Uber earnings
Uber’s next results are expected on November 4, 2026. The key thing to watch is the expected Bay Area robotaxi launch later in 2026.
What has Uber guided for the September 2026 quarter?
Guidance is management’s forecast, not a guarantee. Uber expects third-quarter Gross Bookings of $58,250–60,250 million and constant-currency growth of 18–22%. Gross Bookings measure the total customers spend through the platform before drivers, restaurants and other providers receive their shares. If a passenger pays $100 for a ride, the full amount counts as bookings, but Uber records only its platform fee as revenue. Currency can also change the dollar total without changing local demand.
Management also forecasts non-GAAP EPS of $0.84–0.88. Non-GAAP EPS is earnings per share after Uber’s specified accounting adjustments. Adjusted EBITDA, which shows operating earnings before interest, taxes and depreciation, is guided to $2,860–2,960 million. Free cash flow answers a different question: how much cash remains after operating needs and capital spending. So Uber can beat an EBITDA forecast while having less cash available for an acquisition.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Gross Bookings | Quarter to Sep 2026 | 58,250 | 60,250 | Aug 5, 2026 |
| Gross Bookings growth (constant currency) | Quarter to Sep 2026 | 18.0% | 22.0% | Aug 5, 2026 |
| Non-GAAP EPS | Quarter to Sep 2026 | 0.84 | 0.88 | Aug 5, 2026 |
| Adjusted EBITDA | Quarter to Sep 2026 | 2,860 | 2,960 | Aug 5, 2026 |
| cash tax rate, over the next few years | 2027 and subsequent years | 10.0% | 15.0% | Aug 5, 2026 |
| Free Cash Flow conversion as % of Adjusted EBITDA | Year to Dec 2026 | 90.0% | Feb 4, 2026 |
What this means. The blank cash tax rate for 2026 does not mean no tax; the company only described it as mid-to-high single digits without giving exact numbers.
What has Uber’s revenue and profit trend been?
Revenue reached $14,191 million, while Gross Bookings reached $58,022 million. Trips rose to 3,867 million and MAPCs to 208 million, so activity grew faster than reported revenue.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,191 | 13,203 | 14,366 | 13,467 | 12,651 | 11,533 | 11,959 | 11,188 |
| Gross margin | 44.9% | 45.0% | 39.6% | 39.8% | 39.8% | 39.9% | 39.5% | 39.6% |
| Operating income | 1,890 | 1,923 | 1,774 | 1,113 | 1,450 | 1,228 | 770 | 1,061 |
| Net income | 2,394 | 263 | 296 | 6,626 | 1,355 | 1,776 | 6,883 | 2,612 |
| EPS, diluted | 1.17 | 0.13 | 0.14 | 3.11 | 0.63 | 0.83 | 3.21 | 1.20 |
| = Free cash flow | 2,792 | 2,286 | 2,808 | 2,230 | 2,475 | 2,250 | 1,706 | 2,109 |
What this means. The unusually high profit in September 2025 and December 2024 mostly came from releasing tax allowances, not from normal business earnings.
What should you watch in Uber’s next results?
The expected Bay Area robotaxi launch later in 2026 is the first practical test. Employee rides and engineering trials show progress, but public service must show reliable customer access, a workable operating area and enough charging and maintenance support. Houston is planned for mid-2027. Waymo, a rival robotaxi operator, already offers paid rides in 15 US markets, so Uber’s test is whether its first deployment makes the next one easier and cheaper.