Investment Rating - The report maintains a "Buy" rating for Uber Technologies (UBER) [6][11]. Core Insights - The company is experiencing robust growth with simultaneous improvements in profitability, driven by a membership system that enhances user stickiness and cross-business collaboration [3][11]. - The autonomous driving strategy is progressing, contributing to the formation of a platform-based network [3][11]. Financial Summary - Revenue projections for FY2024 to FY2028 are as follows: $43,978 million (2024), $52,017 million (2025), $60,835 million (2026E), $69,498 million (2027E), and $78,148 million (2028E), with growth rates of 18.1% in 2024, 18.9% in 2025, and decreasing thereafter [5][12]. - Operating profit is expected to rise significantly, reaching $2,799 million in 2024 and $12,278 million by 2028, reflecting a growth of 152.2% in 2024 and 22.7% in 2028 [5][12]. - GAAP net profit is projected to be $9,845 million in 2024, with a slight decline to $6,848 million in 2026E, before recovering to $10,598 million in 2028 [5][12]. - Adjusted EBITDA is forecasted to grow from $6,484 million in 2024 to $15,630 million in 2028 [5][12]. User Engagement and Business Segmentation - In Q4, Uber's total gross bookings reached $54.143 billion, a year-on-year increase of 22%, with revenue of $14.366 billion, up 20% [11]. - Monthly active users (MAPCs) reached 202 million, growing 18% year-on-year, indicating a strong increase in user engagement [11]. - The ride-hailing and food delivery segments reported gross bookings of $27.442 billion and $25.431 billion, respectively, with year-on-year growth of 20% and 26% [11]. Membership and Cross-Business Synergy - The Uber One membership program has surpassed 46 million members, a growth of approximately 55%, contributing to higher order frequency and cross-business usage [11]. - Over 40% of users are now utilizing multiple products, showcasing the increasing penetration of the platform across different services [11]. Autonomous Driving Strategy - The company is advancing its hybrid network model, combining human drivers with autonomous vehicles, which is expected to enhance vehicle utilization and address demand fluctuations [11]. - Collaborations with various technology and vehicle partners are accelerating the development of an autonomous ride-hailing platform, which is anticipated to be a significant growth driver for the ride-hailing business in the future [11].

Core Insights - Uber is positioning itself to lead the autonomous ride-hailing industry, which presents a multitrillion-dollar opportunity for the company [2][10] - The company reported $193.4 billion in gross bookings for 2025, with $85.4 billion paid to drivers, highlighting the significant cost associated with human drivers [4][5] - By automating rides, Uber aims to convert a large portion of driver costs into revenue and profit, enhancing its financial performance [6] Financial Performance - Uber's revenue for 2025 was $52 billion after deducting costs, with an adjusted non-GAAP profit of $5.2 billion [5] - The company has a gross margin of 32.89% and is trading at a price-to-sales (P/S) ratio of 3.1, which is lower than competitors like Tesla [8][12] - Based on adjusted earnings of $2.45 per share, Uber's price-to-earnings (P/E) ratio stands at 30.1, which is a discount compared to the Nasdaq-100 index [14] Market Position and Strategy - Uber has over 15 years of experience in managing ride-hailing logistics, which is crucial for the successful deployment of autonomous vehicles [8] - The company plans to offer autonomous trips in 15 cities by the end of 2026 and aims to be the largest player in the autonomous ride-hailing market by 2029 [10] - Over 20 companies developing autonomous vehicles are integrating with Uber's network, indicating strong partnerships and market potential [9] Competitive Landscape - The autonomous ride-sharing market is expected to be large and competitive, with companies like Tesla also entering the space [11] - Despite competition, Uber's established infrastructure and user base position it favorably within the industry [9][11] - The transition to autonomous vehicles is gradual, with current usage at only 0.1% of all ride-sharing trips worldwide [10]

Core Insights - WeRide Inc. and Uber Technologies, Inc. are expanding their strategic partnership to deploy at least 1,200 Robotaxis across the Middle East, targeting completion by 2027 [1] - The deployment will cover major cities including Abu Dhabi, Dubai, and Riyadh, enhancing existing driverless operations in these areas [2] Deployment Details - All 1,200 Robotaxis will be accessible through the Uber app, building on current fully driverless operations in Abu Dhabi and passenger services in Dubai and Riyadh [2] - The fleet will be scaled progressively, with Uber committing to add more vehicles as regulatory approvals and performance milestones are met [2] Executive Commentary - Dr. Tony Han, Founder and CEO of WeRide, emphasized that this announcement represents the largest Robotaxi commercial commitment in the MENA region, aiming for tens of thousands of Robotaxis globally in the next five years [3] - Sarfraz Maredia, Global Head of Autonomous Mobility & Delivery at Uber, highlighted the strong performance of existing deployments and the excitement of introducing more riders to autonomous mobility [4] Economic and Operational Model - The expanded deployment is part of a prior agreement aiming for operations in 15 cities by 2030, following WeRide's asset-light model where Uber or local partners manage fleet operations [6] - WeRide currently operates over 200 Robotaxis in the region, with services in Abu Dhabi averaging dozens of daily trips per Robotaxi and on track to achieve breakeven unit economics [6]

