Uber Enters 2026 With Profits as Investor Focus Turns to Execution

Overview

• Uber closed 2025 with consistent GAAP profitability, expanding adjusted EBITDA, and strong free cash flow alongside double-digit growth in trips and active users.
• The Mobility segment demonstrates operating leverage as incremental trips now contribute meaningfully to profit rather than just covering fixed costs.
• Uber Eats is shifting from restaurant delivery to a broader local commerce platform spanning grocery, convenience, retail, and everyday essentials to boost order frequency.
• Eats’ unit economics improved through scale, smarter batching and routing, and disciplined incentives, with Q3 2025 adjusted EBITDA up 47% on 27% revenue growth.
• Advertising is enhancing earnings quality and supports ecosystem synergies between riders, eaters, and merchants.