Uber Technologies, Inc. reported fiscal fourth‑quarter 2025 results on February 4, 2026, with revenue of $14.37 billion, up 20 % year‑over‑year, and gross bookings of $54.1 billion, a 22 % increase. Adjusted earnings per share were $0.71, 27 % higher than the same quarter a year earlier, but fell short of the consensus estimate of $0.80–$0.81.
Revenue growth was driven by strong demand across Uber’s core Mobility, Delivery, and Freight segments, while headwinds in legacy products and a modest decline in international markets tempered the top‑line. Gross bookings rose 22 % as the company expanded its user base to 202 million monthly active platform consumers, and the adjusted EBITDA margin improved to 4.6 % of bookings from 4.2 % in Q4 2024, reflecting pricing power and cost discipline.
The EPS miss was largely attributable to a $1.6 billion net headwind from revaluations of equity investments, a non‑cash charge that reduced GAAP net income. After accounting for the headwind, the operating margin remained healthy at 12.3 %, up from 6.4 % a year earlier, indicating that the underlying business continues to generate strong cash flow.
For the first quarter of 2026, Uber guided for gross bookings of $52 billion to $53.5 billion, a 17 %–21 % year‑over‑year increase, and adjusted EBITDA of $2.37 billion to $2.47 billion. Non‑GAAP earnings per share were projected at $0.65 to $0.72, below the analyst consensus of approximately $0.78, signaling a cautious outlook amid continued investment in autonomous vehicle partnerships and generative‑AI initiatives.
Investors reacted to the EPS miss and the lower‑than‑expected guidance, with a muted market response that reflected concerns about short‑term profitability. The CFO transition, with Balaji Krishnamurthy replacing Prashanth Mahendra‑Rajah effective February 16, added to uncertainty as the company balances capital allocation with strategic expansion.
CEO Dara Khosrowshahi said the quarter was a record‑breaking period, noting that Uber’s trip run‑rate had reached 15 billion annually and that the company was on a clear path to become the largest facilitator of autonomous‑vehicle trips. Incoming CFO Balaji Krishnamurthy emphasized disciplined investment in autonomous technology and AI, stating that the firm would continue to allocate free cash flow to high‑return opportunities while maintaining profitability.
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