SAN FRANCISCO, February 4, 2026, 09:14 PST
- Uber forecast first-quarter adjusted profit below Wall Street estimates even as it guided to gross bookings above expectations.
- The company said it plans to expand robotaxi trips to more cities, including Madrid, Hong Kong, Houston and Zurich, as it commits capital to partners for vehicle supply.
- Uber said CFO Prashanth Mahendra-Rajah will step down, with Balaji Krishnamurthy set to succeed him.
Uber Technologies shares fell about 5% on Wednesday after the ride-hailing company forecast first-quarter adjusted profit below estimates, even as it leaned harder into a capital-heavy push to bring robotaxis onto its platform. Reuters
The guidance lands at an awkward moment. Investors have been willing to back growth in trips and users, but they have also started to press Uber on margins, tax costs and how much cash it will need to put behind autonomous vehicles.
Uber has been pushing cheaper products such as shared rides to keep demand rising, while warning that a higher effective tax rate could weigh on profitability in 2026 as it operates across more than 70 countries.
Uber forecast adjusted earnings per share — a profit measure that strips out some items — of 65 to 72 cents for the first quarter, below analysts’ expectations of 76 cents. It also projected gross bookings of $52.0 billion to $53.5 billion; gross bookings are the total value of rides, deliveries and other services sold on its platform.
The company said it would commit capital to vehicle partners to secure early supply and speed up deployments, while working with banks and private equity firms to finance most of the autonomous fleets.
Uber said robotaxis should expand the mobility market rather than replace existing demand by adding supply, improving reliability and lowering prices, which it expects would lift trip volumes.
It plans to facilitate robotaxi trips in up to 15 cities globally by the end of 2026 and expand services to Madrid, Hong Kong, Houston and Zurich, with Hong Kong set to be its first autonomous ride market in Asia.
Chief executive Dara Khosrowshashi said vehicles operating through Uber’s platform have had higher utilization and shorter pickup times than standalone robotaxi services. William Blair analyst Ralph Schackart said there would likely be a “continued AV debate” as the strategy plays out, referring to autonomous vehicles.
Uber also pointed to its tie-up with autonomous vehicle startup Waabi, saying the first 25,000 passenger vehicles Waabi produces will be deployed exclusively on Uber’s platform, as it tries to lock in supply early.
Alongside the outlook, Uber said Mahendra-Rajah will step down as chief financial officer and be replaced by Krishnamurthy, a long-time executive.
In its quarterly report, Uber posted revenue of $14.4 billion in the fourth quarter, up 20% from a year earlier, while gross bookings rose 22% to $54.1 billion. The company reported net income of $296 million, down sharply from $6.88 billion a year earlier, when results were boosted by tax and investment-related items. Uber
Uber said adjusted EBITDA — a cash-style profit measure widely used by companies — rose 35% to $2.5 billion in the quarter, while GAAP income from operations climbed 130% to $1.8 billion. Monthly active platform consumers increased to 202 million, and trips rose 22% to about 3.8 billion.
Khosrowshashi called it the company’s “largest and most engaged consumer base ever,” while Mahendra-Rajah said Uber was a “once-in-a-generation company.” Krishnamurthy said Uber intends to invest with discipline to “win in an AV future,” using the abbreviation for autonomous vehicles.
MarketWatch said the miss on profit expectations, despite record demand for rides, weighed on the stock and sharpened investor focus on the cost of preparing for robotaxis as players such as Tesla and Waymo push their own self-driving plans. Marketwatch
The big risk is timing. If robotaxi deployments take longer than expected, or if regulators and cities tighten rules, Uber could be left carrying higher costs — from capital commitments and taxes — while still fighting for riders with cheaper fares that already pressure margins.