股票研究 /[Table_Date] 2026.02.08 增长稳健，平台协同与自动驾驶并进 优步(UBER ——优步 FY25Q4 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 秦和平(分析师) | 0755-23976666 | qinheping@gtht.com | S0880523110003 | | 龚浩(研究助理) | 021-23183306 | gonghao2@gtht.com | S0880125090016 | 本报告导读： 规模扩张与盈利能力同步提升；会员体系驱动粘性，跨业务协同进入兑现阶段；自 动驾驶战略持续推进，平台型网络逐步成型。 投资要点： | 财务摘要(百万美元) | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 43,978 | 52,017 | 60,835 | 69,498 | 78,148 | | (+/-)% | 18.1% | 18.9% | ...

Core Viewpoint - Uber Technologies, Inc. is considered a promising stock with strong financial performance and growth potential, as indicated by recent analyst ratings and financial results [1][2]. Financial Performance - For the quarter and full year ended December 31, 2025, Uber reported a 22% year-over-year increase in quarterly trips and Gross Bookings [2]. - The company achieved a record quarterly GAAP income from operations of $1.8 billion, with adjusted EBITDA reaching $2.5 billion, reflecting a 35% year-over-year increase [2]. - Record quarterly operating cash flow was reported at $2.9 billion, alongside free cash flow of $2.8 billion [2]. User Engagement - CEO Dara Khosrowshahi highlighted that the quarter was "record-breaking," with over 200 million monthly users completing over 40 million trips daily, marking the largest and most engaged consumer base in the company's history [3]. Business Operations - Uber operates as a technology platform providing ride services and merchant delivery services, with divisions in Delivery, Mobility, and Freight [4]. - The company is also pioneering the introduction of autonomous vehicles to enhance the reliability, efficiency, and affordability of transporting people and goods [4]. Analyst Ratings - Citi reaffirmed a Buy rating on Uber and adjusted the price target to $110 from $120 [1]. - Roth Capital also maintained a Buy rating while adjusting the price target to $105 from $110, citing strong earnings and positive segment results [1].

Core Insights - Uber is expanding its focus on autonomous vehicles (AVs), viewing it as a significant growth opportunity that could unlock a "multitrillion-dollar opportunity" over time [3][4] - The company aims to have robotaxis operating in 15 cities by the end of the year, indicating a strong commitment to leading in the autonomous sector [3][4] - Despite recent earnings misses, Uber's long-term strategy in autonomy is seen as a key factor shaping its future outlook [4][8] Company Performance - Uber has completed over 72 billion trips since its launch in 2010, evolving from a ride-hailing service to a global platform that includes food delivery and freight services [2] - In the fourth quarter of fiscal 2025, Uber reported a revenue increase of 20% year-over-year to $14.37 billion, slightly exceeding Wall Street's expectations [10] - The mobility segment generated $8.2 billion, up 19% year-over-year, while delivery revenue surged 30% year-over-year to $4.9 billion [11] Financial Metrics - Adjusted EPS for the fourth quarter was $0.71, a 27% increase year-over-year but below the expected $0.79 [11] - On a GAAP basis, net income was $296 million, significantly down from $6.88 billion the previous year, impacted by a $1.6 billion net pre-tax headwind [12] - Total trips increased by 22% year-over-year to 3.8 billion, with gross bookings rising 22% to $54.1 billion [13] Future Outlook - For the first quarter of fiscal 2026, Uber forecasts gross bookings between $52 billion and $53.5 billion, representing 17% to 21% year-over-year growth [14] - The company anticipates non-GAAP EPS of $0.65 to $0.72, implying a 37% year-over-year growth at the midpoint [14] Analyst Sentiment - Despite recent quarterly results disappointing some investors, Wall Street maintains an optimistic view on Uber, with a consensus "Strong Buy" rating [15] - Out of 51 analysts, 37 rate it a "Strong Buy," with an average price target of $107.07, suggesting a potential upside of approximately 43% [16]

