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Uber (UBER) reported a complex set of 4Q25 results, with the stock selling off sharply following the release as investors weigh a mixed earnings report and the sudden announcement of CFO Prashanth Mahendra-Rajah’s departure. While UBER exceeded expectations for top-line demand metrics, a significant miss on bottom-line earnings and a forecasted slowdown in Gross Bookings for the upcoming quarter have overshadowed the platform's continued growth momentum.

• UBER missed Q4 EPS expectations due to a $1.6 bln headwind from equity investment revaluations. However, Adjusted EBITDA hit the high end of guidance at $2.5 bln (+35%).
• CFO Prashanth Mahendra-Rajah will step down February 16 with VP of Strategic Finance Balaji Krishnamurthy named as his successor.
• User engagement remains a primary strength, with total Trips growing 22% yr/yr to 3.8 bln. Monthly Active Platform Consumers (MAPCs) reached a record 202 mln, an 18% increase that reflects deepening penetration across both core and emerging markets.
• Gross Bookings reached $54.1 bln (+22%), beating guidance. Mobility surged 25% via suburban expansion and Uber Reserve, while Delivery was fueled by grocery and retail growth.
• 1Q26 Gross Bookings guidance of $52.0–$53.5 bln signals a growth slowdown to 17–21%, supported by an approximate 4 percentage point currency tailwind.
• 1Q26 Adjusted EBITDA guidance of $2.37–$2.47 bln was in-line with expectations, which investors may view as disappointing given the sequential softening.
• AV strategy centers on a "multi-trillion dollar opportunity," with plans to operate in 15 cities by year-end through partnerships with Waymo (GOOG/GOOGL) and NVIDIA (NVDA). UBER AVs currently see 30% higher utilization than standalone competitors.

Briefing.com Analyst Insight:

UBER’s Q4 results signal a platform operating at an immense global scale with trips hitting a $15 bln annual run rate, yet the sharp stock sell-off reflects investor unease over bottom-line GAAP volatility and the sudden departure of CFO Mahendra-Rajah. The EPS miss, though largely due to non-cash equity revaluations, serves as a reminder of the complexity in UBER’s balance sheet. More concerning for some is the 1Q26 Gross Bookings guidance, which suggests a deceleration in growth even after accounting for favorable currency shifts. The sudden departure of Mahendra-Rajah, who helped steer the company to investment-grade status, creates a leadership transition at a time when UBER is aggressively pivoting toward its autonomous future. However, the appointment of insider Balaji Krishnamurthy suggests a commitment to the existing operating framework aimed at durable growth. As UBER moves toward 15 AV cities by year-end, management is betting that its marketplace density and superior utilization rates will make it the indispensable partner for any AV hardware provider, regardless of the near-term noise in its legacy business.