Uber Technologies, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Gross Bookings grew 20% year-over-year to $59.8 billion, also up 20% on a constant currency basis.
• Revenue increased 10% year-over-year to $14.8 billion, up 10% on a constant currency basis; business model changes negatively impacted total revenue growth by 8 percentage points.
• GAAP Income from operations grew 30% year-over-year to $1.4 billion.
• GAAP Net income attributable to Uber Technologies, Inc. was $512 million, including a $476 million net loss (pre-tax) from revaluations of equity investments; GAAP Diluted EPS was $0.25.
• Adjusted EBITDA grew 31% year-over-year to $3.0 billion, with a margin of 5.0% of Gross Bookings (up from 4.5% in Q3 2025).
• Non-GAAP Operating Income grew 38% year-over-year to $2.3 billion, representing 3.9% of Gross Bookings (up from 3.4% in Q3 2025).
• Non-GAAP Net Income grew 29% year-over-year to $1.8 billion; Non-GAAP EPS grew 35% year-over-year to $0.88.
• Net cash provided by operating activities was $2.6 billion.
• Free cash flow (net cash from operating activities less capital expenditures) was $2.5 billion.
• Unrestricted cash, cash equivalents, and short-term investments totaled $10.1 billion at the end of the quarter.

Guidance and Future Outlook:

• Q4 2026 Gross Bookings are anticipated to be between $63.25 billion and $65.25 billion, representing 18% to 22% year-over-year growth on a constant-currency basis.
• The Q4 outlook assumes a roughly 1 percentage-point currency headwind to total reported year-over-year growth.
• Q4 2026 Non-GAAP EPS guidance is $0.95 to $0.99, representing 34% to 39% year-over-year growth.
• The Q4 outlook translates to Adjusted EBITDA of $3.13 billion to $3.23 billion.
• Management indicated confidence in the durability of the financial model as the company enters 2027.

Business Segments and Product Lines:

• Trips grew 16% year-over-year to 4.1 billion, driven by a 14% increase in Monthly Active Platform Consumers (MAPCs) to 215 million and a 2% increase in monthly trips per MAPC.
• Mobility Gross Bookings grew 18% year-over-year to $29.5 billion (17% constant currency); Mobility Revenue decreased 2% year-over-year to $7.5 billion.
• Delivery Gross Bookings grew 22% year-over-year to $28.5 billion (23% constant currency); Delivery Revenue grew 23% year-over-year to $5.5 billion.
• Freight Gross Bookings grew 35% year-over-year to $1.8 billion (35% constant currency); Freight Revenue grew 34% year-over-year to $1.8 billion.
• Segment Operating Income for Mobility grew 27% year-over-year to $2.4 billion.
• Segment Operating Income for Delivery grew 30% year-over-year to $1.1 billion.
• Segment Operating Loss for Freight improved 18% year-over-year to $33 million (loss of $40 million in Q3 2025).
• Corporate G&A and Platform R&D operating loss increased 13% year-over-year to $1.1 billion.
• Autonomous vehicle focus has shifted to commercial execution, with approximately 700 fully driverless vehicles expected on the platform by year-end and over 2,000 in 2027.

Market and Competitive Landscape:

• The company reported its fifth consecutive quarter of 20%+ Gross Bookings growth, driven by record audience and consumer engagement.
• Management stated they are investing from a position of strength to expand Mobility supply and build on Delivery's momentum.

Risks and Challenges:

• Business model changes negatively impacted total revenue year-over-year growth by 8 percentage points on both a reported and constant currency basis.
• Forward-looking statements note risks including competition, managing growth and corporate culture, financial performance, investments in new products, ability to attract drivers and consumers, brand reputation, and legal/regulatory developments regarding driver classification.
• Risks also include the impact of the global economy, rising inflation, and interest rates.
• Significant legal settlements, tax and regulatory reserve changes, restructuring charges, and gains/losses on debt and equity securities are items that make reconciling forward-looking non-GAAP measures to GAAP measures without unreasonable effort impossible.

Management Commentary and Tone:

• CEO Dara Khosrowshahi stated, "We're investing from a position of strength to expand Mobility supply, build on Delivery's momentum, and deepen engagement across our platform."
• CFO Balaji Krishnamurthy noted, "Uber continues to translate strong growth into expanding profitability... We remain disciplined in capital allocation, maintaining a high bar for investments in our core businesses and autonomy to drive Uber's next phase of growth."
• The tone reflects confidence in the durability of the financial model and the transition to commercial execution for autonomous vehicles.

Other Key Points:

• GAAP Net income for Q3 2025 included a $4.9 billion benefit from a tax valuation release and a $1.5 billion net benefit (pre-tax) from revaluations of equity investments.
• GAAP Net income for Q3 2026 included a $476 million net loss (pre-tax) from revaluations of equity investments.
• The company maintains a high bar for investments in core businesses and autonomy.
• Adjusted EBITDA is no longer a key measure used by management but is disclosed to assist during the transition to new non-GAAP measures.