Uber stock forecast
Uber's weighted forecast points to $42.79 in October 2027 and $61.45 in October 2029, including dividends. Uber's share price hinges on durable earnings growth, disciplined buybacks and adequate returns on Delivery Hero and AV commitments.
Where could Uber's shares be by 2029?
The forecast’s weighted path puts Uber below today’s $71.32. It reaches $42.79 in October 2027 and $51.44 in October 2028, including dividends. By October 2029, the weighted price is $61.45, implying a negative 14% return.
The base case receives 53% probability. The bear receives 27%, and the bull 20%.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 27 % | 26.12 (-63 %) | 23.49 (-67 %) | 20.76 (-71 %) |
| Base | 53 % | 44.06 (-38 %) | 51.68 (-28 %) | 60.43 (-15 %) |
| Bull | 20 % | 61.94 (-13 %) | 88.54 (+24 %) | 119.09 (+67 %) |
| Weighted | 100 % | 42.79 (-40 %) | 51.44 (-28 %) | 61.45 (-14 %) |
What this means. The weighted row is the average value after giving more importance to the cases considered more likely, not a separate prediction that is certain to happen.
What has to go right, and what could go wrong for Uber?
The bear case requires operating pressure to persist and capital allocation to weaken. By October 2027, local competition and supply gaps raise incentives while insurance and labor costs rise. By October 2028, Delivery Hero and AV spending consume cash before returns are proven. By October 2029, weaker margins and dilution push the multiple to 10x.
The bull case requires Uber to monetize growth with limited incremental cost. Local matching improves, advertising and Uber One cross-use add profitable activity, and AV partners carry most fleet costs. Buybacks then reduce shares while investors lift the multiple to 24x.
How much cash does Uber really make?
Cash from operations rose from negative $445 million in 2021 to $10,099 million in 2025. After $336 million of capital spending, reported free cash flow was $9,763 million. This is a major change for a platform whose ordinary rides require relatively little capital equipment.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 10,099 | 7,137 | 3,585 | 642 | -445 |
| − Capital spending | 336 | 242 | 223 | 252 | 298 |
| = Free cash flow | 9,763 | 6,895 | 3,362 | 390 | -743 |
| − Stock pay | 1,826 | 1,796 | 1,935 | 1,793 | 1,168 |
| = Real free cash flow | 7,937 | 5,099 | 1,427 | -1,403 | -1,911 |
What this means. Stock pay uses shares instead of cash, but it still reduces shareholders’ ownership, so we subtract it from free cash flow.
What does an investor pay for Uber today?
| Today (Oct 13, 2026) | |
|---|---|
| Share price | 71.32 |
| Market value (calculated) | 145,675.39 |
| Enterprise value (calculated) | 153,007.39 |
| P/E, last 12 months (calculated) | 15.7x |
| P/E, next 12 months (calculated) | 16.1x |
What this means. The last-twelve-month price-to-earnings number may look unusually low because reported profit includes one-time tax and investment gains.