UBER · Q1 2026 Earnings

Bullish

Uber

Reported May 6, 2026

30-second summary

30-second take: Q1 gross bookings of $53.7B (+21% cc YoY) cleared the top of the $52.0B–$53.5B guide, Adjusted EBITDA hit $2.48B (above the top of $2.37B–$2.47B), and non-GAAP EPS of $0.72 landed at the high end of the $0.65–$0.72 range — a clean three-for-three on the prior guide. Revenue of $13.20B missed the $13.26B consensus by 0.4%, but the gross-bookings beat is the operating signal that matters and EBITDA grew faster than topline for the fourth straight quarter. The Q2 guide is the news: $56.25B–$57.75B bookings (+18–22% cc), $2.70B–$2.80B EBITDA, and non-GAAP EPS of $0.78–$0.82 (+31–38% YoY) — sequential EBITDA midpoint stepping up $270M, ending the Q1 reinvestment-pause narrative cleanly.

Headline numbers

EPS

Q1 FY2026

$0.72

0.0% vs est.

Revenue

Q1 FY2026

$13.20B

+14.0% YoY

-0.4% vs est.

Gross margin

Q1 FY2026

45.1%

Free cash flow

Q1 FY2026

$2.29B

Operating margin

Q1 FY2026

14.6%

Key financials

Q1 FY2026

Metric	Q1 FY2026	YoY	Q4 FY2025	QoQ
Revenue	$13.20B	+14.0%	$14.37B	-8.1%
EPS	$0.72	—	$0.71	+1.4%
Gross margin	45.1%	—	—	—
Operating margin	14.6%	—	12.3%	+225bps
Free cash flow	$2.29B	—	$2.81B	-18.6%

Guidance

Q1 beat elevated at high end of EPS and Bookings guides; Q2 forward guidance raised substantially, with Bookings midpoint +$2B and EBITDA midpoint +$300M sequentially, signaling accelerating profitability growth.

Guidance is issued one quarter forward. The Prior-guide column references the guide issued last quarter for the period just reported; the New-guide column is for next quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Non-GAAP EPS	Q1 FY2026	$0.65 to $0.72	$0.72	at the high end of guide	Met
Gross Bookings	Q1 FY2026	$52.0 billion to $53.5 billion	$53.7 billion	+$0.2 billion above high end	Met
Gross Bookings YoY Growth (constant currency)	Q1 FY2026	17% to 21%	21%	at the high end of guide	Met
Adjusted EBITDA	Q1 FY2026	$2.37 billion to $2.47 billion	$2.46 billion	in-line with high end of guide	Beat

New guidance

Metric	Period	Guide	YoY
Non-GAAP EPS	Q2 FY2026	$0.78 to $0.82	+14–18% YoY
Gross Bookings	Q2 FY2026	$56.25 billion to $57.75 billion	+18–22% YoY
Adjusted EBITDA	Q2 FY2026	$2.70 billion to $2.80 billion	—

Segment performance

Q1 FY2026

Segment	Q1 FY2026	YoY
Mobility	$6.798B	+5.0%
Delivery	$5.068B	+34.0%
Freight	$1.337B	+6.0%

Platform metrics

Q1 FY2026

Segment	Q1 FY2026
Gross Bookings	$53.7 billion
Trips	3.6 billion
Monthly Active Platform Consumers (MAPCs)	199 million
Gross Bookings Growth (YoY, constant currency)	21%
Trips Growth (YoY)	20%
MAPCs Growth (YoY)	17%

Profitability

Q1 FY2026

Segment	Q1 FY2026
Non-GAAP Operating Income Margin (% of Gross Bookings)	3.5%
Adjusted EBITDA Margin (% of Gross Bookings)	4.6%

Management tone

Q2: Delivery-at-parity and $20B buyback → Q3: six-pillar platform reframe → Q4: AV commits to "10+ cities by end-2026" → Q1: AV scales to 15 cities and AI moves from theme to operating tool.

