Uber Posts 22% Q4 Gross Bookings Growth; Guides $52–53.5B Q1 Total
Uber’s fourth-quarter 2025 gross bookings rose 22% year-over-year in constant currency, with mobility up 20% and delivery up 26%. The company guided first-quarter 2026 bookings of $52–53.5 billion, implying 17–21% growth and enhancing its revenue pipeline and operating leverage.
1. Q4 2025 Gross Bookings Results
Uber delivered a 22% increase in total gross bookings during fourth-quarter 2025, driven by a 20% rise in mobility bookings and a 26% jump in delivery bookings on a constant-currency basis, reflecting robust consumer demand across its platform.
2. First-Quarter 2026 Guidance and Outlook
The company forecast first-quarter gross bookings of $52–53.5 billion, representing 17–21% growth year-over-year, a projection that is expected to sustain its revenue pipeline and improve operating leverage as higher transaction volumes spread fixed costs.
3. Share Performance and Valuation
Shares of Uber have declined in double digits over the past six months, underperforming industry peers, yet the stock trades at a relatively low 12-month forward price-to-sales multiple of 2.64X, suggesting room for valuation expansion.
4. Industry Comparison
Lyft reported 19% year-over-year gross bookings growth to $5.07 billion in the December quarter, while Grab’s on-demand GMV rose 21% in fourth-quarter 2025, highlighting strong sector-wide demand and competitive dynamics.