Uber Technologies, Inc. (NYSE: UBER) reported fourth-quarter 2025 earnings that fell short of analyst expectations, despite double-digit revenue growth and record cash flow generation.
The ride-hailing and delivery company posted adjusted earnings per share of $0.71, missing the consensus estimate of $0.80 by 11%. Revenue reached $14.4 billion, slightly above analyst expectations of $14.32 billion and up 20% year over year.
Quarterly trips increased 22% to 3.8 billion, while gross bookings rose 22% to $54.1 billion.
Uber generated record operating cash flow of $2.9 billion during the quarter and free cash flow of $2.8 billion, representing a 65% year-over-year increase. Adjusted EBITDA rose 35% to $2.5 billion, with margin improving to 4.6% of gross bookings from 4.2% a year earlier.
The company’s first-quarter 2026 outlook disappointed investors. Uber forecast non-GAAP EPS of $0.65 to $0.72, below the consensus estimate of $0.75, though still implying 37% growth year over year at the midpoint. Gross bookings are expected to range from $52.0 billion to $53.5 billion, representing constant-currency growth of 17% to 21%.
By segment, Mobility revenue rose 19% year over year to $8.2 billion, Delivery revenue increased 30% to $4.9 billion, and Freight revenue was flat at $1.27 billion.
