SAN FRANCISCO, Feb 4, 2026, 04:09 PST
- Uber projected Q1 adjusted EPS below estimates and also missed Q4 forecasts; shares dropped over 8% in premarket trading
- Q4 trips jumped 22%, with revenue up roughly 20% to $14.37 billion; gross bookings surged 22% to $54.14 billion
- CFO Prashanth Mahendra-Rajah is set to step down, as Uber flagged a UK accounting change expected to reduce reported mobility revenue margins
Uber Technologies on Wednesday missed fourth-quarter earnings estimates and projected first-quarter adjusted profit per share below Wall Street expectations. The company’s move to offer cheaper ride options squeezed margins. Shares dropped more than 8% in premarket trading. 1
The print matters because Uber has focused on shared rides and other budget-friendly options to sustain trip growth, even if that means slower margin gains. This quarter, guidance was expected to carry most of the weight.
Uber is pushing to establish itself as a distribution platform for autonomous vehicles—robotaxis booked via its app—without owning the underlying tech. This approach sharpens the focus on near-term profits and operational discipline.
Uber reported a 22% jump in trips for the quarter. Revenue increased roughly 20% to hit $14.37 billion, while gross bookings—the combined value of rides, deliveries, and other services—rose 22% to $54.14 billion.
Uber forecasted first-quarter adjusted earnings per share between 65 and 72 cents, falling short of the 76 cents analysts anticipated. Its fourth-quarter adjusted EPS came in at 71 cents, below the 79 cents expected. The company said it’s shifting to adjusted profit-per-share guidance to provide investors with a clearer picture of ongoing performance.
CEO Dara Khosrowshahi pointed to better pricing conditions and reduced insurance expenses as key drivers for quicker U.S. growth and margin gains this year.
Uber announced that CFO Prashanth Mahendra-Rajah is stepping down, with Balaji Krishnamurthy set to replace him. The company also revealed it will change how it accounts for parts of its UK business, cutting reported mobility revenue margin by roughly 350 basis points, or 3.5 percentage points, in Q1 and through 2026. This adjustment won’t impact the underlying profitability.
Before the earnings release, TipRanks noted that analysts were forecasting earnings per share of $0.79 on $14.32 billion in revenue, highlighting investor attention on Uber’s guidance amid its push into automation. The firm also pointed out Uber’s expansion of robotaxi and autonomous delivery pilots with partners across the U.S., Europe, and the Middle East. Additionally, Uber is collaborating with Nvidia, leveraging its driving data to advance self-driving models. 2
Seeking Alpha, in a separate preview, pegged consensus at about $0.78 per share on $14.32 billion in revenue. They highlighted growing robotaxi partnerships as a major focus heading into the earnings report. 3
Bernstein’s Nikhil Devnani argued this week that Uber’s stock already factors in substantial autonomous-vehicle disruption, saying valuation alone “is not a catalyst” for the sector. His discounted cash flow model implies Uber “should be a $65-70 stock” even if AVs completely overhaul its U.S. mobility business over the next 15 years. 4
Uber’s recent figures highlight a key risk in its affordability strategy: more rides don’t necessarily mean bigger profits when cheaper options dominate. With tight competition in ride-hailing and delivery, pricing errors aren’t an option. On top of that, the rollout of robotaxis still faces an uncertain timetable.
Earlier this week, a StockStory earnings preview on Yahoo Finance highlighted Uber’s previous-quarter revenue at $13.47 billion and a user base of 189 million, forecasting Q4 revenue around $14.34 billion. Expectations leaned toward a “steady” quarter, but the focus quickly shifted to margins and guidance instead. https://finance.yahoo.com/news/uber-uber-reports-q4-everything-030318282.html 5
Uber plans to hold a conference call at 8:00 a.m. ET to discuss its latest results. Ahead of the report, the company forecasted fourth-quarter gross bookings between $52.25 billion and $53.75 billion. Adjusted EBITDA is expected to come in between $2.41 billion and $2.51 billion. This metric excludes interest, taxes, depreciation, and amortization. 6
