Key Highlights
- The ride-hailing company delivered adjusted earnings of 72 cents per share for Q1, surpassing Wall Street’s 69-cent projection
- Total revenue reached $13.2 billion, marking a 14.4% increase from the prior year, though marginally under the projected $13.3 billion
- Platform-wide gross bookings climbed 21% to reach $53.7 billion, exceeding analyst expectations of $52.8 billion
- The Delivery segment experienced robust growth with revenue climbing 34% year over year to $5.06 billion
- Shares of UBER advanced 7.8% during trading; prior to the earnings release, the stock had declined 11% year to date
Shares of Uber jumped 7.8% during Wednesday’s trading session following the release of first quarter 2026 results that exceeded Wall Street’s bottom-line projections while demonstrating robust momentum in platform bookings.
The company’s adjusted earnings per share registered at 72 cents, representing a significant increase from 50 cents in the comparable quarter last year and outperforming the Street’s consensus forecast of 69 cents. Total revenue stood at $13.2 billion, reflecting 14.4% growth year over year, though slightly missing the anticipated $13.3 billion target.
Prior to the earnings announcement, UBER shares had declined 11% since the start of the year, making the positive results a welcome catalyst for shareholders.
The company’s gross bookings metric — representing the aggregate value of every ride and delivery transaction processed through its platform — increased 21% to $53.7 billion on a constant currency basis. This performance surpassed the $52.8 billion Wall Street projection. Mobility-related bookings advanced 20% while Delivery bookings demonstrated even stronger momentum with 23% growth.
Adjusted EBITDA reached $2.48 billion during the quarter, representing 33% year-over-year expansion and exceeding Uber’s previously issued guidance range of $2.37 billion to $2.47 billion.
Revenue by Business Line
The Mobility division, contributing 51.5% of overall revenue, generated $6.79 billion, up 5% from the year-ago period. The Delivery business demonstrated impressive momentum with 34% growth to $5.06 billion. Freight operations contributed $1.33 billion, reflecting 6% growth.
The company generated free cash flow of $2.28 billion during the quarter. Cash and equivalents totaled $5.55 billion at quarter-end, declining from $7.10 billion at the conclusion of Q4.
William Blair analyst Ralph Schackart maintained his Outperform rating on the shares, highlighting four consecutive quarters of accelerating expansion across mobility, delivery, and aggregate bookings metrics.
Self-Driving Vehicle Strategy
Rather than developing proprietary autonomous vehicle technology, Uber is strategically positioning its platform as the connector between autonomous vehicle providers and end consumers seeking rides and deliveries.
During the first quarter, the company announced partnerships with Rivian Automotive and Zoox to expand its autonomous vehicle network. Autonomous taxi rides facilitated through the platform increased tenfold compared to the prior year.
Chief Executive Dara Khosrowshahi emphasized that the company’s success in securing autonomous vehicle partnerships stems from a fundamental advantage: customer demand. “We have demonstrated that the utilization of these vehicles — which represent substantial capital investments — achieves higher rates on our platform,” he explained during the quarterly earnings conference call.
The platform currently facilitates autonomous taxi services across eight metropolitan areas with plans to expand operations to 15 markets before 2026 concludes.
Looking ahead to Q2 2026, management provided guidance calling for gross bookings in the range of $56.25 billion to $57.75 billion, suggesting 18-22% constant currency growth. Adjusted earnings per share are projected between 78 and 82 cents. Adjusted EBITDA is forecast at $2.70 billion to $2.80 billion.
Analyst consensus had anticipated Q2 adjusted earnings of 78 cents per share and gross bookings of $56.17 billion — both falling comfortably within Uber’s guidance parameters.
Lyft, the primary domestic competitor, advanced 1% on the session. Lyft is scheduled to announce its own first quarter 2026 financial results on May 7.
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