Uber posted another quarter of 20% Gross Bookings growth, lifted non-GAAP earnings sharply and forecast continued momentum into the final quarter of 2026. The company also announced the departure of senior executive Jill Hazelbaker as it prepares to expand its driverless vehicle operations.
- Gross Bookings rose 20% to US$59.8 billion
- Non-GAAP EPS increased 35% to US$0.88
- Q4 Gross Bookings forecast at US$63.25 billion to US$65.25 billion
- Approximately 700 fully driverless vehicles expected on the platform by year-end
- Jill Hazelbaker to leave on November 30 for an external opportunity
Uber Technologies, Inc. (NYSE:UBER) is entering the final quarter of 2026 with growth, cash generation and autonomous vehicles all moving higher. Gross Bookings rose 20% year on year to US$59.8 billion in the third quarter, while non-GAAP earnings per share climbed 35% to US$0.88. The company also said approximately 700 fully driverless vehicles are expected to be operating on Uber by year-end, with more than 2,000 anticipated in 2027.
The operating numbers were broad-based. Trips increased 16% to 4.1 billion, supported by a 14% increase in Monthly Active Platform Consumers to 215 million and a 2% rise in monthly Trips per consumer. Delivery Gross Bookings grew 22% to US$28.5 billion, Mobility rose 18% to US$29.5 billion and Freight increased 35% to US$1.8 billion.
Profit growth outpaces reported revenue
Revenue rose 10% to US$14.8 billion, although Uber said business model changes reduced reported revenue growth by eight percentage points. GAAP income from operations increased 30% to US$1.4 billion, while non-GAAP Operating Income rose 38% to US$2.3 billion. The company’s non-GAAP Operating Income margin reached 3.9% of Gross Bookings, up from 3.4% a year earlier.
Cash conversion also strengthened, with US$2.6 billion generated from operating activities and US$2.5 billion in free cash flow. The headline GAAP net income figure, however, is a poor year-on-year yardstick: third-quarter profit attributable to Uber fell to US$512 million from US$6.6 billion, after the prior-year result benefited from a US$4.9 billion tax valuation release and a US$1.5 billion investment revaluation gain. The latest quarter included a US$476 million pre-tax loss from equity investment revaluations.
Q4 guidance and autonomous vehicle rollout
Uber expects fourth-quarter Gross Bookings of US$63.25 billion to US$65.25 billion, representing constant-currency growth of 18% to 22%. It forecasts non-GAAP EPS of US$0.95 to US$0.99, alongside Adjusted EBITDA of US$3.13 billion to US$3.23 billion. Those are company forecasts and the earnings measures are non-GAAP, so they do not provide a direct GAAP profit comparison.
Autonomy is now described by chief executive Dara Khosrowshahi as a matter of “commercial execution”, rather than simply investment or experimentation. The filing gives a vehicle count but not the economics of those deployments, leaving the important questions around utilisation, partner arrangements and profitability unanswered. Separately, President and Chief Corporate Affairs Officer Jill Hazelbaker will depart on November 30 for an external opportunity. Uber did not identify a successor in the announcement, although Khosrowshahi described Hazelbaker as a driving force behind key strategic moments and a trusted adviser.
Bottom Line?
Uber has paired unusually strong platform growth with rising margins, but the next test is whether autonomous vehicles can scale commercially without diluting that operating progress.
Questions in the middle?
- Can Uber convert its planned 700 driverless vehicles into a meaningful, profitable contribution, or will the rollout remain investment-heavy?
- How much of the projected Q4 earnings growth will come from underlying operations rather than adjustments excluded from non-GAAP measures?
- Who will replace Jill Hazelbaker, and will the leadership change alter Uber’s corporate and regulatory strategy?