Uber (UBER) Earnings Show Net Income Down 92% as Bookings Rose 20%
Uber's third quarter 2026 net income fell 92% to $512 million, even as its trips and gross bookings kept growing and its income from operations rose 30%. A year earlier, a $4.9 billion tax benefit and a gain on its stakes in other companies lifted profit; this time those stakes lost value.
The short answer. Uber's business grew from July to September. Profit fell mainly because last year's quarter held a large tax benefit that did not repeat, and Uber's stakes in other companies lost value this time. This matters beyond Uber's owners, because a headline profit can swing on tax and investment items that say little about the business. Uber's own releases show it. Over nine quarters, income from operations stayed between $770 million and $1.9 billion, while net income ran from $263 million to $6.9 billion. Against its August forecast, gross bookings landed inside the range, non-GAAP earnings per share at the top, and adjusted EBITDA just above it.
Uber third quarter 2026 results at a glance
Show the data
| Quarter | Net income attributable to Uber | Income from operations | Note |
|---|---|---|---|
| Q3 2024 | $2,612M | $1,061M | |
| Q4 2024 | $6,883M | $770M | $6.4 billion tax benefit |
| Q1 2025 | $1,776M | $1,228M | |
| Q2 2025 | $1,355M | $1,450M | |
| Q3 2025 | $6,626M | $1,113M | $4.9 billion tax benefit |
| Q4 2025 | $296M | $1,774M | |
| Q1 2026 | $263M | $1,923M | |
| Q2 2026 | $2,394M | $1,890M | |
| Q3 2026 | $512M | $1,447M | $476 million investment loss |
On this page
- Why did Uber's net income fall 92%?
- How many driverless vehicles does Uber expect on its app?
- How fast did Uber's trips and revenue grow?
- Why did Uber's ride revenue fall while bookings grew?
- Did Uber meet its own forecast for the quarter?
- What does Uber expect for the fourth quarter of 2026?
- How Uber stock moved after the earnings release
- Uber cash flow, buybacks and debt
- Uber President Jill Hazelbaker steps down
- Frequently asked questions
Why did Uber's net income fall 92%?
Uber did not earn less from rides and deliveries. Its net income fell because the same quarter of 2025 held a $4.9 billion tax benefit, and this year its investments in other companies lost value.
Net income is the profit left after every cost, tax and gain. For Uber it was $512 million this quarter. A year earlier it was $6.6 billion. Diluted earnings per share fell from $3.11 to $0.25.
The 2025 figure was unusually high. Uber says it held a $4.9 billion benefit from a tax valuation release. That is a tax accounting gain booked on Uber's tax line, not money earned from rides or deliveries. The quarter also held a $1.5 billion gain, before tax, on Uber's stakes in other companies.
This quarter went the other way. Those stakes lost value, and Uber booked a $476 million loss on them before tax. Its other income line went from a gain of $1,426 million to a loss of $616 million.
The core business did better. Income from operations rose 30% to $1,447 million. That is the profit from running the platform. It comes before interest, investment swings and taxes.
This is not new for Uber. Over the last nine quarters, its income from operations stayed between $770 million and $1,923 million. Net income ran from $263 million to $6,883 million. The two highest quarters both held a large tax benefit, as the chart above shows.
| Line, Q3 | 2025 | 2026 |
|---|---|---|
| Income from operations | $1,113 million | $1,447 million |
| Interest expense | ($112 million) | ($152 million) |
| Interest income | $193 million | $176 million |
| Other income (expense), net | $1,426 million | ($616 million) |
| Income before income taxes and equity method results | $2,620 million | $855 million |
| Provision for (benefit from) income taxes | ($4,046 million) | $244 million |
| Loss from equity method investments | ($14 million) | ($42 million) |
| Net income attributable to non-controlling interests | ($26 million) | ($57 million) |
| Net income attributable to Uber | $6,626 million | $512 million |
| Diluted EPS | $3.11 | $0.25 |
Source: Uber third quarter 2026 results release, condensed consolidated statements of operations, three months ended September 30.
Uber also reports adjusted figures, which it calls non-GAAP. They leave out investment gains and losses, some tax effects and certain costs, such as some legal and restructuring charges. On that basis, net income rose 29% to $1.8 billion. Adjusted earnings per share rose 35% to $0.88.
How many driverless vehicles does Uber expect on its app?
Uber expects about 700 fully driverless vehicles on its app by the end of 2026, and over 2,000 in 2027. Its CEO says the focus is now on running them as a business.
"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," CEO Dara Khosrowshahi said in the release.
