Third Quarter 2026
Filed Nov 4, 2026Gross Bookings grew 20% year-over-year on a constant currency basis; GAAP Income from operations was $1.4 billion and Non-GAAP Operating Income was $2.3 billion.
Gross Bookings, Trips, Adjusted EBITDA, Non-GAAP Operating Income, Non-GAAP Net Income, Non-GAAP EPS, operating cash flow, and free cash flow all increased year-over-year, while Q4 guidance calls for 18% to 22% constant-currency Gross Bookings growth and $3.13 billion to $3.23 billion of Adjusted EBITDA.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| MAPCs, Three Months Ended September 30, 2026other | 215M | – | 14 % |
| Trips, Three Months Ended September 30, 2026other | 4.06B | – | 16 % |
| Gross Bookings, Three Months Ended September 30, 2026other | $59.82B | – | 20 %; 20 % constant currency |
| Revenue, Three Months Ended September 30, 2026GAAP | $14.77B | – | 10 %; 10 % constant currency |
| Cost of revenue, exclusive of depreciation and amortization shown separately below, Three Months Ended September 30, 2026GAAP | 8.35B | – | – |
| Operations and support, Three Months Ended September 30, 2026GAAP | 875M | – | – |
| Sales and marketing, Three Months Ended September 30, 2026GAAP | 1.56B | – | – |
| Research and development, Three Months Ended September 30, 2026GAAP | 1.27B | – | – |
| General and administrative, Three Months Ended September 30, 2026GAAP | 1.05B | – | – |
| Depreciation and amortization, Three Months Ended September 30, 2026GAAP | 212M | – | – |
| Total costs and expenses, Three Months Ended September 30, 2026GAAP | 13.32B | – | – |
| Income from operations, Three Months Ended September 30, 2026GAAP | $1.45B | – | 30 % |
| Interest expense, Three Months Ended September 30, 2026GAAP | −152M | – | – |
| Interest income, Three Months Ended September 30, 2026GAAP | 176M | – | – |
| Other income (expense), net, Three Months Ended September 30, 2026GAAP | −616M | – | – |
| Net income attributable to Uber Technologies, Inc., Three Months Ended September 30, 2026GAAP | $512M | – | (92) % |
| Diluted EPS, Three Months Ended September 30, 2026GAAP | $ 0.25 | – | (92) % |
| Adjusted EBITDA, Three Months Ended September 30, 2026non-GAAP | $2.96B | – | 31 % |
| Adjusted EBITDA margin as a percentage of Gross Bookings, Three Months Ended September 30, 2026non-GAAP | 5.0% | – | – |
| Non-GAAP Operating Income, Three Months Ended September 30, 2026non-GAAP | $2.30B | – | 38 % |
| Non-GAAP Operating Income as a percentage of Gross Bookings, Three Months Ended September 30, 2026non-GAAP | 3.9% | – | – |
| Non-GAAP Net Income, Three Months Ended September 30, 2026non-GAAP | $1.80B | – | 29 % |
| Non-GAAP EPS, Three Months Ended September 30, 2026non-GAAP | $ 0.88 | – | 35 % |
| Net cash provided by operating activities, Three Months Ended September 30, 2026GAAP | $2.64B | – | 13 % |
| Free cash flow, Three Months Ended September 30, 2026non-GAAP | $2.54B | – | 14 % |
| Revenue, Nine Months Ended September 30, 2026GAAP | $42.16B | – | – |
| Income from operations, Nine Months Ended September 30, 2026GAAP | $5.26B | – | – |
| Net income attributable to Uber Technologies, Inc., Nine Months Ended September 30, 2026GAAP | $3.17B | – | – |
| GAAP Diluted EPS, Nine Months Ended September 30, 2026GAAP | $ 1.54 | – | – |
| Non-GAAP Operating Income, Nine Months Ended September 30, 2026non-GAAP | $6.33B | – | – |
| Non-GAAP Net Income, Nine Months Ended September 30, 2026non-GAAP | $4.94B | – | – |
| Non-GAAP EPS, Nine Months Ended September 30, 2026non-GAAP | $ 2.40 | – | – |
| Adjusted EBITDA, Nine Months Ended September 30, 2026non-GAAP | $8.26B | – | – |
| Net cash provided by operating activities, Nine Months Ended September 30, 2026GAAP | $7.85B | – | – |
