Uber did not immediately respond to Fortune‘s request for comment.
Despite the profit miss, Uber posted revenue of $13.47 billion for the quarter, up 20% from the prior year and beating Wall Street’s estimate of $13.28 billion. Gross bookings—the total dollar value of rides, deliveries and other services on its platform—climbed 21% to $49.74 billion, topping the $48.73 billion analysts expected.
Net income for the quarter reached $6.62 billion, or $3.11 per share, compared with $2.61 billion, or $1.20 per share, a year earlier. However, the net income figure included a $4.9 billion benefit from a tax valuation release, meaning the company’s operational performance was considerably less robust than the headline number suggested.
For the fourth quarter, Uber forecast gross bookings between $52.25 billion and $53.75 billion, representing growth of 17% to 21% on a constant currency basis. The company also announced it would begin reporting adjusted profit forecasts instead of adjusted EBITDA starting with its first-quarter 2026 guidance, aligning with practices typical of more mature companies.
Mahendra-Rajah emphasized the company’s overall financial health despite the legal hit. “We delivered another impressive quarter on both the top and bottom lines, with accelerating growth and record profitability,” he said in prepared remarks. “This consistent execution positions us very well to invest in the many accretive growth opportunities ahead, while maintaining our commitment to returning capital to shareholders.”
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.
