Latest quarter
Uber reported Q2 FY2026 revenue of $14.2 billion, up 12.2% from $12.7 billion in Q2 FY2025. The company matched the consensus revenue estimate of $14.2 billion; revenue as the consensus counts it was −0.13% against that estimate. Uber reported adjusted EPS, as the consensus counts it, of $1.17, compared with the consensus adjusted EPS estimate of $0.83; adjusted EPS against the consensus was 41.0%.
The filing said higher trip volumes drove a 24% increase in Gross Bookings and the revenue increase, while UK Mobility business-model changes reduced revenue by $1.1 billion. Delivery revenue rose 28% as Delivery Gross Bookings increased and advertising revenue increased, while Freight revenue increased 26%. Mobility revenue increased 1%, with higher Mobility Gross Bookings partly offset by the UK changes.
Uber reported gross margin of 44.9%, compared with 39.8% a year earlier, and operating margin of 13.3%, compared with 11.5%. Free cash flow was $2.8 billion, up 12.8% from $2.5 billion. The filing reported that net income included a $1.6 billion favorable pre-tax impact from unrealized gains on debt and equity securities.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $14.2 billion | $12.7 billion | 12.2% |
| Diluted EPS | $1.17 | $0.63 | 85.7% |
| Gross margin | 44.9% | 39.8% | 5.1 percentage points |
| Operating margin | 13.3% | 11.5% | 1.9 percentage points |
| Free cash flow | $2.8 billion | $2.5 billion | 12.8% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $1.17 | $0.83 | Beat by 41.0% |
| Revenue | $14.2 billion | $14.2 billion | In line |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
Dara Khosrowshahi said Q2 Gross Bookings grew 22% year over year to more than $58 billion and said trailing-12-month free cash flow exceeded $10 billion. He said Uber planned to continue investing across its priorities, including the announced agreement to acquire Delivery Hero and autonomous vehicles.
On demand, CFO Pathik Krishnamurthy said U.S. momentum was broader than the World Cup and that the company continued to expect U.S. acceleration through the remainder of the year. He attributed the outlook to insurance savings reinvested in the marketplace, product innovation and growth in sparse markets. Krishnamurthy said Uber was investing insurance savings in California and saw trip growth in Los Angeles and San Francisco outpace the rest of the country. He also cited growth in premium and affordable offerings, as well as efforts to improve supply, reliability, marketing awareness and trial in sparse markets.
Asked about Brazil, Khosrowshahi said Mobility had long faced competition there and that food-delivery competition had increased the cost of securing two-wheeler supply. He said Uber was moving incentives from the consumer side to the delivery side and continued to hold its share in Brazil. He said the lower-margin two-wheeler business affected trip volumes but was not affecting the bottom line.
Krishnamurthy said Uber had remained disciplined on headcount additions and was using AI to moderate the pace of hiring. He said AI-based coding tools had near-100% adoption among engineers and that current measurements showed higher code output. He said the company had also reduced headcount by about 10% to 20% in several organizations during the quarter, with savings available for marketplace reinvestment.
Khosrowshahi said Uber was early in applying AI across consumer experience, advertising, search, deal ranking and inventory-related recommendations. He said the company expected AI to contribute through many incremental improvements rather than a single development. He also said autonomous-vehicle progress would be assessed through launches, cities served, service quality, vehicle utilization and economics. Uber was live in seven cities and on track to operate in 15 cities by year-end, while Khosrowshahi said autonomous vehicles represented less than 0.5% of Uber’s overall trip volume.
The CEO said autonomous-vehicle deployment would be deliberate because the systems are physical and regulated, and he identified safety, jobs, congestion and regulation as issues requiring dialogue with stakeholders.
Guidance
Uber’s Q3 FY2026 outlook calls for Gross Bookings of $58.3 billion–$60.3 billion, representing constant-currency growth of 18.0%–22.0%. The company expects adjusted EBITDA of $2.9 billion–$3.0 billion and non-GAAP EPS of $0.84–$0.88. Uber said its outlook assumes a roughly 1 percentage-point currency headwind to total reported year-over-year growth.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| EBITDA, Adjusted | Q3 FY2026 | $2.9 billion–$3.0 billion | — | New |
| EPS growth, non-GAAP | Q3 FY2026 | $0.28–$0.35 | — | New |
| EPS, non-GAAP | Q3 FY2026 | $0.84–$0.88 | — | New |
| Bookings | Q3 FY2026 | $58.3 billion–$60.3 billion | — | New |