Uber Q3 2026: Gross Bookings up 20% to $59.8B, revenue up 10% after a UK business model change

Uber takes a cut of rides (Mobility), food and grocery orders (Delivery) and truckload shipments it brokers (Freight). Gross Bookings, the total value of those transactions, measures the size of the platform; revenue is the part Uber keeps or, where it is the principal, the full fare. That second definition is why the two numbers can drift apart, and this quarter they did.

From January 2, 2026, the 10-Q says, Uber changed its business model in certain UK markets “primarily driven by regulatory and tax considerations.” It is no longer responsible for the Mobility service there, so payments to drivers now reduce revenue instead of counting as a cost. Gross Bookings are measured the same way either way; revenue is not. The question for the quarter is what the business did once that is set aside, and the answer is mostly in the profit lines.

Uber Q3 2026 results at a glance

$ millions, except per share	Q3 2026	Q2 2026	Q3 2025
Gross Bookings	59,819	58,022	49,740
Trips (millions)	4,061	3,867	3,512
Revenue	14,766	14,191	13,467
GAAP income from operations	1,447	1,890	1,113
Non-GAAP operating income	2,304	2,143	1,675
Adjusted EBITDA	2,963	2,819	2,256
GAAP net income to Uber	512	2,394	6,626
Diluted EPS (GAAP)	$0.25	$1.17	$3.11
Non-GAAP EPS	$0.88	$0.81	$0.65
Free cash flow	2,535	2,792	2,230

Monthly Active Platform Consumers rose 14% to 215 million, and trips per consumer 2%.

How did Q3 compare with Uber’s outlook?

The Q2 release (Form 8-K, August 5) guided Q3 Gross Bookings to $58.25 billion to $60.25 billion and non-GAAP EPS to $0.84 to $0.88, which it said translated to Adjusted EBITDA of $2.86 billion to $2.96 billion. Gross Bookings of $59.8 billion landed inside the range, non-GAAP EPS of $0.88 at its top, and Adjusted EBITDA of $2,963 million about $3 million above its top (our arithmetic).

Why revenue grew half as fast as bookings

Segment, $ millions	Gross Bookings	Growth	Revenue	Growth
Mobility	29,512	18%	7,520	−2%
Delivery	28,539	22%	5,488	23%
Freight	1,768	35%	1,758	34%
Total	59,819	20%	14,766	10%

Delivery and Freight revenue grew roughly in line with their bookings. The gap is in Mobility: bookings up 18%, revenue down 2%. The 10-Q attributes the decline to “business model changes in the UK that negatively impacted revenue by $1.1 billion.” Adding that back gives Mobility revenue about 12% above a year earlier and total revenue about 18% higher (our arithmetic; a simple add-back, not a company-reported figure). The release itself says business model changes, in total, reduced revenue growth by 8 percentage points.

The 10-Q describes the change as moving driver payments from cost of revenue to a reduction of revenue, which by our reading shifts amounts between lines rather than removing profit. Mobility segment operating income rose 27% to $2,362 million. Measured against bookings, which the change does not affect, it was about 8.0% against 7.4% a year earlier (our arithmetic).

Profit grew faster than bookings

Non-GAAP operating income rose 38% to $2,304 million, which the release puts at a record 3.9% of Gross Bookings, against 3.4% a year earlier. Delivery segment operating income rose 30% to $1,057 million; Freight’s loss narrowed to $33 million. Corporate G&A and platform R&D grew 13% to $1,082 million.

GAAP income from operations rose 30% to $1,447 million. It fell from $1,890 million in Q2. Research and development rose about 48% from a year earlier to $1,273 million and sales and marketing about 22% to $1,563 million (our arithmetic), and the 10-Q lists a $342 million increase in “legal, non-income tax, and regulatory reserve changes and settlements” within cost of revenue.

Why GAAP EPS fell 92%

GAAP net income attributable to Uber was $512 million, or $0.25 a share, against $6,626 million and $3.11 a year earlier. The year-ago quarter included a $4.9 billion benefit from a tax valuation release and a $1.5 billion net pre-tax gain from revaluing equity investments. This quarter had a $476 million net pre-tax loss on those investments, which the 10-Q says includes a $354 million loss on Grab and a $239 million loss on Aurora, offset by a $161 million gain on Didi; other revaluations make up the rest. Other income was a $616 million expense, against $1,426 million of income a year earlier.

Non-GAAP EPS, which excludes those revaluations and other items, rose 35% to $0.88. Diluted weighted shares were about 2,050 million, against about 2,124 million a year earlier, about 3.5% fewer (our arithmetic).

