extent that they use it for delivering and shopping, etc., or delivering and/or mobility, they're embedded with the platform, retain them for longer, etc. Kind of one way of looking at Uber, obviously we are a logistics transformation platform in terms of moving people places or getting anything to your home or getting a truck to ship your goods. Another way of looking at our platform is that we're a platform for work. And the first kind of work that we have gone after is transportation, but we can empower other kinds of work as well, which is what Uber AI Solutions is all about.

Mid to high teens growth convert that into great profitability convert that into great cash and then use that to reduce share count and thats. The model, we want people to get behind.

We have obviously, we're working very closely with our partners and the feedback that we're getting from them in terms of the value of the data and trading their model is very very positive.

Great and then in terms of Avs and collection of real World data, we are collecting real world data as we speak.

And then the Nvidia announcement for us as a marker to really scale. The operations here. We are looking into building out a more robust sensor staff FERC ample to get higher definition data quality across both camera and lidar for some of our partners.

So we have as we already run a rideshare network and it's essentially.

Putting a vehicle in place that is appropriate for collection of this real world data and as you can expect.

The ride share use case is particular in terms of pickups and drop offs or the commonality of pickups and drop offs stadiums airports et cetera.

And we're not really restricted by scale.

Because it's either vehicle or its a sensor suite that we can talk we can put on top of these vehicles. We've got for example.

We have obviously, we're working very closely with our partners and the feedback that we're getting from them in terms of the value of the data and trading their model is very very positive.

Probably work with some of our fleet partners as well as some IC drivers as well.

So this is something that we can scale up essentially as much as we as as we desire in partnership with Nvidia and our other partners.

Dara Khosrowshahi: The work that we are doing encompasses training AI models to rating both kind of voice bot audio responses to annotating videos from multiple sources for various players like security cameras and robots, for example, or creating kind of judging query response pairs across various answers, AI answers. This kind of work is available to both earners who are on the platform all around the world. We need this work done in English, and we'll need it done in Spanish, and we might need it done in many other languages as well. It's another earnings opportunity for both our earners who are in place now, but also new earners who can come to the platforms. Some of the roles require PhDs, for example, in physics in order to get the gig done, so to speak. The pay for that kind of work is obviously higher.

The work that we are doing encompasses training AI models to rating both kind of voice bot audio responses to annotating videos from multiple sources for various players like security cameras and robots, for example, or creating kind of judging query response pairs across various answers, AI answers. This kind of work is available to both earners who are on the platform all around the world. We need this work done in English, and we'll need it done in Spanish, and we might need it done in many other languages as well. It's another earnings opportunity for both our earners who are in place now, but also new earners who can come to the platforms. Some of the roles require PhDs, for example, in physics in order to get the gig done, so to speak. The pay for that kind of work is obviously higher.

As well.

And again.

We think that between the Hyperion hardware platform and video working on El for themselves. The multiple partnerships that we have both in terms of mobility and delivery on a V and now our ability to collect data and then the Sim capabilities for many of these partners are much stronger in terms of collect.

And we're not really restricted by scale.

Because it's either a vehicle or its a sensor suite that we can talk we can put on top of these vehicles. We've got for example, we will probably work with some of our fleet partners as well as some IC drivers as well.

One piece of data.

And then running thousands of scenarios from that core piece of data, we think thats a terrific combination to bring <unk> to market as quickly as possible and obviously on the on the Uber platform. So very excited about the possibilities here.

This is something that we can scale up essentially as much as we as we desire in partnership with Nvidia and our other partners.

As well.

And again.

Alright.

We think that between the Hyperion hardware platform and video working on El for themselves. The multiple partnerships that we have both in terms of mobility and delivery on a V and now our.

Thank you very much. Thank you for your questions and thanks, everyone for joining us.

Answer the Uber teams great quarter in terms of growth, both topline and Bottomline.

And hopefully more to come thanks, everyone talk to you soon.

Our ability to collect data and then the Sim capabilities for many of these partners are much stronger in terms of collecting one piece of data.

Dara Khosrowshahi: So this is, we think, one. It is an opportunity to provide more work as the nature of work changes going forward. We do think that it will provide more earnings opportunities for earners, which is terrific. We think this can ultimately be another profitable line of business for us. Uber AI Solutions, we're landing a ton of customers, and it is kind of nascent in its operations right now, but the potential that we see is enormous. Next question, please.

