Date: February 4, 2026
Ticker: NYSE: UBER
Topic: Q4 Earnings and Full Year 2025 Earnings Summary
Earnings Summary
- Revenue: Uber reported revenue of $14.37 billion, beating analyst expectations of ~$14.32 billion by roughly 0.3%. This represents a 20% increase year-over-year compared to $11.96 billion in Q4 2024.
- EPS: Non-GAAP EPS came in at $0.71, missing the consensus estimate of $0.80 by approximately 11%. However, this is a 27% increase from the $0.56 reported in the same quarter last year.
- Net Income: GAAP net income was $296 million, a sharp decline from $6.88 billion in Q4 2024. Note: The prior year’s figure included a massive $6.4 billion benefit from a tax valuation allowance release, making the year-over-year comparison distorted.
- User Growth (MAPCs): Monthly Active Platform Consumers (MAPCs) reached 202 million, growing 18% year-over-year. This milestone of crossing 200 million users underscores the platform’s stickiness.
- Record Cash Flow: A standout metric was the record Free Cash Flow of $2.8 billion, up 65% year-over-year, demonstrating the company’s powerful cash generation engine.
Financials: Meta Platforms (Q4 2025)
Market Context
The “gig economy” giant continues to see strong demand for mobility and delivery, but the focus has shifted from pure growth to operational efficiency. While topline growth remains robust at 20%, the earnings miss highlights rising costs (such as insurance) that are weighing on bottom-line expansion.
| Metric | Q4 2025 | Q4 2024 | Q3 2025 | Q2 2025 | Q1 2025 |
| Gross Bookings | $54,140 | $44,197 | $48,700 | $46,950 | $43,664 |
| Revenue | $14,366 | $11,959 | $13,470 | $12,680 | $11,501 |
| Adjusted EBITDA | $2,487 | $1,842 | $2,300 | $2,160 | $1,783 |
| GAAP Net Income | $296 | $6,883 | $2,612 | $1,015 | $6,130* |
| Non-GAAP EPS | $0.71 | $0.56 | $1.20 | $0.64 | ($0.10) |
| Free Cash Flow | $2,808 | $1,706 | $3,200 | $1,700 | $2,055 |
| MAPCs (Millions) | 202 | 171 | 189 | 175 | 172 |
| Trips (Millions) | 3,751 | 3,068 | 3,500 | 3,250 | 3,066 |
Revenue and Gross Bookings growth accelerated to 20% and 22% respectively, signaling healthy demand. However, the sequential drop in Non-GAAP EPS (from $1.20 in Q3 to $0.71 in Q4) points to seasonal or one-time cost pressures that investors are scrutinizing.
Full Year 2025 Financials
| Metric | FY 2025 | FY 2024 | YoY Change |
| Gross Bookings | $193,454 | $162,773 | +19% |
| Revenue | $52,017 | $43,978 | +18% |
| Adjusted EBITDA | $8,730 | $6,484 | +35% |
| GAAP Net Income | $10,053 | $9,856 | +2% |
| Non-GAAP EPS | $2.45 | $1.82 | +35% |
| Free Cash Flow | $9,763 | $6,895 | +42% |
For the full year, Uber crossed the $50 billion revenue mark and generated nearly $10 billion in Free Cash Flow. The 35% growth in Adjusted EBITDA confirms that the core business fundamentals remain strong despite the quarterly earnings miss.
Outlook: Q1 2026 & Beyond
Management provided guidance for the first quarter of 2026 that reflects continued growth but also some caution.
- Gross Bookings: Expected to be between $52.0 billion and $53.5 billion, representing 17% to 21% growth on a constant currency basis.
- Adjusted EBITDA: Projected to be $2.37 billion to $2.47 billion.
- Non-GAAP EPS: Forecasted in the range of $0.65 to $0.72. This midpoint is slightly below some analyst expectations of ~$0.75, which may contribute to negative sentiment.
Market & Price Trends
Uber shares tumbled approximately 8.5% in pre-market trading following the announcement. The market appears to be reacting negatively to the EPS miss and the slightly soft Q1 earnings guidance, overshadowing the revenue beat and record cash flow.
This content is for informational purposes only and does not constitute financial advice; always conduct your own research before making investment decisions.