Uber CEO says ‘strongest growth since the end of 2023’

In prepared remarks, Dara Khosrowshahi, CEO said, “Our focus on product innovation and affordability drove a significant acceleration in trips and Gross Bookings in Q3. After three consecutive quarters of 18% trip growth, we delivered 22% trip growth this quarter, driven by 21% Mobility trip growth, well ahead of our expectations. This was our strongest growth since the end of 2023 and the largest trip volume increase in Uber‘s (UBER) history outside the post-Covid rebound. This growth was fueled by all-time highs in audience and engagement, up 17% and 4%, respectively. Consistent with our growth framework, average price remained roughly flat (-1%), with Gross Bookings up 21%. We converted this strong performance into $2.3 billion in Adjusted EBITDA (up 33% YoY on a reported basis) and $8.7 billion in trailing twelve-month free cash flow, underscoring the cost leverage and cash generation power of our model. We enter the busiest period of the year with exceptional momentum and expect to again deliver another quarter of strong top-line performance. We’re extending our category leadership at scale, adding an expected ~$30 billion in incremental Gross Bookings this year, on top of the ~$25 billion added in 2024.”