Uber Technologies (UBER) Q1 2026 earnings summary

Executive summary

• Gross Bookings grew 21–25% year-over-year to $53.7 billion, with balanced growth across Mobility and Delivery, and Freight returning to growth after nearly two years.

• Non-GAAP EPS rose 44% year-over-year to $0.72, at the high end of guidance, while GAAP net income attributable to shareholders was $263 million, down from $1.8 billion in Q1 2025 due to $1.5 billion in unrealized equity losses.

• Monthly Active Platform Consumers increased 17% year-over-year to 199 million, with trip frequency per consumer up 3%.

• Uber One membership surpassed 50 million globally, now generating 50% of Mobility and Delivery Gross Bookings.

• Product innovation and platform expansion included new offerings in mobility, local commerce, travel, and AI-driven features, plus strategic AV partnerships and international launches.

Financial highlights

• Revenue reached $13.2 billion, up 10–14% year-over-year, impacted by a $1.0 billion UK business model change.

• Non-GAAP operating income was $1.9 billion, up 42% year-over-year, with a margin of 3.5% of Gross Bookings.

• Adjusted EBITDA grew 33% to $2.5 billion; free cash flow for the quarter was $2.3 billion, with trailing twelve months free cash flow at $9.8 billion.

• Mobility segment operating income rose 28% to $2.0 billion; Delivery up 43% to $961 million; Freight segment loss narrowed to $(30) million.

• Repurchased $3 billion in shares in Q1 2026, reducing diluted share count by 2% year-over-year.

Outlook and guidance

• Q2 2026 Gross Bookings expected at $56.25–57.75 billion, up 18–22% year-over-year on a constant-currency basis.

• Q2 Non-GAAP EPS guidance: $0.78–0.82, up 31–38% year-over-year; Adjusted EBITDA: $2.70–2.80 billion.

• Full-year 2026 stock-based compensation expected at $1.95–2.15 billion; Non-GAAP D&A: $450–550 million; Non-GAAP ETR: 22–24%.

• Guidance reflects continued momentum, disciplined capital allocation, and a focus on durable, profitable growth, with ongoing risks from regulatory, macroeconomic, and equity investment volatility.