Uber Announces Results for Second Quarter 2026
Uber Technologies, Inc (UBER) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Uber Announces Results for Second Quarter 2026 Gross Bookings grew 22% year-over-year on a constant currency basis; Trips grew 18% year-over-year GAAP Income from operations of $1.9 billion; Non-GAAP Operating Income of $2.1 billion, up 40% year-over-year GAAP Dilute
How this was made
The 30-second read
Why it matters
Uber’s reported growth in trips, MAPCs, and Gross Bookings, alongside higher Non-GAAP EPS and free cash flow, provides fresh fundamentals. The numeric Q3 guidance range is actionable for earnings-model and positioning updates.
Market read
Traders can update near-term expectations using Q2 operating metrics and the Q3 Gross Bookings and Non-GAAP EPS ranges.
What to watch
Revenue growth was impacted by business model changes that reduced total revenue growth by 8 percentage points, so traders may focus on whether that drag persists into Q3.
Gross Bookings grew 22% year-over-year on a constant currency basis; Trips grew 18% year-over-year; GAAP Income from operations of $1.9 billion; Non-GAAP Operating Income of $2.1 billion, up 40% year-over-year.
Q2 combined 22% constant-currency Gross Bookings growth, 18% Trips growth, 33% Adjusted EBITDA growth, 40% Non-GAAP Operating Income growth and $2.8 billion of free cash flow. Delivery and Freight revenue growth materially exceeded Mobility revenue growth, while the company guided to continued double-digit constant-currency Gross Bookings growth and higher Non-GAAP EPS in Q3.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q2 2026 Monthly Active Platform Consumersother | 208M | – | 16 % |
| Q2 2026 Tripsother | 3.87B | – | 18 % |
| Q2 2026 Gross Bookingsother | $58.02B | – | 24 % |
| Q2 2026 Gross Bookings constant-currency growthother | 22 % | – | 22 % |
| Q2 2026 RevenueGAAP | $14.19B | – | 12 % |
| Q2 2026 Revenue constant-currency growthother | 11 % | – | 11 % |
| Q2 2026 Cost of revenue, exclusive of depreciation and amortization shown separately belowGAAP | 7.82B | – | – |
| Q2 2026 Operations and supportGAAP | 805M | – | – |
| Q2 2026 Sales and marketingGAAP | 1.51B | – | – |
| Q2 2026 Research and developmentGAAP | 1.04B | – | – |
| Q2 2026 General and administrativeGAAP | 935M | – | – |
| Q2 2026 Depreciation and amortizationGAAP | 188M | – | – |
| Q2 2026 Total costs and expensesGAAP | 12.30B | – | – |
| Q2 2026 Income from operationsGAAP | $1.89B | – | 30 % |
| Q2 2026 Net income attributable to Uber Technologies, Inc.GAAP | $2.39B | – | 77 % |
| Q2 2026 Basic EPSGAAP | $ 1.18 | – | – |
| Q2 2026 Diluted EPSGAAP | $ 1.17 | – | 85 % |
| Q2 2026 Adjusted EBITDAnon-GAAP | $2.82B | – | 33 % |
| Q2 2026 Adjusted EBITDA margin as a percentage of Gross Bookingsnon-GAAP | 4.9% | – | – |
| Q2 2026 Non-GAAP Operating Incomenon-GAAP | $2.14B | – | 40 % |
| Q2 2026 Non-GAAP Operating Income as a percentage of Gross Bookingsnon-GAAP | 3.7% | – | – |
| Q2 2026 Non-GAAP Net Incomenon-GAAP | $1.65B | – | 29 % |
| Q2 2026 Non-GAAP EPSnon-GAAP | $ 0.81 | – | 35 % |
| Q2 2026 Net cash provided by operating activitiesGAAP | $2.86B | – | 12 % |
| Q2 2026 Free cash flownon-GAAP | $2.79B | – | 13 % |
| Six Months Ended June 30, 2026 RevenueGAAP | $27.39B | – | – |
| Six Months Ended June 30, 2026 Income from operationsGAAP | $3.81B | – | – |
