Uber Reports Strong Q1 2026 Growth as Gross Bookings Jump 25% and Uber One Reaches 50 Million Members

Uber Technologies reported strong first-quarter 2026 results, with gross bookings rising 25% year-over-year to $53.7 billion, as the company continued to benefit from growth across ride-hailing, delivery, subscriptions, and emerging autonomous vehicle initiatives.

The company posted revenue of $13.2 billion for the quarter ended March 31, slightly below Wall Street expectations of $13.29 billion. Shares nevertheless surged roughly 10% intraday after Uber issued stronger-than-expected guidance for the second quarter.

According to the company, second-quarter gross bookings are projected between $56.25 billion and $57.75 billion, above market consensus estimates.

Uber also reported non-GAAP earnings per share of $0.72, up 44% from a year earlier, while adjusted EBITDA climbed 33% year-over-year to $2.5 billion.

CEO Dara Khosrowshahi said the company continues to expand its role in consumers’ daily routines through new integrations, delivery services, and shopping initiatives.

A key milestone during the quarter was the growth of Uber One, which reached 50 million members globally. The subscription platform now accounts for approximately half of gross bookings across Uber’s mobility and delivery businesses.

Uber reported 3.6 billion trips during the quarter, representing a 20% increase from the previous year, driven by continued expansion in monthly active users and higher engagement per consumer.

Despite the operational momentum, GAAP net income declined sharply to $263 million from $1.78 billion a year earlier, largely due to a $1.5 billion pre-tax headwind tied to the revaluation of Uber’s equity investments, including stakes in Asian mobility companies such as Didi Global and Grab Holdings.

The company’s delivery segment remained its fastest-growing business line, with revenue rising 34% year-over-year to $5.07 billion, exceeding analyst expectations. Uber highlighted strong demand trends in Australia, Japan, and the United Kingdom.

Meanwhile, the mobility segment generated $6.8 billion in revenue, up 5% from a year earlier but below analyst projections. Executives cited a more complex macroeconomic environment, including weather-related disruptions, geopolitical tensions, and elevated fuel prices following escalating conflict involving Iran.

Higher gasoline prices have added pressure on drivers, prompting Uber to introduce temporary fuel discounts and support programs during the quarter.

Uber also continued expanding its investments in autonomous vehicle technology. The company said it plans to acquire autonomous vehicles from partners including Waabi, Wayve, Rivian, and Nuro once the systems receive regulatory approval for fully driverless operation.

In parallel, Uber is deepening partnerships with robotaxi operators such as Waymo and WeRide to integrate autonomous rides directly into the Uber platform.

Khosrowshahi said the company aims to offer Waymo services in 15 cities by the end of 2026, positioning autonomous mobility as a potentially trillion-dollar market opportunity.

Artificial intelligence also emerged as a growing strategic focus during the quarter. Uber disclosed that approximately 95% of its engineers now use AI coding tools monthly, with more than 10% of company code generated autonomously by AI agents.

The company said AI is increasingly being deployed to improve engineering productivity, personalize the user experience, optimize ride predictions, and reduce operational costs.

Uber ended the quarter with $6.1 billion in unrestricted cash, cash equivalents, and short-term investments, while free cash flow totaled $2.3 billion.

Source: Business Wire – Uber Announces Results for First Quarter 2026