Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Monthly active platform consumers | 215 million | Not stated |
| Gross bookings growth | 20-plus percent | year-over-year |
| Non-GAAP EPS growth | 35% | Not stated |
| Trailing 12-month free cash flow | $10.4 billion | Not stated |
| Delivery gross bookings growth | 23% | year-over-year |
| Grocery and retail run rate | $15 billion | 40% year-over-year growth |
Guidance and outlook
- The company expects to maintain growth in the 18% to 22% range.
- The company projects 37% year-on-year growth on non-GAAP EPS for Q4 at the midpoint.
How management sounded
Positive (+6 on our -10 to +10 scale). Management highlighted record audience and engagement alongside strong free cash flow, while proactively addressing supply constraints with targeted investments. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
AV Fleet Financing
Asked: How will Uber finance its autonomous vehicle fleets?
Answer: Uber plans to use third-party capital rather than its own balance sheet for long-term scaling, though it may use its balance sheet initially to establish the business model and demonstrate utilization advantages.
International Supply Constraints
Asked: What is driving the supply issues in international markets?
Answer: Elevated fuel prices and seasonal pressures have impacted driver supply in markets like Brazil and India, but targeted investments in acquisition and retention are already showing improvement.
Grocery and Retail Strategy
Asked: What is the strategy for grocery and retail expansion?
Answer: Uber is focused on selection, affordability, and reliability, while selectively using dark stores where it makes sense, such as through the potential Delivery Hero acquisition.
AI Agents
Asked: What is the role of AI agents in the platform?
Answer: Uber is building its own AI assistants to improve user experience, but it is also open to working with third-party AI agents, though current transaction volumes from these sources remain very small.
What to watch before the next call
- The integration of recent acquisitions like Delivery Hero.
- The progress of the fully driverless vehicle rollout in Las Vegas and beyond.
- The effectiveness of supply-side investments in international mobility markets.