| Six Months Ended June 30, 2026 Net income attributable to Uber Technologies, Inc.GAAP | $2.66B | – | – |
| Six Months Ended June 30, 2026 Diluted EPSGAAP | $ 1.29 | – | – |
| Six Months Ended June 30, 2026 Non-GAAP Operating Incomenon-GAAP | $4.03B | – | – |
| Six Months Ended June 30, 2026 Non-GAAP Net Incomenon-GAAP | $3.15B | – | – |
| Six Months Ended June 30, 2026 Non-GAAP EPSnon-GAAP | $ 1.53 | – | – |
| Six Months Ended June 30, 2026 Adjusted EBITDAnon-GAAP | $5.3B | – | – |
| Six Months Ended June 30, 2026 Net cash provided by operating activitiesGAAP | $5.21B | – | – |
| Six Months Ended June 30, 2026 Free cash flownon-GAAP | $5.08B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| MobilityGross Bookings grew 20 % on a constant currency basis. | $7.36B | – | 1 % |
| DeliveryGross Bookings grew 25 % on a constant currency basis. | $5.25B | – | 28 % |
| FreightGross Bookings grew 25 % on a constant currency basis. | $1.58B | – | 26 % |
Q3 2026 outlook
- NoteGross Bookings of $58.25 billion to $60.25 billion, representing growth of 18% to 22% YoY on a constant-currency basis.
- NoteOur outlook assumes a roughly 1 percentage-point currency headwind to total reported YoY growth.
- NoteNon-GAAP EPS of $0.84 to $0.88, representing growth of 28% to 35% YoY.
- NoteOur outlook translates to Adjusted EBITDA of $2.86 billion to $2.96 billion.
Capital returns
- Repurchases of common stock were $ 518 million during the three months ended June 30, 2026.
- Repurchases of common stock were $ 3,529 million during the six months ended June 30, 2026.
What drove it
- Trips grew 18% YoY to 3.9 billion, driven by MAPCs growth of 16% YoY and monthly Trips per MAPC growth of 2% YoY.
- Gross Bookings grew 24% YoY to $58.0 billion and 22% on a constant currency basis.
- Delivery revenue grew 28 % YoY to $ 5,245 million and Freight revenue grew 26 % YoY to $ 1,583 million.
- Adjusted EBITDA margin as a percentage of Gross Bookings was 4.9%, up from 4.5% in Q2 2025.
- Non-GAAP Operating Income as a percentage of Gross Bookings was 3.7%, up from 3.3% in Q2 2025.
Concerns
- Business model changes negatively impacted total revenue YoY growth by 8 percentage points on a reported and constant currency basis.
- Mobility revenue grew 1 % YoY to $ 7,363 million, while Mobility Gross Bookings grew 22 % YoY.
- GAAP net income attributable to Uber Technologies, Inc. included a $1.6 billion net benefit (pre-tax) from revaluations of Uber’s equity investments.
- Sales and marketing increased to 1,515 million from 1,210 million, research and development increased to 1,043 million from 840 million, and general and administrative increased to 935 million from 669 million.
What to watch
- Q3 2026 Gross Bookings outlook of $58.25 billion to $60.25 billion and 18% to 22% YoY constant-currency growth.
- The roughly 1 percentage-point currency headwind assumed for total reported YoY growth in Q3 2026.
- Q3 2026 Non-GAAP EPS outlook of $0.84 to $0.88 and corresponding Adjusted EBITDA outlook of $2.86 billion to $2.96 billion.
- Whether Mobility revenue growth changes relative to Mobility Gross Bookings growth following the business model changes.
- The pace of common-stock repurchases after $ 3,529 million of repurchases during the six months ended June 30, 2026.
Balance sheet and cash flow
- Unrestricted cash, cash equivalents, and short-term investments were $5.4 billion at the end of the second quarter.
