01—Abstract
Summary
Summary of the 8-K filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Uber reported first-quarter 2026 results that were strong at the operating level but muddied at the bottom line.
Trips grew 20% year-over-year to 3.6 billion and Gross Bookings grew 25% to $53.7 billiona (21% on a constant-currency basis), marking the third consecutive quarter of Gross Bookings growth above 21%. GAAP income from operations rose 57% to a record $1.9 billion, and Non-GAAP Operating Income grew 42% to $1.9 billion, with Non-GAAP operating margin expanding to 3.5% of Gross Bookings from 3.1%. Non-GAAP EPS rose 44% to $0.72, and free cash flow was $2.3 billion.
GAAP net income attributable to Uber fell 85% to $263 millionb, or $0.13 per diluted share, because of a $1.5 billion pre-tax headwind from revaluations of Uber's equity investments. Investors should treat that item as non-operating and volatile, but should also note that GAAP revenue growth of 14% (10% constant currency) lagged Gross Bookings growth, with business model changes reducing reported revenue growth by about 9 percentage points. Delivery was the standout segment, with Gross Bookings up 28% and segment operating income up 43%.
For Q2 2026, management guided to Gross Bookings of $56.25 billion to $57.75 billionc (18% to 22% constant-currency growth) and Non-GAAP EPS of $0.78 to $0.82, representing 31% to 38% growth. Cash and short-term investments totaled $6.1 billion at quarter-end, and the company repurchased $3.0 billion of stock during the quarter, which lowered cash balances. Management also said it is taking a capital-efficient approach to autonomous vehicles and emphasized AI-driven productivity.
02—Key points
Key Highlights
- Gross Bookings rose 25% YoY to $53.7 billion (21% constant currency), the third straight quarter above 21% growth.
- GAAP income from operations hit a record $1.9 billion, up 57% YoY; Non-GAAP Operating Income rose 42% to $1.9 billion with margin expanding to 3.5% of Gross Bookings.
- GAAP diluted EPS fell to $0.13 from $0.83 due to a $1.5 billion pre-tax headwind from equity investment revaluations, while Non-GAAP EPS grew 44% to $0.72.
- Delivery led growth: Gross Bookings up 28% to $26.0 billion... and segment operating income up 43% to $961 million; Mobility segment operating income rose 28% to $2.0 billion.
- Revenue grew 14% to $13.2 billion (10% constant currency), but business model changes reduced YoY growth by 9 percentage points.
- Free cash flow was $2.3 billion, and the company repurchased $3.0 billion of common stock in the quarter, reducing cash to $6.1 billion of unrestricted cash and short-term investments.
- Q2 2026 guidance calls for Gross Bookings of $56.25–$57.75 billion (18–22% constant-currency growth) and Non-GAAP EPS of $0.78–$0.82, up 31–38% YoY.
03—Questions
Frequently Asked Questions
Why did GAAP net income fall 85% despite strong operating results?
GAAP net income attributable to Uber was $263 million versus $1.776 billion a year earlier, largely because of a $1.5 billion pre-tax net headwind from revaluations of Uber's equity investments recorded in other income (expense). This is a non-operating, mark-to-market item that can swing widely each quarter, which is why management excludes it from Non-GAAP results.
How strong is the underlying profitability trend?
Operating profitability improved meaningfully. GAAP operating income grew 57% to $1.9 billion, and Non-GAAP Operating Income grew 42%, with margin rising to 3.5% of Gross Bookings from 3.1%. Management stated that earnings are scaling at more than twice the rate of the top line.
Why is reported revenue growth lower than Gross Bookings growth?
Business model changes, in which Uber recognizes certain items on a net rather than gross basis, reduced total revenue growth by about 9 percentage points. Revenue grew 14% reported and 10% constant currency, compared with 25% and 21% growth in Gross Bookings. Investors should focus on Gross Bookings and profit metrics when comparing growth across periods.
What does the Q2 2026 outlook imply for investors?
Guidance calls for Gross Bookings of $56.25–$57.75 billion, implying 18–22% constant-currency growth, and Non-GAAP EPS of $0.78–$0.82, up 31–38%. Management assumes roughly a 2-point currency tailwind to reported growth and expects Adjusted EBITDA of $2.70–$2.80 billion. The company does not reconcile forward non-GAAP guidance to GAAP because of potentially significant items such as legal settlements and equity investment revaluations.
04—Continue