Transportation
Uber Third-Quarter Revenue Rises 10% as Bookings Grow 20%
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Uber Technologies’ (UBER ) third-quarter results, released November 4, 2026, showed revenue for the quarter ended September 30 rising 10% year over year to $14.8 billion, while Gross Bookings grew 20% to $59.8 billion.
Gross Bookings represent the total dollar value of Mobility rides, Delivery orders and Freight revenue, including applicable taxes, tolls and fees but excluding driver tips. Their growth substantially outpaced revenue. Uber said business-model changes reduced total revenue growth by eight percentage points on both a reported and constant-currency basis, helping explain the disparity.
Platform usage continued to expand. Trips rose 16% to 4.061 billion, Monthly Active Platform Consumers increased 14% to 215 million, and monthly trips per consumer gained 2%.
Profitability improved alongside that engagement. GAAP income from operations increased 30% to $1.447 billion. Non-GAAP Operating Income, which excludes acquisition and restructuring costs, certain legal and regulatory items and other adjustments Uber considers separate from ongoing operations, rose 38% to $2.304 billion. That represented 3.9% of Gross Bookings, up from 3.4% a year earlier; Chief Financial Officer Balaji Krishnamurthy described the margin as a record.
Delivery Bookings Approach Mobility
The segment results show differing bookings and revenue trends across Uber’s three businesses:
| Offering | Gross Bookings | Bookings Growth | Revenue | Revenue Growth |
|---|---|---|---|---|
| Mobility | $29.512 billion | 18% | $7.52 billion | −2% |
| Delivery | $28.539 billion | 22% | $5.488 billion | 23% |
| Freight | $1.768 billion | 35% | $1.758 billion | 34% |
Delivery’s bookings nearly matched Mobility’s, although Mobility remained substantially larger by revenue. Mobility’s revenue decline did not prevent its segment operating income from rising 27% to $2.362 billion. Delivery segment operating income increased 30% to $1.057 billion, while Freight recorded a $33 million operating loss.
Investment and Tax Effects Weigh on Net Income
Stronger operating performance did not translate into higher bottom-line earnings. GAAP net income attributable to Uber fell to $512 million from $6.626 billion a year earlier, while diluted earnings per share dropped to $0.25 from $3.11.
Large valuation and tax effects shaped that comparison. The latest quarter included a $476 million pre-tax net loss from revaluations of Uber’s equity investments. The year-earlier quarter contained a $1.5 billion pre-tax net benefit from those revaluations and a $4.9 billion benefit from a tax valuation release. Those swings help explain why net income fell sharply even as operating income expanded.
Uber’s adjusted results moved in the opposite direction. Non-GAAP Net Income rose 29% to $1.796 billion, and Non-GAAP EPS increased 35% to $0.88. In addition to the operating adjustments, these measures exclude specified items below operating profit, including gains and losses on debt and equity securities and certain income-tax effects.
Outlook Extends to Commercial Driverless Deployment
Operating cash flow increased 13% to $2.639 billion, while free cash flow, which Uber defines as operating cash flow less capital expenditures, rose 14% to $2.535 billion. Uber ended the quarter with $10.1 billion in unrestricted cash, cash equivalents and short-term investments and repurchased $750 million of common stock during the period.
For the fourth quarter of 2026, Uber projected Gross Bookings of $63.25 billion to $65.25 billion, representing constant-currency growth of 18% to 22%. The outlook assumes a currency headwind of roughly one percentage point to reported growth. Uber also forecast Non-GAAP EPS of $0.95 to $0.99, representing growth of 34% to 39%.
Alongside that outlook, Chief Executive Dara Khosrowshahi set deployment expectations for fully driverless vehicles on Uber’s 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.” He also described investments to expand Mobility supply, build on Delivery’s momentum and deepen engagement across the platform.
Commercial execution is now the measurable test for Uber’s autonomous strategy, alongside the fourth-quarter bookings and earnings growth set out in its outlook. The established businesses enter that phase with expanding operating profit and cash generation, while the driverless targets turn Uber’s autonomous ambitions into specific deployment milestones.
