Uber misses Q3 profit estimates as bookings rise 20%

Uber Technologies (UBER) reported third-quarter 2026 results on Nov. 4, with non-GAAP earnings per share of 88 cents, which missed the 98 cents consensus estimate. Revenue of $14.77 billion was below the $15 billion estimate, the company said in a press release.

Shares rose 1.3% in premarket trading as of 7:59 a.m. ET, from a regular-session close of $66.60.

Uber is a platform for rides, food delivery and freight, and says it started in 2010 to solve how people get a ride at the touch of a button. The company said Gross Bookings, the total dollar value of Mobility rides, Delivery orders and Freight revenue, grew 20% from a year earlier to $59.82 billion, and 20% on a constant currency basis.

Trips rose 16% to 4.1 billion, driven by 14% growth in monthly active platform consumers and 2% growth in monthly trips per consumer.

Revenue grew 10% to $14.77 billion. Business model changes reduced total revenue growth by 8 percentage points, the company said.

GAAP net income attributable to Uber Technologies was $512 million. It included a $476 million pre-tax net loss from revaluations of the company's equity investments.

Here's how the company did:

• Non-GAAP EPS: 88 cents vs. 65 cents a year earlier, against 98 cents expected
• Revenue: $14.77 billion vs. $13.47 billion a year earlier, against $15 billion expected
• GAAP diluted EPS: 25 cents vs. $3.11 a year earlier

CEO Dara Khosrowshahi said: “Uber delivered its fifth consecutive quarter of 20%+ Gross Bookings growth, driven by record audience and consumer engagement.” He added that the company is investing to expand Mobility supply and build on Delivery's momentum.

Khosrowshahi also said approximately 700 fully driverless vehicles are expected on Uber by year-end, and over 2,000 in 2027.

Outlook for the fourth quarter

For the fourth quarter, the company expects Gross Bookings of $63.25 billion to $65.25 billion, growth of 18% to 22% on a constant currency basis. The outlook assumes a roughly 1 percentage-point currency headwind to total reported growth.

The company expects non-GAAP EPS of 95 cents to 99 cents, growth of 34% to 39%. Its outlook translates to Adjusted EBITDA of $3.13 billion to $3.23 billion, up from the $2.86 billion to $2.96 billion range it gave on Aug. 5.

CFO Balaji Krishnamurthy said: “Our Q4 outlook reinforces our confidence in the durability of our financial model as we enter 2027.”

Segment results

Mobility Gross Bookings rose 18% to $29.51 billion, while Mobility revenue fell 2% to $7.52 billion. Mobility segment operating income grew 27% to $2.36 billion.

Delivery Gross Bookings rose 22% to $28.54 billion, and Delivery revenue grew 23% to $5.49 billion. Delivery segment operating income grew 30% to $1.06 billion.

Freight Gross Bookings grew 35% to $1.77 billion, and Freight revenue grew 34% to $1.76 billion. Freight posted a segment operating loss of $33 million, narrower than the $40 million loss a year earlier.

Costs and cash

Non-GAAP operating income grew 38% to $2.30 billion, and its margin reached 3.9% of Gross Bookings, up from 3.4% a year earlier.

Restructuring and related charges were $186 million, up from $3 million a year earlier. Acquisition, financing and divestiture expenses were $55 million.

Net cash from operating activities was $2.64 billion, and free cash flow, which the company defines as operating cash flow less capital expenditures, was $2.54 billion. Unrestricted cash and short-term investments totaled $10.1 billion at the end of the quarter.

Repurchases of common stock were $750 million in the quarter, compared with $1.46 billion a year earlier.