So this is, we think, one. It is an opportunity to provide more work as the nature of work changes going forward. We do think that it will provide more earnings opportunities for earners, which is terrific. We think this can ultimately be another profitable line of business for us. Uber AI Solutions, we're landing a ton of customers, and it is kind of nascent in its operations right now, but the potential that we see is enormous. Next question, please.

This concludes today's conference call. Thank you for joining you may now disconnect.

Alright.

Thank you very much. Thank you for your questions and thanks, everyone for joining us.

Answer the Uber teams great quarter in terms of growth, both topline and Bottomline.

And hopefully more to come thanks, everyone talk to you soon.

This concludes today's conference call. Thank you for joining you may now disconnect.

Operator: The next question comes from John Colantuoni with Jefferies. Your line is open.

Yeah.

Doug Anmuth: Great. Thanks for taking my questions. First, can you talk about any key capabilities provided by the Toast partnership and how it fits into your broader framework for leveraging partnerships to help drive growth and profitability? And second, Prashanth, maybe you can talk about the rationale for shifting some of the non-GAAP metrics and for the move from adjusted EBITDA to adjusted operating income specifically. Does this have any reflection on your ramp in capital investments in the autonomous vehicle space? Thanks.

John Colantuoni: Great. Thanks for taking my questions. First, can you talk about any key capabilities provided by the Toast partnership and how it fits into your broader framework for leveraging partnerships to help drive growth and profitability? And second, Prashanth, maybe you can talk about the rationale for shifting some of the non-GAAP metrics and for the move from adjusted EBITDA to adjusted operating income specifically. Does this have any reflection on your ramp in capital investments in the autonomous vehicle space? Thanks.

Yeah.

Dara Khosrowshahi: Yeah, absolutely. So in terms of Toast, we're very, very happy about that partnership. They are a strategic partner. And obviously, Toast is kind of one of the leading point-of-sale offerings in the industry. What you will see in terms of Toast is that a restaurant that is Toast-enabled essentially will be automatically enabled for Eats as well. So the integration between Toast and Eats is going to be seamless. Menu uploads will be seamless. Picture uploads will be seamless. So we're actually using the data, the restaurant data that Toast is empowering, and then moving that data directly across to Uber Eats. It's going to simplify kind of setting up your operation on Eats. It's going to simplify how you market on Eats, and it's going to kind of save a bunch of time for those entrepreneurs who are building out our restaurant ecosystem.

Dara Khosrowshahi: So I think it's just going to be a more seamless integrated experience that gives restaurants a lot more control, a lot more flexibility, and allows them to launch on Eats immediately. We are also hoping to help Toast grow its international presence outside of the US. Obviously, they're very, very strong in the US. Our footprint outside of the US, as you know, is much more mature. So we think this is kind of a win-win. For us, it gives us more footprint across the Toast ecosystem. And then for Toast, it helps them grow outside of the US as well. Prashanth, do you want to take the second?

So I think it's just going to be a more seamless integrated experience that gives restaurants a lot more control, a lot more flexibility, and allows them to launch on Eats immediately. We are also hoping to help Toast grow its international presence outside of the US. Obviously, they're very, very strong in the US. Our footprint outside of the US, as you know, is much more mature. So we think this is kind of a win-win. For us, it gives us more footprint across the Toast ecosystem. And then for Toast, it helps them grow outside of the US as well. Prashanth, do you want to take the second?

Prashanth Mahendra-Rajah: Yeah, thanks. So yeah, thanks for the question, John. So the rationale really is a reflection just as we as a company grow in size, scale, and maturity, we want to provide investors with metrics that allow for better comparability across the alternative options they have on where to put their clients' capital. And moving to an adjusted EPS model really allows for that ease of compare. And it reflects that we as a management team understand that there are real costs that come from depreciation, from some of the software amortization, the stock-based comp, etc., that need to be reflected in the cost of running the business, as well as including really the benefits that come with reducing share count from returning the cash that this enterprise is generating to shareholders by repurchasing our shares.

