Uber Technologies Inc. is heading into the holiday season with strong momentum, forecasting fourth-quarter gross bookings above expectations as its membership program, Uber One, continues to drive higher customer engagement across rides, food delivery, and grocery services.

The ride-hailing giant also beat third-quarter revenue estimates, posting robust growth across its mobility and delivery businesses, aided by back-to-school demand and stricter return-to-office mandates in major cities.

With shares up 65% year-to-date, Uber’s latest earnings confirm its growing dominance in the global mobility ecosystem — and mark a key moment in its evolution from a ride-hailing startup into a diversified services platform.

Uber One: The Engine Behind Cross-Service Growth

At the heart of Uber’s recent performance is its membership program, Uber One, which offers discounts and perks across rides, deliveries, and groceries. CEO Dara Khosrowshahi said the program is transforming how customers use the platform by encouraging multi-service adoption and boosting loyalty.

“Consumers who use more than one of Uber’s services have 35% higher retention and spend three times more than single-service users,” Khosrowshahi said. Despite this success, only about 20% of users in markets offering both rides and delivery currently use the services together — leaving significant room for growth.

Uber One’s growing subscriber base has helped the company capture higher-value customers who treat the platform as an essential utility rather than an occasional service. This dynamic has proven particularly valuable during periods of economic uncertainty, when subscription models provide revenue visibility and help smooth out demand fluctuations.

Q3 Results: Deliveries Outpace Mobility Growth

In the third quarter ended September 30, Uber reported gross bookings of $49.74 billion, exceeding analyst expectations of $48.73 billion. Total revenue rose 20% year-over-year to $13.47 billion, slightly above Wall Street’s consensus of $13.28 billion.

The delivery segment was a standout performer, climbing 29% year-over-year as Uber Eats continued to capture market share in both restaurant and grocery delivery. By comparison, the mobility segment rose 20%, while the freight business remained flat, reflecting continued challenges in the global logistics sector.

These results reinforce Uber’s strategy of leveraging operational synergies between its core businesses. As the delivery segment matures, the company is focusing on improving unit economics through AI-driven route optimization and driver efficiency.

Holiday Forecast and Profitability Outlook

For the current quarter, Uber expects gross bookings between $52.25 billion and $53.75 billion, above the $52 billion forecast by analysts. The company projects adjusted EBITDA between $2.41 billion and $2.51 billion, roughly in line with market expectations.

Uber also announced a shift in its reporting standards, moving away from adjusted EBITDA toward adjusted profit forecasts starting next year — a change more typical of mature, consistently profitable firms.

Despite the upbeat guidance, Uber’s stock dipped 2.5% in premarket trading on Tuesday, suggesting some investors may be taking profits after a strong rally this year. Analysts note that the market is adjusting to Uber’s new profit metrics and its slowing pace of expansion in freight.

A Platform Poised for Scale

Uber’s expanding ecosystem is central to its growth thesis. As its membership and cross-service usage increase, the company gains valuable data advantages, allowing it to better match supply and demand, reduce customer churn, and introduce new AI-driven services.

Khosrowshahi emphasized that Uber’s long-term vision extends beyond mobility, aiming to be a “global operating system for daily life” — connecting users not just to rides and meals, but also retail, logistics, and even financial services.

With its strong bookings forecast, disciplined profit focus, and growing customer loyalty, Uber appears well-positioned for a strong finish to 2025. The key question now is whether its subscription-led ecosystem can sustain momentum amid rising competition and a cooling macroeconomic backdrop.