10-Q · May 6, 2026
Uber Technologies, Inc. reported Q1 2026 results with revenue of $13.2 billion, reflecting a 14% year-over-year increase. The company also saw a diluted EPS of $0.72, beating the estimated $0.70. However, the sharp…
Earnings analysis · 10-Q
UBER earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Uber delivered strong operating momentum in Q3 2026, with revenue up 10% to $14.766 billion, Gross Bookings up 20% to $59.819 billion, and operating income up 30% to $1.447 billion. Delivery and Freight led segment…
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Uber delivered strong operating momentum in Q3 2026, with revenue up 10% to $14.766 billion, Gross Bookings up 20% to $59.819 billion, and operating income up 30% to $1.447 billion. Delivery and Freight led segment growth, while Mobility revenue declined 2% because of the $1.1 billion UK business-model impact, despite higher bookings. Cash generation improved, but GAAP EPS fell to $0.25 and the balance sheet carries materially higher debt alongside significant UK VAT, Australia payroll tax, investment volatility, and Delivery Hero acquisition risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.25
What stood out
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Bookings and platform activity accelerated
Revenue increased 10% year over year to $14.766 billion from $13.467 billion, supported by 20% Gross Bookings growth to $59.819 billion. MAPCs rose 14% to 215 million and Trips rose 16% to 4.061 billion.
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Operating margin improved year over year
Gross margin was approximately 43.5% ($6.417 billion of gross profit on $14.766 billion of revenue), down from approximately 44.9% in the prior quarter but up from approximately 39.8% in the prior-year quarter. Operating margin was 9.8%, versus 13.3% in Q2 2026 and 8.3% in Q3 2025.
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Core operating profit increased
GAAP diluted EPS was $0.25 versus $3.11 in Q3 2025, primarily reflecting the comparison against a prior-year tax benefit and investment gains. Income from operations increased 30% to $1.447 billion from $1.113 billion.
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Delivery and Freight outperformed
Delivery and Freight were the strongest growth businesses: Delivery revenue rose 23% to $5.488 billion and Freight revenue rose 34% to $1.758 billion. Delivery Segment Operating Income increased 30% to $1.057 billion, while Freight's operating loss narrowed to $33 million from $40 million.
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Cash generation remained strong
Nine-month operating cash flow increased 9% to $7.852 billion and free cash flow increased 9% to $7.613 billion. Capital expenditures were $239 million, equal to approximately 3% of nine-month operating cash flow.
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Liquidity provides acquisition capacity
Cash and cash equivalents increased to $9.558 billion from $7.105 billion at December 31, 2025, while unrestricted cash, cash equivalents and short-term investments totaled $10.1 billion at quarter-end. The company also had $7.7 billion of revolving credit commitments maturing in 2031, with no borrowings outstanding.
What to watch
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Leverage and acquisition funding
Total debt increased to $15.787 billion from $10.600 billion at December 31, 2025, while Uber plans to fund the proposed Delivery Hero acquisition, valued at $14.8 billion for 100% of the target, with existing cash and new debt. The transaction is expected to close in the second half of 2027.
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UK VAT dispute threatens liquidity
HMRC assessments related to UK VAT totaled approximately $3.4 billion, of which Uber had paid $1.9 billion and expected to pay an additional $1.5 billion to pursue its appeal. The company stated that the remaining payment would decrease operating cash flow.
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Australia payroll tax ruling
The High Court of Australia ruled against Uber on November 3, 2026 regarding New South Wales payroll tax assessments for July 2014 through June 2020. Uber accrued an amount for the matter and said it was evaluating impacts in other Australian states and territories.
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Equity investment volatility
Investment volatility materially affected earnings: Q3 gains and losses on debt and equity securities shifted from a $1.471 billion gain in the prior-year quarter to a $476 million loss. The quarter included a $354 million Grab loss and a $239 million Aurora loss, partly offset by a $161 million Didi gain.
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Mobility revenue conversion pressure
Mobility revenue declined 2% to $7.520 billion despite 18% Mobility Gross Bookings growth, because UK business-model changes reduced revenue by $1.1 billion in the quarter. Management also identified Driver supply constraints as a continuing risk in its discussion of classification and platform operations.
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Delivery Hero regulatory execution risk
Uber's proposed Delivery Hero acquisition requires regulatory approvals and a minimum acceptance threshold of 50% plus one share. The company had €14.2 billion of bridge commitments and had drawn none as of September 30, 2026, leaving execution and financing risk around a transaction expected to close in the second half of 2027.
Management's outlook
The 10-Q does not provide numeric revenue or EPS guidance; the quantitative Q4 outlook was provided in the earnings release rather than this filing.
Earlier filings 4
10-K · February 13, 2026
Uber’s 2025 Form 10-K emphasizes scale and platform synergies — the Company reports a global footprint in over 70 countries and more than 15,000 cities and highlights cross‑sell benefits (Uber One members 46 million as…
10-Q · August 6, 2025
Uber reported Q2 2025 revenue of $12,651 million, up $1,951 million YoY (from $10,700 million) and up $1,121 million QoQ (from $11,530 million). Operating margin expanded to 11.5% (vs. 7.4% in Q2 2024) while diluted EPS…
10-Q · October 31, 2024
Uber reported strong Q3 results: revenue of $11,188 million, up $1,896 million year-over-year (from $9,292 million) and up ~$488 million vs the prior quarter; operating income widened to $1,061 million and diluted EPS…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.