- Cash and cash equivalents were $ 4,870 million as of June 30, 2026, compared with $ 7,105 million as of December 31, 2025.
- Short-term investments were 521 million as of June 30, 2026, compared with 528 million as of December 31, 2025.
- Short-term debt was 1,997 million as of June 30, 2026; short-term debt was — as of December 31, 2025.
- Long-term debt, net of current portion was 10,726 million as of June 30, 2026, compared with 10,521 million as of December 31, 2025.
- Total assets were $ 65,801 million as of June 30, 2026, compared with $ 61,802 million as of December 31, 2025.
- Total liabilities were 37,402 million as of June 30, 2026, compared with 33,719 million as of December 31, 2025.
- Purchases of property and equipment were $ 70 million during the three months ended June 30, 2026, compared with $ 89 million during the three months ended June 30, 2025.
- Net cash used in investing activities was $ 5,389 million during the three months ended June 30, 2026, compared with $ 1,461 million during the three months ended June 30, 2025.
- Net cash provided by financing activities was $ 1,540 million during the three months ended June 30, 2026, compared with net cash used in financing activities of $ 195 million during the three months ended June 30, 2025.
Analysis
Uber reported broad Q2 platform growth. Trips rose 18 % to 3,867 million, supported by 16 % MAPC growth to 208 million and 2% growth in monthly Trips per MAPC. Gross Bookings increased 24 % to $ 58,022 million, or 22 % on a constant-currency basis. Revenue grew 12 % to $ 14,191 million, with business model changes reducing reported and constant-currency total revenue growth by 8 percentage points.
Management, verbatim
Uber’s platform advantage continues to compound: record consumers and engagement, and profitable growth across our business. In fact, we’ve added more first-time users over the past twelve months than in any period over the past five years. We’re investing from a position of strength, as we accelerate our cross-platform strategy at a global scale and build the world’s largest platform for autonomous vehicles.
Dara Khosrowshahi, CEO
We continue to convert strong top-line growth into faster earnings and significant cash generation. Gross Bookings grew 22%, Non-GAAP EPS grew 35%, and trailing twelve-month free cash flow exceeded $10 billion for the first time in Uber’s history—giving us the flexibility to both invest for the future and pursue strategic opportunities, while continuing to reduce our share count.
Balaji Krishnamurthy, CFO
Not in the filing
stated, not guessed- Q2 2026 gross margin and prior-year gross margin were not reported.
- Q2 2026 prior-quarter comparisons were not reported for the listed metrics.
- Q3 2026 revenue, gross margin, operating-expense and tax-rate guidance were not provided.
- A prior-quarter earnings outlook was not provided, so comparison with prior guidance is unavailable.
- Dividend declarations or payments were not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) filing for Uber’s Q2 2026 results and Q3 2026 outlook.
Ticker impact
Uber reported Q2 2026 results with Gross Bookings up 22% and guided Q3 2026 Non-GAAP EPS to $0.84-$0.88.
Likely positive near-term bias as traders reprice growth and margin/cash-flow trajectory versus prior expectations.
The filing includes both actual Q2 financial/operational metrics and a numeric Q3 outlook range, which are direct inputs to earnings-model updates and near-term positioning.
Market effects
Reinforces improving unit economics and cash generation in ride-hailing/platform models, potentially supporting sentiment for high-growth mobility peers.
No explicit regional breakdown beyond segment totals; impact is primarily company-specific.
Global scale cross-platform and autonomous-vehicle investment narrative may influence broader mobility/platform risk appetite.
Counterpoint
GAAP net income benefited from a large $1.6B pre-tax revaluation benefit on equity investments, which may overstate underlying operating earnings quality.
Key entities
- companyUber Technologies, Inc.
Subject of the 8-K, reporting Q2 2026 results and issuing Q3 2026 guidance.
- executiveDara Khosrowshahi
CEO quoted on platform advantage and investment from strength.
- executiveBalaji Krishnamurthy
CFO quoted on converting growth into earnings and cash generation.
