In its fiscal fourth quarter ending December 31, 2025, Uber Technologies Inc. recorded significant progress across several key operating metrics, demonstrating continued expansion in its core mobility and delivery businesses. The company reported total revenue of $14.37 billion, representing a 20% increase from the same period last year and slightly exceeding expectations from analysts who had forecasted $14.32 billion. However, adjusted earnings per share were 71 cents, falling short of the consensus estimate of 80 cents.
Segment Performance and Gross Bookings
Diving into contributions from individual segments, Uber's Mobility revenue grew 19% year-over-year to $8.20 billion, showcasing robust demand for its ride-hailing services. The Delivery segment demonstrated even stronger growth, increasing 30% to $4.89 billion, reflecting accelerating consumer engagement in food and package delivery. Freight revenue remained stable, generating $1.27 billion, consistent with the prior year’s performance.
Gross bookings across the platform expanded by 22% year-over-year to reach a total of $54.14 billion. Mobility gross bookings rose 20% to $27.44 billion, while Delivery gross bookings increased 26% to $25.43 billion. Freight gross bookings experienced a slight decline of 1%, totaling $1.27 billion. Uber's platform facilitated 3.75 billion trips during the quarter, marking a 22% uplift compared to the previous year.
User Engagement and Financial Metrics
A key highlight was the growth in the company's Monthly Active Platform Consumers, which climbed 18% year-over-year to reach 202 million users, underlining Uber's expanding reach and customer base. The company achieved adjusted EBITDA of $2.49 billion in the quarter, a 35% increase over the comparable period, fueled primarily by the Mobility segment. The adjusted EBITDA margin as a percentage of gross bookings improved to 4.6%, up from 4.2% a year earlier, indicating better operational efficiency.
Uber closed the quarter with $7.6 billion in unrestricted cash and equivalents. It also generated $2.81 billion in free cash flow, bolstering liquidity and financial flexibility.
Leadership Transition
Alongside the financial results, Uber announced a leadership change in its finance department. Balaji Krishnamurthy has been named Chief Financial Officer, succeeding Prashanth Mahendra-Rajah, with the transition effective February 16, 2026. CEO Dara Khosrowshahi expressed gratitude to Mahendra-Rajah for his contributions, highlighting his role in achieving investment-grade credit status, launching the company's initial share repurchase program, and guiding Uber through significant acquisition activities. Mahendra-Rajah is set to pursue a new opportunity, which the company expects he will disclose in due course.
Management Commentary and Strategy
In reflecting on the quarter’s achievements, CEO Dara Khosrowshahi noted that Uber experienced another record-setting period, with the user base exceeding 200 million monthly active consumers and daily trips surpassing 40 million. He emphasized that Uber enters 2026 with strong revenue momentum, significant cash flow generation, and a clear strategic path to becoming a leading facilitator of autonomous vehicle (AV) trips globally.
Outgoing CFO Prashanth Mahendra-Rajah highlighted that the company’s platform-driven approach is central to these results. Incoming CFO Balaji Krishnamurthy reaffirmed Uber’s sustaining growth momentum after five years of consistent annual expansion above 20%, stressing that the company remains aligned with its three-year financial growth and profitability objectives.
During the earnings call, the CEO provided additional insights on autonomous vehicle operations integrated within Uber’s platform, noting that usage rates for AV rides on Uber significantly outpace those on standalone autonomous networks. Furthermore, he indicated that the profit margins for AV rides on the Uber platform are comparable to other offerings, suggesting a balanced portfolio of service economics.
Outlook for Fiscal First Quarter 2026
Looking ahead, Uber's guidance for the fiscal first quarter of 2026 anticipates gross bookings ranging from $52.0 billion to $53.5 billion, representing year-over-year growth between 17% and 21%. The company projects adjusted EBITDA in the range of $2.37 billion to $2.47 billion and expects adjusted quarterly EPS between 65 and 72 cents. These earnings projections fall slightly below the analyst consensus estimate of 75 cents per share.
Market Response
Uber’s shares responded positively in premarket trading, rising 2.31% to $79.73, reflecting investor optimism in the company's expanding user base and solid financial performance despite the adjusted earnings miss.
Overall, Uber’s fiscal fourth-quarter results underscore its continued traction in core business segments, supported by expanding consumer adoption and strategic focus on autonomous vehicle technology integration. The upcoming CFO transition signals a leadership evolution as the company advances its growth and profitability agenda into 2026.