Uber Q2 2026 Earnings: Record Bookings, a Profit Beat, and a Cautious Outlook
Uber beat profit and bookings estimates, but a cautious Q3 outlook and currency headwinds sent shares lower.
| Q2 2026 | Reported | Expected | Surprise |
|---|---|---|---|
| EPS | $1.17 | $0.83 | +40.8% |
| Revenue | $14.19B | $14.52B | -2.3% |
Key takeaways
- Uber’s headline profit easily beat estimates, but most of the jump came from a $1.6 billion non-cash gain from revaluing its stakes in other companies (including autonomous-vehicle partners), not from stronger day-to-day operations — on a more comparable adjusted basis, profit growth was more modest and roughly matched what analysts were expecting.
- Revenue came in essentially in line with forecasts, up about 12% from a year ago, split between $7.36 billion from rides (Mobility) and $5.25 billion from Uber Eats deliveries.
- Gross bookings — the total dollar value of all rides and food/grocery orders placed on Uber’s platform, including money that goes to drivers and restaurants — jumped 22% from a year earlier to more than $58 billion, topping the high end of Uber’s own guidance for a fourth straight quarter.
- The business is generating real cash: trailing 12-month free cash flow (cash left over after running and investing in the business) topped $10 billion for the first time, and over the past year Uber converted roughly 16 cents of every revenue dollar into net profit.
- For the current quarter, Uber guided bookings and adjusted profit to come in just shy of what Wall Street expected, pointing to currency headwinds and continued spending to subsidize cheaper ride and delivery options like shared rides; shares fell roughly 5% after the report.
- CEO Dara Khosrowshahi said Uber is building “the world’s largest platform for autonomous vehicles” and expects to commit more than $10 billion over coming years to bring self-driving cars to market at scale, while stressing Uber doesn’t want to depend on any single AV partner.
- Robotaxi rides still make up less than 0.5% of Uber’s roughly 300 million weekly trips, but management noted that in cities where robotaxis are widely available — including Phoenix, Los Angeles and San Francisco — Uber’s overall trip growth actually accelerated rather than declined.
Q2 2026 in context
| Metric | Jun 2026 | Jun 2025 | Change |
|---|---|---|---|
| Revenue | $14.2B | $12.7B | +12.2% |
| Net income | $2.4B | $1.4B | +76.7% |
| Free cash flow | $2.8B | $2.5B | +12.8% |
| Diluted EPS | $1.17 | $0.63 | +85.7% |
| Operating margin | 13.3% | 11.5% | +1.9 pts |
| Net margin | 16.9% | 10.7% | +6.2 pts |
Figures for the quarter ended Jun 2026 and the quarter ended Jun 2025, as reported to the SEC.
How the stock took it
Uber Technologies Inc closed at $71.99 on Aug 4, 2026, the last session before the report, and at $70.47 on Aug 6, 2026, the first session after it — -2.1% across the report.
| Earlier report | Close before | Close after | Change |
|---|---|---|---|
| May 6, 2026 | $72.95 | $76.73 | +5.2% |
| Jan 12, 2026 | $85.44 | $85.41 | -0.0% |
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.
Fundamentals
| Metric | Value | Period |
|---|---|---|
| Gross margin | 35.5% | Trailing 12 months |
| Operating margin | 11.7% | Trailing 12 months |
| Net profit margin | 15.9% | Trailing 12 months |
| Pretax margin | 9.2% | Trailing 12 months |
| EPS | $4.02 | Trailing 12 months |
| Revenue growth (YoY) | 18.3% | Trailing 12 months |
| EPS growth (YoY) | -29.8% | Trailing 12 months |
| Return on equity | 33.3% | Trailing 12 months |
Sources: company report · CNBC · earnings call