Uber (UBER-US) Q4 GMV Up 22% Amid Profit Pressures; Eyes Robotaxi Expansion

Uber (UBER-US) reports Q4 Gross Bookings of $541.4B, with 150B trips and 200M active users, reflecting continued growth in order volume and frequency. GMV expanded 20%+ year-over-year for a fifth consecutive year. However, adjusted EPS for Q4 was $0.71, and Q1 guidance of $520–$535B GMV (vs. consensus $511.6B) contrasts with EPS guidance of $0.65–$0.72, below consensus $0.76. The company is intentionally broadening lower-price ride options to boost trips, compressing per-trip margins, and expects an effective tax rate of 22–25% in 2026, pressuring net results. To offset these pressures, Uber is accelerating Robotaxi deployment, emphasizing full utilization across peak and off-peak hours through multi-scalar dispatch to serve ride, delivery, and freight. The strategy leverages partnerships with Waymo, NVIDIA, and Waabi, with Waabi committing 25,000 units to be prioritized on the Uber platform. AV investment is expected to increase CAPEX, volatility, and near-term cash flow uncertainty, with success hinging on achieving high vehicle utilization and a sustainable economic model.