Uber's Q3 EBITDA Rise Falls Short, Shares Slide

Uber Technologies Inc. (UBER) surpassed Wall Street's third-quarter expectations with $13.47 billion in revenue and $3.11 in earnings per share (EPS), driven by robust growth in trips and gross bookings. The ride-hailing and delivery giant reported results on Nov. 4, 2025, showcasing a 20% year-over-year revenue increase and a 21% surge in gross bookings to $49.74 billion, according to a Reuters report. Shares, however, dipped 5% in pre-market trading as investors appeared unimpressed by management's cautious guidance for adjusted EBITDA in the current quarter, according to Yahoo Finance.

The company's performance was fueled by a 22% year-over-year rise in trips to 3.5 billion and a 17% increase in monthly active platform consumers (MAPCs) to 189 million, according to a CNBC report. Mobility revenue grew 20% to $7.68 billion, while the delivery segment saw a stronger 25% year-over-year rise in gross bookings to $23.32 billion, the CNBC report added. Adjusted EBITDA climbed 33% to $2.26 billion, reflecting improved operational leverage, according to Reuters. Net income nearly tripled to $6.6 billion, though $4.9 billion of that gain stemmed from a tax valuation release rather than core operations, according to a Yahoo Finance article.

For the fourth quarter, Uber projected gross bookings between $52.25 billion and $53.75 billion, a 17% to 21% growth on a constant currency basis. Adjusted EBITDA is expected to range from $2.41 billion to $2.51 billion, marginally below the $2.49 billion median estimate, the Reuters piece said. The company also highlighted a 1 percentage-point currency tailwind for its annual growth projections, the earlier Reuters report added.

CEO Dara Khosrowshahi emphasized the company's strategic pivot toward long-term customer relationships, local commerce, and autonomous technology. "Uber's growth kicked into high gear in Q3," he stated, noting the quarter marked one of the largest trip-volume increases in the company's history outside the post-pandemic period, according to the CNBC coverage. Recent partnerships with Nvidia and Lucid underscore this vision: A 2027 collaboration with Nvidia aims to deploy 100,000 Level 4 autonomous vehicles using the chipmaker's Drive AGX platform, while a robotaxi service with Lucid will integrate the automaker's electric vehicles into Uber's platform, the Yahoo piece reported.

Despite the strong financials, analysts remain cautious. The stock, which had risen 65% year-to-date prior to the release, fell in pre-market trade as investors focused on the soft EBITDA guidance and the non-operational nature of the net income boost, as reported by Yahoo Finance. "The results were impressive, but the market is pricing in even stronger execution," said one analyst, highlighting the challenge of sustaining momentum in a competitive market, according to an Investing.com article.

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