Lyft's CEO David Risher openly questioned the disconnect between corporate performance and investor expectations in an appearance on CNBC's "Squawk Box" on Wednesday morning.LYFT stock is slipping. See the chart and price action here. The Record DisconnectWhen pressed on why the stock plummeted despite positive headlines, Risher's response was animated.  "What do they want? Tell me about it! … Look, I don't know," Risher said, referring to Lyft shareholders.   He pointed to a trifecta of milestones that usu ...

Lyft (NasdaqGS:LYFT) Q4 2025 Earnings call February 10, 2026 05:00 PM ET Company ParticipantsBen Black - Managing Director and Co-Head of Internet Equity ResearchDavid Risher - CEODoug Anmuth - Managing Director and the Head of U.S. Internet Equity ResearchErin Brewer - CFOErin Rome - Head of Investor RelationsConference Call ParticipantsEric Sheridan - Managing Director and Senior Equity Research AnalystJed Kelly - Managing Director and Senior AnalystJohn Blackledge - Managing Director and Senior Equity Re ...

Uber Technologies (NYSE:UBER) Q4 2025 Earnings call February 04, 2026 08:00 AM ET Company ParticipantsAlix Anfang - Head of Investor RelationsBalaji Krishnamurthy - Incoming CFODara Khosrowshahi - CEOPrashanth Mahendra-Rajah - CFOConference Call ParticipantsBrian Nowak - AnalystDoug Anmuth - AnalystEric Sheridan - AnalystJustin Post - AnalystMark Mahaney - AnalystMichael Nathanson - AnalystOperatorI'd like to welcome everyone to today's Uber Q4 and full year 2025 earnings conference call. All lines have bee ...

Uber Technologies (NYSE:UBER) Q4 2025 Earnings call February 04, 2026 08:00 AM ET Company ParticipantsAlix Anfang - Senior Director of Investor RelationsBalaji Krishnamurthy - Incoming CFODara Khosrowshahi - CEOPrashanth Mahendra-Rajah - CFOConference Call ParticipantsBrian Nowak - AnalystDoug Anmuth - AnalystEric Sheridan - AnalystJohn Colantuoni - AnalystJustin Post - AnalystMark Mahaney - AnalystMichael Morton - AnalystOperatorI'd like to welcome everyone to today's Uber Q4 and full year 2025 earnings co ...

Uber Technologies (NYSE:UBER) Q4 2025 Earnings call February 04, 2026 08:00 AM ET Speaker4I'd like to welcome everyone to today's Uber Q4 and full year 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And if you'd like to withdraw your question, simply press star one ...

Financial Performance - GM reported revenue of $185.0 billion for CY 2025[39], and $45.3 billion for Q4 2025[43] - The company's EBIT-adjusted was $12.7 billion for CY 2025[39], with a margin of 6.9%[39], and $2.8 billion for Q4 2025[43], with a margin of 6.3%[43] - Adjusted automotive free cash flow was $10.6 billion for CY 2025[39] and $2.8 billion for Q4 2025[43] - EPS-diluted-adjusted was $10.60 for CY 2025[39] and $2.51 for Q4 2025[43] Sales and Market Share - GM achieved 1 in total U S sales with 2.9 million deliveries in CY 2025, up 6% year-over-year[12, 109] - U S market share grew by 0.6 percentage points to 17.2% in CY 2025[12] - Global deliveries increased by 0.2 million year-over-year to 6.2 million units in CY 2025[47] Strategic Initiatives and Investments - GM invested $9.2 billion in capital projects and repurchased $6.0 billion of stock in CY 2025[13] - Deferred revenue from OnStar services was $5.4 billion at the end of 2025, up 65% year-over-year[22] - The company expects EV losses to improve by $1.0-1.5 billion due to right-sizing EV capacity[34] 2026 Guidance - GM projects EBIT-adjusted to be in the range of $13.0-15.0 billion for 2026[34] - Adjusted automotive free cash flow is expected to be $9.0-11.0 billion for 2026[34] - EPS-diluted-adjusted is guided to be $11.00-13.00 for 2026[34]

