In the fourth quarter, Uber delivered 20% year-over-year revenue growth to $14.37 billion, slightly ahead of consensus, while gross bookings surged 22% to $54.1 billion. Trips climbed 22% to 3.8 billion, supported by an 18% increase in monthly active platform consumers to 202 million and a 3% rise in trips per user. Adjusted EBITDA reached $2.49 billion, up 35% from a year earlier, lifting the margin to 4.6% of gross bookings. However, adjusted EPS of $0.71 missed the $0.80 consensus by 11%, prompting investor disappointment despite record cash flow generation of $2.9 billion.

Uber’s guidance for the first quarter forecasts gross bookings between $52.0 billion and $53.5 billion, implying 17%–21% growth, and adjusted EPS of $0.65 to $0.72, below the $0.75 street estimate at midpoint. In premarket trading following the announcement, shares slid more than 5% as investors weighed the softer profit outlook against continued strength in delivery volume and user engagement. The company’s emphasis on long-term cash flow and topline momentum did little to offset near-term concerns about margin pressure from promotional pricing.

Uber reaffirmed its commitment to autonomous vehicle deployment, targeting facilitation of driverless trips in up to 15 cities by the end of 2026 with an even split between U.S. and international markets. Management outlined plans to invest in AV software partners, support infrastructure builders and secure offtake agreements, leveraging record free cash flow of $2.8 billion. CEO Dara Khosrowshahi emphasized that early tests in Austin and Atlanta demonstrate increased total demand when autonomy is introduced, reinforcing Uber’s platform advantage in balancing fixed and human-driven supply.

Following the earnings release, major brokerages adjusted their targets: Mizuho cut its price objective from $130 to $110 while maintaining an outperform rating, and Wedbush lowered its target from $78 to $75 with a neutral stance. On the leadership front, Uber announced that VP of Strategic Finance Balaji Krishnamurthy will succeed Prashanth Mahendra-Rajah as CFO, signaling a strategic shift toward disciplined capital allocation and accelerated AV investment under new financial stewardship.