Uber Freight's revenue jumped 25% year-over-year to $1.583 billion in the second quarter, but the digital freight brokerage and shipper transportation management system (TMS) provider still posted a negative $24 million operating income, according to FreightWaves. The top-line surge — up 18.3% sequentially — makes Uber Freight one of the fastest-growing public third-party logistics firms (3PLs), yet the bottom line remains firmly negative.
Revenue Growth Outpaces Profitability
Uber (NYSE: UBER) made no comment about the freight unit's performance during its earnings call or in its analyst slide presentation, which contained only basic financial data, FreightWaves reported. Starting this year, Uber Freight reports segment operating income rather than earnings before interest, taxes, depreciation and amortization (EBITDA). The digital brokerage, which acquired Transplace in 2021 to add shipper TMS capabilities, has been unprofitable under both metrics except for a few quarters of breakeven or barely positive EBITDA.
Five Quarters of Operating Losses
| Quarter | Operating Income |
|---|---|
| Q2 2025 | -$26 million |
| Q3 2025 | -$40 million |
| Q4 2025 | -$18 million |
| Q1 2026 | -$30 million |
| Q2 2026 | -$24 million |
Operating income as a percentage of gross bookings improved to negative 1.5% in the second quarter from negative 2.2% in the first quarter, according to FreightWaves. A year earlier the margin was negative 2.1%, and the fourth quarter of 2025 recorded a margin of negative 1.4%.
How Uber Freight Stacks Up Against Other 3PLs
Compared with other public 3PLs, Uber Freight matched RXO's roughly 25% top-line growth, while Landstar grew 18.2% and C.H. Robinson grew 19.3%, FreightWaves reported. That positions the Uber unit at the top of the revenue-growth peer group, but the negative operating income distinguishes it from profitable competitors.
What the Growth Signal Means for the Market
The 25% revenue increase does not come from a surge in sales of a TMS platform like Transplace; it would presumably come from a brokerage riding higher market rates, FreightWaves noted. For shippers and freight brokers, that suggests truckload spot and contract rates may be strengthening enough to lift broker revenue, even if digital brokerages have not yet converted that growth into operating profits.
Uber Freight does not break out results between its legacy brokerage and Transplace operations. With nearly five years elapsed since the acquisition, industry sources told FreightWaves the two businesses have become increasingly intertwined, making a separation analysis impractical.
Implications for Shippers and Operators
For freight forwarders and 3PL operators, the key takeaway is that a major digital brokerage is growing revenue at a peer-leading pace while still absorbing operating losses. That signals competitive pressure on brokerage margins, but also a rising-rate environment that is expanding the total revenue pool. Shippers may see continued aggressive pricing from digital brokerages seeking to gain share, while asset-based carriers may find leverage in negotiations as market rates climb.
Watch List
- FreightWaves' Brokerage Compliance Symposium, F3 Awards Dinner, and F3: Future of Freight Festival are scheduled in Chattanooga, Tennessee, where freight technology and compliance topics will be discussed.
- Uber Freight's next quarterly report will show whether the operating margin improvement from negative 2.2% to negative 1.5% of gross bookings continues under the new operating-income reporting basis.
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