The core quarter landed slightly above the bar Uber itself set. Gross Bookings were $58.0 billion, above the prior $56.25–$57.75 billion outlook, while Adjusted EBITDA of $2.82 billion exceeded the prior $2.70–$2.80 billion range. Non-GAAP EPS of $0.81 reached the top end of guidance and was roughly in line with the published consensus of about $0.80—not a major earnings surprise, but a modest operational beat. (Financial Highlights; Adjusted EBITDA reconciliation)
| Metric | Q2 2026 | Q2 2025 | Expectation / comparison |
|---|---|---|---|
| Gross Bookings | $58.02B | $46.76B | Above prior outlook of $56.25B–$57.75B (Financial Highlights) |
| Revenue | $14.19B | $12.65B | +12% reported; business-model changes reduced growth by 8 percentage points (Financial Highlights) |
| Non-GAAP EPS | $0.81 | $0.60 | Top end of prior $0.78–$0.82 outlook; roughly in line with published consensus (~$0.80) (Non-GAAP measures reconciliation) |
| Adjusted EBITDA | $2.82B | $2.12B | Above prior $2.70B–$2.80B outlook (Adjusted EBITDA reconciliation) |
| Free cash flow | $2.79B | $2.48B | +13% year over year (Free cash flow reconciliation) |
The headline profit jump overstates the underlying earnings improvement. GAAP net income rose 77% to $2.39 billion, but it included a $1.61 billion pre-tax gain from revaluing equity investments. The cleaner operating measures were still strong—Non-GAAP Operating Income rose 40% to $2.14 billion and Adjusted EBITDA rose 33%—but the investment gain, rather than the operating business alone, explains much of the eye-catching GAAP EPS increase to $1.17. (Financial Highlights; Income Statement; Non-GAAP measures reconciliation)
Demand remained better than the revenue headline suggests, led by Delivery. Trips rose 18% and monthly active consumers grew 16%, while constant-currency Gross Bookings rose 22%. Delivery was the standout: bookings rose 25% in constant currency, revenue rose 26%, and segment operating income rose 38%. Mobility bookings also grew 20% in constant currency, although Mobility revenue was flat; the filing attributes an 8-point drag to total revenue growth from business-model changes, making revenue growth less directly comparable with platform demand. (Financial Highlights; Gross Bookings by segment; Revenue by segment; Segment Operating Income)
Cash generation reinforces the modestly favorable read. Free cash flow increased 13% to $2.79 billion despite higher investment activity, while operating cash flow rose 12% to $2.86 billion. That does not change the largely in-line EPS result, but it supports the profitability beat as cash-backed rather than solely accounting-driven. (Cash Flow statement; Free cash flow reconciliation)
Read the original 8-K on SEC EDGAR ↗