Uber just proved its dual-platform strategy is working. The company posted $14.37 billion in Q4 revenue, beating Wall Street's $14.32 billion estimate, powered by a stunning 30% surge in its delivery business. While shares dipped premarket, the results reveal a company successfully pivoting from ride-hailing dependence to a diversified mobility and logistics powerhouse. With autonomous vehicles now rolling out across multiple cities and AI integrations with ChatGPT expanding discovery, Uber is positioning itself at the intersection of consumer tech's biggest trends.
Uber delivered a beat-and-raise quarter that underscores a fundamental shift in how the company makes money. The ride-hailing pioneer reported $14.37 billion in revenue for Q4 2025, surpassing analyst expectations of $14.32 billion according to LSEG consensus estimates. But the real story is what's happening under the hood - delivery is now outpacing rides by a massive margin.
The company's delivery segment, which evolved from restaurant orders to encompass groceries and retail, exploded 30% year-over-year to $4.9 billion. That crushed StreetAccount's $4.72 billion estimate. Meanwhile, mobility - the ride-hailing business that built Uber - generated $8.2 billion, up a respectable 19% but slightly below the $8.3 billion analysts projected.
CEO Dara Khosrowshahi highlighted that delivery growth peaked in the Europe, Middle East, and Africa region during 2025, according to prepared remarks. Strategic partnerships are driving that expansion. Deals with OpenTable, Shopify, and major retailers like Loblaws in Canada, Biedronka in Poland, Seiyu in Japan, and Coles in Australia are transforming Uber Eats from a food delivery app into a full-spectrum logistics network.
Gross bookings hit $54.1 billion for the quarter, beating the $53.1 billion estimate. Looking ahead, Uber expects first-quarter gross bookings to climb at least 17% year-over-year to between $52 billion and $53.5 billion. Adjusted earnings came in at 71 cents per share, though net income dropped to $296 million from $6.88 billion a year earlier due to a $1.6 billion pre-tax headwind from equity investment revaluations.
