UBERUber Technologies, Inc.
Industry Platform internet Price 23 Oct 2026
If management hits its targets, one share in 12 months
$66.70 → $86.35
What the podcasts say
3 bullish · 0 bearish · 2 speakers · 3 showsWhat investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.
- Bullish
- Bullish
- Bullish
Promises vs. what happened
12 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
Quarter by quarter: every guide hit. The year-by-year promises are the ones that went quiet: the three-year scorecard was shown once, and the AV city count was re-based.
| Promise | Made in | What happened | |
|---|---|---|---|
| GB +17-21% cc, Q1 '25 | Q4 '24 call | +18%; EBITDA +35% | Held |
| Q4 '25 "rinse and repeat" | Q3 '25 call | $54.1B, above the range | Held |
| Half of FCF to buybacks | Q2 '25 call | 67% in '25, 69% in H1 '26 | Held |
| Share count falling | Q4 '25 call | −3.2% in 18 months | Held |
| US acceleration in '26 | Q1 '26 call | Q2 '26: accelerated | Held |
| FCF ≥ 90% of EBITDA | Q4 '24 call | 106%, 113%; 96% in H1 '26 | Held |
| ~5 more AV cities in '25 | Q2 '25 | count re-based to 7 | Dropped |
| 3-year outlook, '24-'26 | Q4 '24 | '24 and '25 above; '26 open | Open |
| AV in 15 cities by end '26 | Q1 '26 | 7 live at Q2 '26 | Open |
| Largest AV facilitator by '29 | Q4 '25 | no number attached | Open |
| Delivery Hero close, H2 '27 | Q2 '26 call | offer and bridge signed | Open |
| $10B AV investment | Q2 '26 call | no schedule given | Open |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
MetricsOff page one Q4 '24
BookingsOff page one Q2 '25
AVOff page one Q1 '26
PlatformOff page one Q2 '26
Local commercePage one since Q2 '26
Profit lineOff page one Q1 '25
3-yr outlookOff page one Q1 '25
StakesFirst seen Q3 '24
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Operating metrics, trips and audience first
“Operating Metrics”
Deck Uber Q3 2024 Earnings Supplemental Data · p. 5 ·
Operating metrics, trips and audience first
“Operating Metrics”
Deck Uber Q4 2024 Earnings Supplemental Data · p. 13 ·
Operating metrics, trips and audience first
“Operating Metrics”
Deck Uber Q1 2025 Earnings Supplemental Data · p. 10 ·
Operating metrics, trips and audience first
“Operating Metrics”
Deck Uber Q2 2025 Earnings Supplemental Data · p. 9 ·
Operating metrics, trips and audience first
“Operating Metrics”
Deck Uber Q3 2025 Earnings Supplemental Data · p. 11 ·
Operating metrics, trips and audience first
“Operating Metrics”
Deck Uber Q4 2025 Earnings Supplemental Data · p. 12 ·
Operating metrics, trips and audience first
“Operating Metrics”
Deck Uber Q1 2026 Earnings Supplemental Data · p. 11 ·
Operating metrics, trips and audience first
“Operating Metrics”
Deck Uber Q2 2026 Earnings Supplemental Data · p. 10 ·
Gross Bookings growth in constant currency
“+20%Gross Bookings Constant”
Deck Uber Q3 2024 Earnings Supplemental Data · p. 6 ·
Gross Bookings growth in constant currency
“Demonstrating strong progress against our 3-year outlook 12Q4 2024 Earnings 2024 3-year outlook (‘24-’26), issued Feb 2024”
Deck Uber Q4 2024 Earnings Supplemental Data · p. 12 ·
Gross Bookings growth in constant currency
“$82B Gross Bookings ARR1”
Deck Uber Q1 2025 Earnings Supplemental Data · p. 5 ·
Gross Bookings growth in constant currency
“+18%Gross Bookings Constant”
Deck Uber Q2 2025 Earnings Supplemental Data · p. 10 ·
Gross Bookings growth in constant currency
“Gross Bookings Constant”
Deck Uber Q3 2025 Earnings Supplemental Data · p. 12 ·
Gross Bookings growth in constant currency
“+22%Gross Bookings Constant”
Deck Uber Q4 2025 Earnings Supplemental Data · p. 13 ·
Gross Bookings growth in constant currency
“Gross Bookings Constant”
Deck Uber Q1 2026 Earnings Supplemental Data · p. 12 ·
Gross Bookings growth in constant currency
“+22%Gross Bookings Constant”
Deck Uber Q2 2026 Earnings Supplemental Data · p. 11 ·
Autonomous vehicles, partners and cities
“$1T+ opportunity that autonomy can unlock in the US alone 5Q4 2024 Earnings”
Deck Uber Q4 2024 Earnings Supplemental Data · p. 5 ·
Autonomous vehicles, partners and cities
“Uber is leading the commercialization of A V technology”
Deck Uber Q2 2025 Earnings Supplemental Data · p. 7 ·
Autonomous vehicles, partners and cities
“Partnership with NVIDIA is a pivotal step to scaling global autonomy 66Q3 2025 Earnings”
