Uber Q3 2026 earnings review

Gross bookings rose 20.3% and Q3 revenue beat consensus, but Q4 EPS guidance came in below it.

Uber · Q3 2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

Uber Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Uber (UBER) Q3 2026 earnings review

Gross bookings rose 20.3% and Q3 revenue beat consensus, but Q4 EPS guidance came in below it

  1. 1.Gross bookings rose 20.3% to $59.82B, in line with StreetAccount
  2. 2.Revenue of $14.77B beat LSEG by 0.5%, helped by Freight
  3. 3.Non-GAAP EPS rose 35.4% to $0.88, the high end of guidance
  4. 4.GAAP net income fell 92.3% to $512M against a one-off tax benefit in Q3 2025
  5. 5.Q4 non-GAAP EPS guidance midpoint of $0.97 is 8.5% below LSEG
  6. 6.Shares closed at $66.60 on Nov 3 and traded at $70.97 on Nov 4 morning

Note: The Nov 4 price is intraday at 10:27 AM ET, not a close. No reliable source gave a reason for the move.Source: Uber Form 8-K, Nov 4, 2026; LSEG and StreetAccount via CNBC; LSEG via Reuters; Yahoo Finance prices, Nov 3–4, 2026

2

2 · Executive summary

Q3 revenue beat LSEG by 0.5%, while gross bookings were in line with StreetAccount

Q3 2026 results vs. consensus (LSEG and StreetAccount via CNBC, Nov 4, 2026)

MetricActualConsensusVarianceResult
Revenue (LSEG)$14,766M$14,690M+$76M / +0.5%Beat
GAAP diluted EPS (LSEG)$0.25$0.96-$0.71 / -74.0%Miss
Gross bookings (StreetAccount)$59,819M$59,830M-$11M / -0.02%In line
Freight revenue (StreetAccount)$1,758M$1,490M+$268M / +18.0%Beat
Mobility revenue (StreetAccount)$7,520M$7,710M-$190M / -2.5%Miss

Share price, Nov 3–4, 2026 (Yahoo Finance)

Uber (NYSE)Nov 3 closeNov 4 pre-marketNov 4 intradayIntraday change
UBER$66.60$66.02$70.97+6.6%

Pre-market is 8:07 AM ET and intraday 10:27 AM ET on Nov 4; neither is a close.

Note: GAAP EPS includes a $476M pre-tax equity revaluation loss. Non-GAAP EPS consensus differs by provider, so it is not scored.Source: Uber Form 8-K, Nov 4, 2026; LSEG and StreetAccount via CNBC, Nov 4, 2026; Yahoo Finance prices

3

3 · Q3 results vs. consensus

Q4 non-GAAP EPS guidance midpoint sits 8.5% below LSEG, while bookings guidance is in line

Q4 2026 guidance midpoints vs. consensus (LSEG via Reuters; StreetAccount via CNBC, Nov 4, 2026)

MetricGuidanceConsensusVariancevs. Street
Non-GAAP EPS (LSEG)$0.97$1.06-$0.09 / -8.5%Below
Adjusted EBITDA (LSEG)$3,180M$3,190M-$10M / -0.3%In line
Gross bookings (StreetAccount)$64,250M$64,260M-$10M / -0.02%In line

Q4 2026 company guidance

MetricLowHighMidpoint
Gross bookings ($M)$63,250M$65,250M$64,250M
Non-GAAP EPS$0.95$0.99$0.97
Adjusted EBITDA ($M)$3,130M$3,230M$3,180M

Note: Bookings guidance implies 18% to 22% constant-currency growth. The company assumes a 100 bps Middle East headwind.Source: Uber Form 8-K, Nov 4, 2026; Uber prepared remarks, Nov 4, 2026; LSEG via Reuters; StreetAccount via CNBC; analysis of company data

