Key Highlights

  • Gross bookings grew 20% to USD 59.8 billion, with trips up 16% to 4.1 billion.
  • Non-GAAP EPS of USD 0.88 beat the USD 0.86 estimate, while GAAP EPS was USD 0.25.
  • Revenue grew 10% to USD 14.8 billion, above the USD 14.66 billion estimate, as Business model changes weighed.
  • Fourth quarter gross bookings are guided to USD 63.25 billion to USD 65.25 billion, up 18% to 22%.

Uber (NYSE:UBER) reported third quarter gross bookings of USD 59.8 billion, up 20% year over year and in constant currency, and Revenue of USD 14.8 billion, up 10% and above the USD 14.66 billion estimate. Non-GAAP EPS rose 35% to USD 0.88 from USD 0.65, compared with the USD 0.86 estimate. GAAP diluted EPS was USD 0.25, against USD 3.11 a year earlier, when Net Income included a USD 4.9 billion tax valuation release benefit.

Platform Growth and Segment Performance

Trips grew 16% to 4.1 billion, driven by a 14% rise in monthly active platform consumers to 215 million and a 2% rise in monthly trips per consumer. Chief executive Dara Khosrowshahi noted a fifth consecutive quarter of gross bookings growth above 20%.

Mobility gross bookings rose 18% to USD 29.5 billion, while Delivery rose 22% to USD 28.5 billion and Freight rose 35% to USD 1.8 billion. Revenue diverged from bookings: Mobility revenue fell 2% to USD 7.5 billion, Delivery rose 23% to USD 5.5 billion and Freight rose 34% to USD 1.8 billion. Business model changes reduced total revenue growth by 8 percentage points.

Segment Operating Income was USD 2.36 billion in Mobility, up 27%, and USD 1.06 billion in Delivery, up 30%. Freight posted a loss of USD 33 million, narrower than USD 40 million a year earlier. Mr. Khosrowshahi cited a plan for about 700 fully driverless vehicles on the platform by year-end and more than 2,000 in 2027.

Profitability and Cash Flow

GAAP income from operations rose 30% to USD 1.4 billion. Adjusted EBITDA grew 31% to USD 3.0 billion, a 5.0% Margin on gross bookings versus 4.5% a year earlier. Non-GAAP operating income grew 38% to USD 2.3 billion, a record 3.9% of gross bookings. GAAP net income attributable to Uber was USD 512 million after a USD 476 million pre-tax loss from revaluing Equity investments.

Operating Cash Flow was USD 2.6 billion and free cash flow was USD 2.5 billion, up 14%. Unrestricted cash, cash equivalents and short-term investments stood at USD 10.1 billion. Cash and cash equivalents were USD 9.6 billion at quarter end, and long-term Debt was USD 15.7 billion, compared with USD 10.5 billion at the end of 2025. Uber repurchased USD 750 million of stock in the quarter and USD 4.3 billion over nine months.

Fourth Quarter Outlook

Uber guided fourth quarter gross bookings to USD 63.25 billion to USD 65.25 billion, growth of 18% to 22% in constant currency, with about a 1 percentage point currency headwind to reported growth. Non-GAAP EPS is guided to USD 0.95 to USD 0.99, up 34% to 39%, which translates to adjusted EBITDA of USD 3.13 billion to USD 3.23 billion.

The company's chief financial officer said the outlook reinforces the durability of the financial model heading into 2027 and described a disciplined approach to Capital allocation, with a high bar for investments in core businesses and autonomy.

Balance Sheet and Cash Markers

Third quarter free cash flow of USD 2.5 billion compares with adjusted EBITDA of USD 3.0 billion, while long-term debt of USD 15.7 billion compares with unrestricted cash and short-term investments of USD 10.1 billion. Non-GAAP EPS of USD 0.88 sits against a fourth quarter guide of USD 0.95 to USD 0.99. Third quarter gross bookings of USD 59.8 billion compare with the fourth quarter guide of USD 63.25 billion to USD 65.25 billion.