Deck Uber Q3 2025 Earnings Supplemental Data · p. 6 ·
Autonomous vehicles, partners and cities
“Autonomous vehicles likely to drive incremental category growth 5”
Deck Uber Q4 2025 Earnings Supplemental Data · p. 5 ·
Autonomous vehicles, partners and cities
“We are executing against our A V strategy”
Deck Uber Q1 2026 Earnings Supplemental Data · p. 9 ·
Autonomous vehicles, partners and cities
“Uber is building the infrastructure to commercialize autonomous mobility at global scale”
Deck Uber Q2 2026 Earnings Supplemental Data · p. 8 ·
Cross-platform engagement and Uber One
“Uber's unique advantage is the power of our platform”
Deck Uber Q2 2025 Earnings Supplemental Data · p. 5 ·
Cross-platform engagement and Uber One
“Cross-platform consumers are our fastest growing and most retained audience”
Deck Uber Q1 2026 Earnings Supplemental Data · p. 5 ·
Cross-platform engagement and Uber One
“Uber One continues to deepen platform engagement”
Deck Uber Q2 2026 Earnings Supplemental Data · p. 7 ·
Local commerce beyond food
“Uber is best positioned to capitalize on the global on-demand local commerce opportunity”
Deck Uber Q1 2025 Earnings Supplemental Data · p. 5 ·
Local commerce beyond food
“Grocery & Retail (G&R) significantly expands our Delivery opportunity”
Deck Uber Q3 2025 Earnings Supplemental Data · p. 7 ·
Local commerce beyond food
“Delivery Hero expands Uber’s local commerce platform while accelerating cross-platform engagement”
Deck Uber Q2 2026 Earnings Supplemental Data · p. 5 ·
Profit measure, from Adjusted EBITDA to Non-GAAP operating income
“+55%Adjusted EBITDA Growth Y oY”
Deck Uber Q3 2024 Earnings Supplemental Data · p. 8 ·
Profit measure, from Adjusted EBITDA to Non-GAAP operating income
“Adjusted EBITDA² Growth 60% Yo Y High 30s% to 40% CAGR”
Deck Uber Q4 2024 Earnings Supplemental Data · p. 12 ·
Profit measure, from Adjusted EBITDA to Non-GAAP operating income
“+46%Non-GAAP Operating Income Growth Y oY”
Deck Uber Q4 2025 Earnings Supplemental Data · p. 16 ·
Profit measure, from Adjusted EBITDA to Non-GAAP operating income
“+42% Non-GAAP Operating Income Growth Y oY 14”
Deck Uber Q1 2026 Earnings Supplemental Data · p. 14 ·
Profit measure, from Adjusted EBITDA to Non-GAAP operating income
“+40%Non-GAAP Operating Income Growth Y oY 13”
Deck Uber Q2 2026 Earnings Supplemental Data · p. 13 ·
Three-year outlook scorecard
“Demonstrating strong progress against our 3-year outlook 12Q4 2024 Earnings 2024 3-year outlook (‘24-’26), issued Feb 2024”
Deck Uber Q4 2024 Earnings Supplemental Data · p. 12 ·
Liquidity and equity stakes
“Summary of liquidity position and equity stakes”
Deck Uber Q3 2024 Earnings Supplemental Data · p. 17 ·
Liquidity and equity stakes
“Summary of liquidity position and equity stakes”
Deck Uber Q4 2024 Earnings Supplemental Data · p. 25 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Metrics
- MAPCs, trips and frequency open the table pages of every deck; from Q4 '24 the narrative slides come first and the tables move back.
- Bookings
- Every deck, always in constant currency: +20%, 21%, 18%, 18%, 21%, 22%, 21%, 22%. The $82B run-rate slide (Q1 '25) is the only time it was annualised.
- AV
- One slide in Q4 '24 ($1T+ opportunity), a city-and-partner count from Q2 '25, a full spotlight in Q4 '25 ("largest facilitator of AV trips by 2029"), a city map in Q2 '26. Never a revenue or margin figure.
- Platform
- Uber One members (36M, Q2 '25), cross-platform consumers (Q1 '26), member days and merchant offers (Q2 '26); the member count moved from the deck to the release.
- Local commerce
- Grocery & Retail run-rate ~$10B (Q1 '25), ~$12B (Q3 '25); in Q2 '26 the slot goes to Delivery Hero: 99 markets, 50M+ new eligible cross-platform users.
- Profit line
- Adjusted EBITDA on its own page in every deck; Non-GAAP operating income gets a page from Q4 '25, the quarter the guide switched to EPS and the pay plan to the same lines.
- 3-yr outlook
- Shown once, Q4 '24: 2024 beat all three lines. Not in any later deck; "on track" on the calls and in the Q4 '25 release.
- Stakes
- Liquidity and the Aurora, Grab and Didi stakes had a page in Q3 and Q4 '24, then none; the stakes ($8.8B plus $3.5B of Delivery Hero) are in the 10-Q only.
- New
- Q2 '26: the Delivery Hero slide, World Cup savings, and "8 cities launching by end of 2026" by name.
