Uber Freight revenue flat in Q3 as company posts strong delivery gains

Uber Technologies Inc.’s freight business remained stagnant in the third-quarter, generating $1.31 billion in revenue, unchanged from a year earlier.

According to Uber’s quarterly financial report released Tuesday, Uber Freight’s gross bookings and revenue both held steady at $1.31 billion, while segment adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) posted a loss of $20 million, a slight decline from the $19 million loss in the third-quarter of 2024.

San Francisco-based Uber Technologies (NYSE: UBER) operates three platforms: Uber (ride-hailing), Uber Freight (logistics), and Uber Eats (food and goods delivery).

The company reported record overall income from operations of $1.1 billion and adjusted EBITDA of $2.3 billion, up 33% year over year, boosted by its mobility and delivery divisions.

CEO Dara Khosrowshahi told analysts during the company’s third-quarter earnings call on Tuesday that the performance reflected “a powerful combination of innovation and execution.”

“Q3 was an outstanding quarter for Uber, driven by a powerful combination of innovation and execution,” Khosrowshahi said. “Trips grew 22%, marking the fastest growth since 2023 … Gross bookings grew 21%, while average pricing remained relatively flat. This translated into record adjusted EBITDA and free cash flow, reinforcing our ability to deliver affordability for consumers while generating strong operating leverage.”

He added that Uber’s logistics ecosystem remains central to the company’s future technology roadmap.

“We’re building a hybrid future — seamlessly integrating human drivers and autonomous vehicles into a single marketplace, giving us unmatched flexibility and efficiency,” Khosrowshahi said.

He also highlighted plans to expand Uber’s reach in local commerce and embed generative AI throughout operations to optimize dispatch, pricing, and productivity.

While the freight segment continues to face a weak spot market and industry-wide rate pressures, Uber’s platform as a whole saw trips grow 22% and gross bookings rise 21% to $49.7 billion.

Delivery revenue surged 29% and mobility grew 20%, reinforcing the shift in Uber’s profit mix away from freight toward higher-margin services.

Looking ahead, Uber forecast fourth-quarter gross bookings between $52.25 billion and $53.75 billion and adjusted EBITDA of up to $2.51 billion, representing growth of up to 36% year over year.

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