Transport giant exceeded demand expectations, but "stumble" in profit and uncertainties about self-employed workers spooked investors
Uber ended 2025 reaching a historic milestone of more than 200 million monthly active users on its platform, exceeding demand growth projections. The robust volume of customers, however, was not enough to shield the company from the bad mood of the financial market. That’s because the release of fourth-quarter results caused an immediate drop in the stock, driven by lower-than-expected operating profits and lingering doubts about the strategy for autonomous vehicles.
Reported operating profit was US$ 1.77 billion (about R$ 9.36 billion). Although the number represents growth over the previous year, it frustrated Wall Street’s expectations, which projected a target of US$ 1.85 billion (approximately R$ 9.79 billion).
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The negative reaction of investors dropped the company’s shares by up to 10% shortly after the announcement. Part of this financial performance was impacted by the revaluation of strategic investments in partner companies, such as electric manufacturer Lucid and autonomous technology developer Aurora, which generated accounting losses in the period.
Beyond finances, Uber faces an existential debate about the future of robotaxis. While competitors such as Waymo and Tesla seek to control the entire chain — operating their own fleets — CEO Dara Khosrowshahi advocates a “marketplace” model. Uber’s bet is to position itself as the major logistics partner for these technologies, instead of manufacturing or managing autonomous cars directly.
Looking ahead to 2026, the company is trying to calm the market by projecting a more rational pricing environment in the United States, aided by an expected reduction in insurance costs, which should improve margins. Gross reserves remain strong, totaling US$ 54.1 billion (R$ 308.3 billion).
In this transition scenario, Uber confirmed a relevant change in its top management. Chief Financial Officer (CFO) Prashanth Mahendra-Rajah will step down in February 2026. He will be replaced by Balaji Krishnamurthy, who takes over with the mission of balancing the expansion of the user base with the profitability demanded by shareholders.