| Free cash flow, Nine Months Ended September 30, 2026non-GAAP | $7.61B | – | – |
| Cash and cash equivalents, As of September 30, 2026GAAP | $9.56B | – | – |
| Short-term investments, As of September 30, 2026GAAP | 510M | – | – |
| Long-term debt, net of current portion, As of September 30, 2026GAAP | 15.66B | – | – |
| GAAP effective tax rate, Three Months Ended September 30, 2026GAAP | 29 % | – | – |
| Non-GAAP effective tax rate, Three Months Ended September 30, 2026non-GAAP | 23 % | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| MobilityGross Bookings: $ 29,512 (In millions), up 18 %; 17 % constant currency. Segment Operating Income: $ 2,362 (In millions), up 27 %. | $7.52B | – | (2) %; (2) % constant currency |
| DeliveryGross Bookings: $ 28,539 (In millions), up 22 %; 23 % constant currency. Segment Operating Income: $ 1,057 (In millions), up 30 %. | $5.49B | – | 23 %; 23 % constant currency |
| FreightGross Bookings: $ 1,768 (In millions), up 35 %; 35 % constant currency. Segment Operating Income (Loss): $ (33) (In millions), compared with $ (40) (In millions). | $1.76B | – | 34 %; 34 % constant currency |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Q4 2026 outlook
- NoteGross Bookings of $63.25 billion to $65.25 billion, representing growth of 18% to 22% YoY on a constant-currency basis.
- NoteRoughly 1 percentage-point currency headwind to total reported YoY growth.
- NoteNon-GAAP EPS of $0.95 to $0.99, representing growth of 34% to 39% YoY.
- NoteAdjusted EBITDA of $3.13 billion to $3.23 billion.
Capital returns
- Repurchases of common stock: $ 750 (In millions) for the Three Months Ended September 30, 2026.
- Repurchases of common stock: $ 4,279 (In millions) for the Nine Months Ended September 30, 2026.
What drove it
- Trips grew 16% YoY to 4.1 billion, driven by MAPCs growth of 14% YoY and monthly Trips per MAPC growth of 2% YoY.
- Gross Bookings grew 20% YoY to $59.8 billion, including 20% growth on a constant currency basis.
- Delivery Gross Bookings grew 22 % and Freight Gross Bookings grew 35 %.
- Non-GAAP Operating Income grew 38% YoY to $2.3 billion and its percentage of Gross Bookings was 3.9%, up from 3.4% in Q3 2025.
- Adjusted EBITDA grew 31% YoY to $3.0 billion and its percentage of Gross Bookings was 5.0%, up from 4.5% in Q3 2025.
Concerns
- Business model changes negatively impacted total revenue YoY growth by 8 percentage points on a reported and constant currency basis.
- Mobility revenue declined (2) % despite Mobility Gross Bookings growth of 18 %.
- GAAP Net income attributable to Uber Technologies, Inc. was $ 512 (In millions), down (92) %, and included a $476 million net loss (pre-tax) from revaluations of Uber’s equity investments.
- Corporate G&A and Platform R&D segment operating loss was $ (1,082) (In millions), compared with $ (960) (In millions).
- Long-term debt, net of current portion was 15,664 (In millions) as of September 30, 2026, compared with 10,521 (In millions) as of December 31, 2025.
What to watch
- Q4 2026 Gross Bookings guidance of $63.25 billion to $65.25 billion and the anticipated roughly 1 percentage-point currency headwind to total reported YoY growth.
- Q4 2026 Non-GAAP EPS guidance of $0.95 to $0.99 and Adjusted EBITDA guidance of $3.13 billion to $3.23 billion.
- Delivery and Freight growth relative to Mobility revenue, which declined (2) % year-over-year.
- Commercial execution in autonomy, with approximately 700 fully driverless vehicles expected on Uber by year-end and over 2,000 in 2027.
- The effect of business model changes, which negatively impacted total revenue YoY growth by 8 percentage points.
Balance sheet and cash flow
- Unrestricted cash, cash equivalents, and short-term investments were $10.1 billion at the end of the third quarter.
