Uber Q4 Trips Grow 22% and Adjusted EBITDA Surges 35%
Citi reaffirmed its Buy rating on Uber with a lowered price target of $110, while Roth Capital cut its target to $105 after beating earnings expectations. In Q4 2025, Uber delivered 22% year-over-year growth in trips and gross bookings, GAAP operating income rose to $1.8B, and adjusted EBITDA climbed 35% to $2.5B.
1. Analyst Ratings and Price Targets
Citi reaffirmed its Buy rating on Uber Technologies, setting a new price target of $110, while Roth Capital maintained a Buy rating and reduced its target to $105. Both firms cited Uber’s quarterly earnings beat and stronger-than-expected segment results as the basis for their updated forecasts.
2. Q4 2025 Financial Performance
For the quarter ended December 31, 2025, Uber achieved a 22% year-over-year increase in both trips and Gross Bookings. The company reported record GAAP operating income of $1.8 billion and adjusted EBITDA of $2.5 billion, up 35% year-over-year, alongside $2.9 billion in operating cash flow and $2.8 billion in free cash flow.
3. User Engagement and Future Outlook
Uber ended the quarter with over 200 million monthly users completing more than 40 million trips daily, marking its most engaged consumer base ever. Management highlighted significant cash flow generation, a rapidly growing topline, and a clear path to become the leading facilitator of autonomous vehicle trips globally.