Uber Bookings Jump 20% in Q3, but Profit Forecast Disappoints

Direct answer

Uber had a strong third quarter for bookings, but its forecast for the final quarter of 2026 disappointed investors. Gross bookings rose 20% to $59.8 billion, and revenue rose 10% to $14.8 billion, yet the company forecast fourth quarter profit per share below Wall Street expectations, according to Reuters.

What happened

Uber reported results on November 4, 2026, for the quarter ended September 30, 2026. Gross bookings, the total value of rides and deliveries ordered through the app, rose 20% from a year earlier to $59.8 billion, or $59.819 billion in the company release. Trips rose 16% to 4.1 billion, and monthly active platform consumers rose 14% to 215 million.

Revenue rose 10% to $14.77 billion, which Reuters reported topped estimates of $14.69 billion, although it was the slowest revenue growth since the first quarter of 2021. The company said business model changes reduced revenue growth by 8 percentage points. Mobility bookings rose 18%, Delivery bookings rose 22%, and Freight rose 35%, according to Reuters.

On a GAAP basis, net income was $512 million and diluted earnings per share were $0.25. That figure includes a $476 million pre-tax loss from revaluations of equity investments. Non-GAAP earnings per share rose 35% to $0.88, non-GAAP net income rose 29% to $1.8 billion, and adjusted EBITDA rose 31% to $3.0 billion. The prior year quarter included a $4.9 billion tax benefit, which makes the GAAP comparison unusual.

For the fourth quarter, Uber forecast gross bookings of $63.25 billion to $65.25 billion, compared with analyst estimates of $64.42 billion, and non-GAAP earnings per share of $0.95 to $0.99, compared with estimates of $1.06 per share, according to LSEG data reported by Reuters. Reuters also reported that driver shortages, higher fuel costs, and the Middle East conflict weighed on growth, with the conflict described as a 75 basis point drag on Mobility bookings growth in the third quarter and an assumed 100 basis point hit in the fourth quarter. Uber also said President and Chief Corporate Affairs Officer Jill Hazelbaker will step down on November 30, 2026.

For a related third quarter earnings story, see McDonald’s US sales slip.

Why it matters for beginners

Gross bookings and revenue are not the same thing. Bookings show how much activity ran through the app. Revenue is the smaller slice Uber keeps after paying drivers and other costs. A company can therefore grow bookings faster than revenue, and that gap is worth watching.

A forecast matters because investors look ahead, not only at the past quarter. A lower than expected forecast can change how people judge the next quarter, even when the quarter just reported beat revenue expectations. This is general information only, not a judgement on whether any share is a good or bad investment.

What to watch next

Watch whether driver supply and fuel costs ease, whether the Middle East impact stays near the level Uber assumed for the fourth quarter, and whether fourth quarter bookings land inside the $63.25 billion to $65.25 billion range. Also watch the next quarterly report for trips, bookings, and the split between Mobility and Delivery.

FAQ

What are gross bookings?

Gross bookings are the total dollar value of rides and deliveries ordered through the app, before Uber keeps its share as revenue.

Why did the forecast disappoint if revenue beat expectations?

Because the fourth quarter profit per share forecast of $0.95 to $0.99 was below the $1.06 estimate reported by Reuters, and the bookings forecast midpoint was also below the $64.42 billion estimate.

Did Uber lose money in the quarter?

No, on a GAAP basis it reported net income of $512 million, although that was lower than the prior year comparison, which included a large tax benefit.

Sources

Uber, Uber Announces Results for Third Quarter 2026, BusinessWire, November 4, 2026, linked here: https://www.businesswire.com/news/home/20261104186867/en/Uber-Announces-Results-for-Third-Quarter-2026

Reuters, Uber’s profit forecast disappoints as driver shortages, Middle East conflict hurt, November 4, 2026, linked here: https://www.reuters.com/business/ubers-profit-forecast-disappoints-driver-shortages-middle-east-conflict-hurt-2026-11-04/

This article is for general information and education only. It is not legal or financial advice.