Uber's Q1 revenue rose 15% year-over-year to $13.20 billion, slightly ahead of Wall Street expectations of $13.33 billion. According to reports from Bloomberg, the revenue growth was attributed to severe winter storms in the U.S., the Middle East conflict, and higher gasoline prices. Despite the revenue miss, adjusted profit per share of 72 cents beat estimates of 71 cents, demonstrating operational efficiency improvements. The company's GAAP net income was $1.5 billion, which includes a $263 million net headwind from revaluations of Uber's equity investments. Non-GAAP EPS grew 44% YoY to $0.72, while adjusted EBITDA margin as a percentage of gross bookings was 4.6%, up from 4.4% in Q1 2025. Gross bookings totaled $53.72 billion, exceeding expectations of $52.9 billion and coming in at the high end of Uber's guidance range of $52 billion to $53.5 billion. Adjusted EBITDA reached $2.48 billion versus estimates of $2.44 billion, representing 33% growth year over year.
Uber's shares jumped 6% in premarket trading following the company's strong Q2 forecast. As reported by Bloomberg, the company expects gross bookings of $56.25 billion to $57.75 billion for the June quarter, up 18% year over year and above analysts' average estimate of $56.07 billion. The company also forecast second-quarter adjusted earnings per share of $0.78 to $0.82, representing growth of 31% to 38% year over year. First-quarter gross bookings totaled $53.7 billion, exceeding expectations of $52.84 billion. Uber's Q2 outlook translates to adjusted EBITDA of $2.7 billion to $2.8 billion and non-GAAP operating income of $1.9 billion to $2.0 billion. CEO Dara Khosrowshahi noted that "Uber is off to an exceptional start in 2026, with gross bookings and non-GAAP EPS at or above the high end of our guidance, despite a complex macro backdrop marked by weather disruptions, geopolitical tensions, and gas price volatility."
Uber's Monthly Active Platform Consumers (MAPCs) grew 17% YoY with monthly trips per MAPC increasing 3% YoY, demonstrating strong user engagement across the platform. The company's non-GAAP operating income as a percentage of gross bookings was 3.5%, up from 3.1% in Q1 2025, indicating improved operational leverage. Trips grew 20% year over year to 3.6 billion, while net cash provided by operating activities was $2.4 billion, with free cash flow was $2.3 billion, and unrestricted cash, cash equivalents, and short-term investments at $6.1 billion at the end of the first quarter. The Uber One membership program has surpassed 50 million users and now accounts for roughly half of its gross bookings. Recent analysis shows the advertising business is growing at over 50% YoY, now at a >$2 billion annualized revenue run-rate, with advertising penetration in delivery exceeding 2%.
Uber is focusing on higher-end consumers who are spending more and are less susceptible to economic conditions. As reported by Bloomberg, Uber for Business (U4B) is growing more than twice as fast as Mobility overall, as the company continues to lead in corporate travel globally. The company introduced Uber Elite, its most elevated ride experience to date, designed for executives and frequent travelers. "We're already seeing strong momentum in premium, with Uber for Business (U4B) growing more than twice as fast as Mobility overall, as we continue to lead in corporate travel globally," Khosrowshahi said in his prepared remarks. The company unveiled Uber Autonomous Solutions, a new business unit designed to help partners build and commercialize AV fleets globally on Uber's network. Uber upped its commitment to the partnership with Lucid (LCID) to $500 million in April and now owns more than 11% of Lucid Motors. Uber's robotaxi network will use Lucid electric vehicles and Nuro Level 4 autonomous software, with both using Uber's demand-matching platform. Uber and its fleet partners will also purchase 10,000 Rivian (RIVN) R2 robotaxis, with an option to purchase an additional 40,000 in 2030. Initial deployments will start in San Francisco and Miami in 2028, with plans to scale to 25 cities by 2031.
The company factors in a roughly 60 basis-point drag from the Middle East conflict in its Q2 forecast. According to Bloomberg, Uber's strategy of keeping prices steady while pushing into higher-margin areas such as its platform for businesses appears to be paying off, helping navigate higher fuel costs and geopolitical tensions. The strong forecast signals success in the company's diversification efforts and positions it well for continued growth despite current market challenges. Uber shares are down about 9% from where they started the year, amid concerns about headwinds from higher fuel costs, along with competition in robotaxis and grocery delivery services from other companies. The most significant friction remains the persistent and escalating global regulatory pressure to reclassify drivers and couriers from independent contractors to employees, with the EU's Platform Work Directive having a transposition deadline for member states by late 2026, creating unavoidable legal challenges in key markets like France. Recent technical analysis shows the Barchart Technical Opinion flashing a 72% Sell signal, reflecting a stock caught in a downtrend with intermittent relief rallies that fail to gain traction.
