- Company name
- Uber Technologies
- Sector
- Ride-hailing & delivery
- About
- Uber runs a platform that connects consumers with drivers, couriers, restaurants, stores and freight carriers. It has three segments: Mobility (rides), Delivery (food, grocery and retail) and Freight. In Q3 2026, it had 215 million monthly active platform consumers, who took 4.1 billion trips. Gross Bookings were $59.8 billion and revenue was $14.8 billion. Uber also works with autonomous vehicle companies, which offer driverless rides on its app. It expects about 700 fully driverless vehicles on Uber by the end of 2026 and more than 2,000 in 2027. It trades on the NYSE.
- Thesis
- The market fears that driverless cars will reduce the value of Uber's network. The belief is that companies with their own robotaxis, such as Waymo or Tesla, can offer rides without Uber and take its most profitable trips. Large purchases add to the doubt. In July 2026, Uber offered about $14.8 billion for Delivery Hero, and in October 2026 it agreed to buy ezCater for about $2.3 billion. Total debt rose to $15.8 billion. For the gap to close, four things must be true. Gross Bookings must keep growing near 20% a year; they grew 20% in Q3 2026 at constant currency. Profit per booking must keep rising; non-GAAP operating income reached a record 3.9% of Gross Bookings in Q3 2026. Driverless partners must add trips on Uber's app and not take them away. The Delivery Hero deal must close on acceptable terms, as planned in the second half of 2027, without large forced sales. The Q4 2026 report, expected in early February 2027, gives the next test. Proof about driverless cars comes over several years, so the gap can close slowly through 2027 and 2028.
- Risks
- Robotaxi companies can offer rides on their own apps. If they do not use Uber's network, Uber can lose its most profitable city trips and its pricing power.
The Delivery Hero offer is large and needs merger clearances in many countries. Regulators can require sales of businesses, or the deal can fail. Uber also holds total return swaps on Delivery Hero stock, so a lower Delivery Hero price lowers Uber's reported profit.
Rules on the status of drivers and couriers can change. If they must become employees, or if minimum pay rules spread, costs can rise.
Total debt rose to $15.8 billion at September 30, 2026 from $10.6 billion at December 31, 2025, and the Delivery Hero offer will add more. Higher debt reduces the cash for buybacks.
GAAP profit moves a lot with the value of Uber's equity stakes. In Q3 2026, revaluations caused a loss of $476 million before tax.
- Balance sheet
- Cash: $10.1B
Debt: $15.8B
Net debt: $5.7B
Undrawn credit line: $7.4B, to August 2031
Last debt due: 2046
Uber's total debt principal was $15.787 billion at September 30, 2026, up from $10.600 billion at December 31, 2025. In September 2026, it issued €4.5 billion of euro notes due 2029 to 2046. The debt also includes $1.73 billion of 0.875% convertible notes due 2028, with a conversion price of about $72.54, and $1.15 billion of exchangeable notes due 2028. Unrestricted cash, cash equivalents and short-term investments were $10.068 billion. Uber also holds equity stakes, including 24.5% of Delivery Hero. The $7.7 billion revolving credit facility runs to August 2031 and has no borrowings, but about $324 million of letters of credit use part of it. For the Delivery Hero offer, Uber has a €4.0 billion term loan agreement and bridge commitments. Free cash flow was $7.613 billion in the first nine months of 2026. Uber bought back 56.6 million shares for $4.3 billion in that time, and $15.0 billion of buyback authorization was left.
As of 2026-09-30.
- Checkpoints
- Feb 4, 2027 (estimate): Q4 2026 results: bookings and profit. Pending. Watch: Gross Bookings within the $63.25 billion to $65.25 billion guidance and non-GAAP EPS of $0.95 or more pass; slower bookings growth or lower margins fail.
2027 (estimate): Driverless trips on Uber. Pending. Watch: More than 2,000 driverless vehicles on Uber in 2027 with rising trips per vehicle pass; large robotaxi services that grow without Uber and take its trips fail.
2027 (estimate): Delivery Hero deal closing. Pending. Watch: A closing in the second half of 2027 with merger clearances and few forced sales passes; a failed offer or large forced sales fail.
- Recent events
- 2026-11-04: Uber reported Q3 2026 results. Gross Bookings grew 20% to $59.8 billion, and trips grew 16% to 4.1 billion. Revenue grew 10% to $14.8 billion. Non-GAAP operating income grew 38% to $2.3 billion, and non-GAAP EPS grew 35% to $0.88. Free cash flow was $2.5 billion. For Q4 2026, Uber expects Gross Bookings of $63.25 billion to $65.25 billion and non-GAAP EPS of $0.95 to $0.99.
2026-11-04: Uber said that Jill Hazelbaker, President and Chief Corporate Affairs Officer, will step down on November 30, 2026.
2026-10-05: Uber agreed to buy ezCater, a US platform for catering and workplace meals, for about $2.3 billion in cash.
2026-09-15: Uber issued €4.5 billion of euro senior notes in five tranches that mature from September 2029 to September 2046. It received about $5.2 billion.
2026-08-06: Uber signed a $7.7 billion revolving credit agreement that matures in August 2031, in place of its $5.0 billion facility. It also signed a €4.0 billion term loan agreement for the Delivery Hero offer.
2026-08-05: Uber reported Q2 2026 results. Gross Bookings grew 22% at constant currency to $58.0 billion. Non-GAAP EPS grew 35% to $0.81, and free cash flow was $2.8 billion. Free cash flow for the last 12 months was more than $10 billion for the first time.
2026-07-16: Uber agreed with Delivery Hero to make a voluntary public takeover offer of €41.50 per share in cash, an equity value of $14.8 billion for all of Delivery Hero. Uber owned 24.5% of Delivery Hero at September 30, 2026. The offer needs 50% plus one share and merger clearances, and Uber expects to close it in the second half of 2027. It signed a €14.2 billion bridge credit agreement.
2026-02-04: Uber reported Q4 2025 results. Gross Bookings grew 22% to $54.1 billion, and free cash flow was $2.8 billion. Uber said that Balaji Krishnamurthy will replace Prashanth Mahendra-Rajah as Chief Financial Officer on February 16, 2026.