Uber (UBER) Q3: bookings up 20%, adjusted EPS $0.88, long-term debt $15.7B

$UBER grew gross bookings 20% to $59.8B in the third quarter, the fifth quarter in a row above 20%, and adjusted EPS 35% to $0.88, at the top of the company's own $0.84 to $0.88 guide and a cent above the consensus QA tracks. Revenue rose 10% to $14.8B, held back by business model changes. Buybacks went back up to $750M while long-term debt reached $15.7B. This recap walks the numbers, what they change for the thesis on /stocks/uber, the read across $LYFT and $DASH, and the lines to watch.

The print

Uber reported the quarter ended September 30, 2026 before the US open on November 4. The consensus figures come from the data feed QA tracks; providers differ slightly.

• GAAP net income was $512M, after a $476M pre-tax loss on the revaluation of Uber's equity stakes. The year-ago $6.6B included a $4.9B tax benefit, which explains the 92% drop in GAAP EPS.
• Revenue against bookings. Business model changes took 8 points off revenue growth: Mobility revenue fell 2% to $7.5B while Mobility bookings grew 18%.
• Stock-based compensation was $591M in the quarter, against $465M a year ago.

The segments

Corporate costs and platform R&D were $1,082M, up 13%, which is how $3.4B of segment profit became $2.3B of adjusted operating income.

Cash, debt and buybacks

• Free cash flow: $2.5B in the quarter ($2.6B of operating cash flow less $104M of capital spending), against $2.8B in Q2.
• Cash: $10.1B of unrestricted cash, cash equivalents and short-term investments at September 30.
• Debt: long-term debt, net of current portion, was $15.7B at September 30, up from $10.5B at December 31, 2025. The quarter added $5.1B of new debt and repaid $2.0B.
• Buybacks: $750M in Q3, up from $510M in Q2 and down from $1.46B a year ago. Nine-month buybacks were $4.3B.
• Acquisitions: $902M paid for businesses in the quarter. The release gives no new detail on the pending Delivery Hero offer.

The guide

For Q4 2026, Uber guides to gross bookings of $63.25B to $65.25B (18% to 22% at constant currency, with about one point of currency headwind on the reported figure) and adjusted EPS of $0.95 to $0.99, up 34% to 39%. That translates to adjusted EBITDA of $3.13B to $3.23B.

Mobility and delivery read-through

The standing QA thesis on /stocks/uber reads Uber as "a cash machine at a crossroads": the core throws off cash, and two things decide the equity, robotaxis on the Mobility side and the debt-funded Delivery Hero takeover. This print strengthens the first half and leaves the second open.

• The core: margins widened again in both big segments, and the Q4 guide keeps bookings growth near 20%.
• Robotaxis: Mobility still earns about 69% of the profit of Mobility and Delivery combined, so the ride business is what autonomous fleets would touch first. Management now speaks of commercial execution, with about 700 fully driverless vehicles on Uber by year-end and over 2,000 in 2027.
• Capital: buybacks rose for the first time in three quarters, but long-term debt grew faster than cash flow.

For the peers, Delivery bookings growing 22% with profit up 30% is the line $DASH holders will compare with their own print, and Mobility bookings up 18% the one for $LYFT. Robotaxi news from $TSLA and Waymo, owned by $GOOGL, is the outside risk to the same Mobility profit.

What worked

• Adjusted EPS of $0.88, at the top of the guide and up 35%.
• Adjusted operating income at a record 3.9% of gross bookings.
• Both big segments growing profit faster than bookings.
• Free cash flow of $2.5B and buybacks back up to $750M.
• A Q4 guide that keeps bookings growth between 18% and 22%.

What broke

• Slower growth. Bookings, trips and revenue all grew less than in Q2.
• Revenue lag. Revenue up 10% against bookings up 20%, with Mobility revenue down 2%.
• Debt. Long-term debt up $5.1B since December, ahead of a takeover that is not closed.
• GAAP noise. A $476M loss on equity stakes cut GAAP EPS to $0.25.
• Management. Jill Hazelbaker, President and Chief Corporate Affairs Officer, steps down on November 30 (8-K item 5.02).
• The tape. A $66.60 close on November 3, down about 33% over a year.

What to watch

• Q4 print. Bookings against the $63.25B to $65.25B range and adjusted EPS against $0.95 to $0.99.
• Delivery Hero. Acceptance, regulatory steps and the financing of the offer, which Uber expects to close in the second half of 2027.
• Driverless count. Progress toward about 700 fully driverless vehicles on Uber by year-end.
• Mobility margins. Segment profit as robotaxi fleets grow on and off the platform.
• Buybacks against debt. Whether repurchases keep rising while leverage climbs.
• The level. The teardown named $71 as the line to reclaim and $64.04, the low of the year set on October 29, as the floor.

The teardown video, the level map and the peer table live on /stocks/uber. The desk's full read in one document is the Uber Teardown Dossier, included in Pro. Rule-based alerts are part of /pro.

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Educational research on structural market dynamics. Not investment advice. QuantAbundance positions may change without notice.