The three lines of travel, delivery, and freight are increasing! Uber (UBER.US) Q3 total bookings increased 20% for five consecutive quarters, and operating margin reached a record high of 3.9%

The Zhitong Finance App learned that Uber (UBER.US) announced financial results for the third quarter of fiscal year 2026 (ending September 30) before the market on November 4. Total bookings (gross bookings) for the quarter were US$59.819 billion, up 20% year on year (fixed exchange rate caliber increased 20%), and achieved an increase of more than 20% for the fifth consecutive quarter, which is basically in line with the market's agreed expectations of about US$59.8 billion. Net revenue was US$14.766 billion, up 10% year on year; changes in business models had a negative impact of about 8 percentage points on revenue growth.

The profit side maintained strong expansion. Adjusted EBITDA for the quarter was US$2,963 million, up 31% year on year, slightly higher than market expectations, and the profit margin for total bookings rose to 5.0% from 4.5% in the same period last year; non-GAAP operating profit of US$2.304 billion (+38%), non-GAAP operating margin of 3.9% reached a record high; non-GAAP net profit of US$1,796 million (+29%), and non-GAAP earnings per share of $0.88 (+35%), fell within the company's guidance range (0.84— $0.88) upper edge. Under GAAP, operating profit for the quarter was US$1,447 million (+30%), but net profit due to mother was only US$512 million, down 92% year over year, and GAAP diluted earnings of $0.25 per share — this sharp decline was not a deterioration in operations, but because the same period of the previous year included about US$4.9 billion in tax valuation release income and approximately US$1.5 billion in equity investment revaluation net income, forming a one-time high base; the current period also recorded a net loss of US$476 million in equity investment revaluation.

By business, there was an overall increase in reservation volume in the three major sectors. Mobility (Mobility) bookings were US$29.512 billion, up 18% year over year, operating profit of US$2.362 billion (+27%); Delivery (Delivery) bookings were US$28.539 billion, up 22% year over year (fixed exchange rate +23%), operating profit of US$1,057 million (+30%); Freight (Freight) bookings were US$1,768 million, up 35% year over year, and operating loss narrowed to US$33 million. In terms of operating indicators, the number of trips during the quarter was 4.1 billion, up 16% year on year; monthly active platform consumers (MAPCs) were 215 million, up 14% year over year.

Uber's operating cash flow for the quarter was $2,639 million (+13%), and free cash flow was $2,535 million (+14%). Common shares were repurchased for the quarter to US$750 million, with a cumulative total of US$4.279 billion in the first nine months. The total amount of unrestricted cash, cash equivalents and short-term investments at the end of the period was US$10.1 billion.

CEO Dara Khosrowshahi commented in the earnings report: “For the fifth consecutive quarter, Uber achieved more than 20% growth in total bookings, driven by record user size and consumer engagement. Our focus on autonomous driving has shifted to commercial execution. We expect around 700 fully driverless vehicles to be launched on the Uber platform by the end of the year, and more than 2,000 by 2027.”

Chief Financial Officer Balaji Krishnamurthy added: “Non-GAAP operating margin reached a record level of 3.9% of total bookings, and non-GAAP earnings per share increased 35%. The outlook for the fourth quarter strengthens our confidence in the sustainability of our financial model into 2027.”

Looking ahead, the company expects total bookings for the fourth quarter to US$63.25 billion, up 18% to 22% year on year (fixed exchange rate caliber, assuming an exchange rate headwind of about 1 percentage point); non-GAAP earnings per share of 0.95-0.99 US dollars (+34% — +39%), corresponding to adjusted EBITDA of about US$3.13 billion to US$3.23 billion.

After the earnings report was announced, Uber's pre-market stock price fluctuated sharply. As of press release, the stock had fallen 0.05%.