 Uber reported a record quarter, with total Gross Bookings up 22% YoY to $54.1bn, driven by 18% YoY growth in Monthly Active Platform Consumers (MAPC) to 202mn. The number of trips reached 3.75bn, up 22% YoY. In FY2025, Uber delivered 13,567 million trips, up 20% YoY, and generated $193,454mn in Gross Bookings, up 19% YoY, driven by audience expansion and higher frequency. Adjusted EBITDA reached $8.7bn, up 35% YoY in FY25, while Free Cash Flow increased 42% YoY to $9.8bn. Mobility Gross Bookings (GB) rose 20% YoY to $27,442mn in 4Q25, while Delivery GB increased 26% YoY to $25,431mn. Freight GB remained flat at $1,267mn. Low-cost offerings such as Uber Shuttle and UberX Share continue to expand across airport trips in the US. Across Uber’s top airports, c10% of travelers use Uber for airport transfers. Penetration ranges from 20% to 40%in Rio de Janeiro, New York City, and Mexico City. Uber Moto and Uber Black trips are both up c40% YoY in 2025. Uber expects US trips and Gross Bookings to continue growing in 2026. In Delivery, Uber is seeing strong membership adoption and growing customer preference for Grocery and Retail products. In 2025, EMEA was Uber’s fastest-growing region for Delivery. Several new marquee partners were added to the platform, including Lobraws in Canada, Biedronka in Poland, Seiyu in Japan, Coles in Australia, and Hibbett Sports, Lush, and Pacsun in the US. Uber expanded its OpenTable partnership across the US, Canada, Mexico, the UK, and Ireland, enabling reservations through the Uber app. Uber One now has 46mn members globally, up 56% YoY across all regions, and the program has been expanded with Family Sharing. More than 35% of Mobility Gross Bookings in the US come from Uber One members. Advertising annualized revenue reached c$2bn, up 50% YoY. Delivery advertising as a percentage of Delivery GB exceeded 2%. Uber is piloting first-party AI agents to improve customer experience, along with an AI assistant for drivers and couriers and several consumer-facing AI agents across both Uber and Uber Eats apps.  Uber reiterated its focus and high expectations for autonomous vehicle (AV) deployment, which it believes could unlock a multi-trillion-dollar opportunity. The company noted that AV technology is advancing faster than previously expected, accelerating the timeline toward commercialization. Uber’s experience in Austin and Atlanta suggests that supply-led ridesharing drives incremental demand following AV deployment, challenging the zero-sum hypothesis. Growth is being driven by the acceleration of new rides and increased frequency among existing riders. On Uber’s platform, AVs generate approximately 30% more trips per vehicle per day and deliver around 25% faster ETAs compared with observed first-party deployments. Uber acknowledged that the experience in San Francisco — where increased AV supply expanded the overall category — may be unique given the city’s tech-savvy and dense population. According to the company, a hybrid network combining human drivers and AVs could optimize asset utilization and maximize revenue generation. Regarding investments, Uber plans to support AV software providers, OEM partners (through equity investments or offtake agreements), and AV infrastructure partners. However, the company intends to remain asset-light, partnering with third-party financing providers.  For 1Q26, Uber expects Gross Bookings of $52.0–53.5bn, representing 17–21% YoY growth. Adjusted EBITDA is projected at $2.37–2.47bn, with Non-GAAP EPS of $0.65–0.72. Uber also announced a transition from a merchant model to an agency model outside London in the UK beginning in January 2026, following a court ruling. As a result, driver payments will be reclassified, reducing reported revenue and revenue margin. We have revised our forecasts and adjusted our 12-month price target to $104 (from $106.1), maintaining our BUY rating.