Group 1 - The fourth quarter earnings season is ongoing, with significant results from major companies like Alphabet, Amazon, AMD, Qualcomm, and Palantir [1] - As of February 6, 59% of S&P 500 companies have reported their fourth quarter results, with analysts estimating a 13% increase in earnings per share, marking the 10th consecutive quarter of annual earnings growth for the index [2][4] - Analysts initially expected an 8.3% increase in earnings per share for the fourth quarter, a decrease from the previous quarter's 13.6% growth rate, but have since raised expectations, particularly for tech companies [4] Group 2 - Major capital expenditures by Big Tech are influencing the AI trade, with ongoing themes from 2025, such as artificial intelligence and economic policies, continuing to impact investor sentiment [5] - Upcoming earnings reports are anticipated from companies including Coca-Cola, Spotify, Robinhood, Lyft, Ford, Rivian, Moderna, Airbnb, and Coinbase [6]

Core Insights - Uber Technologies reported lower-than-expected earnings per share (EPS) for Q4 2025, leading to a decline in its stock value. The earnings guidance for the current quarter is also weak [1][9]. Financial Performance - Q4 2025 EPS was 71 cents, missing the Zacks Consensus Estimate of 79 cents and declining 77.8% year over year. Total revenues reached $14.3 billion, slightly above the estimate of $14.2 billion, with a year-over-year increase of 20.1% [3]. - The Mobility segment generated revenues of $8.2 billion, reflecting a 19% year-over-year increase. Gross bookings in this segment rose 19% year over year to $27.4 billion [4][5]. - The Delivery segment saw revenues grow by 29% year over year, with gross bookings increasing 26% to $25.4 billion. Total gross bookings for the company jumped 22% to $54.1 billion [6]. User Engagement - Monthly active platform consumers increased by 18% to 202 million, with the platform recording 3.75 billion trips, a 22% year-over-year rise [7]. Future Outlook - For the March quarter, Uber expects gross bookings in the range of $52-$53.5 billion, indicating a year-over-year growth of 17-21% [8]. - The company reported $8.7 billion in adjusted EBITDA, up 35%, and $9.8 billion in free cash flow, up 42% [8]. Management Changes - A new CFO, Balaji Krishnamurthy, will take over on February 16, which may signal continued high investments in autonomous vehicles rather than immediate margin expansion [11]. Competitive Landscape - Uber's stock performance has been negatively impacted by competition in the autonomous driving space, particularly from Alphabet's Waymo, which has significantly increased its paid rides [16]. Valuation - Uber's shares are trading at a forward P/E ratio of 20.37, which is below the industry average, indicating a relatively cheaper valuation compared to its peers [18]. Strategic Initiatives - The company is focusing on diversification through acquisitions, geographic expansion, and innovative product offerings, which are expected to strengthen its market position [23][24]. - In the autonomous vehicle sector, Uber is pursuing a partnership-driven strategy to minimize R&D costs while advancing its automation goals [25].

Core Viewpoint - Uber Technologies Inc. continues to maintain a strong market presence despite facing legal challenges and has received a "Buy" rating from Citigroup, although with a revised price target reflecting cautious optimism [2][6]. Group 1: Company Overview - Uber is a global leader in ride-sharing and food delivery services, operating in over 900 cities worldwide [1]. - The company has a market capitalization of approximately $156.27 billion, indicating its substantial presence in the market [4]. Group 2: Stock Performance - The current stock price of Uber is $75.21, which is up by 1.75%, with a trading range today between $73.22 and $77.22 [3][4]. - The stock has experienced a 52-week high of $101.99 and a low of $60.63, showcasing its volatility [4]. Group 3: Legal Challenges - A U.S. jury has ordered Uber to pay $8.5 million in a lawsuit related to a sexual assault case, which could impact investor sentiment [3][6]. - Despite the legal setback, Uber's stock performance remains resilient, indicating strong investor confidence [5][6]. Group 4: Analyst Ratings - Citigroup has maintained a "Buy" rating for Uber, adjusting its price target from $120 to $110, reflecting a more cautious outlook on the company's future performance [2][6].

Core Viewpoint - Uber has been ordered to pay $8.5 million in a trial related to alleged sexual assault by a driver, marking a significant legal development for the company as it faces thousands of similar lawsuits nationwide [1][2] Group 1: Legal Proceedings - The trial in Arizona is the first of approximately 3,000 consolidated lawsuits against Uber concerning alleged sexual assault and misconduct by drivers [2] - The verdict found Uber liable for the actions of the driver involved in the case, establishing a precedent for future lawsuits [2] Group 2: Financial Implications - Uber is required to pay $8.5 million to the plaintiff, Jaylynn Dean, but was not ordered to pay punitive damages [2]