Uber Q3 2026 Non-GAAP Operating Income Rises 38%

Uber Technologies Inc. (UBER) reported strong growth in third-quarter bookings and core operating profit, as rising platform usage and gains across Mobility and Delivery outweighed slower reported revenue growth. Non-GAAP operating income increased 38% year over year to $2.30 billion, while gross bookings rose 20% to $59.82 billion on both a reported and constant-currency basis.

Revenue for the quarter ended September 30 rose 10% to $14.77 billion. Uber said business model changes reduced reported and constant-currency revenue growth by eight percentage points, making gross bookings a broader indicator of activity on the platform during the period.

Non-GAAP operating income represented 3.9% of gross bookings, up from 3.4% a year earlier. Non-GAAP net income increased to $1.80 billion from $1.39 billion, while non-GAAP earnings per share rose 35% to $0.88.

On a GAAP basis, income from operations increased to $1.45 billion from $1.11 billion. However, net income attributable to Uber fell to $512 million, or $0.25 per diluted share, from $6.63 billion, or $3.11 per share, in the prior-year quarter. The year-earlier result included a $4.05 billion income-tax benefit and $1.43 billion of other income, compared with a $244 million tax provision and $616 million of other expense in the latest quarter.

Platform activity expands

Uber completed 4.06 billion trips during the quarter, an increase of 16% from a year earlier. Monthly active platform consumers rose 14% to 215 million, while monthly trips per consumer increased 2% to 6.3.

Mobility remained Uber’s largest profit contributor. Segment gross bookings reached $29.51 billion, up 17% in constant currency. Mobility revenue was $7.52 billion, down 2% in constant currency, while segment operating income climbed 27% to $2.36 billion. The segment’s operating income margin, measured against gross bookings, expanded to 8.0% from 7.4%.

Delivery gross bookings increased 23% in constant currency to $28.54 billion. Revenue also grew 23% in constant currency to $5.49 billion, with the revenue margin holding at 19.2%. Delivery operating income rose 30% to $1.06 billion, and its operating margin improved to 3.7% of gross bookings from 3.5% a year earlier.

Freight revenue advanced 34% in constant currency to $1.76 billion. The business remained unprofitable, recording a segment operating loss of $33 million, compared with a $40 million loss in the prior-year quarter. Its negative operating margin narrowed to 1.9% from 3.1%.

Corporate general and administrative and platform research and development costs totaled $1.08 billion on a segment basis, compared with $960 million a year earlier.

Cash generation and balance sheet

Net cash provided by operating activities increased to $2.64 billion from $2.33 billion. Quarterly free cash flow rose to $2.54 billion from $2.23 billion, while trailing-12-month free cash flow reached $10.42 billion, up from $8.66 billion.

Uber ended September with $9.56 billion in cash and cash equivalents, compared with $7.11 billion at the end of 2025. Long-term debt increased to $15.66 billion from $10.52 billion over the same period. The company repurchased $750 million of common stock during the quarter and $4.28 billion during the first nine months of 2026.

Uber said Adjusted EBITDA is no longer a key measure used by management and is being disclosed to support the transition to its newer non-GAAP measures. Adjusted EBITDA was $2.96 billion in the third quarter, compared with $2.26 billion a year earlier. The company cautioned that its non-GAAP metrics exclude items including certain legal and regulatory charges, restructuring expenses, acquisition-related costs and other items that may affect comparability with GAAP results.

The presentation identified competition, legal and regulatory developments, driver and courier relationships, investment in new products, platform participation, brand and reputation, and global economic conditions as key uncertainties. Uber also said forward-looking non-GAAP measures cannot be reconciled with their closest GAAP equivalents without unreasonable effort because some legal, investment, tax, regulatory and financing-related items cannot be reliably predicted.