NEW YORK — It is 3:28 p.m. ET on Friday, December 26, 2025 (New York time), and U.S. stocks are trading in a light-volume, post‑Christmas session that has kept major indexes hovering near record territory. [1]
In that late‑afternoon backdrop, Uber Technologies, Inc. (NYSE: UBER) is little changed, trading around $81.37 (up about 0.27%) with the stock’s day range at roughly $80.70–$81.48.
While today’s price action is calm, the news cycle around Uber is anything but. Investors are weighing two powerful—and opposing—narratives:
- Regulatory/legal pressure around Uber’s Uber One subscription practices, and
- Acceleration in autonomous/robotaxi partnerships, from Dallas to Dubai to London.
Below is what’s driving Uber stock right now, what Wall Street is forecasting, and what investors may want to watch heading into the next trading session.
Why the broader market matters for Uber stock today
Today’s tape is defined by thin holiday liquidity, which can mute moves in mega-caps one hour and amplify single‑stock headlines the next. Reuters describes U.S. equities as coasting near record highs in a “light-volume post-Christmas session,” with the market focused on the seasonal “Santa Claus rally” window into early January. [2]
Looking into next week, Reuters notes investors are watching Fed minutes and year‑end positioning—both of which can influence high‑beta “platform” names like Uber, especially when trading desks are lightly staffed. [3]
And if you’re wondering whether today is a normal session: major U.S. exchanges are operating a full regular trading day on Dec. 26 (after an early close on Dec. 24), per Reuters. [4]
The biggest overhang: FTC + states escalate the Uber One case
A key reason Uber remains in the spotlight is the expanded legal action around Uber One, its paid subscription offering that bundles benefits across rides and delivery.
What regulators allege
On Dec. 15, the Federal Trade Commission (FTC) said it—along with 21 states and Washington, D.C.—filed an amended complaint alleging Uber:
- charged consumers for Uber One without consent,
- failed to deliver promised savings (including “$0 delivery fees”), and
- made cancellation difficult—FTC cites up to 23 screens and 32 actions in some cases. [5]
New York’s Attorney General Letitia James also joined the multistate effort and argued consumers were pushed into recurring charges (often $9.99/month or $96/year) and then confronted with a maze-like cancellation flow. Her office alleges at least seven screens and 12 actions to cancel, and criticized “save $25 every month” messaging as potentially misleading when subscription fees are considered. [6]
Uber’s response
Uber has denied the allegations. In a statement cited by Reuters, the company said it does not sign up or charge consumers without consent and argued “the majority of cancellations take 20 seconds or less” in-app, while acknowledging older flows (prior to Dec. 2024) could require contacting Support near billing cutoff windows. [7]
Why this matters for the stock
This is not a side issue: Uber One has been positioned as a major engagement and profit lever. Reuters previously reported that Uber One membership jumped 60% (to more than 36 million) and that more than one‑third of bookings were coming from members—users Uber said generated more than 3x the profit of single‑product users. [8]
That sets up a real investor debate: Is Uber One a durable moat—or a regulatory risk that could force changes to onboarding, billing, marketing claims, or cancellation UX? The answer can matter for near‑term margins and longer-term valuation multiples.
The growth engine story: Uber’s robotaxi push goes global
At the same time legal scrutiny is rising, Uber is also trying to convince investors it can benefit from autonomy rather than be disrupted by it—largely by acting as a platform aggregator for multiple autonomous fleet partners.
London in 2026: Uber partners with Baidu’s Apollo Go
Uber and Lyft said they plan to test Baidu’s Apollo Go robotaxis in the U.K. starting in 2026, according to Reuters. The U.K. has become a magnet for trials in part because the Automated Vehicles Act 2024 clarifies legal liability by placing responsibility on the operating entity rather than the passenger—an important framework for commercialization. [9]
Dallas now: Avride robotaxis on the Uber app
Uber also launched robotaxi rides in Dallas with Avride, saying riders requesting UberX / Uber Comfort / Uber Comfort Electric in a defined area can be matched with an all‑electric Avride vehicle “at no additional cost,” with an option to switch to a standard ride. Uber notes an on‑board specialist is present at launch, with a “path to fully driverless” operations later. [10]
Dubai and Abu Dhabi: WeRide partnership expands
Uber and WeRide have expanded robotaxi availability in the UAE. Uber’s investor release describes the Dubai robotaxi ride launch on the Uber app (select areas initially), with a fully driverless commercial service expected in early 2026 following a pilot period. [11]
Reuters’ global robotaxi roundup adds that WeRide and Uber launched Level 4 fully driverless robotaxi operations in Abu Dhabi in November and began robotaxi passenger rides in Dubai soon after, again pointing to early‑2026 as an expected timeframe for fully driverless rollout in Dubai. [12]
NVIDIA partnership: “robotaxi-ready” ambitions (longer-dated)
In a notable corporate partnership announcement, NVIDIA said Uber plans to bring human riders and robot drivers into a unified network powered by NVIDIA’s autonomous vehicle platform, with Uber targeting scaling starting in 2027 and aiming for 100,000 vehicles over time. NVIDIA CEO Jensen Huang and Uber CEO Dara Khosrowshahi both framed autonomy as a city-transforming shift in prepared remarks. [13]
Investor takeaway: Uber is building an “autonomy portfolio,” not a single bet. That can reduce technology concentration risk—but it also raises strategic questions about take rates, partner economics, and what happens if the market consolidates around a small number of dominant autonomous platforms.
