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Uber, Shopify & Duolingo Earnings Reviews + DraftKings Snapshot
Brad Freeman
August 06, 2025
This piece contains detailed Uber and Shopify reviews. It also contains part 1 of the DraftKings and Duolingo reviews (with a bit more information in the Duolingo piece). Full reviews for both quarters will be published tomorrow with Trade Desk. This is my third 14+ hour day in a row. I’m a bit tired, so I apologize if there’s an extra typo in here. My editor does not work this late at night, but I wanted to get all of this information to you guys tonight.
In case you missed it:
Table of Contents
1. DraftKings (DKNG) — Brief Earnings Snapshot
a. Demand
Beat revenue estimates by 6% & beat guidance by 10%
Sportsbook revenue beat estimates by 10%. Finally some decent outcome luck.
iGaming revenue slightly beat estimates.
b. Profits & Margins
Beat EBITDA estimates by 23% & beat guidance by 50%.
Beat GAAP EBIT estimates by 63%.
Beat $0.34 EPS estimates by $0.04.
c. Balance Sheet
$1.26B in cash & equivalents.
$1.26B in convertible notes.
2.1% Y/Y share count dilution.
d. Guidance & Valuation
DraftKings reiterated all annual guidance. Revenue met estimates, EBITDA beat estimates by 1%; 46% GPM beat estimates by 150 basis points (bps; 1 basis point = 0.01%); $750M FCF beat estimates by 4%.
DKNG trades for 26x forward FCF. FCF is expected to grow by 85% this year and by 75% next year. It also trades for 29x forward EPS. EPS is expected to grow by 465% this year (inflecting) and by 60% next year.
2. Uber (UBER) — Detailed Earnings Review
a. Uber Go Get 2025 Event
There were several references to product releases announced at the May Go Get event. We included the coverage of that event below. If you read that article in May, this section will sound familiar.
Uber Go Get 2025 – Controlling Mobility Pricing:
Uber debuted Commute Alerts. Customers using Uber to get to work struggle with variable ride times that rapidly fluctuate from day-to-day. This product sends push notifications, based on expected driver supply, traffic and everything else, to nudge when to schedule a ride. It will also tell you if pricing is rising or falling, so you have a better idea of how long you can wait out booking that ride to seek a lower price… or when you should book before that price rises. Through iOS Live Activity and Android Live Update integrations, these push notifications will pop up right on a home screen.
Next is Price Lock. This is another product for the daily commuter and solves for unpredictable day-to-day pricing changes for rides. With this product, a consumer can plug in their pickup location, destination and an hour window for their commute. They can then pay $2.99 to lock in a more favorable rate for the workweek. They save up to $50 and Uber enjoys wonderfully predictable and stable demand from these consumers, without them shopping for cheaper options. If the price is even lower than the locked-in fee, customers get the lowest of the two. This launched in some U.S. and Brazilian cities this week.
It also debuted Prepaid Passes. This is essentially a bulk discount where riders can buy bundles of 5-20 monthly rides at lower rates. Just like with Price Lock, this creates a massive revenue visibility and quality advantage for Uber with those who opt in.
Additionally, Uber introduced Route Share. Unlike rideshare, which picks up multiple riders from different locations and drops them off at respective destinations, there’s one pre-set route for everyone. This allows folks willing to walk a little more or wait a little longer for a ride to save up to 50% vs. UberX rides. Rides for routes happen every 20 minutes and it’s working with employers to add this to commuter benefits. This would mean users pay for rides on a pre-tax basis for more savings.
Uber will debut a streamlined commute hub later this year to neatly organize all of these new options in a non-cluttered manner.
Uber Go Get 2025 – Controlling Delivery Pricing:
Introducing Savings Slider. This lets customers with pre-built shopping lists for every occasion automatically deal hunt. The product scrapes offers and cheaper substitutes from grocery partners to offer ways to save. This is routinely delivering 15%-20% savings in testing.
Its new OpenTable partnership is also creating some cool new product collaborations. Uber is offering a new Dine Out option. This offers customers a local map of restaurants, eligible deals and an ability to book tables and rides without ever leaving the app. Uber One members will get priority access to some restaurants and this will debut in Sydney this summer. As part of the relationship, OpenTable will offer its loyalty members 6 months of Uber One for free and will offer Uber rides right from within their app as customers book. Booking.com (owns OpenTable) + Uber is a powerful duo.
New Uber One Perks:
10% back in Uber credits on car, bike and scooter rentals.
Discounted car delivery.
10% off Lime scooter and bike rides
Member Days will be a week-long celebration with its best discounts yet. Perks will include Delta Miles, Marriott Bonvoy gift cards, a 30% Starbucks discount and much more.
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