Uber reports robust quarterly revenue of $14.91 billion, gross bookings of $55.01 billion and EPS of $3.46 that includes a tax valuation benefit, shares fall 5.1% as guidance points to adjusted EBITDA of $2.67 to $2.78 billion with a $2.73 billion midpoint just under market models, framing a present-tense read of strong demand and cash generation set against a cautious near-term margin recalibration, according to Burghley Capital's analysis.

LONDON, UK / ACCESS Newswire / November 12, 2025 / Investors looking for signal rather than noise find that Uber's operating lines track ahead of consensus in the latest quarter, with revenue at $14.91 billion year over year in the latest quarter against expectations of $14.69 billion and gross bookings at $55.01 billion year over year in the latest quarter. Earnings quality requires a closer lens because the reported $3.46 per share in the latest quarter includes a non-operating tax valuation release worth $5.43 billion, which inflates the bottom line without adding cash. For James Barker, Director of Private Equity at Burghley Capital, "the sell off looks like a guidance reset rather than an earnings shortfall, with cash generation and network effects still pointing in the right direction in the latest quarter."

Operational momentum remains visible across the demand indicators that most directly support valuation. Total trips rise 22% year over year in the latest quarter to 3.5 billion, Monthly Active Platform Consumers expand 17% year over year in the latest quarter to 189 million, average trips per consumer increase 4% year over year in the latest quarter and the active driver base grows 24% year over year in the latest quarter. Segmentally, mobility revenue stands at $8.50 billion year over year in the latest quarter, delivery revenue stands at $4.95 billion year over year in the latest quarter and freight revenue stands at $1.52 billion year over year in the latest quarter. Adjusted EBITDA registers $2.54 billion in the latest quarter, and the adjusted EBITDA margin sits at 4.5% of gross bookings in the latest quarter compared with 4.1% in the prior year quarter.

The near-term debate that now drives positioning rests on guidance for the coming quarter. Uber's management frames adjusted EBITDA between $2.67 billion and $2.78 billion for the coming quarter, with a $2.73 billion midpoint that trails the $2.76 billion shape of market models, and outlines gross bookings of $57.84 billion to $59.50 billion for the coming quarter, a range that still implies double digit year over year growth. Barker characterises the tone as "conservative rather than corrective, a signal that prioritises consistent execution and pricing discipline while keeping flexibility to invest where unit economics justify it."
Margins and income lines provide the counterweight that explains the share price move. Operating income arrives at $1.23 billion in the latest quarter against expectations of $1.79 billion, and operating margin stands at 8.3% in the latest quarter compared with 9.5% in the prior year quarter. None of this negates the broader balance sheet picture, which remains resilient on common solvency markers, and the equity narrative therefore hinges on whether the platform can convert scale into sustained incremental profitability through the next four quarters rather than simply harvesting growth.

In valuation terms the stock continues to trade on a forward earnings multiple close to 27.87 on next twelve month estimates, a level that prices in continued execution and reinvestment. The Altman Z Score around 4.36 signals strong financial stability on a through cycle view. For allocators thinking in terms of risk budget, the discomfort in the coming quarter's guidance narrows headroom but does not dismantle the investment case so long as pricing holds and variable costs track as indicated. Barker puts it plainly, "a measured guide is not a downgrade of the business model, it is an attempt to anchor expectations in a way that allows the company to keep compounding without over promising."

With the share price reaction in the immediate aftermath of results cutting against the operational direction of travel, Burghley Capital treats the move as a repricing of time horizons rather than a verdict on demand. The firm has no participation in this event and presents this assessment as market analysis for institutional and private clients who require clarity on what drives returns. Barker notes that "the analytical centre of gravity rests on revenue durability, booking intensity and the shape of adjusted EBITDA, and on those measures the latest quarter remains supportive while the coming quarter's range encourages caution without forcing capitulation."

For investors choosing between waiting for the next print or leaning into volatility, the conclusion that follows is pragmatic. A platform with rising trips, expanding user engagement and disciplined guidance continues to offer a credible case for compounders that favour cash flow visibility, but the entry point now depends on each mandate's tolerance for a softer margin in the near term and the willingness to underwrite reinvestment as part of a longer run return profile. Portfolio construction that respects position sizing and scenario analysis remains the sensible course, with downside buffered by balance sheet strength and upside linked to the pace at which operating leverage reasserts itself.

About Burghley Capital

Established in 2017, Burghley Capital Pte. Ltd., UEN 201731389D, operates from Singapore as a global investment manager recognised for depth in long only strategies. The firm combines rigorous analytical research with tailored portfolio construction and dedicated advisory capabilities to provide clients with strategic market advantages. Guided by a disciplined investment philosophy, Burghley Capital aims to deliver resilient long-term outcomes for institutional allocators and private clients worldwide. Further resources can be found at https://burghleycapital.com/resources. Media enquiries should be directed to Martin Wei at m.wei@burghleycapital.com. Website: https://burghleycapital.com.

SOURCE: Burghley Capital