Uber Posts Fifth Straight Quarter of 20%-Plus Gross Bookings Growth

Uber Technologies grew gross bookings (the total value of transactions on its platform) by more than 20% year over year for the fifth consecutive quarter in Q3 2026, even as mobility expansion fell short of management's own expectations. Non-GAAP earnings per share rose 35% from a year earlier, and trailing 12-month free cash flow reached a record $10.4 billion. The platform now counts 215 million monthly active consumers, CEO Dara Khosrowshahi said, using the services more frequently than ever.

The gap between headline strength and mobility's shortfall has one main culprit: drivers. Khosrowshahi said driver supply did not keep pace with demand in several international markets, even though growth remained healthy. Delivery gross bookings rose 23%, with organic growth accelerating and doing the compensating work.

Why did driver supply fall behind?

CFO Balaji Krishnamurthy attributed the squeeze to elevated fuel prices, particularly in Brazil and India, while immigration dynamics constrained supply in Canada. Seasonal second-half demand added pressure, executives said. U.S. mobility growth moderated too, though less than internationally; higher gasoline prices contributed domestically, while California trip growth continued to outperform the rest of the country.

Uber is spending on driver acquisition, retention and engagement. Global supply-hours growth accelerated in October, with notable improvements in Brazil and India, Krishnamurthy said. He kept the growth outlook at 18% to 22%, unchanged from the prior two quarters. The supply investments will affect the fourth-quarter take rate (Uber's share of bookings), but he indicated no meaningful change to the margin trajectory; at the midpoint of Q4 guidance, non-GAAP EPS would rise 37% year over year.

How quickly does the driverless fleet arrive?

Roughly 700 fully driverless vehicles should operate on the platform by the end of 2026, and more than 2,000 by the end of 2027, Uber expects. Zoox is due to launch on Uber in Las Vegas later in November, with Motional moving to fully driverless operations soon after. For 2027, planned additions include Nuro in California and Houston, Avride in Texas, and Pony and Momenta internationally. The longer-term goal is tens of thousands of vehicles in 2028 and beyond.

The financing question drew the most CFO attention. Krishnamurthy said Uber expects third-party capital, not its own balance sheet, to finance autonomous fleets in the long run, pointing to a $1 billion financing arrangement with Santander for traditional fleet partners as a possible template. Khosrowshahi added that Uber will hold vehicles on its balance sheet early on, because residual values for autonomous vehicles have not yet been established and the company must first demonstrate fleet utilization and economics to financing partners. Krishnamurthy said Uber believes its utilization advantage is durable and aims for autonomous trips to deliver margins comparable to human-driven trips over time.

What is carrying delivery?

Grocery and retail has reached a $15 billion run rate, growing 40% year over year, Khosrowshahi said. Investments target selection, affordability and customer experience, including nationwide expansion of Costco availability and improved shopping accuracy. U.S. delivery organic growth accelerated for a second consecutive quarter, helped by faster-growing grocery, retail and direct businesses, with the core restaurant business also accelerating. U.S. merchants rose about 12% year over year, and members accounted for 70% of delivery gross bookings.

On dark stores (retail sites fulfilling online orders without customers), Krishnamurthy said Uber will be selective. Khosrowshahi called Delivery Hero's quick-commerce and dark-store business an attractive part of a potential acquisition; Krishnamurthy noted Uber had also experimented with the format in Taiwan. Asked about a possible DoorDash-Instacart combination, Khosrowshahi said he did not expect a significant effect on Uber, though some merchant partners have expressed concern and interest in working more closely with Uber to preserve alternatives.

Capital priorities remain organic growth, autonomous vehicles, acquisitions and buybacks, Khosrowshahi said. Uber plans to pull back on mergers and acquisitions while integrating announced deals, with greater emphasis next year on organic growth, autonomy and opportunistic repurchases. He described ezCater as adding specialized catering capabilities for business customers; Krishnamurthy said ezCater is profitable and that buying it beat building a comparable business.

On artificial intelligence, Uber is developing its own tools, including a Cart Assistant, while discussing access with third-party AI agents; Khosrowshahi stressed keeping direct customer relationships rather than depending on any single platform. The caution is quantified: in one recent week, Uber and Uber Eats handled about 320 million trips, while AI agents generated roughly 500 Uber Eats orders and four rides. The machines are not ordering dinner yet.