Summary of the Auto Industry and Shared Mobility Conference Call Industry Overview - The report focuses on the **North American Auto Industry** and **Shared Mobility** for the year 2026, highlighting a cautious outlook due to an anticipated 'EV Winter' expected to persist through 2026 [1][4][10]. Key Points and Arguments 1. **Sales Forecasts**: - The 2026 US Auto sales forecast is set at **15.9 million** units, reflecting a **1.0% year-over-year decline**. This includes **14.9 million** Internal Combustion Engine (ICE) vehicles (+1.0% y/y) and **1.0 million** Electric Vehicles (EVs) (-20% y/y) [5][11][25]. 2. **Market Dynamics**: - The **2025 US Auto sales** showed unexpected resilience, driven by pre-buying before tariff implementations and the expiration of consumer tax credits for battery electric vehicles (BEVs) [4][10]. - Factors contributing to the cautious outlook include: - Continued lack of affordability due to the expiration of EV tax credits and rising average transaction prices (ATPs) [5][10]. - Tightened credit standards, particularly affecting subprime borrowers, although some modest loosening has been noted recently [5][10]. - Inflationary pressures from tariffs expected to impact consumer prices through the first quarter of 2026 [5][10]. 3. **Consumer Behavior**: - There is pent-up demand in the market, with US Auto SAAR still below pre-COVID levels and an aging car parc averaging nearly **13 years** [5][10]. - Rate cuts may marginally improve affordability for consumers [5][10]. 4. **Scenario Analysis**: - **Bull Case**: Forecasts a SAAR of **17.5 million** (+8.7% y/y) if consumer confidence improves and OEMs focus on core ICE/hybrid offerings [12][25]. - **Bear Case**: Projects a SAAR of **14.5 million** (-9.9% y/y) if credit availability tightens further and consumer affordability worsens [12][25]. 5. **Stock Ratings Changes**: - **General Motors (GM)** upgraded to **Overweight** with a target price of **$90**, citing strong execution and capital allocation strategies [8][48]. - **Tesla (TSLA)** downgraded to **Equal-weight** with a target price of **$425**, reflecting high expectations and near-term headwinds [8][51]. - **Rivian (RIVN)** and **Lucid (LCID)** downgraded to **Underweight** due to negative EV outlooks [8][54]. Additional Insights - The report emphasizes the importance of monitoring policy updates regarding tariffs and consumer health indicators such as unemployment and inflation [12][13]. - The **EV market** is expected to face significant headwinds, with a projected **20% decline in volume** and a penetration rate of **6.5%** for BEVs in 2026 [10][31]. - Companies with diversified sourcing and regional manufacturing strategies are seen as better positioned amid geopolitical tensions and market shifts [47]. Conclusion - The North American auto industry is navigating a complex landscape with mixed signals for 2026. While there are opportunities for companies with strong execution and adaptability, significant challenges remain, particularly in the EV segment. Investors are advised to remain selective and focus on companies that can effectively manage costs and capitalize on market dynamics.

Core Insights - Uber Technologies Inc. is currently viewed as one of the most profitable large-cap stocks, with RBC Capital raising its price target to $110 from $100 while maintaining an Outperform rating [1] - The company's Q3 2025 earnings report showed strong performance, particularly in light of high expectations, with consistent core fundamentals and positive investor sentiment driven by advancements in Autonomous Vehicle technology [1][3] Financial Performance - In Q3, Uber reported a 22% increase in Total Trips, marking the fastest growth rate since 2023, supported by a 21% surge in Mobility Trips [2] - Overall Gross Bookings grew by 21%, leading to $13.47 billion in revenue, which represents a year-over-year increase of 20.37% [2] - The company earned $3.11 per share, exceeding Wall Street estimates by $2.42 [2] Business Expansion - Beyond ride-sharing, Uber is expanding into new verticals, with the Grocery Retail segment achieving a Gross Bookings Run Rate of approximately $12 billion, growing faster than traditional restaurant delivery [3] - Future growth investments include Autonomous Vehicles, local commerce, and Generative AI solutions, highlighted by a partnership with NVIDIA to develop a reference architecture for AVs [3] Company Structure - Uber operates through three main segments: Mobility, Delivery, and Freight, utilizing proprietary technology applications on a global scale [4]

