Global Finance News
06 May 2026, 18:57
Uber Surges 7% as Platform Growth Accelerates and Earnings Scale at Twice the Topline Rate
May 6, 2026 · Earnings Report
Uber Technologies jumped 7% today after reporting a first quarter that demonstrated the company's growing grip on daily consumer life, with trips, bookings, and earnings all expanding at a pace that comfortably exceeded expectations.
Gross bookings grew 25% year-over-year to $53.7 billion, or 21% on a constant currency basis, marking the third consecutive quarter of growth exceeding 21%. Trips grew 20% to 3.6 billion, driven by monthly active platform consumers rising 17% to 199 million. Revenue came in at $13.2 billion, up 14% year-over-year, though the headline figure was held back by roughly 9 percentage points due to business model changes.
The profitability story was arguably more impressive than the top line. GAAP income from operations surged 57% to $1.9 billion, non-GAAP operating income grew 42% to $1.9 billion, and adjusted EBITDA rose 33% to $2.5 billion. Non-GAAP EPS jumped 44% to $0.72. GAAP net income came in at just $263 million, significantly below the prior year's $1.78 billion, but that decline was entirely due to a $1.5 billion non-cash headwind from revaluations of Uber's equity investments rather than any operational weakness. Free cash flow was $2.3 billion for the quarter and the company ended March with $6.1 billion in unrestricted cash.
The Delivery segment was the standout growth driver, with gross bookings up 28% to $26.0 billion and revenue surging 34% to $5.1 billion. Mobility gross bookings rose 25% to $26.4 billion. Both segments expanded operating income meaningfully, with Mobility up 28% to $2.0 billion and Delivery up 43% to $961 million. Freight remained a modest drag, posting a small operating loss of $30 million.
A key milestone highlighted by CEO Dara Khosrowshahi was the platform reaching 50 million Uber One members, with subscribers now accounting for half of gross bookings across Mobility and Delivery, underscoring the stickiness and monetization power of the membership model.
"We are off to an exceptional start to 2026, with Gross Bookings growth exceeding 21% for the third consecutive quarter and earnings scaling at more than twice our topline," said CFO Balaji Krishnamurthy.
For the second quarter, Uber guided gross bookings to between $56.25 billion and $57.75 billion, representing 18% to 22% constant currency growth, and non-GAAP EPS of $0.78 to $0.82, implying growth of 31% to 38% year-over-year. Adjusted EBITDA is expected to reach between $2.70 billion and $2.80 billion.
May 6, 2026 · Earnings Report
Uber Technologies jumped 7% today after reporting a first quarter that demonstrated the company's growing grip on daily consumer life, with trips, bookings, and earnings all expanding at a pace that comfortably exceeded expectations.
Gross bookings grew 25% year-over-year to $53.7 billion, or 21% on a constant currency basis, marking the third consecutive quarter of growth exceeding 21%. Trips grew 20% to 3.6 billion, driven by monthly active platform consumers rising 17% to 199 million. Revenue came in at $13.2 billion, up 14% year-over-year, though the headline figure was held back by roughly 9 percentage points due to business model changes.
The profitability story was arguably more impressive than the top line. GAAP income from operations surged 57% to $1.9 billion, non-GAAP operating income grew 42% to $1.9 billion, and adjusted EBITDA rose 33% to $2.5 billion. Non-GAAP EPS jumped 44% to $0.72. GAAP net income came in at just $263 million, significantly below the prior year's $1.78 billion, but that decline was entirely due to a $1.5 billion non-cash headwind from revaluations of Uber's equity investments rather than any operational weakness. Free cash flow was $2.3 billion for the quarter and the company ended March with $6.1 billion in unrestricted cash.
The Delivery segment was the standout growth driver, with gross bookings up 28% to $26.0 billion and revenue surging 34% to $5.1 billion. Mobility gross bookings rose 25% to $26.4 billion. Both segments expanded operating income meaningfully, with Mobility up 28% to $2.0 billion and Delivery up 43% to $961 million. Freight remained a modest drag, posting a small operating loss of $30 million.
A key milestone highlighted by CEO Dara Khosrowshahi was the platform reaching 50 million Uber One members, with subscribers now accounting for half of gross bookings across Mobility and Delivery, underscoring the stickiness and monetization power of the membership model.
"We are off to an exceptional start to 2026, with Gross Bookings growth exceeding 21% for the third consecutive quarter and earnings scaling at more than twice our topline," said CFO Balaji Krishnamurthy.
For the second quarter, Uber guided gross bookings to between $56.25 billion and $57.75 billion, representing 18% to 22% constant currency growth, and non-GAAP EPS of $0.78 to $0.82, implying growth of 31% to 38% year-over-year. Adjusted EBITDA is expected to reach between $2.70 billion and $2.80 billion.