Fundamentals check: what Uber last told investors about growth, profits, and cash flow
The most recent quarterly anchor for Uber’s valuation is its Q3 2025 report.
Uber reported:
- Trips up 22% year over year and Gross Bookings up 21% to about $49.74B
- Revenue up 20% to about $13.47B
- Adjusted EBITDA about $2.26B (up 33%)
- Operating cash flow about $2.33B and free cash flow about $2.23B
- Unrestricted cash about $9.1B
- An intention to redeem $1.2B in convertible notes due Dec. 2025 in Q4 2025 [14]
For Q4 2025, Uber guided to:
- Gross Bookings of $52.25B–$53.75B
- Adjusted EBITDA of $2.41B–$2.51B [15]
On capital returns, Uber’s Q2 2025 release underscored a new $20B share repurchase authorization, with CFO Prashanth Mahendra‑Rajah citing confidence in the business and strong trailing free cash flow. [16]
What Wall Street forecasts say now
Earnings date: the next catalyst on the calendar
Multiple market calendars list Uber’s next earnings report as Feb. 4, 2026 (before market / around 8 a.m. ET), though investors should treat this as calendar‑estimated until the company confirms. [17]
Analyst targets and the autonomy valuation debate
Recent research coverage has been mixed but active:
- Arete Research upgraded Uber to Buy with a $125 price target (up from $82), arguing the market may be over‑discounting autonomous disruption risk. [18]
- Morgan Stanley lowered its target to $110 from $115 while maintaining an Overweight rating. [19]
- Wedbush cut its target to $78 from $84 and maintained a Neutral view. [20]
On the broader consensus, Nasdaq’s analyst-forecast summaries have recently shown an average one‑year target in the low‑to‑mid $110s, with a wide range between lower and upper estimates—reflecting genuine uncertainty about regulation and autonomy economics. [21]
The “cheap vs. trap” question: robotaxis as existential threat?
A MarketWatch/Morningstar analysis highlighted that Uber had been trading at historically low valuation levels (in EV/EBITDA terms) and argued investor fear around robotaxis may be overly punitive. That report cited Bernstein analyst Nikhil Devnani with a $115 target and discussed scenarios where Uber’s aggregator model could remain resilient—especially if the autonomous market stays fragmented. [22]
The same analysis also referenced a Morgan Stanley projection that Uber could account for 22% of U.S. robotaxi trips in 2032, trailing Tesla and Waymo in that forecast—an example of how Wall Street is increasingly modeling Uber’s role as an autonomous distribution layer rather than a pure human-driver marketplace. [23]
What to watch in the final hour—and before the next session
Because it’s Friday afternoon, many investors will also factor in weekend headline risk (legal filings, regulatory statements, partnership announcements) that can affect Monday’s open.
Here are the practical “next session” items to keep on your radar:
- Any new developments in the FTC/states Uber One case
Watch for updates from the FTC, state attorneys general, or Uber’s own disclosures—particularly any hints at settlement talks, required changes to subscription flows, or potential financial exposure. [24] - Autonomy partnership cadence (London, Dallas, UAE)
Uber’s stock has been sensitive to robotaxi headlines—especially those that frame Uber as either a winner (platform aggregator) or loser (margin compression) in an AV future. [25] - Year‑end market dynamics that can exaggerate moves
Reuters has repeatedly emphasized light liquidity into year-end and the potential for “Santa Claus rally” psychology to steer flows. That can influence Uber alongside other consumer tech/platform names even without Uber-specific news. [26] - The next earnings window (early February)
With calendars pointing to Feb. 4, 2026, investors often start positioning weeks ahead—especially around Uber’s Q4 bookings and EBITDA outlook benchmarks. [27]
Bottom line: Uber stock is steady today, but the thesis is being stress-tested
As of mid‑afternoon Friday, Uber stock is stable near $81, reflecting a market that’s calm on the surface. But under that calm is a live debate over regulatory risk (Uber One) versus strategic optionality (robotaxis)—and both storylines have produced meaningful headlines in December.
For investors, the near‑term question isn’t just whether Uber grows bookings; it’s whether Uber can keep scaling its high‑engagement subscription flywheel while navigating scrutiny—and simultaneously position itself as a must‑have platform for autonomous fleets rather than a business robotaxis disintermediate.
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.ftc.gov, 6. ag.ny.gov, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. investor.uber.com, 11. investor.uber.com, 12. www.reuters.com, 13. nvidianews.nvidia.com, 14. investor.uber.com, 15. investor.uber.com, 16. investor.uber.com, 17. finance.yahoo.com, 18. finance.yahoo.com, 19. finance.yahoo.com, 20. finance.yahoo.com, 21. www.nasdaq.com, 22. www.marketwatch.com, 23. www.marketwatch.com, 24. www.ftc.gov, 25. www.reuters.com, 26. www.reuters.com, 27. finance.yahoo.com
