Uber Technologies delivered a strong first quarter for 2026, reinforcing investor confidence in the company’s ability to maintain growth despite ongoing macroeconomic uncertainty.
The company reported first quarter earnings on May 6, posting robust gains in gross bookings, trips, and profitability, even as revenue came in slightly below Wall Street expectations. Investors focused on the broader strength of the platform and optimistic second quarter guidance, sending Uber shares sharply higher in pre-market trading.
Revenue for the quarter reached $13.2 billion, representing 14% year over year growth, or 10% on a constant currency basis. The figure narrowly missed analyst estimates of roughly $13.3 billion. Uber said reported growth was negatively impacted by a business model change in the United Kingdom that shifted approximately $1 billion in driver payments, creating an estimated 8 to 9 percentage point headwind.
The standout metric was gross bookings, which climbed 25% year over year to $53.7 billion, or 21% on a constant currency basis. The result exceeded both Uber’s own guidance range of $52 billion to $53.5 billion and analyst forecasts. Trips increased 20% to 3.6 billion during the quarter, while monthly active platform consumers rose 17% to 199 million.
Both of Uber’s core business segments continued to expand at a healthy pace. Mobility gross bookings grew 25%, while Delivery gross bookings rose 28%, reflecting resilient consumer demand across ride-hailing and food delivery services.
Profitability also improved significantly. Adjusted EBITDA increased 33% year over year to $2.48 billion, while non-GAAP earnings per share came in at $0.72, slightly ahead of consensus expectations. On a GAAP basis, Uber reported net income of $263 million, though the figure included valuation swings tied to equity investments. Operating income surged 57% to $1.92 billion.
Chief Executive Officer Dara Khosrowshahi described the quarter as an “exceptional start” to 2026, pointing to sustained gross bookings growth above 21% for the third consecutive quarter.
Khosrowshahi also highlighted several platform milestones, including more than 10 million active earners and continued growth of the company’s Uber One subscription program, which now has 50 million members globally. According to Uber, Uber One users account for roughly half of gross bookings across both Mobility and Delivery.
Strong Outlook Lifts Market Sentiment
Investor optimism was driven largely by Uber’s forward guidance, which came in ahead of expectations.
For the second quarter of 2026, Uber forecast gross bookings between $56.25 billion and $57.75 billion, representing constant currency growth of 18% to 22%. The company also projected adjusted EBITDA between $2.7 billion and $2.8 billion, alongside non-GAAP earnings per share guidance of $0.78 to $0.82.
The upbeat forecast signaled continued confidence in consumer demand despite broader concerns surrounding inflation, fuel prices, geopolitical instability, and economic softness.
Uber shares jumped as much as 10% following the report as investors responded positively to the company’s accelerating profitability and expanding scale.
Beyond ride-hailing and delivery, Uber continues investing in its broader platform ambitions. The company is expanding travel-related integrations, shopping services, and autonomous vehicle partnerships while maintaining disciplined cost controls.
Khosrowshahi noted that Mobility growth continued to outpace the broader business during the quarter, underscoring the strength of Uber’s core ride-sharing operation even as competition intensifies in areas such as robotaxis and on-demand delivery.
Once viewed primarily as a high-growth disruptor burning through cash, Uber has increasingly evolved into a mature and consistently profitable technology platform. While regulatory pressures and autonomous vehicle disruption remain long-term challenges, the company’s latest results suggest its network effects and scale continue to strengthen.
“We’re building for the long term here,” Khosrowshahi said following the earnings release.
In a volatile technology market, investors appear increasingly willing to believe him.