UBER US S&P 500Russell 1000 Earnings call · transcribed from the recording
Uber (UBER) · Q3 2026 results and valuation
Share price: $70.68 · 2026-11-11
Uber operates a technology platform that connects consumers with independent providers for mobility services, food and grocery delivery, and freight transportation. The company serves individuals, merchants, and freight companies across various markets in over 70 countries. Source: 10-K annual report (2026-02-13)
Results Q3 2026 vs Q2 2026 · previous quarter · published 4 Nov 2026 and 5 Aug 2026
Net income down 78.6% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−78.6%
Net income vs Q2 2026
Outlook given
Net income 512.0M vs 2.39B
Revenue +4.1%
Against the same quarter last year (Q3 2025) it is −92.3%, so it is not just seasonal.
2 · How management spoke
Typical
More upbeat than 58% of company calls
Answers to analysts: typical, in line with the script.
Last call it was different: the answers were less upbeat than the script.
3 · What stood out
Guidance
Uber expects approximately 700 fully driverless vehicles on Uber by year end and more than 2,000 by the end of 2027.
Valuation
Is Uber undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 17.7% growth a year (3-year revenue growth), the model's fair value is $196.02 a share — the stock trades 64% below it. Today's price assumes 4.3% growth a year.
Current price
$70.68
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+4.3% for 10 yrs
Fair value / share
$196.02
Buy below
$147.02
Price vs fair value
Undervalued 64%
Price vs buy-below price
Undervalued 52%
Read between the lines
-
Figure
That helped us deliver Uber's fifth consecutive quarter of 20-plus percent year-over-year gross bookings growth alongside 35 percent growth in non-GAAP EPS...
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Q3 was another strong quarter of growth and expanding profitability for Uber with record audience and engagement across our platform.”
“Improve mobility supply, build on deliveries momentum, and deliver against our AV milestones, all while continuing to grow profitably.”
“Our focus is on driving consistent growth while maintaining strong profitability of the business.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 14.77B | 14.19B | +4.1% | 13.47B | +9.6% |
| Operating income | 1.45B | 1.89B | −23.4% | 1.11B | +30.0% |
| Net income | 512.0M | 2.39B | −78.6% | 6.63B | −92.3% |
| EPS | 0.25 | 1.17 | −78.6% | 3.11 | −92.0% |
| P/E today 40.3 | 40.3 | 15.8 | +24.5 | 12.6 | +27.7 |
Topics
Most discussed now
- Uber will open up call to questions following brief opening remarks from Dara.
- Uber's focus is on driving consistent growth while maintaining strong profitability of the business.
- Uber is using AI to make everyday transactions simpler and discovering more personalized while selectively exploring new distribution…
- Improve mobility supply, build on deliveries momentum, and deliver against Uber's AV milestones, all while continuing to grow profitably.
- Those direct consumer relationships are central to Uber's approach to AI.
Faded since Q2 2026
- Dropped Uber's recently announced agreement to acquire Delivery Hero is a great example.
- Fading Uber will continue to launch markets with the partners that I talked about, but it will be adding additional partners into the...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Director or officer change · SEC 8-K
- Other events · SEC 8-K
- Material agreement; Agreement terminated; New financial obligation · SEC 8-K
Uber Technologies, Inc. entered into a Term Loan Credit Agreement on August 6, 2026, reducing the commitments under the Bridge Credit Agreement by €4,000,000,000.
- Results of operations · SEC 8-K
Uber Technologies, Inc. issued a press release on August 5, 2026, regarding its financial results for the second quarter ended June 30, 2026.
- Material agreement; New financial obligation; Regulation FD disclosure · SEC 8-K
Uber entered into a business combination agreement to acquire Delivery Hero for a cash consideration of €41.50 per share, representing an equity value of $14.8 billion.
- Director or officer change · SEC 8-K
Uber Technologies, Inc. announced that Nikki Krishnamurthy stepped down as Chief People Officer and Jill Hazelbaker was appointed as President & Chief Corporate Affairs Officer effective May 11, 2026.
- Shareholder vote results · SEC 8-K · routine
- Results of operations · SEC 8-K
Uber Technologies, Inc. issued a press release on May 6, 2026, regarding its financial results for the first quarter ended March 31, 2026.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-11.
Cash & runway
Cash & equivalents
$4.87B
2026-06-30
Short-term investments
$521.0M
Long-term investments
$10.41B
total liquidity $15.80B
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: -2.6% YoY, -0.8% QoQ.
| Quarter | Shares |
|---|---|
| Q4 2024 | 2.11B |
| Q1 2025 | 2.09B |
| Q2 2025 | 2.09B |
| Q3 2025 | 2.08B |
| Q1 2026 | 2.05B |
| Q2 2026 | 2.04B |
Shares outstanding: 2.04B (2026-07-31)
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 119 filings; 50 filings parsed.
Sold by insiders
168.9M shares
$1.14B · 4 transactions
Bought by insiders
1.0M shares
$35.3M · 4 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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by year-end
being live in 15 cities
Source quote
“So to remind you, we're live in 7 cities, and we're on track to be live in 15 cities by year-end.”
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in 2027
looking for more [launches]
Source quote
“And then really, we're looking for more in 2027.”
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in 2028
being in perhaps San Francisco and Miami for Rivian
Source quote
“We expect to be in perhaps San Francisco and Miami in 2028 for Rivian.”
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in 2027
being in L.A. and San Francisco
Source quote
“And then in [indiscernible], we expect to be in L.A. and San Francisco in 2027 and then 28 different cities globally by '28 as well.”
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through this year
U.S. acceleration
Source quote
“So just as a reminder, what we have said is we expect the U.S. to accelerate through this year.”