Uber's Constant-Currency Bookings Growth Cools to 20%

The Tip Desk · November 4, 2026 · 3 min read

Gross bookings reached $59.8 billion in the third quarter as non-GAAP operating income hit a record 3.9% of bookings.

Uber Technologies (UBER) reported third-quarter gross bookings of $59.8 billion, up 20% year-over-year on a constant-currency basis, a slower pace than the 22% constant-currency increase in the second quarter.

The ride-hailing and delivery platform said the result marked a fifth consecutive quarter of 20% or higher constant-currency bookings growth. Trips rose 16% to 4.1 billion, after 18% growth in the prior quarter. Monthly active platform consumers increased 14% to 215 million, and monthly trips per consumer rose 2%.

Revenue grew 10% to $14.8 billion, matching the constant-currency rate. The company said business-model changes reduced reported and constant-currency revenue growth by 8 percentage points.

GAAP income from operations was $1.4 billion, up 30% from a year earlier. GAAP net income attributable to Uber was $512 million, or $0.25 a share, including a $476 million pre-tax loss from revaluations of equity investments. A year earlier, GAAP net income included a $4.9 billion tax-valuation release and a $1.5 billion pre-tax gain on equity investments.

Non-GAAP operating income rose 38% to $2.3 billion. That margin reached a record 3.9% of gross bookings, up from 3.4% in the year-ago quarter. Non-GAAP EPS was $0.88, up 35%. Adjusted EBITDA was $3.0 billion, with a 5.0% margin of gross bookings.

Delivery remained the growth engine. Delivery gross bookings rose 22% to $28.5 billion, or 23% in constant currency, and delivery revenue increased 23% to $5.5 billion. Mobility gross bookings grew 18% to $29.5 billion, or 17% in constant currency, while mobility revenue fell 2% to $7.5 billion. Freight gross bookings rose 35% to $1.8 billion and freight revenue 34% to $1.8 billion.

Segment operating income was $2.4 billion for Mobility, $1.1 billion for Delivery, and a $33 million loss for Freight. Corporate G&A and platform research and development expense was $1.1 billion.

Net cash from operations was $2.6 billion. Free cash flow was $2.5 billion. Unrestricted cash, cash equivalents and short-term investments were $10.1 billion at quarter-end, up from $5.4 billion at the end of the second quarter.

Chief Executive Dara Khosrowshahi said the company is investing to expand Mobility supply, build on Delivery’s momentum, and deepen engagement, and that autonomous-vehicle work is now focused on commercial execution, with about 700 fully driverless vehicles expected on Uber by year-end and more than 2,000 in 2027. Chief Financial Officer Balaji Krishnamurthy said the fourth-quarter outlook reinforces confidence in the financial model as the company enters 2027.

For the fourth quarter, Uber anticipates gross bookings of $63.25 billion to $65.25 billion, or 18% to 22% constant-currency growth, assuming a roughly 1 percentage-point currency headwind. Non-GAAP EPS is expected at $0.95 to $0.99, or 34% to 39% year-over-year growth, translating to Adjusted EBITDA of $3.13 billion to $3.23 billion.