Uber gross bookings surge 25% as mobility and delivery reach new peaks

Uber Technologies (NYSE:UBER) kicked off fiscal 2026 with a robust expansion of its global platform, reporting a 25% year-over-year increase in gross bookings as consumer demand for mobility and delivery services remains resilient.

The San Francisco-based company facilitated 3.6 billion trips during the first quarter, a 20% increase, supported by a growing base of 17% more monthly active platform consumers (MAPCs) compared to the prior year.

Total revenue for the quarter reached $13.2 billion, up 14% from the same period in 2025.

On a constant currency basis, revenue growth was 10%.

Management noted that business model changes negatively impacted total revenue growth by approximately 9 percentage points.

Despite these shifts, GAAP income from operations soared 57% to $1.9 billion, highlighting the operating leverage inherent in Uber’s maturing ecosystem.

The company’s bottom line was notably impacted by its equity holdings.

GAAP net income attributable to Uber was $263 million, or $0.13 per diluted share.

This figure includes a $1.5 billion pre-tax net headwind resulting from the revaluation of the company’s various equity investments.

Excluding these non-cash impacts, Uber’s non-GAAP net income grew 39% to $1.5 billion, with non-GAAP earnings per share reaching $0.72.

Meanwhile, profitability metrics continued to improve across the board.

Adjusted EBITDA grew 33% year-over-year to $2.5 billion, while the adjusted EBITDA margin as a percentage of gross bookings expanded to 4.6%.

The company’s cash-generative capabilities were also on display, with free cash flow reaching $2.3 billion for the quarter.

Uber ended the period with $6.1 billion in unrestricted cash, cash equivalents, and short-term investments, providing a strong buffer for continued capital allocation.

Looking ahead to the second quarter of 2026, Uber provided an optimistic outlook.

The company anticipates gross bookings between $56.25 billion and $57.75 billion, which represents year-over-year growth of 18% to 22% on a constant-currency basis.

This outlook assumes a 2 percentage-point currency tailwind.

Additionally, the company expects non-GAAP EPS in the range of $0.78 to $0.82, translating to an adjusted EBITDA of $2.70 billion to $2.80 billion.