- Cash and cash equivalents: $ 9,558 (In millions) as of September 30, 2026.
- Short-term investments: 510 (In millions) as of September 30, 2026.
- Long-term debt, net of current portion: 15,664 (In millions) as of September 30, 2026.
- Net cash provided by operating activities: $ 2,639 (In millions) for the Three Months Ended September 30, 2026.
- Purchases of property and equipment: (104) (In millions) for the Three Months Ended September 30, 2026.
- Free cash flow: $ 2,535 (In millions) for the Three Months Ended September 30, 2026.
- Net cash provided by operating activities: $ 7,852 (In millions) for the Nine Months Ended September 30, 2026.
- Free cash flow: $ 7,613 (In millions) for the Nine Months Ended September 30, 2026.
Analysis
Uber reported broad platform growth in the third quarter. MAPCs rose 14 % to 215 million and Trips increased 16 % to 4,061 million. Gross Bookings increased 20 % to $ 59,819 million, with the same 20 % growth rate on a constant-currency basis. Mobility Gross Bookings rose 18 %, Delivery Gross Bookings increased 22 %, and Freight Gross Bookings rose 35 %.
Revenue increased 10 % to $ 14,766 million, materially below Gross Bookings growth because business model changes negatively impacted total revenue year-over-year growth by 8 percentage points. Delivery revenue grew 23 % to $ 5,488 million and Freight revenue grew 34 % to $ 1,758 million, while Mobility revenue declined (2) % to $ 7,520 million. Segment Operating Income increased to $ 2,362 million in Mobility and $ 1,057 million in Delivery. Freight's Segment Operating Loss improved to $ (33) million from $ (40) million.
Profitability expanded on the operating measures emphasized by management. GAAP Income from operations rose 30 % to $ 1,447 million. Adjusted EBITDA rose 31 % to $ 2,963 million and its margin as a percentage of Gross Bookings increased to 5.0% from 4.5%. Non-GAAP Operating Income grew 38 % to $ 2,304 million, with its percentage of Gross Bookings reaching 3.9% from 3.4%. GAAP net income attributable to Uber Technologies, Inc. fell (92) % to $ 512 million, reflecting a prior-year period that included a $4.9 billion benefit from a tax valuation release and a $1.5 billion net benefit from revaluations of equity investments, while Q3 2026 included a $476 million net loss (pre-tax) from revaluations of equity investments.
Cash generation remained positive. Net cash provided by operating activities rose 13 % to $ 2,639 million and free cash flow rose 14 % to $ 2,535 million. The company repurchased $ 750 million of common stock during the quarter. Unrestricted cash, cash equivalents, and short-term investments were $10.1 billion at quarter-end, while long-term debt, net of current portion, was 15,664 million as of September 30, 2026.
For Q4 2026, Uber expects Gross Bookings of $63.25 billion to $65.25 billion, representing 18% to 22% constant-currency year-over-year growth, with a roughly 1 percentage-point currency headwind to reported growth. It also expects Non-GAAP EPS of $0.95 to $0.99 and Adjusted EBITDA of $3.13 billion to $3.23 billion. The outlook extends the company's focus on growth, operating profitability, Delivery momentum, Mobility supply, and commercial execution in autonomous vehicles.
Management, verbatim
Uber delivered its fifth consecutive quarter of 20%+ Gross Bookings growth, driven by record audience and consumer engagement.
Dara Khosrowshahi, CEO
We’re investing from a position of strength to expand Mobility supply, build on Delivery’s momentum, and deepen engagement across our platform. 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
Uber continues to translate strong growth into expanding profitability, with Non-GAAP Operating Income margins reaching a record 3.9% of Gross Bookings and Non-GAAP EPS growing 35%.
Balaji Krishnamurthy, CFO
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported quarterly metrics were not provided.
- Gross margin was not reported.
- Q4 2026 revenue guidance was not provided.
- Q4 2026 gross-margin guidance was not provided.
- Q4 2026 operating-expense guidance was not provided.
- Q4 2026 tax-rate guidance was not provided.
- Prior-quarter cash, debt, and capital-return comparisons were not provided.
- Dividend amount was not reported.
- Previous-release outlook was not provided, so no comparison of Q3 2026 actual results with prior guidance is available.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.