Uber Technologies, Inc.

And if you would like to ask a question during this time, please press star 1 on your telephone keypad. I would now like to turn the conference over to Balaji Crafton-Murphy, Vice President, Strategic Finance, Investor Relations. You may begin.

Thank you, Sara. Thank you, everyone, for joining us today, and welcome to Uber's third quarter 2025 earnings presentation. On the call today, we have Uber CEO Dara Khosrowshahi and CFO Prashant Mahindra Raja. During today's call, we will present both GAAP and non-GAAP financial measures and additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP and non-GAAP measures are included in the press release, supplemental slides, and our filings with the SEC, each of which is posted to investor.uber.com. Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks and uncertainties described in our most recent Form 10-K and in other filings made with the SEC. We published our quarterly earnings press release, prepared remarks, and supplemental slides to our investor relations website earlier today, and we ask you to review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara. With that, let me hand it over to Dara.

Thanks, Balaji. Q3 was an outstanding quarter for Uber, driven by a powerful combination of innovation and execution. Trips grew 22%, marking our fastest growth since 2023. Both lines of business accelerated, with mobility trips scoring 21%, significantly exceeding our expectations. This top line strength was fueled by record audience and engagement of 17% and 4% respectively. Gross bookings grew 21% while average pricing remained relatively flat. This translated into record adjusted EBITDA and free cash flow, reinforcing our ability to deliver affordability for consumers while generating strong operating leverage. We're expecting more of the same strong performance in Q4 with another quarter of high-teens gross bookings growth and low to mid 30s. In fact, we hit a new record over Halloween weekend, this most recent Halloween, with more than 130 million trips across mobility and delivery and generating more than 2 billion in gross bookings. While we're proud of what we built, we're even more focused on what comes next. As I often remind the team, great technology companies deliver today while building for tomorrow. To that end, we've defined six strategic areas of focus to guide our next phase. First, from trip experience to lifetime experience. We're deepening engagement across our platform with cross-platform consumers spending three times more and retaining 35% better than single product users. Second is building a hybrid future, seamlessly integrating human drivers and autonomous vehicles into a single marketplace, giving us unmatched flexibility and efficiency. Third, investing in local commerce, expanding rapidly into grocery and retail, now at an approximately 12 billion gross bookings run rate and growing significantly faster than restaurant delivery. Fourth is multiple gigs. This is broadening earning opportunities for 9.4 million drivers and couriers, including new digital tasks powered by Uber AI solutions. Fifth is becoming a growth engine for for merchants, helping our over 1.2 million merchant partners drive significant incremental sales through ads, offers, and new demand channels like Uber Direct, as well as new partnerships. And then finally, generative AI, embedding intelligence across Uber to enhance productivity, optimize our operations, and deliver more personalized consumer experiences. You'll see us invest in these areas with our product, our people, and our capital in the years ahead. They're designed to deepen customer relationships, grow our technology advantage, and to extend the profitability flywheel that we built. With strong execution, a unified global platform, and unmatched scale, we're building the next generation of Uber, one that's positioned to create lasting value for many, many years ahead. With that, operator, why don't we start questions?