CFO Balaji Krishnamurthy said Uber keeps "a high bar for investments in our core businesses and autonomy." The release gives no figure for what the driverless push costs.
How fast did Uber's trips and revenue grow?
More people used Uber, and they used it a bit more often. Trips rose 16%, while revenue grew a slower 10%.
Uber counts a trip as one ride or one delivery order, and it had 4.1 billion of them. Monthly active platform consumers, the people who took a ride or got an order at least once in a month, rose 14% to 215 million. Each of them made 2% more trips a month.
Gross bookings are the total value of everything people paid for on Uber, including what drivers and restaurants earn. They rose 20% to $59.8 billion. CEO Dara Khosrowshahi called it the company's fifth quarter in a row of growth above 20%.
Revenue is the part Uber records as its own sales. It rose 10% to $14.8 billion. Uber says changes to its business model cut revenue growth by 8 percentage points.
| Measure, Q3 | 2025 | 2026 | Change |
|---|---|---|---|
| Monthly active platform consumers | 189 million | 215 million | +14% |
| Trips | 3,512 million | 4,061 million | +16% |
| Gross bookings | $49,740 million | $59,819 million | +20% |
| Revenue | $13,467 million | $14,766 million | +10% |
| Adjusted EBITDA | $2,256 million | $2,963 million | +31% |
| Non-GAAP operating income | $1,675 million | $2,304 million | +38% |
Source: Uber third quarter 2026 results release, financial and operational highlights. Growth at constant currency was the same 20% for gross bookings and 10% for revenue.
Non-GAAP operating income, a measure Uber's management uses to judge the business, rose 38% to $2.3 billion. CFO Balaji Krishnamurthy said it reached a record 3.9% of gross bookings, up from 3.4% a year earlier.
Why did Uber's ride revenue fall while bookings grew?
Rides and food delivery both grew in bookings. But revenue from rides, which Uber calls Mobility, fell 2%, while Delivery revenue rose 23%.
Mobility gross bookings rose 18% to $29.5 billion. Its revenue still slipped to $7,520 million, from $7,682 million.
Uber says changes to its business model held revenue back. Its quarterly report for April to June 2026 describes the one behind Mobility. "Effective January 2, 2026, we implemented a business model change in certain UK markets, primarily driven by regulatory and tax considerations," the report says.
It adds that Uber is "no longer responsible for the Mobility services in these markets." So what it pays drivers there now comes off its revenue, where before it counted as a cost. For April to June 2026, Uber says the UK change cut Mobility revenue by $1.1 billion.
Uber has not yet given that figure for July to September. Its release puts the effect of business model changes at 8 percentage points of total revenue growth, with no split by segment.
Mobility stayed the biggest profit maker. Its segment operating income rose 27% to $2,362 million.
Delivery covers restaurant meals, grocery and other store orders, and advertising. Its bookings rose 22% to $28.5 billion. Its segment operating income rose 30% to $1,057 million.
Freight grew revenue 34% to $1,758 million. It still lost money, with a segment operating loss of $33 million, smaller than the $40 million loss a year earlier.
| Segment, Q3 2026 | Gross bookings | Revenue | Revenue change | Segment operating income |
|---|---|---|---|---|
| Mobility | $29,512 million (+18%) | $7,520 million | -2% | $2,362 million |
| Delivery | $28,539 million (+22%) | $5,488 million | +23% | $1,057 million |
| Freight | $1,768 million (+35%) | $1,758 million | +34% | ($33 million) |
Source: Uber third quarter 2026 results release, results by offering and segment. Changes are against Q3 2025.
Did Uber meet its own forecast for the quarter?
Yes. Gross bookings of $59.8 billion came in inside the range Uber gave in August. Non-GAAP earnings per share of $0.88 matched the top of its range, and adjusted EBITDA was just above the top.
Uber set its forecast for July to September with its second quarter results on August 5, 2026. For gross bookings, it expected growth of 18% to 22% at constant currency, which leaves out currency swings. The result was 20%.
The profit forecasts held up too. Adjusted EBITDA, a profit measure before interest, taxes, depreciation and some other items, came in at $2,963 million. That is just above the top of the range Uber gave.
| Q3 2026 measure | Forecast on August 5 | Reported on November 4 |
|---|---|---|
| Gross bookings | $58.25 billion to $60.25 billion | $59.8 billion |
| Gross bookings growth, constant currency | 18% to 22% | 20% |
| Non-GAAP EPS | $0.84 to $0.88 | $0.88 |
| Adjusted EBITDA | $2.86 billion to $2.96 billion | $2,963 million |
Source: Uber second quarter 2026 results release, Outlook for Q3 2026; Uber third quarter 2026 results release, financial and operational highlights.