Prashanth Mahendra-Rajah: So nothing more to it than really. I think it's a journey that all companies go through as they scale and become more meaningful in an investor portfolio. Then personally, I think as CFO, I like having the LOB leaders held to an adjusted operating income because there are choices that they make on, for example, talent decisions and location decisions, which can impact costs such as stock-based compensation or depreciation. And those are real costs to the business. And it helps to have that also in their consideration as they think about where they want to make their investments to continue to drive top-line growth, but being mindful of our commitments to continue to grow profitability. So it's really just, I think, the appropriate evolution for the company given where we are.

So nothing more to it than really. I think it's a journey that all companies go through as they scale and become more meaningful in an investor portfolio. Then personally, I think as CFO, I like having the LOB leaders held to an adjusted operating income because there are choices that they make on, for example, talent decisions and location decisions, which can impact costs such as stock-based compensation or depreciation. And those are real costs to the business. And it helps to have that also in their consideration as they think about where they want to make their investments to continue to drive top-line growth, but being mindful of our commitments to continue to grow profitability. So it's really just, I think, the appropriate evolution for the company given where we are.

Dara Khosrowshahi: All right. We'll take the last question, please.

Operator: The last question comes from Nikhil Devnani with Bernstein. Your line is open.

Nikhil Devnani: Hi there. Thank you for taking my question. I had a couple, please. So first, I wanted to follow up on the strong results in mobility. And I'm just wondering, did the upside primarily come from the moderation and insurance pressure, or were there other network improvements that unlocked the growth in the quarter as well? I think the letter talks about driver supply and product uptake. So just trying to understand the relative contribution from those additional factors and how they might continue to stack in your favor into 2026. And then my second question is on AVs. Dara, can you speak a little bit about the scale and quality of real-world data that you're able to contribute? It seems like that's a core constraint for a lot of AV companies, and you can help chip away at that problem.

Nikhil Devnani: So I'm curious to hear how you're going about tackling that. Thank you.

So I'm curious to hear how you're going about tackling that. Thank you.

Prashanth Mahendra-Rajah: Yeah. Thanks, Nikhil. I'll take the first one. And it's very specific to mobility growth, I believe, is where you were asking. So the business is doing really well. Look, the investments we've made are starting to come through at a great rate. The marketplace trends are strong. The product innovation is giving us conviction. I think what we would like investors to really focus on is this growth is trips-led. And that is the healthiest way to grow the business because it comes from expanding our audience. Mobility audience hit almost 150 million users. That is an all-time high for us. Our frequency growth was also very strong. So together, you're seeing the right drivers behind it. And it's coming from great growth on the core as well as the new product portfolio. So we still feel very confident as we look to 2026 and beyond.

Prashanth Mahendra-Rajah: I mean, the metric that keeps us excited is, for example, looking at our top 10 markets, only 10% of the adult population uses Uber on a monthly basis. So we continue to see great opportunity to continue to penetrate the TAM. And I think Dara has made reference to our barbell strategy. And maybe just to help put that in perspective, UberX, which is really the core engine of our growth, represents sort of about 2/3 of our trips. So when you look at the wings, you see the investments we've made in product innovation on the low cost, such as the Moto product, Wait & Save, the shuttle that we're running in New York, and shared rides. All of those are making Uber more accessible to a broader population and helping us onboard new users, which is behind some of that audience growth.

I mean, the metric that keeps us excited is, for example, looking at our top 10 markets, only 10% of the adult population uses Uber on a monthly basis. So we continue to see great opportunity to continue to penetrate the TAM. And I think Dara has made reference to our barbell strategy. And maybe just to help put that in perspective, UberX, which is really the core engine of our growth, represents sort of about 2/3 of our trips. So when you look at the wings, you see the investments we've made in product innovation on the low cost, such as the Moto product, Wait & Save, the shuttle that we're running in New York, and shared rides. All of those are making Uber more accessible to a broader population and helping us onboard new users, which is behind some of that audience growth.

Prashanth Mahendra-Rajah: And then the investments that we're making in premium, which include the Comfort, the Black. I think we've made mention that we're working to launch an Uber Elite product in the next quarter or two. All of those help us to balance that overall profitability to allow us to continue to drive the margin expansion. So overall, we feel great about the growth. And then sort of more specifically, if we think about what happened in Q3, I would tell you that it was on the trip side. We had good growth internationally, LATAM, and APAC. And we also had a great European summer travel that really helped out on trips.

