Uber lifts bookings 24 percent and the share still falls five percent

Uber achieved gross bookings of 58.02 billion dollars in the second quarter of 2026, up 24 percent on the year before. Revenue rose twelve percent to 14.19 billion dollars. The share lost 5.29 percent on the day of publication.

The reason lies in the outlook. For the third quarter Uber signals gross bookings of 58.25 to 60.25 billion dollars. The midpoint of 59.25 billion sits just below the consensus of 59.33 billion dollars.

On earnings per share the group expects 0.84 to 0.88 dollars. That midpoint also stays below the estimate of 89 cents.

The quarter itself met expectations. Adjusted earnings per share came in at 0.81 dollars, exactly at consensus. On revenue 14.24 billion dollars had been expected.

The short version

• Gross bookings rose 24 percent in the second quarter of 2026 to 58.02 billion dollars, and revenue twelve percent to 14.19 billion dollars.
• The share lost 5.29 percent on the day of publication because the outlook sat just below consensus.
• Free cash flow passed the ten billion mark for the first time over twelve months at 10.1 billion dollars.

Revenue grows more slowly than volume

The gap between 24 percent growth in bookings and twelve percent growth in revenue deserves an explanation.

According to the company, changes to the business model depressed reported revenue growth by eight percentage points. Without that effect the two figures would sit far closer together.

Such changes arise when an intermediary structures its role differently in individual markets. If it books only its commission in future rather than the whole fare, reported revenue falls without anything changing in the business.

For judging the company the booking volume is therefore the more meaningful figure. It grew more than 20 percent for the fourth quarter in a row.

All three divisions gain

Broken down, mobility grew 20 percent. Delivery and freight both accelerated to 25 percent.

The number of trips rose 18 percent to 3.87 billion. Monthly active users grew 16 percent to 208 million, and trips per user two percent.

Volume growth therefore comes mainly from new users and not from more frequent use.

The advertising business passed an annual run rate of 2.5 billion dollars and continues to grow at around 50 percent.

Above ten billion dollars of cash flow for the first time

On earnings the figures came out considerably better than on revenue. Adjusted earnings before interest, tax, depreciation and amortisation rose 33 percent to 2.819 billion dollars, and reported operating profit 30 percent to 1.9 billion dollars.

Free cash flow in the quarter was 2.79 billion dollars. Over twelve months it passed the ten billion mark for the first time at 10.1 billion dollars.

Reported net profit came in at 2.394 billion dollars and was therefore 77 percent above the year before. That figure includes a pre tax benefit of 1.6 billion dollars from the revaluation of holdings.

The group itself points out that this item can swing sharply from quarter to quarter. Adjusted earnings are therefore the more reliable measure.

Four billion dollars for autonomous vehicles

In the quarter Uber invested around four billion dollars. Chief executive Dara Khosrowshahi described the goal as building the largest platform for autonomous vehicles in the world.

The company invests from a position of strength, he said. Finance chief Balaji Krishnamurthy pointed out that strong revenue growth continues to convert into faster earnings growth and considerable cash flow.

Open questions include the gap between bookings and revenue, rising corporate costs and continuing losses in freight.

Cash and short term investments stood at 5.4 billion dollars at the end of the quarter. The share last traded near its low of the past twelve months.

Frequently asked questions

Why does revenue grow more slowly than gross bookings

According to the company, changes to the business model depressed reported revenue growth by eight percentage points. If an intermediary books only its commission in future rather than the whole fare, reported revenue falls without anything changing in the business.

Why did the share fall despite strong growth

The reason lies in the outlook. For the third quarter Uber signals gross bookings of 58.25 to 60.25 billion dollars, and the midpoint sits just below the consensus of 59.33 billion dollars. On earnings per share the midpoint also stays below the estimate.

What is Uber investing four billion dollars in

Chief executive Dara Khosrowshahi described the goal as building the largest platform for autonomous vehicles in the world. The company invests from a position of strength, he said. Free cash flow in the quarter was 2.79 billion dollars.

This analysis is for information only and is not investment advice.