Uber Q3 2026: Strong Bookings Growth, EPS Miss, and an Autonomous Push

Uber's third quarter of 2026 delivered a split verdict. Revenue of $14.77 billion edged past Wall Street's estimate by 0.63% and climbed roughly 10% year over year, while adjusted non-GAAP EPS of $0.88 came in just short of the $0.90 consensus, missing by 2.54%. The gap was narrow, but it arrived at a moment when investors are watching whether the company's expanding cost base can keep pace with its bookings engine.

The bookings story remains compelling. Gross Bookings grew 20% year over year to $59.8 billion, which management described as the fifth consecutive quarter at that pace. Delivery was the standout, with bookings up 22% to $28.54 billion and segment operating income rising 30% to $1.06 billion. Mobility bookings grew 18%, though a business model change trimmed reported Mobility revenue by enough to push the segment's top line down 2% despite that underlying demand. Freight grew revenue 34%.

GAAP net income landed at $512 million, a sharp drop from a year ago, but that comparison is heavily distorted: the prior-year period included a $4.90 billion tax valuation allowance release and a $1.50 billion equity revaluation gain that inflated the base. This quarter also absorbed $484 million in legal, non-income tax and regulatory reserve charges and $186 million in restructuring costs, all of which are excluded from the non-GAAP figure.

The forward outlook is what management wants investors to focus on. For Q4 2026, Uber guided non-GAAP EPS to $0.95 to $0.99, representing 34% to 39% year-over-year growth, with Gross Bookings expected between $63.25 billion and $65.25 billion. Adjusted EBITDA is projected at $3.13 billion to $3.23 billion, and there is a roughly one percentage-point currency headwind baked in.

The autonomous vehicle ramp is now a concrete near-term story. CEO Dara Khosrowshahi said the company's focus on autonomous is now on commercial execution, with approximately 700 fully driverless vehicles expected on the Uber platform by year-end 2026 and over 2,000 projected for 2027. Uber also repurchased $750 million of common stock during the quarter, part of $4,279 million returned through buybacks in the nine months ended September 30, 2026.