Key Highlights
- The ride-hailing company delivered Q1 adjusted earnings per share of 72 cents, surpassing the 69-cent Wall Street consensus
- Quarterly revenue reached $13.2 billion, representing a 14.4% annual increase, though marginally below the projected $13.3 billion
- Total gross bookings climbed 21% to reach $53.7 billion, exceeding analyst expectations of $52.8 billion
- The delivery segment posted robust growth with revenue soaring 34% annually to $5.06 billion
- UBER shares jumped 7.8% during Wednesday’s trading session; prior to earnings, the stock was down 11% for the year
Shares of Uber rallied 7.8% during Wednesday’s session following the release of first quarter 2026 financial results that demonstrated stronger-than-anticipated performance across key metrics.
The company’s adjusted earnings per share reached 72 cents, marking a significant improvement from 50 cents in the prior-year period and exceeding the Street consensus of 69 cents. Total revenue came in at $13.2 billion, reflecting 14.4% year-over-year growth, though trailing the anticipated $13.3 billion slightly.
Heading into the quarterly report, UBER shares had declined 11% since the start of the year, making the positive earnings surprise particularly welcome news for shareholders.
Total gross bookings—representing the aggregate value of all platform transactions including rides and food delivery orders—increased 21% on a constant currency basis to $53.7 billion. This figure surpassed analyst projections of $52.8 billion. The Mobility segment saw bookings advance 20%, while Delivery bookings accelerated 23%.
The company’s adjusted EBITDA for the three-month period totaled $2.48 billion, up 33% from the year-ago quarter and exceeding Uber’s own guidance range of $2.37 billion to $2.47 billion.
Performance by Business Unit
Revenue from the Mobility division, representing 51.5% of consolidated revenue, increased 5% year over year to $6.79 billion. The Delivery business expanded revenue 34% to $5.06 billion. Freight operations contributed $1.33 billion, marking a 6% annual uptick.
Quarterly free cash flow came in at $2.28 billion. The company’s cash position stood at $5.55 billion at quarter-end, compared to $7.10 billion three months earlier.
William Blair analyst Ralph Schackart maintained an Outperform rating on the shares, highlighting four consecutive quarters of accelerating growth momentum across mobility services, delivery operations, and aggregate bookings.
Self-Driving Vehicle Strategy
Rather than developing proprietary autonomous vehicle technology, Uber is strategically positioning itself as the distribution platform connecting self-driving vehicle operators with consumers seeking rides and delivery services.
During the first quarter, the company announced partnerships with Rivian Automotive and Zoox to expand its autonomous vehicle offerings. Robo-taxi trips facilitated through the platform grew tenfold compared to the same period last year.
CEO Dara Khosrowshahi attributed the company’s success in securing AV partnerships to its unmatched consumer demand. “We have demonstrated that the utilization rates of these vehicles — which carry substantial capital costs — on our platform significantly exceed alternatives,” he noted during the company’s earnings conference call.
The platform currently provides robo-taxi services across eight metropolitan areas, with plans to expand availability to 15 markets before 2026 concludes.
Looking ahead to Q2 2026, Uber provided guidance calling for gross bookings between $56.25 billion and $57.75 billion, representing 18-22% constant currency growth. Adjusted earnings per share are projected in the range of 78 to 82 cents. The company expects adjusted EBITDA of $2.70 billion to $2.80 billion.
Analyst consensus had called for Q2 adjusted EPS of 78 cents and gross bookings of $56.17 billion—both figures falling comfortably within Uber’s guidance parameters.
Shares of Lyft, Uber’s primary domestic competitor, advanced 1% on Wednesday. Lyft is scheduled to announce its first quarter 2026 financial results on May 7.