The AV city count moved from "10+ by year-end 2026" (Q4) to "15 cities by year-end" with 30+ partners and 10x trip growth YoY. One quarter ago, management committed to "10 plus cities by the end of 2026 where you can order an AV on Uber" — this quarter Justin Post got the upgraded number plus partner specifics (Neuro, Nvidia, Zoox) and the first quantified scale claim: AV mobility trips +10x YoY. Khosrowshahi's Q&A anchor: "AVs on Uber network have predictable high revenue per vehicle per day vs. 1P networks, enabling a healthy financing ecosystem." The shift signals AV has graduated from milestone-tracking to ecosystem-tracking — Uber Autonomous Solutions, the Santander financing deal, Marsh/Apollo insurance, and the Hertz fleet partnership are now the operating infrastructure underneath the city count, not future optionality.

AI moved from a six-pillar bullet point (Q3) to the operating model. Last quarter's framing was strategic-pillar; this quarter's framing is workflow-embedded. Sheridan's Q&A produced specifics: 75% of rides now have AI-predicted destinations, larger models drive personalized upselling, "One Search" launches as a universal search layer across products, and AI agents are positioned as the solution to "the UI standardization problem." Khosrowshahi's anchor: "capital-efficient approach to AVs and embracing AI to drive growth and productivity." The "capital-efficient" qualifier is new — the Q4 framing was "lean in with balance sheet early"; this quarter's is "capital-efficient." That language shift, combined with the Santander financing build-out, suggests management is actively trying to walk back the balance-sheet-heavy AV narrative from last quarter.

Cross-platform monetization is now quantified at $15B. This metric has graduated through three quarters: Q2 introduced it as 35% retention/3x bookings; Q3 made it the central organizing principle; Q1 now sizes it — $15B run-rate gross bookings from Delivery accessed via the Mobility app, with 30% of eligible mobility consumers having never used Uber Eats. The 1.5x cross-platform consumer growth rate gives the TAM expansion an explicit slope. This is the disclosure the watch list has been asking for since Q3.

Margin language shifted from "deliberately moderating" to "earnings scaling at more than twice our topline." Q3 framed margin moderation as a deliberate funding choice for AV; Q4 explicitly told investors "you probably won't see the same level of margin expansion that you've historically seen." This quarter Khosrowshahi reframes the same operating model as "earnings scaling at more than twice our topline" — emphasizing the bottom-line outcome rather than the margin-expansion sacrifice. With Q2 EBITDA stepping up $270M sequentially at the midpoint, the language change is backed by the math.

Recurring themes management leaned on this quarter:

Mobility resilience and returning growthDelivery profitability normalizationAutonomous vehicle commercialization timelineInternational market maturation and profitabilityPlatform unit economics strengthAI/technology as competitive moat

Risks management surfaced:

Macro uncertainty impact on consumer spendingAutonomous vehicle regulatory/deployment risksCompetition in core mobility and delivery marketsInternational market volatility and regulatory changesDriver supply and retention dynamics

Q&A highlights

Doug Anmuth · JP Morgan

Asked about insurance cost savings benefits in LA and San Francisco, confidence in US mobility acceleration in 2026, and how Uber shifts users from on-demand to advance booking behavior (hotels).

Management confirmed hundreds of millions in insurance savings expected in 2026, with March renewals showing continued rate improvements and risk offloading to third parties. LA trip growth significantly outpacing California average. Explained transition to planned services (Uber Reserve) as successful proof point, with 700,000 hotels now available via Expedia partnership, offering 10% credits to Uber One members with additional discounts. Cross-platform engagement cited as key driver.

Hundreds of millions in insurance savings expected in 2026LA trip growth significantly better than California and rest of country700,000 hotels available on Uber platform10% Uber credits on hotels for Uber One members

Eric Sheridan · Goldman Sachs

Asked about critical technology investments for consumer-facing services, personalization, recommendation engines, and agentic/AI-driven behavior evolution.

