Uber Q1 2026 Earnings: Bookings Keep Climbing, Investment Markdown Dents Reported Profit

May 6, 2026 · Published August 7, 2026

Uber's core ride and delivery business kept growing fast in Q1 2026, but a one-time markdown on its investments in other companies pulled down reported net income.

Figures as reported by the company to the SEC for the quarter ended March 31, 2026. Analyst estimates are not part of a filing, so no comparison to expectations is shown.

Key takeaways

• Total bookings across rides and delivery rose to $53.7 billion, up roughly a fifth from a year earlier, as the number of trips taken on the platform grew to about 3.6 billion for the quarter — a sign that both driver-rider demand and food/grocery delivery kept accelerating.
• Revenue growth was led by Delivery, where segment revenue jumped about a third year-over-year, while Mobility (rides) bookings also grew strongly even though Mobility revenue growth was more modest — a gap the company ties to how much of each ride fare it keeps versus passes through to insurance and other costs.
• Reported (GAAP) net income of $263 million, and the $0.13 per-share figure, were held down almost entirely by a roughly $1.5 billion non-cash accounting charge from marking down the value of Uber’s minority stakes in other companies — a paper loss on investments, not a sign of weaker core ride and delivery operations.
• Stripping out one-time items, adjusted operating profit (adjusted EBITDA) rose 33% from a year earlier to about $2.48 billion, and free cash flow — cash generated after equipment and capital spending — was about $2.3 billion, indicating the underlying business continued throwing off cash even in a quarter dragged down by the investment markdown.
• Trailing-twelve-month profitability margins improved from where Uber has historically run: gross margin near 37% and operating margin above 12%, consistent with management’s description of a business that is scaling costs more slowly than revenue.
• For the current quarter, Uber guided to gross bookings of $56.25 billion to $57.75 billion, about 18% higher than the same period last year, signaling management expects demand growth to continue.
• CEO Dara Khosrowshahi said Uber was “off to an exceptional start” for the year, with bookings and adjusted profit coming in at or above the high end of the company’s own guidance despite what he called a complex backdrop of weather disruptions, geopolitical tensions and swings in gas prices.
• Management pointed to newer offerings such as Uber Reserve (book-ahead rides) and tighter integration between the Mobility and Delivery apps as ways the company is trying to get existing users to use Uber more often, rather than relying solely on new-user growth.
• Coverage of the results noted shares rose after the report, with investors focused more on the bookings growth and forward guidance than on the lower reported net income, since the drag came from an investment valuation change rather than the ride and delivery business itself.

Q1 2026 in context

Figures for the quarter ended Mar 2026 and the quarter ended Mar 2025, as reported to the SEC.

How the stock took it

Uber Technologies Inc closed at $72.95 on May 5, 2026, the last session before the report, and at $76.73 on May 7, 2026, the first session after it — +5.2% across the report.

Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.

Financial history →

Sources: company report · earnings call · CNBC