Uber Technologies Inc. (NYSE:UBER) has been one of the standout large-cap performers of 2025, with the Uber stock rally surging 53% year-to-date. This far outpaces the S&P 500 Index ($SPX), which is up just 9% in the same period.

The growth has been fueled by robust demand across ride-hailing and delivery, paired with a strategic position in the autonomous vehicle space. However, after months of strong gains, the stock has dipped about 3% over the last month, even after beating Wall Street expectations in its Q2 earnings report on August 6.

This pullback has investors wondering if the rally has peaked — or if this is merely the calm before another major upward leg.

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Core Growth Drivers Remain Strong

While the Uber stock rally may have slowed, the company’s underlying growth story remains intact. Q2 data shows trips and gross bookings both rose 18% year-over-year. Monthly active platform consumers hit a record 180 million, up 15%, while active drivers and couriers grew 20% to 8.8 million.

Uber’s cross-platform strategy — converting ride-hailing customers into delivery users and vice versa — continues to pay off. Multi-service customers generate over triple the gross bookings of single-service users and have retention rates more than 35% higher. Yet, fewer than 20% of eligible users are active on both services, leaving a massive runway for growth.

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Uber One Boosts Engagement

Uber’s subscription program, Uber One, has become a powerful catalyst for the Uber stock rally. Membership jumped nearly 60% year-over-year to over 36 million in June, accounting for more than 40% of combined mobility and delivery gross bookings. Retention remains high, and the program expanded internationally, launching in Argentina and adding mobility benefits in seven more countries.

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Strength in Both Ride-Hailing and Delivery

The ride-hailing segment posted 19% trip growth for the fourth consecutive quarter, fueled by competitive pricing, suburban market expansion, and affordable ride options attracting price-sensitive riders.

Delivery is also thriving, with trips up 17% and gross bookings up 20%, boosted by membership growth and grocery & retail demand. Notably, 75% of Uber’s ride-hailing customers have yet to try grocery & retail delivery, signaling untapped potential.

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Autonomous Vehicles: The Next Frontier

A key element of the Uber stock rally is the company’s positioning in the autonomous vehicle (AV) space. With 180 million monthly users, Uber is primed to be the leading marketplace connecting AV providers with passengers.

Uber has already partnered with 20 AV companies across Mobility, Delivery, and Freight, aiming to integrate more autonomous vehicles into its high-utilization network — an advantage that could make its platform indispensable to AV manufacturers.

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Wall Street Outlook

Despite the recent pause, analysts remain bullish. The Street holds a “Strong Buy” consensus on Uber, with the highest price target at $150 — implying a potential 65% upside from current levels.

If Uber continues to scale its multi-platform engagement, grow subscriptions, and solidify its AV leadership, the Uber stock rally could be far from over.

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In the broader market, Uber’s blend of consumer demand, platform synergy, and forward-looking tech investments sets it apart from competitors. While short-term pullbacks are natural, the company’s growth engine appears well-oiled for the next phase.

For long-term investors, the combination of diversified revenue streams, sticky customer retention, and future-facing partnerships suggests that this pause in the Uber stock rally may simply be the launchpad for an even stronger climb ahead.