$2.5B of free cash flow and $5.1B of new debt

Operating cash flow was $2,639 million and capital expenditure $104 million, for free cash flow of $2,535 million, up 14%. Uber repurchased $750 million of stock in the quarter, against $1,463 million a year earlier, and spent $902 million on acquisitions. It raised $5,139 million of debt and repaid $2,000 million, equal to the $2.0 billion term loan drawn in June that the 10-Q says was fully repaid in September; long-term debt was $15,664 million at September 30, against $10,521 million at the end of 2025. Unrestricted cash, cash equivalents and short-term investments were $10.1 billion.

The largest pending use of capital is Delivery Hero. On July 16, 2026, Uber agreed a business combination with the Berlin-based delivery company and launched a takeover offer of €41.50 a share in cash, which the 10-Q says represents an equity value of $14.8 billion for 100% of Delivery Hero. Uber already owns 24.99%. The offer needs acceptances of 50% plus one share, including Uber’s stake, and regulatory clearances, and is expected to close in the second half of 2027. Uber will fund it from cash and new debt: a €14.2 billion bridge facility signed on July 16, reduced by a €4.0 billion term loan signed on August 6. No funds had been drawn under either at September 30.

What to watch in Q4

• The outlook. Gross Bookings of $63.25 billion to $65.25 billion (18% to 22% growth in constant currency) and non-GAAP EPS of $0.95 to $0.99 (34% to 39% growth), which Uber says translates to Adjusted EBITDA of $3.13 billion to $3.23 billion.
• The UK base effect. The change took effect on January 2, 2026, so by our reading it should keep weighing on year-over-year revenue growth through Q4 and stop affecting the comparison from Q1 2027. The Q4 outlook does not address it.
• Autonomous vehicles. The CEO says in the release that Uber expects “approximately 700 fully driverless vehicles” on its platform by year-end and “over 2,000 in 2027.”
• Delivery Hero offer. Acceptance level and clearances for the €41.50-a-share offer, and how much of the bridge and term-loan facilities Uber ends up drawing.
• Investment marks. Grab, Aurora and Didi moved GAAP income by hundreds of millions this quarter, in both directions.

Quick answers

What were Uber’s Q3 2026 earnings?

GAAP net income attributable to Uber was $512 million, or $0.25 per diluted share, against $6,626 million ($3.11) a year earlier, when a $4.9 billion tax valuation release lifted the result. Non-GAAP EPS was $0.88, up 35%.

Why did Uber’s revenue grow less than Gross Bookings?

A business model change in certain UK markets from January 2, 2026 means driver payments there now reduce revenue instead of counting as a cost. The 10-Q says it cut Q3 revenue by $1.1 billion; Mobility revenue fell 2% while Mobility bookings rose 18%.

What is Uber’s Q4 2026 guidance?

Uber expects Gross Bookings of $63.25 billion to $65.25 billion, 18% to 22% growth in constant currency, and non-GAAP EPS of $0.95 to $0.99, which it says translates to Adjusted EBITDA of $3.13 billion to $3.23 billion.

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Sources and method. Every Q3 figure (key metrics, segment Gross Bookings, revenue and operating income, the income statement, the balance sheet, cash flows, the non-GAAP measures and the Q4 outlook) comes from Exhibit 99.1 to the Form 8-K filed 2026-11-04 (accession 0001543151-26-000039) for the quarter ended 2026-09-30, read directly from SEC EDGAR and linked above. The filing was accepted at 6:55 am ET on November 4, before the US market opened; the release scheduled its call for 8:00 a.m. ET. The UK business model change, its $1.1 billion revenue effect, the reserve-change line, the equity-investment revaluations, the term-loan repayment and the Delivery Hero offer and financing come from the Form 10-Q filed the same day (accession 0001543151-26-000041). The Q3 outlook and Q2 comparatives come from the Q2 release (Form 8-K, Exhibit 99.1, accession 0001543151-26-000027).

No consensus estimate is included, so this piece makes no claim that the quarter beat or missed expectations; the only comparisons are with Uber’s own filed outlook and with prior periods. This piece makes no claim about the share-price reaction.

Our arithmetic, labelled as such: Adjusted EBITDA $3 million above the top of the outlook; Mobility revenue about 12% and total revenue about 18% above a year earlier with the $1.1 billion UK effect added back; Mobility segment operating income at about 8.0% and 7.4% of Mobility Gross Bookings; R&D up about 48% and sales and marketing up about 22%; and diluted weighted shares about 3.5% lower. These are approximations built on the disclosed figures, not reported numbers. The segment growth rates, the 8-point revenue effect, the 3.9% and 3.4% margins on Gross Bookings and the other growth rates are as printed in the release or the 10-Q. The interpretation (that the UK change, not demand, explains the gap between bookings and revenue) is our analysis, not a company statement, and is not a forecast.

Related: Uber Q2 2026, the prior quarter, and Tesla Q3 2026, which also reports on autonomous rides.