Uber Technologies, Inc. has released its financial results
Uber Technologies, Inc. has released its financial results for the fourth quarter and the full year ending December 31, 2024. The company concluded the year on a high note, marking its strongest quarter ever, fueled by remarkable growth across Monthly Active Platform Consumers (MAPCs), trip volumes, and Gross Bookings.
CEO Statement on 2024 Performance
Dara Khosrowshahi, Uber’s CEO, expressed optimism about the company’s trajectory, stating, “Uber ended 2024 with our strongest quarter ever, as growth accelerated across MAPCs, trips, and Gross Bookings. Our performance has been powered by rapid innovation and execution across multiple priorities, including the massive opportunity presented by autonomous vehicles. We enter 2025 with clear momentum and will continue to be relentless against our long-term strategy.”
CFO Insights on Financial Health
Prashanth Mahendra-Rajah, Uber’s CFO, highlighted the robust demand driving the company’s financial success. “Record demand in both Mobility and Delivery helped us grow Gross Bookings faster than the high end of our guidance. We closed out 2024 exceeding our three-year outlook for Gross Bookings, Adjusted EBITDA, and free cash flow. Despite these strong fundamentals, we believe we remain undervalued and plan to be active and opportunistic buyers of our stock.”
Fourth Quarter 2024 Financial Highlights
- Gross Bookings: Uber reported an 18% year-over-year (YoY) increase, reaching $44.2 billion, with constant currency growth at 21%. Mobility Gross Bookings hit $22.8 billion (+18% YoY, +24% constant currency), while Delivery Gross Bookings reached $20.1 billion (+18% YoY, +18% constant currency).
- Trips: The quarter saw a growth of 18% YoY, totaling 3.1 billion trips, which averages approximately 33 million trips daily.
- Revenue: Revenue surged by 20% YoY to $12.0 billion, with constant currency growth at 21%. Combined Mobility and Delivery revenue grew by 23% YoY to $10.7 billion.
- Income and Profitability: Income from operations increased to $770 million, up $118 million YoY. Net income attributable to Uber Technologies, Inc. was $6.9 billion, boosted by a $6.4 billion tax valuation release and $556 million in net unrealized gains from equity investments.
- Adjusted EBITDA: This metric grew 44% YoY to $1.8 billion, with an Adjusted EBITDA margin of 4.2% relative to Gross Bookings, up from 3.4% in Q4 2023.
- Cash Flow: Net cash provided by operating activities was $1.8 billion, and free cash flow reached $1.7 billion. Uber’s unrestricted cash, cash equivalents, and short-term investments stood at $7.0 billion by the end of Q4 2024, alongside the redemption of $2.0 billion in outstanding debt.
Uber Outlook for Q1 2025
Looking ahead, Uber anticipates:
- Gross Bookings Growth: Expected to grow 17% to 21% YoY on a constant currency basis, translating to $42.0 billion to $43.5 billion.
- Currency Impact: A 5.5 percentage point currency headwind is anticipated, affecting Mobility and Delivery growth by approximately 7 and 4 percentage points, respectively.
- Adjusted EBITDA: Projected between $1.79 billion and $1.89 billion, representing 30% to 37% YoY growth.
Full-Year 2024 Financial and Operational Highlights
- Trips: Total trips grew by 19% YoY, reaching 11.3 billion.
- Gross Bookings: Up 18% YoY to $162.8 billion, with constant currency growth at 21%.
- Revenue: Increased by 18% YoY to $44.0 billion.
- Income: Income from operations surged by 152% YoY to $2.8 billion. Net income was $9.9 billion, influenced by significant tax and investment-related benefits.
- Adjusted EBITDA: Reached $6.5 billion, marking a 60% YoY increase.
- Cash Flow: Net cash provided by operating activities nearly doubled to $7.1 billion, with free cash flow growing by 105% YoY to $6.9 billion.
Segment Performance
- Mobility: Revenue grew 25% YoY to $6.9 billion in Q4 2024, driven by increased trip volumes. The Adjusted EBITDA for Mobility rose 22% YoY to $1.8 billion.
- Delivery: Revenue climbed 21% YoY to $3.8 billion. Adjusted EBITDA grew 53% YoY to $727 million, supported by higher volume and advertising revenue.
- Freight: Revenue remained flat YoY at $1.3 billion, reflecting a challenging market environment. Adjusted EBITDA reported a loss of $22 million.
Operational Highlights
- MAPCs: Increased by 14% YoY to 171 million.
- Trip Growth: Total trips grew 18% YoY, with monthly trips per MAPC reaching an all-time high.
- Earnings for Drivers and Couriers: Earners made $20.0 billion in Q4 2024, up 16% YoY.
- Autonomous Vehicle Expansion: Uber launched autonomous ride-hailing in Abu Dhabi with WeRide and expanded autonomous deliveries in the U.S. and Japan.
Strategic Partnerships and Innovations
- Delta Partnership: Uber will become Delta’s exclusive rideshare and delivery partner in the U.S., allowing customers to earn SkyMiles on Uber services.
- AI Enhancements: Expanded the use of AI for customer service, offering improved resolution support and personalized responses.
- Membership Growth: Uber One membership grew 60% YoY, reaching 30 million members, with new plans launched in six countries.
