Uber Trips in Q1?

Uber drivers consistently earned higher average hourly wages than Lyft drivers in Q4 2025 across major US markets. In New York City, Uber drivers averaged $33.80 per hour compared to Lyft drivers at $30.15. This trend extended to other cities, with Uber drivers in San Francisco earning $32.20 per hour (Lyft: $29.70), Los Angeles at $27.90 (Lyft: $25.50), Chicago at $26.50 (Lyft: $24.80), and Miami at $25.10 (Lyft: $23.40) ^[4]. Nationally, Uber drivers earned an average of $28.35 per hour in 2025, surpassing the $26.12 per hour earned by Lyft drivers ^[1].

Q4 2025 saw substantial driver supply growth, impacting utilization and pricing. Both Uber and Lyft experienced significant year-over-year increases in driver supply. Uber's global active drivers and couriers grew by 18% ^[5], while Lyft's active drivers in the US increased by 15% ^[6]. The overall US rideshare market saw an approximate 12% rise in driver supply during 2025, largely driven by an influx of part-time drivers ^[3]. Despite leading to record trip volumes in certain areas, this expanded supply potentially led to a slight decrease in individual driver utilization, with drivers in cities like New York City completing fewer trips per hour compared to the previous year ^[7]. The larger driver pool and robust demand also correlated with more frequent dynamic surge pricing during peak hours and in high-demand zones, contributing to nearly a 10% increase in customer rideshare prices ^[3].

Uber's non-restaurant delivery segment demonstrated robust year-over-year growth in Q4 2025. This segment, known as New Verticals, includes grocery, retail, and alcohol deliveries, and achieved Gross Bookings of $3.7 billion. This represented a substantial 35% year-over-year growth rate ^[1]. However, public earnings documents for Q4 2025 primarily detail these year-over-year comparisons and do not provide explicit sequential growth rates (Q4 2025 versus Q3 2025) for these specific segments.

Non-restaurant deliveries significantly outpaced growth in the core restaurant business during the same period. Uber's core restaurant delivery business reported Gross Bookings of $16.5 billion in Q4 2025, which marked a 13% year-over-year increase ^[1]. This indicates that while the restaurant segment remains much larger in overall bookings, the non-restaurant segment is expanding at more than double the year-over-year growth rate of restaurant deliveries. Overall, the entire Delivery segment's Gross Bookings reached $20.2 billion, reflecting a 16% year-over-year growth for the quarter ^[1].

In the United Kingdom, a significant VAT reform is scheduled for January 1, 2026. This reform will impact Private Hire Vehicle (PHV) operators such as Uber and Bolt, requiring them to account for Value Added Tax (VAT) on the entire fare, thereby closing a previous loophole identified by the UK tax authority ^[2]. This "Taxi Tax" is projected to increase passenger fares by as much as 20% and may lead to reduced driver earnings ^[3]. While not a Q1 2026 implementation, it is noteworthy that a 2021 UK Supreme Court ruling classified Uber drivers as "workers," granting them entitlements to minimum wage, holiday pay, and pensions, prompting Uber to adjust its operational model accordingly ^[4].

Spain's Uber Eats will discontinue using freelance riders starting January 2026. Instead, the platform will partner with delivery companies that employ their own staff ^[5]. This change is a direct consequence of Spain's national "Rider Law," which became effective in August 2021. The law mandates that food delivery platforms classify their riders as employees ^[6]. The initial implementation of the "Rider Law" caused considerable disruption in the takeaway food market, resulting in certain companies, such as Deliveroo, withdrawing from Spain ^[6].

For France, no Q1 2026 regulations were identified in the provided sources. The research found no specific municipal or national-level regulations concerning driver classification or compensation scheduled for implementation during Q1 2026 for France.

Uber's lower-margin offerings, UberX Share and public transit integrations, primarily generate new, incremental demand. Internal cohort analysis conducted in Q4 2025 revealed that over 60% of UberX Share trips in mature markets are incremental, attracting either new riders or individuals who would not have used a full-fare UberX ^[1]. Furthermore, this product acts as an effective acquisition funnel, with approximately 40% of new UberX Share riders converting to full-fare UberX or other premium products within six months ^[1].

Public transit integrations also primarily drive incremental demand, expanding Uber's multimodal transportation ecosystem. These integrations appeal to distinct use cases and user segments, particularly for first-mile and last-mile solutions, showing minimal cannibalization of existing UberX trips ^[1]. Most users leverage public transit as an additional mobility option. While these integrations constituted a small part of the Mobility business in Q3 2025 ^[2], Uber considers them a key component of its long-term strategy to broaden its market appeal ^[1].

Uber CFO Prashanth Mahendra-Rajah provided Q1 2026 guidance during the Q4 2025 earnings call. Uber anticipates typical Q1 sequential moderation in Gross Bookings and overall trips. This expected moderation follows a strong holiday-driven Q4 2025, aligning with historical patterns ^[1]. Despite this sequential slowdown, year-over-year growth is projected to remain robust across both the Mobility and Delivery segments ^[3], indicating a predictable seasonal ebb rather than an underlying weakening of demand.

Marketing spend is expected to remain stable at 2.5% of Gross Bookings for Q1 2026. This stability reflects the continued success of Uber's optimization efforts and its ability to maintain strong marketing leverage ^[2]. The company is achieving high returns on investment (ROI) from user acquisition campaigns, even as the business continues its expansion ^[4].

New corporate partnerships will incrementally add 5 to 7 million trips in Q1 2026. These enterprise partnerships, secured in the second half of 2025, are a key component in expanding Uber's enterprise footprint ^[1]. The company expects these partnerships to continue scaling their contributions throughout the remainder of the fiscal year ^[5].