Mobility, Delivery, and Freight all grow in unison! Uber Technologies, Inc. (UBER.US) Q3 gross bookings rise 20% for a fifth consecutive quarter, operating margin reaches a record-high 3.9%

Uber Technologies, Inc. (UBER.US) released its fiscal 2026 third-quarter (ended September 30) earnings report before market open on November 4. Gross Bookings for the quarter were US$59.819 billion, up 20% year-over-year (also up 20% on a constant-currency basis), marking the fifth consecutive quarter of 20%+ growth and broadly in line with the market consensus of approximately US$59.8 billion. Net revenue was US$14.766 billion, up 10% year-over-year; changes in the business model had a negative impact of approximately 8 percentage points on revenue growth. Profitability continued to expand strongly. Adjusted EBITDA for the quarter was US$2.963 billion, up 31% year-over-year, slightly above the market expectation of approximately US$2.93 billion, with margin on total Gross Bookings rising to 5.0% from 4.5% in the year-ago period; Non-GAAP operating income was US$2.304 billion (+38%), with the Non-GAAP operating margin at a record-high 3.9%; Non-GAAP net income was US$1.796 billion (+29%), and Non-GAAP earnings per share were US$0.88 (+35%), at the upper end of the company's guidance range (US$0.840.88). On a GAAP basis, operating income for the quarter was US$1.447 billion (+30%), but net income attributable to the company was only US$512 million, down 92% year-over-year, with GAAP diluted earnings per share of US$0.25this sharp decline was not due to operational deterioration, but because the year-ago period included approximately US$4.9 billion in tax valuation release gains and approximately US$1.5 billion in net gains from equity investment revaluation, creating a one-time high base; the current period also recorded a net loss of US$476 million from equity investment revaluation. By segment, Gross Bookings grew across all three major businesses. Mobility Gross Bookings were US$29.512 billion, up 18% year-over-year, with operating income of US$2.362 billion (+27%); Delivery Gross Bookings were US$28.539 billion, up 22% year-over-year (+23% on a constant-currency basis), with operating income of US$1.057 billion (+30%); Freight Gross Bookings were US$1.768 billion, up 35% year-over-year, with operating loss narrowing to US$33 million. On operating metrics, trips during the quarter were 4.1 billion, up 16% year-over-year; Monthly Active Platform Consumers (MAPCs) were 215 million, up 14% year-over-year. Uber Technologies, Inc. generated operating cash flow of US$2.639 billion (+13%) and free cash flow of US$2.535 billion (+14%) for the quarter. The company repurchased US$750 million of common stock during the quarter, bringing cumulative repurchases over the first nine months to US$4.279 billion. Unrestricted cash, cash equivalents, and short-term investments totaled US$10.1 billion at period end. Chief Executive Officer Dara Khosrowshahi commented in the earnings report: "Uber Technologies, Inc. delivered its fifth consecutive quarter of 20%+ Gross Bookings growth, driven by record user scale and consumer engagement. Our focus in autonomous driving has shifted to commercial execution, and we expect approximately 700 fully driverless vehicles to be live on the Uber Technologies, Inc. platform by year-end, exceeding 2,000 in 2027." Chief Financial Officer Balaji Krishnamurthy added: "Non-GAAP operating margin reached a record 3.9% of Gross Bookings, and Non-GAAP earnings per share grew 35%. Our fourth-quarter outlook strengthens our confidence in the durability of our financial model as we enter 2027." In terms of outlook, the company expects fourth-quarter Gross Bookings of US$63.25 billion65.25 billion, up 18%22% year-over-year (on a constant-currency basis, assuming approximately 1 percentage point of currency headwind); Non-GAAP earnings per share of US$0.950.99 (+34%+39%), corresponding to adjusted EBITDA of approximately US$3.13 billion3.23 billion. Following the earnings release, Uber Technologies, Inc.'s pre-market stock experienced sharp volatility, and as of publication, the stock was down 0.05%.