4

4 · Q4 guidance vs. consensus

Revenue rose 9.6% and Adjusted EBITDA rose 31.3% YoY

  1. Trips grew faster than usersTrips rose 15.6% and monthly active consumers rose 13.8%.
  2. Operating income roseGAAP income from operations rose 30.0% to $1,447M.
  3. A UK change cut revenueA UK business model change cut revenue growth by about 8 points.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Gross bookings$49,740M$59,819M20.3%
Revenue$13,467M$14,766M9.6%
Adjusted EBITDA$2,256M$2,963M31.3%
Net income attributable to Uber$6,626M$512M(92.3%)
Non-GAAP EPS$0.65$0.8835.4%

Note: The UK revenue effect is company-provided. Adjusted EBITDA is Uber’s own non-GAAP measure.Source: Uber Form 8-K, Nov 4, 2026; Uber prepared remarks, Nov 4, 2026; analysis of company data

5

5 · Q3 key financials

Freight revenue rose 34.4%, while Mobility revenue fell 2.1% YoY

Revenue and gross bookings by segment

$M unless noted, Q3 2026

SegmentGross bookingsBookings YoYRevenueRevenue YoY
Mobility$29,512M+17.5%$7,520M-2.1%
Delivery$28,539M+22.4%$5,488M+22.6%
Freight$1,768M+35.3%$1,758M+34.4%
Total$59,819M+20.3%$14,766M+9.6%
Mobility segment operating income rose 26.7%“Our focus on autonomous is now on commercial execution, with approximately 700 fully driverless vehicles expected on Uber by year-end and over 2,000 in 2027.” Dara Khosrowshahi, CEO

Note: Mobility revenue fell mainly on the UK business model change, a company-provided reason.Source: Uber Form 8-K, Nov 4, 2026; Uber prepared remarks, Nov 4, 2026; analysis of company data

6

6 · Results by segment

Delivery added $1,011M of revenue, more than the $450M added by Freight

Revenue bridge by segment

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $13,467M$M · Mobility: -$162M$M · Delivery: $1,011M$M · Freight: $450M$M · Q3 2026: $14,766MQ3 2025MobilityDeliveryFreightQ3 2026$12,000M$13,000M$14,000M$15,000M$15,500M$13,467M-$162M$1,011M$450M$14,766M
Mobility revenue fell by $162M

Note: Steps are each segment’s revenue change. Totals are reported revenue.Source: Uber Form 8-K, Nov 4, 2026; analysis of company data

7

7 · Revenue bridge

Delivery gross bookings rose 22.4% to $28.54B, nearly as large as Mobility

Gross bookings by segment

$M, Q3 2026

$M · Mobility: $29,512M$M · Delivery: $28,539M$M · Freight: $1,768MMobilityDeliveryFreight$0M$10,000M$20,000M$32,000M$29,512M$28,539M$1,768M
Mobility gross bookings rose 17.5%, with a 75 bps Middle East headwind

Note: Gross bookings are the total value of trips and orders before driver and merchant payouts.Source: Uber Form 8-K, Nov 4, 2026; Uber prepared remarks, Nov 4, 2026; analysis of company data

8

8 · Gross bookings by segment

GAAP net income fell 92.3% to $512M, mostly on a swing in income tax

GAAP net income bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $6,626M$M · Operating income: $334M$M · Net interest: -$57M$M · Other income: -$2,042M$M · Income tax: -$4,290M$M · Equity method, NCI: -$59M$M · Q3 2026: $512MQ3 2025OperatingincomeNet interestOther incomeIncome taxEquitymethod, NCIQ3 2026$0M$2,500M$5,000M$7,500M$6,626M$334M-$57M-$2,042M$512M
Q3 2025 included a $4.9B tax valuation release benefit

Note: Other income swung from a $1.5B equity revaluation gain to a $476M loss. Equity method and NCI are combined.Source: Uber Form 8-K, Nov 4, 2026; analysis of company data

