 Uber reported a strong quarter, with total Gross Bookings up 21.4% YoY to $49.74bn, driven by 17.4% YoY growth in Monthly Active Platform Consumers (MAPC) to 189mn. The number of trips reached 3.4bn, up 22.5% YoY and 7.5% QoQ. Mobility Gross Bookings (GB) rose 19.6% YoY to $25,111mn in 3Q, while Delivery GB increased 25% YoY to $23,322mn. Freight GB was flat at $1,307mn. Uber reported all-time highs in audience growth (+17% YoY) and engagement (+4% YoY), resulting in the largest trip-volume increase outside the post-COVID recovery. Consumer engagement across the platform is 35% higher among members, who spend three times as much as non-members. Gross Booking per trip declined 0.9% YoY and 1% QoQ in 3Q. The merchant base now includes major U.S. chains such as Aldi, Dollar General, Kroger, and Sephora. The platform currently has 9.4mn active drivers and couriers, who earned $22bn in 3Q25. There are over 1.2mn merchants globally, with total payouts of more than $14bn in 3Q. Uber’s revenue reached $13,467mn in 3Q, up 20.4% YoY. Mobility revenue increased 19.9% YoY to $7,288mn, while Delivery revenue rose 9% YoY to $4,477mn. Freight revenue was flat at $1,308mn. Adjusted EBITDA increased 33.5% YoY to $2,256mn, including $2,038mn from Mobility (+21.2% YoY), $921mn from Delivery (+46.7% YoY), and a loss of $20mn in Freight. Total costs and expenses rose 22% YoY to $12,354mn, driven primarily by a 19.9% YoY increase in cost of revenue to $8,109mn, an 88% YoY increase in G&A to $1,183mn, and a 16.5% YoY increase in S&M to $1,277mn. Profit from operations grew 4.9% YoY to $1,113mn, impacted by discrete legal and regulatory matters. Net income increased to $6,652mn, largely due to a $4,046mn benefit from an income tax valuation allowance release and $1,619mn in other income. Net cash from operating activities reached $2.3bn in 3Q, while unrestricted cash, cash equivalents, and short-term investments totaled $9.1bn at quarter-end. The company plans to redeem $1.2bn in convertible notes in 4Q. Uber also repurchased $1.5bn of common stock in 3Q, reducing diluted share count by 1% YoY.  Among Uber’s six areas of focus are: enhancing the customer trip experience; enabling a hybrid future for drivers and robotaxis; deepening penetration into the global food delivery market with a larger merchant base, stronger product offerings, and improved brand awareness; expanding earnings opportunities for drivers; scaling merchant operations; and using AI to drive cost efficiencies, automate workflows, and personalize interactions. Uber’s partnership with Nvidia aims to scale its AV efforts with Level 4 full-stack AV software supported by Nvidia platforms. Uber noted that fleet partners have deployed more than 550,000 vehicles on its network globally, in addition to owner-operators. An increasing number of robotaxis are also being deployed on Uber’s platform through multiple partners, supporting the transition toward AVs. Uber is improving its optimization capabilities to jointly model human-driven and AV fleet supply. Uber is targeting the $2trln global food delivery and $10trln global grocery and retail markets. The platform drives demand for merchants by offering advertising solutions and performance feedback. Merchants can leverage multiple channels—including Uber Direct, Pickup, Dine-Out, and Online Ordering—to scale their reach to Uber’s customer base. Uber expects to deploy an AV network in at least 10 cities by the end of 2026, including Abu Dhabi, Atlanta, Austin, and Riyadh. Between 2026 and 2027, Uber plans to bring AVs to Arlington and Dallas, Dubai, London, Los Angeles, Munich, and San Francisco.  Uber expects Gross Bookings to grow 17–21% YoY in 4Q25, reaching $52.25–53.75bn. Adjusted EBITDA is projected at $2.41–2.51bn, representing a 31–36% YoY increase. We have revised our forecasts and updated our 12-month price target to $106.1 (from $97.8), maintaining our BUY rating.