Uber Freight posts flat Q4 results, as broader platform posts record profits

Uber Freight underperformed compared to the company’s mobility and transportation segments successful the 4th quarter, posting level gross and somewhat little gross bookings amid a prolonged downturn successful the North American trucking market, adjacent arsenic the broader level delivered grounds profitability.

Uber Freight generated $1.27 cardinal successful gross bookings, down astir 1% twelvemonth implicit year, portion freight gross was fundamentally level astatine $1.27 cardinal for the 3 months ended Dec. 31.

The institution released its quarterly fiscal study and held a league telephone with analysts connected Tuesday earlier the marketplace opened.

Despite the dip successful gross bookings, Uber officials said the freight concern reached breakeven profitability during the 4th for the archetypal clip successful much than 3 years.

“Our freight concern achieved breakeven adjusted EBITDA for the archetypal clip successful implicit 3 years contempt a continued challenging operating backdrop,” Chief Financial Officer Prashanth Mahendra-Rajah said.

He attributed the betterment to operational subject alternatively than stronger pricing, signaling that carriers whitethorn proceed to look complaint unit successful aboriginal 2026, portion shippers clasp leverage successful declaration negotiations amid abundant capacity.

San Francisco-based Uber Technologies (NYSE: UBER) operates 3 platforms: Uber (ride-hailing), Uber Freight (logistics), and Uber Eats (food and goods delivery).

Uber’s wide level delivered a grounds quarter. Total gross bookings climbed 22% twelvemonth implicit twelvemonth to $54.1 billion, driven by double-digit maturation successful some mobility and delivery, portion adjusted EBITDA surged 35% to $2.5 billion.

While freight request remains nether unit today, Uber executives pointed to autonomous vehicles arsenic a longer-term lever that could reshape the freight unit’s economics.

Chief Executive Officer Dara Khosrowshahi said autonomous vehicles correspond a important maturation accidental that could yet fortify its freight and logistics concern by driving overmuch higher conveyance utilization.