Uber’s fourth quarter saw strong growth in users and revenue that aligned with Wall Street’s expectations, but the market reacted negatively to the company’s adjusted earnings per share shortfall. Management attributed growth to expanding monthly active consumers, robust adoption of new product offerings, and healthy demand in both core and suburban markets. CEO Dara Khosrowshahi highlighted that autonomous vehicle (AV) deployments in select cities boosted user engagement and trip frequency, while new use cases like Moto and Reserve continued to attract a broader demographic. The quarter also marked a significant leadership transition, with CFO Prashanth Mahendra-Rajah stepping down and Balaji Krishnamurthy taking over the role.
Is now the time to buy UBER? Find out in our full research report (it’s free for active Edge members).
Uber (UBER) Q4 CY2025 Highlights:
- Revenue: $14.37 billion vs analyst estimates of $14.34 billion (20.1% year-on-year growth, in line)
- Adjusted EPS: $0.71 vs analyst expectations of $0.79 (9.6% miss)
- Adjusted EBITDA: $2.49 billion vs analyst estimates of $2.47 billion (17.3% margin, 0.5% beat)
- Operating Margin: 12.3%, up from 6.4% in the same quarter last year
- Monthly Active Platform Consumers: 202 million, up 31 million year on year
- Market Capitalization: $152.7 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Uber’s Q4 Earnings Call
- Justin Post (Bank of America): Asked about the impact of AV competition on market share and profitability. CEO Dara Khosrowshahi responded that AVs have driven overall growth in bookings and utilization and that Uber expects to be the preferred platform partner for AV manufacturers.
- Eric Sheridan (Goldman Sachs): Inquired about sustaining user growth and the strategic role of Uber One. Khosrowshahi detailed the ongoing investments in new products and demographics, highlighting the role of cross-product adoption and membership in driving retention.
- Brian Nowak (Morgan Stanley): Questioned the risk of AVs becoming a winner-take-most market and the company’s free cash flow return philosophy. Khosrowshahi explained the diversity of AV suppliers and Uber’s multiproduct platform, while Krishnamurthy confirmed the ongoing commitment to aggressive share repurchases alongside growth investments.
- Mark Mahaney (Evercore): Sought clarification on the drivers of U.S. trip acceleration and capital intensity of AV investments. Krishnamurthy pointed to insurance cost improvements and product innovation, while Khosrowshahi emphasized partnerships and external financing to manage capital requirements for AV fleets.
- John Colantuoni (Jefferies): Asked about the long-term potential of delivery advertising and drivers of delivery acceleration. Krishnamurthy described runway for enterprise ad growth, and Khosrowshahi cited improved merchant selection and international expansion as key delivery growth factors.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will be watching (1) progress on AV deployments and the scale of partnerships with manufacturers and technology providers, (2) continued growth and retention in the Uber One membership base, and (3) expansion of delivery and advertising in new international markets. Execution on insurance cost management and margin improvement will also be important signposts for sustained profitability.
Uber currently trades at $73.05, down from $77.93 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).
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