Key Takeaways
- First-quarter adjusted earnings per share reached 72 cents, surpassing analyst projections of 69 cents
- Total revenue hit $13.2 billion, representing a 14.4% annual increase, though marginally under the $13.3 billion consensus
- Platform-wide gross bookings surged 21% to reach $53.7 billion, exceeding Wall Street’s $52.8 billion projection
- Delivery segment revenue skyrocketed 34% from the previous year to $5.06 billion
- Shares of UBER climbed 7.8% following the earnings announcement; the stock had declined 11% year-to-date prior to results
Shares of Uber rallied 7.8% during Wednesday’s trading session following the release of first-quarter 2026 financial results that exceeded Wall Street expectations and demonstrated robust platform growth.
The ride-hailing and delivery giant reported adjusted earnings of 72 cents per share, marking an increase from 50 cents in the year-ago quarter and beating the Street’s consensus of 69 cents. Total revenue reached $13.2 billion, representing a 14.4% year-over-year gain, though it came in slightly below Wall Street’s $13.3 billion target.
Leading up to the earnings release, UBER shares had fallen 11% year to date, making the positive results particularly welcome news for shareholders.
The company’s gross bookings metric — representing the aggregate dollar value of all platform transactions including rides and food deliveries — increased 21% to $53.7 billion on a constant currency basis. This figure surpassed analyst expectations of $52.8 billion. Mobility-related bookings advanced 20%, while Delivery bookings accelerated 23%.
Adjusted EBITDA for the three-month period totaled $2.48 billion, up 33% from the prior year and exceeding Uber’s own guidance range of $2.37 billion to $2.47 billion.
Performance by Business Line
The Mobility division, accounting for 51.5% of overall revenue, generated $6.79 billion in revenue, representing a 5% year-over-year increase. The Delivery business posted stronger growth with revenue climbing 34% to $5.06 billion. Freight operations contributed $1.33 billion, up 6% from last year.
The company generated $2.28 billion in free cash flow during the quarter. Cash and cash equivalents stood at $5.55 billion at quarter-end, down from $7.10 billion at the conclusion of the fourth quarter.
William Blair analyst Ralph Schackart maintained his Outperform rating on the shares, highlighting four consecutive quarters of accelerating growth across the mobility, delivery, and total bookings metrics.
Self-Driving Vehicle Strategy
Rather than developing proprietary autonomous vehicle technology, Uber is strategically positioning itself as the marketplace platform connecting autonomous vehicle manufacturers with consumers seeking rides and deliveries.
During the first quarter, the company announced partnerships with Rivian Automotive and Zoox as additional AV collaborators. Autonomous taxi trips facilitated through the platform increased tenfold compared to the same period last year.
Chief Executive Dara Khosrowshahi emphasized that Uber’s competitive advantage in securing AV partnerships stems from one critical factor: consistent rider demand. “We have demonstrated that the utilization rates of these vehicles — which carry very significant capital costs — on our platform exceed alternatives,” he explained during the analyst call.
The company currently facilitates autonomous ride services across eight metropolitan areas and has announced plans to expand availability to 15 markets before 2026 concludes.
Looking ahead to the second quarter of 2026, Uber issued guidance calling for gross bookings between $56.25 billion and $57.75 billion, suggesting 18-22% constant currency growth. Adjusted earnings per share are projected to land between 78 and 82 cents. The company expects adjusted EBITDA in the range of $2.70 billion to $2.80 billion.
Analyst consensus had called for second-quarter adjusted EPS of 78 cents and gross bookings of $56.17 billion — both figures falling within Uber’s projected ranges.
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.
