Overview
- Uber reported Q4 gross bookings up 22% to $54.1 billion and revenue up 20% to $14.4 billion, with record GAAP operating income of $1.8 billion and adjusted EBITDA of $2.5 billion.
- Guidance points to Q1 2026 EBITDA of $2.37–$2.47 billion versus a $2.45 billion consensus and gross bookings of $52.0–$53.5 billion above expectations, implying lower incremental margins near term.
- BofA reiterated a Buy and lowered its price target to $103, citing increased investment spend; Citi cut to $110 (Buy), Goldman to $125 (Buy), and Wedbush to $75 (Neutral).
- Management is prioritizing growth investments in delivery supply, membership, and lower-cost mobility products, with Uber One membership up 55% to more than 46 million members globally.
- Uber is accelerating its autonomy strategy, targeting AV deals in 1H 2026 and a rollout in 15 cities by year-end, including a newly announced WeRide partnership to deploy 1,200 robotaxis across Abu Dhabi, Dubai, and Riyadh by 2027.