Uber Delivery Segment Fuels Strong Fourth Quarter Revenue Beat

2026-02-04 companies

San Francisco, Wednesday, 4 February 2026.
Uber’s revenue jumped 20% to $14.4 billion, driven by a massive 30% increase in delivery services, as the platform reached a record 202 million monthly active consumers.

Earnings Miss Amidst Investment Revaluations

While the top-line revenue numbers impressed, Uber Technologies (UBER) faced significant profitability headwinds in the fourth quarter of 2025. The company reported GAAP net income of $296 million, a precipitous drop of 95.7% from the $6.883 billion reported in the same period a year prior [2]. This decline was primarily driven by a substantial $1.6 billion pre-tax headwind related to the revaluation of equity investments [3]. On a per-share basis, adjusted earnings came in at $0.71, missing the analyst consensus estimate of $0.79, although total revenue of $14.37 billion managed to beat the Wall Street expectation of $14.28 billion [5].

Operational Scale and User Engagement

Despite the earnings pressure, the platform’s operational scale continued to expand rapidly. Gross bookings for the quarter rose 22% year-over-year to $54.1 billion [2]. This volume was supported by a record 202 million monthly active platform consumers (MAPCs), marking an 18% increase from the previous year [2]. Consequently, the platform is now executing at an annualized run-rate of 15 billion trips, equating to more than 40 million trips completed every day [4].

Segment Divergence and Membership Dynamics

A detailed look at the segments reveals that delivery is currently outpacing mobility in growth rate. Delivery revenue surged 30% to $4.9 billion, compared to a 19% increase in the Mobility segment, which generated $8.2 billion [3]. Delivery Gross Bookings accelerated to 26% year-over-year, surpassing a $100 billion annual run-rate for the first time [4]. This growth is heavily supported by the Uber One membership program, which saw its subscriber base swell by 55% to over 46 million members globally [4]. These members are increasingly vital to the ecosystem, now generating nearly 50% of total gross bookings [6].

Autonomous Strategy and Future Outlook

Looking ahead, Uber is aggressively positioning itself within the autonomous vehicle (AV) landscape. CEO Dara Khosrowshahi emphasized that while AVs currently represent only 0.1% of global rideshare trips, the company aims to facilitate AV trips in up to 15 cities by the end of 2026 [4]. To support this, Uber has entered an exclusive agreement to deploy the first 25,000 passenger vehicles produced by autonomous driving developer Waabi [4][6]. For the upcoming first quarter of 2026, the company forecasts gross bookings between $52 billion and $53.5 billion [2]. Amidst these strategic pivots, the company announced that CFO Prashanth Mahendra-Rajah will depart on February 16, 2026, handing the financial reins to Balaji Krishnamurthy [6].

Sources

Earnings Gig Economy