Uber Stock Rallies 7% as Gross Bookings Blow Past Wall Street Targets

TLDR

• Uber posted Q1 adjusted EPS of 72 cents, beating the 69-cent analyst estimate
• Revenue came in at $13.2 billion, up 14.4% year over year but slightly below the $13.3 billion forecast
• Gross bookings jumped 21% to $53.7 billion, topping the $52.8 billion estimate
• Delivery revenue surged 34% year over year to $5.06 billion
• UBER stock rose 7.8% on the day; the stock had been down 11% year to date before the report

Uber stock rose 7.8% on Wednesday after the company reported Q1 2026 earnings that topped analyst expectations on the bottom line and showed strong growth in bookings.

Uber Technologies, Inc., UBER

Adjusted EPS came in at 72 cents, up from 50 cents a year ago and above the consensus estimate of 69 cents. Revenue was $13.2 billion, up 14.4% year over year, but fell just short of the $13.3 billion Wall Street had penciled in.

Before the print, UBER had dropped 11% year to date, so the beat gave investors something to cheer about.

Gross bookings — the total value of all rides and deliveries on the platform — climbed 21% to $53.7 billion on a constant currency basis. That beat the $52.8 billion estimate. Mobility bookings rose 20% and Delivery bookings jumped 23%.

Adjusted EBITDA for the quarter hit $2.48 billion, up 33% year over year and above Uber’s own guided range of $2.37 billion to $2.47 billion.

Segment Breakdown

Mobility revenue, which makes up 51.5% of total revenue, rose 5% year over year to $6.79 billion. Delivery revenue grew 34% to $5.06 billion. Freight came in at $1.33 billion, up 6%.

Free cash flow for the quarter was $2.28 billion. Uber ended Q1 with $5.55 billion in cash, down from $7.10 billion at the end of Q4.

William Blair analyst Ralph Schackart reiterated an Outperform rating on the stock, calling out four straight quarters of accelerating growth across mobility, delivery, and total bookings.

Autonomous Vehicle Push

Uber doesn’t build its own self-driving cars. Instead, it’s positioning itself as the platform that connects AV partners with riders and delivery customers.

In Q1, the company added Rivian Automotive and Zoox as new AV partners. Robo-taxi rides on the platform increased tenfold year over year.

CEO Dara Khosrowshahi said the company’s ability to sign AV partners comes down to one thing: demand. “We have shown that the utilization of these cars — which are very, very expensive — on our platform, is higher,” he said on the earnings call.

Uber currently offers robo-taxis in eight cities and plans to expand to 15 markets by the end of 2026.

For Q2 2026, Uber guided gross bookings of $56.25 billion to $57.75 billion, implying 18-22% constant currency growth. Adjusted EPS is expected between 78 and 82 cents. Adjusted EBITDA is guided at $2.70 billion to $2.80 billion.

Wall Street had forecast Q2 adjusted EPS of 78 cents and gross bookings of $56.17 billion — both within Uber’s guided ranges.

Lyft, Uber’s main U.S. rival, rose 1% on the day. Lyft is set to report its own Q1 2026 results on May 7.

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