Uber

Drivers of predictability: large, recurring day‑to‑day use cases, rising Uber One membership cohort with 35% higher retention and 3x spend across services, and a growing Ads layer that is less cyclical than ride volume. Q3 2025 delivered 20% revenue growth and record Adjusted EBITDA margin on Gross Bookings at 4.5%.

FCF is compounding with TTM near 8.7B. Offsets: macro sensitivity of discretionary mobility, currency effects, and Delivery competition. Autonomy could be disruptive but Uber’s partner model should smooth timing and capex. Regulation is the main wild card in the EU over the next 2 years as countries implement the directive.

Overall, the revenue and cash flow trajectory has become meaningfully more reliable than in prior years.