Key Highlights
- First-quarter adjusted earnings per share reached 72 cents, surpassing the analyst consensus of 69 cents
- Total revenue reached $13.2 billion, representing 14.4% annual growth while landing marginally under the $13.3 billion projection
- Platform-wide gross bookings climbed 21% to reach $53.7 billion, exceeding the $52.8 billion analyst target
- Delivery segment revenue increased 34% annually to $5.06 billion
- Shares of UBER advanced 7.8% during Wednesday trading; the stock had declined 11% for the year prior to earnings
Shares of Uber Technologies surged 7.8% Wednesday following the release of first-quarter 2026 financial results that exceeded Wall Street expectations for profitability while demonstrating robust booking momentum across the platform.
The company delivered adjusted earnings of 72 cents per share, marking growth from 50 cents in the year-ago period and beating the analyst consensus of 69 cents. Total revenue reached $13.2 billion, representing 14.4% year-over-year expansion, though landing slightly below the Street’s $13.3 billion projection.
Prior to the earnings release, UBER shares had declined 11% since the start of the year, making the positive results a welcome development for shareholders.
Gross bookings — representing the aggregate value of all transportation and food delivery transactions processed through the platform — expanded 21% to $53.7 billion on a constant currency basis. This figure exceeded the $52.8 billion consensus estimate. The Mobility segment saw bookings advance 20% while Delivery bookings increased 23%.
Adjusted EBITDA totaled $2.48 billion for the quarter, representing 33% annual growth and landing above the company’s guidance range of $2.37 billion to $2.47 billion.
Performance by Business Unit
The Mobility division, accounting for 51.5% of overall revenue, generated $6.79 billion, marking a 5% year-over-year increase. The Delivery business produced revenue of $5.06 billion, expanding 34% from the prior year. Freight operations contributed $1.33 billion, up 6%.
The company generated $2.28 billion in free cash flow during the quarter. Cash holdings stood at $5.55 billion at quarter-end, compared to $7.10 billion at the conclusion of Q4.
William Blair analyst Ralph Schackart maintained an Outperform rating on the shares, highlighting four consecutive quarters of accelerating expansion across mobility, delivery, and total platform bookings.
Self-Driving Vehicle Strategy
Uber operates as a platform provider rather than developing proprietary autonomous vehicles. The company’s strategy centers on creating connections between AV technology partners and consumers seeking rides or delivery services.
During the first quarter, partnerships expanded to include Rivian Automotive and Zoox as new autonomous vehicle collaborators. Robo-taxi trip volume on the platform increased tenfold compared to the previous year.
Chief Executive Dara Khosrowshahi attributed the company’s success in securing AV partnerships to a fundamental advantage: consumer demand. “We have demonstrated that the utilization of these vehicles — which carry very substantial costs — achieves superior levels on our platform,” he explained during the earnings conference call.
The company currently provides robo-taxi services across eight metropolitan areas and targets expansion to 15 markets before year-end 2026.
Looking ahead to the second quarter of 2026, Uber projected gross bookings between $56.25 billion and $57.75 billion, suggesting 18-22% constant currency expansion. Adjusted earnings per share are anticipated in the range of 78 to 82 cents. Adjusted EBITDA guidance spans $2.70 billion to $2.80 billion.
Analyst expectations called for Q2 adjusted EPS of 78 cents and gross bookings of $56.17 billion — both figures falling within the company’s projected ranges.
Lyft, the primary domestic competitor, saw shares rise 1% Wednesday. Lyft plans to announce its first-quarter 2026 financial results on May 7.
