Uber Technologies, Inc. stock research
FY2025 Q1
Uber Technologies (UBER) Gross Margin — Quarter Ended Mar 31, 2025
Revenue decreased while cost of revenue fell more sharply, resulting in a slight increase in gross profit and a modest improvement in gross margin compared to the prior quarter. Compared to the same quarter last year, both revenue and gross profit were higher, and gross margin strengthened as cost of revenue grew at a slower pace than revenue.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue decreased while cost of revenue fell more sharply, resulting in a slight increase in gross profit and a modest improvement in gross margin compared to the prior quarter. Compared to the same quarter last year, both revenue and gross profit were higher, and gross margin strengthened as cost of revenue grew at a slower pace than revenue.
- The strongest observable driver of the gross margin change is the proportionally larger reduction in cost of revenue relative to the decline in revenue from the prior quarter, which allowed gross profit to remain nearly stable even as revenue fell.
- Compared to the immediately preceding quarter, revenue was lower, gross profit was slightly lower, and gross margin was marginally higher. Versus the same quarter one year earlier, revenue, gross profit, and gross margin were all higher, with cost of revenue increasing at a slower rate than revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
33.1%
Gross profit
$3.8B
Revenue
$11.5B
Cost of revenue
$7.7B
Quarter-over-quarter change
+0.2 pts
Year-over-year change
+1.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2024 | $10.7B | $3.4B | $7.3B | 32.0% |
| Sep 30, 2024 | $11.2B | $3.6B | $7.6B | 32.5% |
| Dec 31, 2024 | $12.0B | $3.9B | $8.0B | 33.0% |
| Mar 31, 2025 | $11.5B | $3.8B | $7.7B | 33.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
+0.2 pts
Year-over-year change
Mar 31, 2024
+1.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver of the gross margin change is the proportionally larger reduction in cost of revenue relative to the decline in revenue from the prior quarter, which allowed gross profit to remain nearly stable even as revenue fell.
Compared to the immediately preceding quarter, revenue was lower, gross profit was slightly lower, and gross margin was marginally higher. Versus the same quarter one year earlier, revenue, gross profit, and gross margin were all higher, with cost of revenue increasing at a slower rate than revenue.
Monitor the trajectory of cost of revenue relative to revenue, as the ability to keep cost growth below revenue growth was key to the margin improvement.