And then the investments that we're making in premium, which include the Comfort, the Black. I think we've made mention that we're working to launch an Uber Elite product in the next quarter or two. All of those help us to balance that overall profitability to allow us to continue to drive the margin expansion. So overall, we feel great about the growth. And then sort of more specifically, if we think about what happened in Q3, I would tell you that it was on the trip side. We had good growth internationally, LATAM, and APAC. And we also had a great European summer travel that really helped out on trips.

Prashanth Mahendra-Rajah: Then just in terms of helping you bridge from the high trip growth of 21% to the 19% GB growth, as I mentioned, that growth internationally that puts a little bit of mixed pressure down because obviously trips outside the US and Canada are at a lower price point. So that puts a little bit of trip pressure as well. So I wouldn't really characterize what we saw in Q3 as one-off. We're now entering our busiest quarter. Dara already made opening comments on what a spectacular weekend we had for Halloween. So we feel good that 2026 is going to be another great year for Uber and will continue to be a business that has the ability to generate high mid-to-high teens growth, convert that into great profitability, convert that into great cash, and then use that to reduce share count.

Then just in terms of helping you bridge from the high trip growth of 21% to the 19% GB growth, as I mentioned, that growth internationally that puts a little bit of mixed pressure down because obviously trips outside the US and Canada are at a lower price point. So that puts a little bit of trip pressure as well. So I wouldn't really characterize what we saw in Q3 as one-off. We're now entering our busiest quarter. Dara already made opening comments on what a spectacular weekend we had for Halloween. So we feel good that 2026 is going to be another great year for Uber and will continue to be a business that has the ability to generate high mid-to-high teens growth, convert that into great profitability, convert that into great cash, and then use that to reduce share count.

Prashanth Mahendra-Rajah: That's the model we want people to get behind.

That's the model we want people to get behind.

Dara Khosrowshahi: Right. And then in terms of AVs and collection of real-world data, we are collecting real-world data as we speak. The advantage that we have is we already run a rideshare network, and it's essentially putting a vehicle in place that is appropriate for collection of this real-world data. And as you can expect, the rideshare use case is particular in terms of pickups and drop-offs or the commonality of pickups and drop-offs, stadiums, airports, etc. Obviously, we're working very closely with our AV partners, and the feedback that we're getting from them in terms of the value of the data and training their models is very, very positive. And then the NVIDIA announcement for us is a marker to really scale the operations here.

Dara Khosrowshahi: We are looking into building out a more robust sensor stack, for example, to get higher definition data quality across both camera and LiDAR for some of our partners. We're not really restricted by scale because it's either a vehicle or it's a sensor suite that we can put on top of these vehicles. We've got, for example, we'll probably work with some of our fleet partners as well as some IC drivers as well. This is something that we can scale up essentially as much as we desire in partnership with NVIDIA and our other AV partners as well.

We are looking into building out a more robust sensor stack, for example, to get higher definition data quality across both camera and LiDAR for some of our partners. We're not really restricted by scale because it's either a vehicle or it's a sensor suite that we can put on top of these vehicles. We've got, for example, we'll probably work with some of our fleet partners as well as some IC drivers as well. This is something that we can scale up essentially as much as we desire in partnership with NVIDIA and our other AV partners as well.

Dara Khosrowshahi: And again, we think that between the Hyperion hardware platform, NVIDIA working on L4 themselves, the multiple partnerships that we have, both in terms of mobility and delivery on AV, and now our ability to collect data, and then the SIM capabilities for many of these partners are much stronger in terms of collecting one piece of data and then running thousands of scenarios from that core piece of data. We think that's a terrific combination to bring AV to market as quickly as possible and obviously on the Uber platform. So very excited about the possibilities here.

Operator: Thank you, Prashant.

Dara Khosrowshahi: Thank you very much. Thank you for your questions. Thanks, everyone, for joining us. To the Uber teams, great quarter in terms of growth, both top-line and bottom line, and hopefully more to come. Thanks, everyone. Talk to you soon.

Operator: This concludes today's conference call. Thank you for joining. You may now disconnect.

Q3 2025 Uber Technologies Inc Earnings Call

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