Uber’s non-GAAP operating income jumps 38% but revenue growth lags (NYSE: UBER)

Posted by Wayne Rhoads on Nov 4th, 2026

What happened

Uber Technologies, Inc. (NYSE: UBER) lifted third-quarter non-GAAP operating income 38% to $2.3 billion while revenue rose 10%. Revenue reached $14.8 billion, about $1.3 billion above Q3 2025. Profit grew faster than sales in the quarter ended Sept. 30, according to the company's Nov. 4 earnings release.

Gross Bookings rose 20% from a year earlier to $59.8 billion, also 20% in constant currency. Trips grew 16% to 4.1 billion. Business model changes cut total revenue growth by 8 percentage points, the company said.

Separately, Uber said in an 8-K that Jill Hazelbaker, President and Chief Corporate Affairs Officer, will step down on Nov. 30 for an external opportunity.

Key numbers

Metric	Latest	Change	Source
Revenue	$14.8 billion	from $13.47 billion, +10%	SEC 8-K Exhibit 99.1
Gross Bookings	$59.8 billion	from $49.74 billion, +20%	SEC 8-K Exhibit 99.1
Non-GAAP Operating Income	$2.3 billion	from $1.68 billion, +38%	SEC 8-K Exhibit 99.1
GAAP net income attributable to Uber	$512 million	from $6.63 billion, -92%	SEC 8-K Exhibit 99.1
Free cash flow	$2.5 billion	from $2.23 billion, +14%	SEC 8-K Exhibit 99.1
Q4 2026 Adjusted EBITDA outlook	$3.13 billion to $3.23 billion		SEC 8-K Exhibit 99.1

Where revenue and profit came from

Delivery and Freight drove revenue growth while Mobility slipped. Delivery revenue rose 23% to $5.49 billion and Freight rose 34% to $1.76 billion. Mobility revenue fell 2% to $7.52 billion, even though Mobility Gross Bookings rose 18% to $29.5 billion.

Segment profit rose. Mobility operating income rose 27% to $2.36 billion and Delivery rose 30% to $1.06 billion. Freight's loss narrowed to $33 million from $40 million. Corporate G&A and Platform R&D costs rose 13% to $1.08 billion.

Non-GAAP operating income equaled 3.9% of Gross Bookings, up from 3.4% in Q3 2025.

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Why it matters

OptimistFi has argued that Uber is worth owning if its turn from losses to scaled operating profit lasts, with revenue still compounding and cash generation rising faster than balance sheet risk. This quarter supports the profit leg and strains the revenue leg.

Operating cash flow was $2.6 billion, up 13%. Free cash flow was $2.5 billion, up 14% from $2.23 billion a year earlier. Both grew more slowly than non-GAAP operating income.

Revenue growth is the soft spot for a case built on compounding revenue, because Gross Bookings grew twice as fast. Non-GAAP EPS of $0.88 rose 35%, and GAAP income from operations rose 30% to $1.4 billion.

One-time items and the balance sheet

GAAP net income attributable to Uber was $512 million, down from $6.63 billion a year earlier. The comparison is distorted. Q3 2025 included a $4.9 billion tax valuation release benefit and a $1.5 billion pre-tax net benefit from revaluing equity investments. Q3 2026 includes a $476 million pre-tax net loss from such revaluations. GAAP diluted EPS fell to $0.25 from $3.11.

Long-term debt, net of the current portion, was $15.66 billion on Sept. 30. That is $5.14 billion above the Dec. 31, 2025 level of $10.52 billion, by OptimistFi's calculation. Unrestricted cash, cash equivalents and short-term investments were $10.1 billion.

Over nine months, Uber took in $9.14 billion of net debt proceeds, repaid $4.00 billion of debt and repurchased $4.28 billion of stock. Nine-month free cash flow was $7.61 billion.

What's next

Uber's Q4 2026 report will test its guidance. The company expects Gross Bookings of $63.25 billion to $65.25 billion, or 18% to 22% constant-currency growth, and non-GAAP EPS of $0.95 to $0.99, up 34% to 39%. The outlook assumes a currency drag of about 1 percentage point on reported growth.

Guided Adjusted EBITDA is $3.13 billion to $3.23 billion. The release says Adjusted EBITDA is no longer a key measure for management. It is included to help the move to the new non-GAAP measures.

CEO Dara Khosrowshahi said about 700 fully driverless vehicles are expected on Uber by year-end and over 2,000 in 2027. Results below the guided ranges, or revenue growth that stays near 10%, would weaken the case. Hazelbaker's departure takes effect Nov. 30.