What does Uber expect for the fourth quarter of 2026?
Uber expects growth to stay close to this quarter's pace. It forecasts gross bookings of $63.25 billion to $65.25 billion for October to December.
That range means growth of 18% to 22% from a year earlier, at constant currency. Uber assumes currency moves will take about 1 percentage point off reported growth.
For profit, Uber guides to non-GAAP earnings per share of $0.95 to $0.99. That would be growth of 34% to 39%.
Uber says the outlook translates to adjusted EBITDA of $3.13 billion to $3.23 billion.
Uber gives no forecast for net income. It says it cannot predict items such as gains or losses on its investments, which is what moved net income this quarter.
Uber set its call with analysts for 8:00 a.m. ET on November 4, 2026, with a webcast on its investor relations site.
How Uber stock moved after the earnings release
Uber shares fell fast in premarket trading when the results came out, then won most of the drop back. They hit $64.82 at 6:57 a.m. ET and traded at $67.35 at 7:19 a.m. ET.
Just before the 6:55 a.m. ET release, the shares traded at $67.90 in premarket trading, at 6:50 a.m. ET. Uber stock ended the regular session on Tuesday, November 3, at $66.62 at 4:00 p.m. ET. All prices are from StockTitan's real-time data for UBER. The regular session on November 4 opens at 9:30 a.m. ET.
Uber cash flow, buybacks and debt
Uber generated $2.5 billion of free cash flow in the quarter. It ended September with $10.1 billion in cash and short-term investments.
Net cash from operations was $2,639 million, up 13%. After spending on equipment, free cash flow was $2,535 million, up 14%.
Uber spent $750 million buying back its own shares in the quarter, against $1,463 million a year earlier. The diluted share count it used for earnings per share fell to 2,050 million, from 2,124 million a year earlier.
Uber's long-term debt, not counting the part due within a year, was $15,664 million at September 30, 2026. At December 31, 2025, it was $10,521 million.
Uber President Jill Hazelbaker steps down
Uber also said one of its top executives is leaving. Jill Hazelbaker, its President and Chief Corporate Affairs Officer, will step down on November 30, 2026, for an external opportunity.
Uber disclosed the move in a filing with the SEC on the same day as its results. The filing gives no other reason and does not name a successor.
Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 2, 2026.
What to watch
- Uber's quarterly report on Form 10-Q for July to September. The report for April to June gave the UK change's effect on Mobility revenue for that quarter, so this one may give it for July to September.
- Uber's fourth quarter 2026 results, on a date Uber has not yet set. They will show gross bookings against the $63.25 billion to $65.25 billion forecast.
Our numbers
These figures are our compilation from Uber's results releases.
- Income from operations of $770 million to $1,923 million a quarter, from Q3 2024 through Q3 2026: the lowest and highest of the nine quarters.
- Net income of $263 million to $6,883 million a quarter over the same nine quarters, on the same basis.
Frequently asked questions
What were Uber's Q3 2026 earnings per share?
Uber reported non-GAAP earnings per share of $0.88, up 35% from $0.65 a year earlier, and GAAP diluted earnings per share of $0.25. Net income was $512 million on revenue of $14.8 billion.
Why did Uber's profit drop?
Net income fell 92% because the third quarter of 2025 included a $4.9 billion tax benefit and a $1.5 billion investment gain before tax. In 2026 Uber had a $476 million investment loss before tax instead. Income from operations rose 30%.
What is Uber's Q4 2026 guidance?
Uber expects gross bookings of $63.25 billion to $65.25 billion, growth of 18% to 22% at constant currency, and non-GAAP earnings per share of $0.95 to $0.99.
Did Uber beat its guidance?
Uber's results were inside or above the forecast it gave in August. Gross bookings of $59.8 billion were inside its range of $58.25 billion to $60.25 billion. Non-GAAP earnings per share of $0.88 were at the top of its $0.84 to $0.88 range. Adjusted EBITDA of $2,963 million was just above its $2.86 billion to $2.96 billion range.
Does Uber pay a dividend?
No. Uber says in its quarterly report that it has never declared or paid cash dividends and does not expect to in the foreseeable future. It returns cash through buybacks instead, $750 million of them in the third quarter of 2026.
How many driverless cars will Uber have?
Uber expects about 700 fully driverless vehicles on its app by the end of 2026 and over 2,000 in 2027, CEO Dara Khosrowshahi said in the results release.
Sources
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