- Quiet
- The 12-city AV count of Q2 '25 and its "~5 more in 2025" were never reconciled to the 7 live cities of Q4 '25 and Q2 '26; the liquidity page left after Q4 '24.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 5 Aug 2026
- Q1 2026 release · 8-K 6 May 2026
- Q4 2025 release · 8-K 4 Feb 2026
- Q3 2025 release · 8-K 4 Nov 2025
- Q2 2025 release · 8-K 6 Aug 2025
- Q1 2025 release · 8-K 7 May 2025
- Q4 2024 release · 8-K 5 Feb 2025
- Q3 2024 release · 8-K 31 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 50% | 17% | 33% | 25% | 20% | 38% | 67% | 17% |
| Growth & sales | 25% | 33% | 11% | 38% | 60% | 38% | 50% | 33% |
| Pricing & margins | 25% | 50% | 67% | 25% | 60% | 12% | 33% | 17% |
| Guidance & outlook | · | 33% | 22% | · | 20% | 12% | 33% | · |
| Capacity & supply | · | 17% | 33% | · | 20% | · | 33% | · |
| Capital & financing | · | 17% | 11% | 12% | 40% | 25% | 50% | 33% |
| Competition | · | · | 33% | · | 20% | 12% | 17% | 17% |
| Products & technology | · | 33% | 56% | 25% | 60% | 50% | 33% | 33% |
| Macro & regulation | 25% | 33% | 11% | · | · | 12% | 17% | 17% |
| Other | 50% | 17% | 11% | 38% | · | 25% | 17% | 17% |
| Questions | 4 | 6 | 9 | 8 | 5 | 8 | 6 | 6 |
Who’s in charge, who’s selling
read from the filings · 17 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · live
Shareholders sued the board over safety and compliance oversight
A derivative suit filed 22 Jun '26 in San Francisco federal court by the Detroit police and fire pension fund names the CEO, ten directors and three officers and calls the company a "serial compliance offender"; it cites the sexual-assault docket and two 2025 federal suits (disability access; Uber One billing). Uber calls it misleading. Read in the press; the docket was not opened.
Tier 2 · live
EUR 14.2B of new borrowing for a cash deal, with the buyback paused
The Delivery Hero offer (EUR 41.50 a share, $14.8B for all of it) is funded from cash and a EUR 14.2B bridge, since partly termed out; EUR 4.5B of euro notes followed in September. Q2 '26 buybacks fell to $518M as $3.9B went into Delivery Hero stock and swaps. The bridge carries a 3.0x EBITDA-to-interest covenant.
Tier 2 · stable
An audit-committee director from the 3.6% holder chairs Lucid, where Uber is now a 10% owner
Turqi Alnowaiser sits for the Public Investment Fund (72.8M shares) and chairs Lucid, PIF's company; Uber filed a Form 3 as a 10% owner of Lucid in April 2026 and has committed to Lucid robotaxis. The board calls him independent. The CEO on the Q2 '26 call: PIF has "a terrific board representative on our board".
Tier 2 · stable
CEO pay $35.6M, 360 times the median; the pay metrics moved with the headline
Khosrowshahi's pay $39.4M (2024) and $35.6M (2025). Say-on-pay dissent 14.9% in 2025, 6.2% in 2026. For 2026 the bonus runs on Non-GAAP EPS and Gross Bookings and the PRSUs on Non-GAAP operating income growth, replacing Adjusted EBITDA the same quarter the deck switched its headline line.
Tier 3 · stable
Long-tenured chair and audit chair; one director with 20% against
Ronald Sugar (chair since 2018, also on Apple's board) and John Thain (audit chair) joined in 2017-18. Nikesh Arora, a sitting CEO on two other boards, drew 307.1M votes against (20.3%) in his first election in 2026. Sugar's own vote against fell from 10.9% to 8.1%.
Accounting rule changes 1 in 1 quarters
- Q4 '25Headline profit measure becomes Non-GAAP Operating Income (and Non-GAAP EPS in the guide) beside Adjusted EBITDA
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| AroraA board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | — | 307.1M | 20.3% |
| Sugar (chair)A board seat. | 167.7M | 121.1M | 8.1% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 228.8M | 94.3M | 6.2% |
| Khosrowshahi (CEO)A board seat. | 36.9M | 39.5M | 2.6% |
| Eckert (Compensation chair)A board seat. | 52.3M | 33.0M | 2.2% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25-Oct '26 (Equibles feed) | Sold | Note |
|---|---|---|
| N. Krishnamurthy, people chief | $2.2M | 30,000 shares on 16 Mar '26, two months before she stepped down; no plan |
| Hazelbaker, president | $2.0M | 28,170 shares on 11 Sep '26, the day after the CEO's purchase; no plan |
| West, chief legal officer | $1.1M | 3,125 shares a month, Oct '25-Jan '26, under a plan |
| Against that | $16.9M bought | Khosrowshahi 141,000 shares at $70.96 (10 Sep '26); Macdonald 70,000 (4 Sep); B. Krishnamurthy 22,453 (24 Feb) |