UBER · Q4 2025 Earnings

Bullish

Uber

Reported February 4, 2026

30-second summary

30-second take: Q4 gross bookings of $54.14B (+22% YoY, +22% cc) cleared the high end of the $52.25B–$53.75B guide, with Delivery revenue re-accelerating to +30% YoY (Delivery gross bookings +26%) and Mobility gross bookings +20% (revenue +19%). Q4 Adjusted EBITDA of $2.487B grew 35% YoY — at the high end of the $2.41B–$2.51B guide and at the top of the 31–36% YoY growth range, with margin on gross bookings hitting a record 4.6% (vs. 4.2% in Q4 2024). The Q1 FY2026 guide reaffirms 17–21% constant-currency bookings growth and 37% YoY non-GAAP EPS growth at the midpoint, but the $2.37B–$2.47B Adjusted EBITDA guide is structurally below the Q4 print — management is explicitly choosing reinvestment over margin expansion, and saying so.

Headline numbers

EPS

Q4 FY2025

$0.71

Revenue

Q4 FY2025

$14.37B

+20.0% YoY

Free cash flow

Q4 FY2025

$2.81B

Operating margin

Q4 FY2025

12.3%

Key financials

Q4 FY2025

Metric	Q4 FY2025	YoY	Q3 FY2025	QoQ
Revenue	$14.37B	+20.0%	$13.47B	+6.7%
EPS	$0.71	—	$3.11	-77.2%
Operating margin	12.3%	—	8.3%	+408bps
Free cash flow	$2.81B	—	$2.23B	+25.9%

Guidance

Gross Bookings beat Q4 guidance; forward guidance reaffirmed for Q1 FY2026 with strong EPS and bookings growth expected.

Guidance is issued one quarter forward. The Prior-guide column references the guide issued last quarter for the period just reported; the New-guide column is for next quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Gross Bookings	Q4 FY2025	$52.25 billion to $53.75 billion	$54.140 billion	+$0.39 billion above high end of guide	Beat
Gross Bookings YoY Growth	Q4 FY2025	17% to 21% YoY (constant currency)	19% YoY	in-line with midpoint	Met
Adjusted EBITDA	Q4 FY2025	$2.41 billion to $2.51 billion	Q4 Adjusted EBITDA implied ~$2.49B	-$0.02 billion below high end	Missed
Adjusted EBITDA YoY Growth	Q4 FY2025	31% to 36% YoY	~29% YoY	-2 to -7 points below guide range	Missed

New guidance

Metric	Period	Guide	YoY
Non-GAAP EPS	Q1 FY2026	$0.65 to $0.72	37% YoY at midpoint
Gross Bookings	Q1 FY2026	$52.0 billion to $53.5 billion	17% to 21% YoY (constant currency)
Adjusted EBITDA	Q1 FY2026	$2.37 billion to $2.47 billion	—

Segment performance

Q4 FY2025

Segment	Q4 FY2025	YoY
Mobility	$8.204B	+19.0%
Delivery	$4.892B	+30.0%
Freight	$1.27B	—

Platform metrics

Q4 FY2025

Segment	Q4 FY2025
Monthly Active Platform Consumers (MAPCs)	202 million
Trips	3.751 billion
Gross Bookings	$54.140 billion
MAPC Growth YoY	18%
Trips per MAPC Growth YoY	3%

Profitability

Q4 FY2025

Segment	Q4 FY2025
Adjusted EBITDA Margin (% of Gross Bookings)	4.6%
Non-GAAP Operating Income Margin (% of Gross Bookings)	3.5%
Operating Cash Flow	$2.883 billion

Management tone

The margin narrative has moved from triumphalism to explicitly controlled reinvestment. Per CFO Mahendra-Rajah at the UBS conference: "We see profitability growing faster than our top line for years to come. But we want to continue to invest in the ideas that grow that top line, so you probably won't see the same level of margin expansion that you've historically seen." The Q1 EBITDA guide of $2.37B–$2.47B vs. Q4's $2.487B actual is the first quantification of that promise — sequential dollar EBITDA stepping down even as bookings grow 17–21% YoY. The signal: peak operating leverage for this cycle has been delivered, and FY2026 will channel more of it into investment.

AV moved from optionality to a specific city count with a date. Mahendra-Rajah committed to "10 plus cities by the end of 2026 where you can order an AV on Uber" and declared "the technology problem has been solved. Multiple vendors have solved that. It is now really how do you commercialize this and scale this for profits." The shift from optionality to scheduled deployment is meaningful — it converts AV from a story into a falsifiable 2026 milestone. Khosrowshahi reinforced the framing in the press release: "a clear path to becoming the largest facilitator of AV trips in the world."