9

9 · Net income bridge

Non-GAAP operating income rose 48 bps to 3.9% of gross bookings

Profit to gross bookings and revenue

%, Q3 2025 vs. Q3 2026

Non-GAAP operating income / bookings · Q3 2025: 3.4%Non-GAAP operating income / bookings · Q3 2026: 3.9%Adjusted EBITDA / bookings · Q3 2025: 4.5%Adjusted EBITDA / bookings · Q3 2026: 5.0%GAAP operating margin · Q3 2025: 8.3%GAAP operating margin · Q3 2026: 9.8%Q3 2025Q3 20260.0%2.5%5.0%7.5%10.0%12.0%3.4%3.9%4.5%5.0%8.3%9.8%

Non-GAAP OI / bookingsAdjusted EBITDA / bookingsGAAP operating margin

Adjusted EBITDA rose 42 bps to 5.0% of gross bookings

Note: The first two are divided by gross bookings; GAAP operating margin is divided by revenue.Source: Uber Form 8-K, Nov 4, 2026; analysis of company data

10

10 · Margin analysis

11 · Free cash flow

Gross bookings came in 1.0% above the guidance midpoint, and non-GAAP EPS hit the high end

Q3 2026 results vs. company guidance of Aug 5, 2026

$M unless noted, Q3 2026

MetricLowHighActualvs. midpoint
Gross bookings$58,250M$60,250M$59,819M+1.0%
Non-GAAP EPS$0.84$0.88$0.88+2.3%
Adjusted EBITDA$2,860M$2,960M$2,963M+1.8%
Adjusted EBITDA was $3M above the top of its range

Note: Guidance is from the Q2 2026 release of Aug 5, 2026.Source: Uber Form 8-K, Nov 4, 2026; Uber Form 8-K, Aug 5, 2026 (prior guidance); analysis of company data

12

12 · Results vs. company guidance

Long-term debt rose $5,143M to $15,664M, and cash rose to $10,068M

Cash, debt and investments

$M, Dec 31, 2025 vs. Sep 30, 2026

$MDec 31, 2025Sep 30, 2026
Cash and short-term investments$7,633M$10,068M
Long-term debt$10,521M$15,664M
Long-term debt less cash$2,888M$5,596M
Equity method investments$287M$3,498M
Equity method investments rose by $3,211M

Note: Cash is unrestricted cash and equivalents plus short-term investments. Debt excludes its current portion.Source: Uber Form 8-K, Nov 4, 2026; analysis of company data

13

13 · Balance sheet and debt

Q4 guidance assumes a 1.0% Middle East headwind to Mobility gross bookings

Indicator
What to watch
Implication
Latest reading
Driver supply
Mobility growth
Fuel costs keep drivers off the road
Q3 Mobility 1 to 2 points below plan
Middle East
Mobility bookings
Headwind of 1.0% assumed in Q4
0.75% headwind in Q3
UK VAT payment
Q4 free cash flow
A one-off cash outflow
About $1.5B expected in Q4
Equity revaluations
GAAP net income
Stake values swing other income
$476M pre-tax loss in Q3

Note: These are analytical watch points, not company targets.Source: Uber Form 8-K, Nov 4, 2026; Uber prepared remarks, Nov 4, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: segment profit detail

ClaimEvidenceCalculation
Mobility segment margin on bookings rose7.4% to 8.0%Segment operating income divided by bookings
Delivery segment margin on bookings rose3.5% to 3.7%Segment operating income divided by bookings
Freight segment loss narrowed$40M to $33M lossSegment information
Corporate costs rose$960M to $1,082MCorporate G&A and Platform R&D

Source: Uber Form 8-K, Nov 4, 2026; analysis of company data

15

15 · Appendix: Segment detail

Appendix: profit and tax detail

ClaimEvidenceCalculation
GAAP effective tax rate normalized(154%) to 29%Q3 2025 had a tax valuation release
Non-GAAP effective tax rate rose19% to 23%Non-GAAP reconciliation
Equity revaluations swung to a loss$1,500M gain to $476M lossPre-tax, in other income (expense)
Net interest income fell$81M to $24MInterest income less interest expense