Management emphasized getting basics right (reliability, selection) before layering services. Explained AI and agents solve the UI standardization problem by allowing user-specific interactions. Highlighted cross-platform consumer growth at 1.5x overall rate, with $15B run-rate gross bookings from delivery through mobility app. Discussed AI use cases: destination prediction (75% accuracy), shopping cart creation, earner guidance, and personalized upselling. One Search feature introduced as universal search across products.

$15 billion run-rate gross bookings from delivery through mobility app30% of eligible mobility consumers have never used Uber EatsCross-platform consumers growing 1.5x faster than overall consumer base75% of rides have pre-selected destination via AI prediction

Brian Nowak · Morgan Stanley

Asked about US suburban delivery progress and Uber One growth drivers, particularly quarter-over-quarter momentum.

Management characterized suburban delivery as very early innings but noted 2x faster trip growth in sparse markets versus urban cores globally. Highlighted selection and reliability expansion strategy. Regarding Uber One: 50 million members (+67% YoY from 30M at end 2024), accounts for 50%+ of bookings, growing 50% YoY. Key drivers: structural membership benefits (no delivery fees, mobility credits), hotel integration (e.g., $100 value per NYC weekend), global benefits expansion, grocery basket benefits, member days. No slowdown expected.

50 million Uber One members (up from 30M in end-2024)Uber One accounts for 50%+ of bookings50% year-over-year growth in Uber One membershipTrip growth 2x faster in sparse markets vs. core urban markets

Justin Post · Bank of America

Asked about Waymo AV launches in southern cities and impact on Uber's growth rate, and what's enabling partner deals (Zoox, others).

Management stated no observed negative effect on Uber mobility from Waymo launches. Noted Uber expects 15 cities by year-end with partners including Neurolucid, Nvidia, Zoox. Confirmed US mobility actually accelerated vs. last quarter. Cited strong performance with Waymo in Austin and Atlanta (higher driver earnings, more drivers joining). Uber's market position in SF and LA (where Waymo operates longest) is higher than 6 months ago. Attributed partner success to: platform demand/utilization (Uber's AVs have higher utilization than competitors), and Uber Autonomous Solutions launch enabling partners to focus on drivers while Uber handles fleet management, data collection, etc.

Expected to be live in 15 cities by year-end30+ autonomous partners across mobility and deliveryAV mobility trips grew 10x year-over-yearHigher driver earnings and more drivers joining in Austin/Atlanta with Waymo

Nikhil Devnani · Bernstein

Asked about ROI framework for investments and payback metrics at aggregate level (ability to compound at 20%+). Also asked about Santander financing deal and integrating finance partners to scale AV fleets.

Management stated ROI/payback decisions are product-specific; general criteria are incremental audience acquisition, frequency lifts, or margin expansion. Cited barbell strategy on mobility: low-cost products drive 75% higher frequency; high-fare premium products drive 3.5x higher profit growth. Both drive 25% lift in first-time acquisition. Balaji noted payback period varies (some instant, some multi-quarter). On Santander: positioned as piece of broader AV ecosystem including fleet management (Hertz partnership), depots, charging, repair, insurance (Marsh/Apollo), financing. Key advantage: AVs on Uber network have predictable high revenue per vehicle per day vs. 1P networks, enabling healthy financing ecosystem. Santander deal helps achieve capital-light expansion.

Low-cost products drive 75% higher frequency than core productsHigh-fare premium products drive 3.5x higher profit growthBoth product tiers drive 25% lift in first-time acquisitionHertz partnership for fleet management

Answers to last quarter's watch list

Whether Q1 Adjusted EBITDA hits the top of $2.37B–$2.47B. Adjusted EBITDA came in at $2.48B — above the high end of the range, and the Q2 guide of $2.70B–$2.80B confirms the absolute dollar floor was conservatively set rather than reinvestment intensifying. Q2 midpoint is +$270M sequentially.

