 Uber reported a 17% YoY Gross Bookings growth to $46,756mn, 9.2% higher than in 1Q25. Monthly Active Platform’s Consumers grew by 15.4% YoY to 180mn, driving an 18.2% YoY increase in trips to 3.3bn. Results were in line with the company guidance, with record Adjusted EBITDA of $2,119mn, up 35% YoY. Mobility Gross Bookings (GB) increased 15.5% YoY to $23,762mn, while Delivery segment GB rose 20% YoY to $21,734mn. Freight segment GB remained flat at $1,260mn. The platform currently has 8.8 mn active drivers and couriers, up 20% YoY, who earned $20.8bn in 2Q25, up 18% YoY. Uber emphasized its focus on cross-platform consumer engagement to maintain higher retention rates. Cross-platform consumers generate over 3x the gross bookings and profits of single-transaction users. The company’s new COO, Andrew Macdonald, will lead a platform-wide initiative to deepen consumer engagement, including programs such as Uber One. Uber for rides and Uber Eats apps recorded a combined 30bn user sessions and over 600 mn unique consumer visits in the past 12 months. Uber reported that 12% of its annualized Delivery Gross Bookings are generated via the Eats view in the Uber app, with appx 30% of first-time Delivery customers acquired through the app. Around 30% of eligible Mobility riders have never tried Delivery options, and 75% have not tried Grocery & Retail. In several large markets - including Australia, Canada, France, Japan, and Taiwan - an average of 35% of Delivery customers have never used the Mobility offering. Uber One membership reached over 36mn members as of June 2025, up 60% YoY. Members account for more than 40% of combined Delivery and Mobility Gross Bookings. The program has been enhanced with high-value benefits such as 10% credit back on Lime trips and free unlocks, and Member Day events. Uber generated $12.65bn in revenue, up 18.2% YoY and 9.7% QoQ, including $7.29bn from Mobility (+18.8% YoY), $4.1bn from Delivery (+24.6% YoY), and $1.26bn from Freight (-0.9% YoY). Adjusted EBITDA reached $1.9bn in Mobility (+21.6% YoY), and $873mn (+48.5% YoY) in Delivery, while Freight posted a negative margin. Profitability remained strong, with total costs and expenses up by 13.1% YoY at $11.2bn, compared to an 18.2% increase in revenue. Higher operating profitability enabled Uber to generate $2.6bn in net cash from operating activities and $2.5bn in free cash flow. The number of shares used for basic EPS calculation declined 0.1% YoY. Uber announced a new $20bn share repurchase authorization, in addition to roughly $3bn remaining from the previous authorization - together representing about 12% of the company’s market cap. Uber is going to reduce its share count going forward.  Uber remains confident in its autonomous vehicle (AV) commercialization strategy. The launch of Waymo AVs exclusively on Uber in Atlanta exceeded expectations, supporting plans to expand to hundreds of vehicles in the coming quarters. Earlier, Uber introduced exclusive Waymo rides in Austin, where it has since expanded the service area and plans similar fleet growth in the months ahead. Uber expanded its AV service area with WeRide in Abu Dhabi and plans to launch in Riyadh. The company also announced plans to introduce an AV service in London with Wayve next year. In the U.S., Lucid vehicles equipped with Nuro Driver technology will join Uber’s platform next year. Additionally, Uber intends to integrate Baidu’s Apollo Go AVs into its network over the next years.  Uber expects Gross Bookings growth of 17-21% YoY in 3Q25, reaching $48.25-49.75bn, reflecting a modest positive FX impact and the contribution from the Trendyol Go acquisition. Adjusted EBITDA is projected at $2.19bn - $2.29bn, representing a 30-36% YoY increase. We have updated our forecasts and maintain our 12-month price target of $97.8 with a BUY rating.