UBER Rides on Gross Bookings Strength: More Growth Ahead?

Segment-wise, Mobility bookings rose 22% year over year on a reported basis and 20% on a constant currency basis to $28.98 billion, supported by continued demand for rides across Uber’s global platform. Uber’s ride-hailing business benefited from the mega event with millions of tourists taking rides across host cities in the United States, Canada and Mexico.

Delivery gross bookings increased 26% year over year on a reported basis and 25% on a constant currency basis to $27.46 billion, while Freight bookings increased 25% year over year on a reported basis as well as on a constant currency basis to $1.57 billion. Growth across all three offerings demonstrated the breadth of the company’s platform during the quarter.

Gross Bookings Q3 View Impressive Despite FX Woes

For the third quarter, Uber expects gross bookings in the band of $58.25-$60.25 billion. The mid-point of the guided range is roughly in line with the Zacks Consensus Estimate of $59.2 billion.

Unlike the previous few quarters, foreign exchange is likely to trim the metric by roughly 1 percentage point. Despite that, the gross bookings forecast implies 18% to 22% year-over-year growth on a constant-currency basis.

Comparable Metrics of Other Ride-Hailing Entities

Gross bookings are strong at rival Lyft LYFT as well, mainly owing to the growing active rider base, expansion into new markets and the success of its customer-friendly "Price Lock" feature. In the June quarter, gross bookings increased 23% year over year to $5.5 billion at Lyft. This was the 21st consecutive quarter where Lyft posted double-digit year-over-year growth in the key metric, demonstrating the resilience and momentum of its customer-friendly strategy. Active Riders increased 17% year over year to 30.5 million.

For the third quarter of 2026, Lyft anticipates gross bookings to grow 15-19% year over year, reaching $5.5-$5.67 billion.

Singapore-based Grab GRAB is benefiting from strong growth in its On-Demand Gross Merchandise Value (“GMV”). On-Demand GMV refers to the sum of GMV of the mobility and deliveries segments. In the second quarter of 2026, On-Demand GMV increased 22% year over year (on a constant currency basis) at Grab. Grab expects 2026 revenues between $4.1 billion and $4.15 billion, indicating 22-23% year-over-year growth.

UBER’s Share Price Performance, Valuation and Estimates

Shares of UBER have gained in single digits (% wise) over the past three months, outperforming the Zacks Internet-Services industry over the period.

3- Month Price Comparison

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From a valuation standpoint, UBER trades at a 12-month forward price-to-earnings of 20.16X, in line with the industry average.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Uber’s earnings has been revised upward over the past 60 days for the third quarter, the fourth quarter, full-year 2026 and 2027.

Image Source: Zacks Investment Research

Uber’s Zacks Rank

Uber currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.  

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This article originally published on Zacks Investment Research (zacks.com).

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