UBER Strong on the Gross Bookings Front: A Sign of More Upside?

Uber Technologies UBER, the San Francisco-based ride-hailing leader, is gaining from strong growth in gross bookings. Both its mobility and delivery segments are recording healthy double-digit increases in gross bookings, underscoring the solid demand for its services.

In the second quarter of 2025, total gross bookings rose 17% year over year and 18% on a constant-currency basis to $46.76 billion. Both core segments contributed to this growth. The mobility segment saw gross bookings climb 16% and 18% on a constant-currency basis, while the delivery segment posted 20% year-over-year growth (20% on a constant-currency basis as well). Gross bookings grew double digits in both segments in the first quarter as well.

Despite currency fluctuations, Uber’s strong gross booking trend is expected to continue into the September quarter. The company projects gross bookings of $48.25-$49.75 billion, indicating 17-21% growth on a constant-currency basis compared with third-quarter 2024 results. Our estimate for gross bookings in the third quarter of 2025 is pegged at $48.3 billion, indicating 17.9% growth from the third quarter of 2024 actuals. This sustained growth in gross bookings is likely to have supported Uber’s revenue performance in the September quarter.

Comparable Metrics of Other Ride-Hailing Companies

Lyft LYFT is also experiencing robust gross bookings growth, driven by an expanding active rider base, entry into new markets and the success of its customer-focused “Price Lock” feature. In the June quarter, gross bookings increased 12% year over year to $4.5 billion, marking the 17th straight quarter of double-digit gains. The sustained growth in this key metric demonstrates the resilience and momentum of Lyft’s customer-friendly strategy. For the third quarter of 2025, Lyft expects gross bookings in the $4.65-$4.8 billion range, indicating 13-17% growth from the third-quarter 2024 actuals.  

Singapore-based Grab GRAB is also seeing strong momentum driven by robust growth in On-Demand Gross Merchandise Value (“GMV”). On-Demand GMV, which includes the mobility and deliveries segments, climbed 21% year over year at Grab in the second quarter of 2025. For the full year, Grab expects revenues between $3.33 billion and $3.40 billion, indicating 19-22% year-over-year growth.

Uber’s Price Performance, Valuation and Estimates

Shares of UBER have gained 54.3% so far this year compared with the Zacks Internet-Services industry’s 35% growth in the same timeframe.

YTD Price Performance

From a valuation standpoint, UBER trades at a 12-month forward price-to-sales of 3.35X. UBER is inexpensive compared with its industry.

The Zacks Consensus Estimate for UBER’s third-quarter, fourth-quarter, full-year 2025 and 2026 earnings has remained stable over the past 60 days.

UBER's Zacks Rank

UBER currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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