Bill Ackman's $2 billion investment in Uber Technologies has seen limited gains more than a year and a half after he went all in at the start of 2025. The stock is up about 15% from early January 2025 but off 25% from its highs above $100 per share. Uber's second-quarter revenue rose 12% to $14.19 billion, missing the $14.24 billion consensus, while adjusted EBITDA surged 33% to $2.8 billion and adjusted EPS grew 35% to $0.81, meeting estimates. The company forecast third-quarter gross bookings of $58.25 billion to $60.25 billion and adjusted EPS of $0.84 to $0.88, below the $0.89 analyst consensus. Ackman's bullish thesis on operating leverage and earnings growth remains intact, and the stock trades at a forward P/E of 17 based on 2027 estimates.