Cross-platform monetization graduated from organizing principle to operating model. Per Mahendra-Rajah: "We've historically looked at our businesses as discrete P&Ls. There's the mobility and then the delivery. And as a result of doing that, we missed opportunities to optimize across the platform." Delivery is no longer a co-equal strategic platform — it's part of one platform with shared P&L, shared optimization, and shared investment budget. Management notes cross-platform users spend ~3x more, and this is the operational scaffolding that justifies why margin expansion is being throttled.

The Amazon-in-grocery posture is confident, not defensive. Per Mahendra-Rajah: "This is a massive TAM, massive... we are the choice for top-up... we are the choice that folks go to when you are in the kitchen preparing something and you're missing one or two ingredients." Grocery/retail is now a $12B run-rate business growing faster than overall Delivery. Amazon competition is cited as TAM validation rather than existential risk — the reduced defensiveness about competitive positioning is the most striking tonal feature.

Recurring themes management leaned on this quarter:

Cross-platform optimization driving utilization and retentionGrocery/retail as secular behavioral shift unlocking 6x TAM expansionRobo-taxi commercialization timeline accelerating (10+ cities by end-2026)Affordability and pricing power as primary demand driverGeographic expansion of delivery (30 countries vs. 70+ for mobility)Merchant-funded offers sustaining consumer growth across income cohorts

Risks management surfaced:

Economic headwinds affecting consumer discretionary spendingAmazon competitive intensification in grocery/deliveryNeed to balance profitability targets with growth investmentAV technology commercialization and scaling for profitsSearch functionality and discovery gaps in product offering

Answers to last quarter's watch list

Whether Q4 Adjusted EBITDA hits the top of $2.41B–$2.51B. Adjusted EBITDA came in at $2.487B — at the high end of the range and +35% YoY, at the top of the 31–36% guided growth band. Margin on gross bookings set a new record at 4.6%. Status: Resolved positively. The watch shifts to the Q1 guide, which steps sequential dollar EBITDA down.

Delivery growth deceleration risk. Delivery revenue accelerated to +30% YoY (gross bookings +26%) — the "Delivery as primary engine" thesis is reinforced, not threatened.

Resolved positively

First quantified AV trip/revenue disclosure. Still no AV trip count, revenue contribution, or unit-economics number disclosed on the print. Management did commit to "10+ cities by end of 2026" — a deployment milestone, not the operating disclosure the watch was looking for.

Continue monitoring

Cross-platform penetration past 20%. Penetration figure was not refreshed on the print or in the materials provided.

Continue monitoring

2026 insurance savings passthrough pace. Mobility gross bookings grew 20% — steady, with no specific passthrough number called out this quarter. The promised "hundreds of millions" in 2026 hasn't been re-quantified or progress-checked.

Continue monitoring

Buyback execution against the authorization. Cash flow statement shows $1.91B of common stock repurchased in Q4 and $6.52B for the full year. Status: Resolved partially — pace is visible, remaining authorization not disclosed in materials provided.

What to watch into next quarter

Whether Q1 Adjusted EBITDA hits the top of $2.37B–$2.47B. Top of range = $2.47B vs. Q4's $2.487B is still a sequential decline. The watch is whether the absolute dollar floor was conservatively set, or whether reinvestment intensity continues stepping up through 2026.

Whether Delivery sustains its growth premium to Mobility for a fifth consecutive quarter. On a like-for-like gross bookings basis, Delivery +26% vs. Mobility +20% is a ~6pt gap; on revenue, Delivery +30% vs. Mobility +19% is wider. If Q1 Delivery gross bookings slip toward Mobility's pace while Mobility holds, the Q4 acceleration looks more like grocery/retail seasonality than a structural shift.

First quantified AV disclosure on the path to "10+ cities by end-2026." With a date and city count now committed, watch Q1 for either a launched-cities running tally or the first trip/revenue contribution number. Continued silence into Q2 would erode the AV credibility-build.

Whether FY2026 full-year guidance is issued at the next print. Management gave qualitative FY commentary ("five years of 20%+ growth," "profitability growing faster than top line for years to come") but no quantified FY2026 guide — a step back from the cadence many investors expect.

Cross-platform penetration metric refresh. Two quarters now without an updated number — if Q1 still doesn't disclose, it suggests the figure hasn't moved meaningfully despite the strategic reorganization around it.

Whether the $0.65–$0.72 Q1 non-GAAP EPS guide implies the equity-investment income line stays favorable. With EBITDA sequentially declining but EPS guided to +37% YoY, watch whether the bottom-line guide depends on stake-mark gains (which would make EPS quality lower) or on genuine operating progress below the EBITDA line.

Sources

Uber Technologies Q4 2025 earnings press release, SEC filing — https://www.sec.gov/Archives/edgar/data/1543151/000154315126000011/uberq425earningspressrelea.htm

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