Financial Data and Key Metrics Changes - Q3 2025 was a record quarter for the company, with adjusted EBITDA growing 29% year over year and free cash flow generation exceeding $1 billion for the first time in Lyft's history [3][11][12] - Active riders increased by 18% year over year, and gross bookings rose by 16% year over year, both reaching all-time highs [11][12] Business Line Data and Key Metrics Changes - The company reported record levels of active riders and driver hours, contributing to overall growth [12][13] - The partnership with United Airlines is expected to enhance customer value and drive additional growth [3][12] Market Data and Key Metrics Changes - Approximately 70% of rides growth in Q3 came from underpenetrated markets in North America, which represent a significant opportunity for future growth [13][42] - The company anticipates mid to high teens growth in rides and 17-20% growth in gross bookings for Q4 2025 [11][12] Company Strategy and Development Direction - Lyft is focusing on expanding its autonomous vehicle (AV) partnerships and enhancing its position across the AV value chain [4][12] - The company aims to leverage its recent acquisitions, including FreeNow and TBR, to enhance its global presence and service offerings [46][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about multiple growth catalysts converging in 2026, including the impact of the United partnership and ongoing improvements in operational efficiency [9][12] - The California insurance reform (SB371) is expected to reduce costs for riders and stimulate demand, benefiting both drivers and the company [15][16] Other Important Information - The company is actively working on enhancing its business-to-business opportunities, including partnerships with universities and healthcare providers [90] - Lyft's high-value modes grew by 50% year over year in Q3, indicating strong demand for premium services [51] Q&A Session Summary Question: What are the multiple converging catalysts in 2026? - Management highlighted that the marketplace is stronger than ever, with record active riders and driver hours, and emphasized the importance of the United partnership and underpenetrated markets [9][12] Question: How does Lyft plan to balance growth and margin trajectory? - Management stated that customer obsession drives profitable growth and that innovation is key to scaling the business without sacrificing margins [21][25] Question: What is the opportunity in low scale markets? - Management noted that about two-thirds of the $161 billion personal vehicle trips market in North America is in underpenetrated markets, which are expected to drive significant growth [42][43] Question: How does the Waymo partnership impact AV economics? - Management explained that the partnership is designed to maximize vehicle availability and utilization, which should improve unit economics over time [31][32][80] Question: What is the expected impact of insurance renewals? - Management indicated a mid-single-digit increase in insurance costs per ride but emphasized ongoing efforts to bend the insurance cost curve [40][41] Question: How will Lyft leverage its acquisitions for global expansion? - Management discussed the potential to enhance service quality and expand market reach through the integration of FreeNow and TBR's capabilities [46][50]

Core Insights - Uber Technologies reported third-quarter earnings of $3.11 per share, significantly exceeding analysts' consensus estimate of 69 cents, with revenue reaching $13.5 billion, a 19% increase on a constant currency basis compared to the previous year, surpassing Wall Street's expectation of $13.3 billion [3][6] - Despite the strong earnings report, Uber's stock fell 6.4% due to investor disappointment when excluding one-time tax and investment benefits, which included a $4.9 billion tax valuation release and a $1.5 billion pretax benefit from equity investment revaluations [4][5] - The company reported operational income of $1.1 billion, which fell short of the $1.6 billion expected by analysts, attributed to rising general and administrative expenses [5] Financial Performance - Gross bookings for the quarter were $49.7 billion, exceeding forecasts of $49 billion, with positive results from both ride-hailing and Uber Eats [3] - For the fourth quarter, Uber guided gross bookings between $52.25 billion and $53.75 billion, slightly above Wall Street's forecast, and expects adjusted EBITDA of $2.41 billion to $2.51 billion, aligning with estimates [7] Strategic Developments - Uber is focusing on the deployment of autonomous vehicles (AVs), planning to launch AVs in at least 10 cities by the end of 2026, amid increasing competition from Tesla [8] - A partnership with Nvidia was announced to develop a fleet of 100,000 autonomous robo-taxis, highlighting the importance of AI and autonomous technology in Uber's future strategy [9]