---
title: "Uber 3Q25 Quick Interpretation: This quarter, Uber's overall performance shows strong growth, but th"
description: "Uber 3Q25 Quick Interpretation: This quarter, Uber's overall performance shows strong growth, but the profit is not impressive, falling short of expectations. The core growth metric—order value growth"
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/35982694.md"
published_at: "2025-11-04T14:55:59.000Z"
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Uber 3Q25 Quick Interpretation: This quarter, Uber's overall performance shows strong growth, but th

Uber 3Q25 Quick Interpretation: This quarter, Uber's overall performance shows **strong growth, but the profit is not impressive**, falling short of expectations. The **core growth metric—order value growth rate accelerated significantly to nearly 20% quarter-on-quarter, which is quite strong**.

However, expenses deviated from the previous growth rate of no more than 10%, sometimes even negative, and surged to 26% this quarter, resulting in **this quarter's adj. EBITDA growth of 33.5% year-on-year, which is also decent, but slightly below expectations.**

Regarding guidance for the next quarter, the expected median growth rate of total order value is nearly 20%, continuing to accelerate from this quarter and slightly exceeding expectations. However, the implied median year-on-year growth of adj. EBITDA is 33.6%, which is still good but also below the market's higher expectations.

Overall, the performance is quite decent, but under high stock prices and expectations, it also appears somewhat "limping." Specifically:

1) Firstly, the core order value (food delivery + ride-hailing) growth rate accelerated quarter-on-quarter, **mainly due to the increase in active users (+17% yoy) and higher order frequency (+4.3% yoy)**. According to the company, **the development of fresh grocery delivery business has made a significant contribution to customer acquisition and enhancing user stickiness**.

Coupled with the decline in average order value, the company's increased supply of low-priced products (especially in the ride-hailing business) should also be another reason for the significant acceleration in order volume growth.

2) By segment, **the performance of the delivery business is stronger than the ride-hailing business**. Likely due to the impact of product structure decline, although the ride-hailing business order value growth rate increased by 4 percentage points quarter-on-quarter, revenue growth only increased by about 1 percentage point quarter-on-quarter, and the monetization rate decreased by 0.1 percentage points quarter-on-quarter.

In contrast, **the delivery business revenue** accelerated nearly 4 percentage points quarter-on-quarter, similar to order value, **and revenue growth was higher than order value**. This clearly **reflects the good development trend of the delivery business under the benefits of fresh delivery and advertising monetization.**

3) However, although business growth is strong and high-margin advertising revenue should continue to rise, the actual gross margin is only flat quarter-on-quarter. Meanwhile, expenses also accelerated with business growth, returning to an expansion trend (although there was nearly 500 million in one-time legal expenses this quarter).

Even excluding these one-time impacts under the adj. EBITDA metric, the profit margin of the e-commerce segment (as a percentage of order value) narrowed, and the delivery business profit margin declined by 0.1 percentage points quarter-on-quarter. **The trend of profit margin expansion has stalled.**

### Related Stocks

- [UBER.US - Uber Tech](https://longbridge.com/en/quote/UBER.US.md)

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.