Uber Q3 Preview: Execution and Margins Take the Wheel

Uber UBER reports third-quarter results on November 4, 2025, before the market opens. Wall Street expects about $0.69 in earnings per share, roughly 43% below last year, on revenue of roughly $13.3 billion, up 19% YoY. The stock is up 55% so far this year, a sign of renewed confidence in the company's ability to scale profitably across both mobility and delivery.

In the second quarter, Uber reported $12.7 billion in revenue, up 18% from a year ago, with gross bookings reaching $46.8 billion. Mobility revenue was up about 16%, while delivery grew close to 20%. Uber said it handled roughly 36 million trips a day. The results showed strong demand but also reminded investors that insurance costs, incentives, and unit economics remain significant factors. For this quarter, management guided for gross bookings between $48.25 to $49.75 billion, suggesting volume growth remains steady through the second half.

The spotlight this time is on execution and margin discipline. Investors will want to see that mobility profitability is holding steady and that delivery continues to build leverage after years of investment. Updates on freight restructuring, where performance has lagged, could also influence sentiment.

The call could also bring new insight into Uber's capital allocation priorities. If the company reports solid bookings growth and shows cost control, the rally that pushed shares up this year could extend further. But if expenses creep higher or demand softens heading into 2026, investors might rethink how much efficiency is already priced in.