Uber (UBER 2.57%) stock has been under pressure recently -- down 20% from its fall peak -- but that didn't eliminate its gains this year. Shares remain up 33% year to date. Despite that stellar performance, the growth stock isn't expensive: It trades at a 1-year forward price-to-earnings ratio of under 19. The current setup might present a compelling opportunity for investors.
If you're thinking about buying Uber stock in 2026, here are three critical factors that you should not overlook.
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1. Uber has a massive user base
Uber ended the third quarter with 189 million monthly active users (MAUs). That figure was up by 17% year over year. Based on historical trends, the business should attract millions more customers in 2026.
One lever the company can pull to make that happen is brand awareness. Boosting engagement, whether by Uber One subscription sign-ups, cross-selling between mobility and delivery, and by the use of data and artificial intelligence efforts, is another focal point for the leadership team.
2. Profitability reveals a scalable business model
It's hard to believe now, but Uber was once burning through cash like nobody's business. In 2019, it posted an alarming net loss of $8.5 billion. But through the first nine months of 2025, Uber generated profits of $9.8 billion. That's an incredible turnaround.
Credit goes to its scalable business model. At a high level, Uber simply operates a robust technological platform that connects various stakeholders, facilitating transactions in the process. Since that platform has largely been built out, each ride or delivery that occurs today should produce high margins.
Uber spends lots of money on sales and marketing, as well as research and development. Over time, though, these expenses should decrease as a percentage of its overall revenue. Indeed, Wall Street analysts expect its operating income to rise 44% between 2025 and 2026, much faster than projected sales growth.
NYSE: UBER
Key Data Points
3. Autonomous vehicles could be a good thing for Uber (or not)
Both the biggest risk and the biggest opportunity that Uber faces is the advent of autonomous vehicle (AV) technology. Up to this point, Uber has made itself a partner of choice for enterprises pushing AV innovations. Uber's advantage is that it has direct relationships with those previously mentioned 189 million monthly active users. And its app shows that it has leading technical expertise.
But if AV ride-hailing services like Alphabet's Waymo or Tesla's robotaxi operation have breakthrough years in 2026, with improved driving capabilities, expansion into new markets, lower costs, favorable regulation, and wider consumer adoption, they could undermine Uber's position.
The opposite could also happen. And Uber could continue entering new partnerships with businesses that want to leverage its network to scale quickly. Investors will want to watch closely to see how things develop.