Resolved positively

Whether Delivery sustains its growth premium to Mobility for a fifth consecutive quarter. Delivery revenue +34% vs. Mobility +5% — the gap widened to 29 points (from Q4's 11 points on revenue). The "Delivery as primary engine" thesis is reinforced for a fifth straight quarter, though the Mobility-side number is now the more material concern. Status: Resolved positively (for Delivery; Mobility deceleration moves onto the new watch list).

First quantified AV disclosure on the path to "10+ cities by end-2026." Material progress: 15 cities by year-end (upgraded from 10+), 30+ partners, and the first quantified scale number — AV mobility trips +10x YoY. Still no absolute trip count or revenue contribution figure. Status: Resolved positively on milestones; continue monitoring for absolute disclosure.

Whether FY2026 full-year guidance is issued at the next print. No FY2026 guide issued this quarter — the company stayed with one-quarter-forward cadence.

Resolved negatively

Cross-platform penetration metric refresh. Resolved with new and better disclosure: $15B run-rate gross bookings from cross-platform usage, 30% of mobility riders never used Eats, cross-platform consumers growing 1.5x the rate of overall consumers. The 20% penetration metric was retired in favor of dollar sizing and growth-rate framing.

Resolved positively

Whether the $0.65–$0.72 Q1 non-GAAP EPS guide implies equity-investment income. Q1 GAAP EPS of $0.13 vs. non-GAAP EPS of $0.72 implies a wide non-GAAP adjustment that likely includes mark-to-market on equity stakes — the bridge between $0.13 GAAP and $0.72 non-GAAP isn't decomposed in the press release. EBITDA delivered at $2.48B (above the top of guide), so the operating progress was genuine, but the GAAP-to-non-GAAP gap remains the quality question.

Continue monitoring

What to watch into next quarter

Whether Mobility revenue growth re-accelerates above +10% YoY in Q2. Q1's +5% revenue print vs. +21% cc bookings growth quantifies the insurance-savings passthrough cost — if Q2 stays at +5% or below while Delivery holds +30%+, the segment-mix math starts mattering to the consolidated growth narrative. Anmuth was told LA is running "significantly better" than the California average; the watch is whether that translates to a visible national reacceleration.

Whether Q2 Adjusted EBITDA hits the top of $2.70B–$2.80B. Hitting $2.80B would imply ~32% YoY growth — sustaining mid-30s EBITDA growth on high-teens cc bookings growth is what justifies the "earnings scaling at more than twice topline" claim.

First absolute AV trip-count or revenue-contribution disclosure. With 15 cities by year-end now committed and AV trips up 10x YoY, the next disclosure escalation is an absolute number — trips, gross bookings contribution, or revenue per AV per day. Khosrowshahi cited "predictable high revenue per vehicle per day" without naming the figure.

Whether Uber One member count clears 55M. At 50M and growing 50% YoY (per Nowak Q&A), the trajectory implies low-50s within a quarter. A miss would suggest the hotel/grocery benefit expansion isn't translating to net adds at the pace management is describing.

Whether non-GAAP EPS quality holds in Q2. With the $0.13 GAAP vs. $0.72 non-GAAP gap unexplained in the press release, the watch is whether Q2's $0.78–$0.82 non-GAAP guide is backed by genuine operating progress (EBITDA stepping up $270M) or also leans on equity stake mark-ups.

Whether the Santander/Marsh/Apollo AV ecosystem produces a quantified capital-efficiency metric. Management is actively reframing AV from "balance sheet heavy" (Q4) to "capital-efficient" (Q1). A specific capex-per-vehicle or capex-per-trip number in Q2 would back the language; continued absence would suggest the reframing is rhetorical.

Sources

Uber Technologies Q1 2026 earnings press release, SEC filing — https://www.sec.gov/Archives/edgar/data/1543151/000154315126000019/uberq126earningspressrelea.htm
Uber Q1 2026 earnings call Q&A exchanges

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