Uber Technologies (UBER) is set to report earnings early Tuesday, looking to build on a nearly 65% rally for Uber stock year to date. Investors will be watching for updates on the strength of consumer spending and Uber’s efforts to offer autonomous vehicles.
It has been a bounce-back year overall for Uber stock, which closed 2024 on a slump and underperformed the S&P 500. The ride-hailing and food-delivery company has shaken off some concerns about the risk from robotaxi competitors. The tech giant has also largely met Wall Street’s growth expectations in previous quarters.
Uber’s second-quarter results, published in early August, beat Wall Street’s estimates. The company also announced a new $20 billion stock buyback plan. But Uber stock fell following the report, which some analysts blamed on high expectations heading into the report.
Here’s what to watch from Uber’s Q3 results:
Uber Stock: Q3 Earnings Numbers To Watch
For its September-ended quarter, analysts polled by FactSet expect Uber’s revenue grew 19% year over year to $13.28 billion.
Earnings are seen declining 42% to 69 cents per share, against a tough comparison from Q3 2024. Uber’s earnings for the same quarter last year got a boost from a $1.7 billion pretax benefit on unrealized equity investment gains.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is projected to rise 34% year over year, to $2.27 billion.
Analysts forecast Uber’s gross bookings value — the total spending on its apps across food-delivery and rides — grew 19.5% year over year to $48.95 billion, according to FactSet.
Uber typically offers investors its estimates for gross bookings and adjusted EBITDA in the current quarter.
Analysts are currently projecting Uber’s gross bookings will grow 18% to $52.1 billion for the December-ending quarter, according to FactSet. Adjusted EBITDA is forecast to reach $2.47 billion for Q4.
Watching Robotaxi Rollout
Similar to previous quarterly reports, analysts will be listening for updates on Uber’s robotaxi strategy.
Uber has partnered with more than a dozen robotaxi providers to bring autonomous vehicles onto its platform. The company is facing growing competition from Waymo, Google’s autonomous vehicle division. Uber is working with Waymo in Phoenix, Austin and Atlanta. But Waymo has found other partners or gone solo for some of its more recent expansions. Waymo recently joined up with Lyft to offer rides in Nashville.
In a note to clients last week, UBS analyst Stephen Ju upped his price target for Uber stock to 124 from 117. He reiterated a buy call. He said manufacturing remains a challenge for robotaxi providers such as Waymo to truly challenge the dominance of ride-hailing platforms Uber and Lyft. Waymo had over 1,500 robotaxis operating in the U.S. as of May with plans to add 2,000 more next year. But Lyft has more than 1 million drivers and Uber even more, Ju said.
“We believe investors have gained improved confidence in Uber’s ability to tackle the midterm threat from robotaxis, given the lower levels of cars being added to operational fleets and a slower reduction in robotaxi build costs than anticipated,” Ju wrote.
Meanwhile, Uber’s most ambitious robotaxi effort took a step forward earlier this month. The company announced plans to launch a robotaxi service using Lucid (LCID) vehicles in the Bay Area sometime next year.
Uber announced in July it was making “multi-hundred-million dollar investments” in both Nuro and Lucid to develop a new robotaxi service, with plans to deploy 20,000 or more Lucid electric vehicles equipped with a driving system from the startup Nuro over the next six years. Uber is reportedly investing $300 million in Lucid as part of the deal.
Flat Base Pattern For Uber Stock
Uber stock is up 2.8% at 89.92 in recent trading on the stock market today. That’s despite Waymo announcing plans to launch in three more cities in 2026: San Diego, Las Vegas and Detroit.
Shares for Uber have formed a flat base pattern with a buy point at 101.99, according to IBD MarketSurge.
Uber stock holds an IBD Composite Rating of 92 out of a best possible 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one rating.
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