Source: Uber Form 8-K, Nov 4, 2026; analysis of company data

16

16 · Appendix: Profit and tax

Appendix: autonomous vehicle targets

ClaimEvidenceCalculation
Driverless vehicles on Uber by end of 2026About 700Prepared remarks
Driverless vehicles on Uber in 2027More than 2,000About half in the US
Driverless cars in the UAE by year-endNearly 200Prepared remarks
Higher trips per autonomous vehicleAbout 30% higherAs stated by the company
2027 fleet split by regionAbout half US, half internationalPrepared remarks

Source: Uber prepared remarks, Nov 4, 2026

17

17 · Appendix: Autonomous vehicles

18 · Appendix: Capital and outlook

Appendix: operating expense and non-GAAP item detail

GAAP operating expenses, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Sales and marketing$1,277M$1,563M22.4%
Research and development$862M$1,273M47.7%
General and administrative$1,183M$1,047M(11.5%)
Total costs and expenses$12,354M$13,319M7.8%

GAAP-to-non-GAAP operating items, $M

$MQ3 2025Q3 2026
Legal, tax and regulatory reserves$479M$484M
Restructuring and related charges$3M$186M
Amortization of acquired intangibles$72M$82M
Acquisition, legacy awards and other$8M$105M
Total items$562M$857M

Note: Uber does not exclude stock-based compensation from non-GAAP operating income.Source: Uber Form 8-K, Nov 4, 2026; analysis of company data

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19 · Appendix: Opex and non-GAAP

Appendix: sources

  • Filing: Uber Form 8-K, Nov 4, 2026 — https://www.sec.gov/Archives/edgar/data/1543151/000154315126000039/0001543151-26-000039-index.htm
  • Earnings release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1543151/000154315126000039/uberq326earningspressrelea.htm
  • Prepared remarks, Nov 4, 2026 — https://s23.q4cdn.com/407969754/files/doc_earnings/2026/q3/transcript/Uber-Q3-26-Prepared-Remarks.pdf
  • Prior guidance: Q2 2026 earnings release (Ex. 99.1), Aug 5, 2026 — https://www.sec.gov/Archives/edgar/data/1543151/000154315126000027/uberq226earningspressrelea.htm
  • Q3 consensus: LSEG and StreetAccount via CNBC, Nov 4, 2026 — https://www.cnbc.com/2026/11/04/uber-stock-q3-2026-earnings.html
  • Q4 consensus: LSEG data via Reuters (Investing.com), Nov 4, 2026 — https://www.investing.com/news/stock-market-news/ubers-profit-forecast-disappoints-as-driver-shortages-middle-east-conflict-hurt-4998735
  • Share price: Yahoo Finance UBER, Nov 3 close, Nov 4 pre-market and intraday — https://finance.yahoo.com/quote/UBER/
  • Price history check: Yahoo Finance UBER history, Nov 3 close — https://finance.yahoo.com/quote/UBER/history/
  • Q3 non-GAAP EPS consensus differs by provider, from $0.86 to $0.91, so the deck does not score it.
  • Times are US Eastern. Prices on Nov 4 are pre-market and intraday, not closes.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Uber's Form 8-K of November 4, 2026 (Exhibit 99.1), its prepared remarks of the same date and, for prior guidance, its Form 8-K of August 5, 2026. Consensus estimates (LSEG, StreetAccount) and share prices (Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are as reported for the quarters ended September 30, 2026 and 2025. Segment and autonomous vehicle figures marked approximate are company-provided.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Adjusted EBITDA, non-GAAP operating income, net income, EPS and free cash flow follow Uber's own definitions and are reconciled to GAAP in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Uber Technologies, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on the morning of November 4, 2026. The November 4 close was not yet available.

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21

21 · Disclosures

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