Uber Q2 2026: bookings up 24%, revenue up 12%, and the UK explains it

Uber’s second-quarter 2026 gross bookings were $58.0 billion, up 24% (22% in constant currency), and revenue was $14.2 billion, up 12%. Against its own May outlook, the quarter came in ahead on the two volume and profit lines and inside the range on the third: bookings finished above the top of the guided $56.25 billion to $57.75 billion range, adjusted EBITDA of $2,819 million above the top of the guided $2.70 billion to $2.80 billion, and non-GAAP EPS of $0.81 inside the guided $0.78 to $0.82, per its August 5 filing. GAAP diluted EPS was $1.17, against $0.63 a year earlier.

The gap between 24% bookings growth and 12% revenue growth is the number that needs explaining, and the filings explain it. Uber (NYSE: UBER) changed how it operates Mobility in certain UK markets from January 2, 2026; it is no longer responsible for the rides there, so payments to drivers are now recorded as a reduction of revenue instead of a cost. The 10-Q puts the revenue effect at $1.1 billion for the quarter, and the release puts the drag from business-model changes on total revenue growth at 8 percentage points. Gross bookings are defined as the total dollar value of rides, delivery orders and freight on the platform before driver earnings and incentives, so on our reading of that definition they are not reduced by the change.

Uber Q2 2026 results at a glance

	Q2 2026	Q1 2026	Q2 2025
Monthly active platform consumers	208M	199M	180M
Trips	3,867M	3,643M	3,268M
Gross bookings	$58,022M	$53,720M	$46,756M
Revenue	$14,191M	$13,203M	$12,651M
GAAP income from operations	$1,890M	$1,923M	$1,450M
GAAP net income attributable to Uber	$2,394M	$263M	$1,355M
GAAP diluted EPS	$1.17	$0.13	$0.63
Adjusted EBITDA	$2,819M	$2,481M	$2,119M
Non-GAAP operating income	$2,143M	$1,883M	$1,534M
Non-GAAP EPS	$0.81	$0.72	$0.60
Free cash flow	$2,792M	$2,286M	$2,475M

MAPCs are unique consumers who completed a ride or received a delivery at least once in a month, averaged over the quarter. Adjusted EBITDA, non-GAAP operating income and non-GAAP EPS are non-GAAP measures reconciled in the release; the release also notes that Adjusted EBITDA “is no longer a key measure used by management” and is shown during the transition to the newer measures.

Did Uber beat its own Q2 2026 guidance?

On bookings and adjusted EBITDA, yes; on non-GAAP EPS, it landed inside the range. The May 6 release (Exhibit 99.1 to that day’s 8-K) set the outlook:

Q2 2026 line	Outlook given May 6	Reported
Gross bookings	$56.25B to $57.75B (+18% to 22% YoY, constant currency)	$58.02B (+22% constant currency)
Non-GAAP EPS	$0.78 to $0.82	$0.81
Adjusted EBITDA	$2.70B to $2.80B	$2.819B

Bookings finished about $0.27 billion above the top of the range and adjusted EBITDA about $19 million above it (our arithmetic). Constant-currency bookings growth of 22% sat at the top of the guided growth range; the May outlook had assumed a roughly 2-point currency tailwind to reported growth, and reported growth was 24%.

Why did Uber’s revenue grow half as fast as bookings?

Mostly because of the UK business-model change. Revenue was 24.5% of gross bookings this quarter against 27.1% a year earlier (our arithmetic). Adding back the $1.1 billion the 10-Q attributes to the UK change gives about 26.4% of bookings and revenue growth of about 21% (our arithmetic), so the change accounts for roughly 1.9 of the 2.6 points of decline. The release, for its part, puts the drag from business-model changes in general at 8 percentage points of total revenue growth; the $1.1 billion UK figure alone is about 8.7 points of last year’s revenue (our arithmetic), so the two are not the same measure.

It shows up almost entirely in Mobility. Mobility bookings grew 22% to $28,988 million, but Mobility revenue grew 1%, to $7,363 million. Delivery bookings grew 26% to $27,463 million and Delivery revenue 28%, to $5,245 million. Freight bookings were $1,571 million.

The change moves costs as well as revenue, which is why profit did not fall with the revenue ratio. In the 10-Q, cost of revenue rose only $204 million, or 3%, to $7,815 million: an $808 million decrease in driver payments and incentives from the UK change offset increases in courier payments, carrier payments and card-processing costs. Cost of revenue fell to 55% of revenue from 60%.

Volume was solid underneath. Trips grew 18%, driven by 16% MAPC growth and 2% growth in monthly trips per MAPC, and the average booking per trip rose about 5%, to roughly $15.00 from $14.31 (our arithmetic, bookings divided by trips).

How much did Uber’s margins expand?

About four-tenths of a point of bookings on both of the company’s profit measures. Adjusted EBITDA was 4.9% of gross bookings, up from 4.5%, and non-GAAP operating income was 3.7% of bookings, up from 3.3%.

By segment, Mobility operating income rose 28% to $2,215 million and Delivery operating income 38% to $1,055 million. Measured against bookings, Mobility earned about 7.6% against 7.3% a year earlier and Delivery about 3.8% against 3.5% (our arithmetic). Freight lost $24 million. Corporate G&A and platform R&D, the costs not allocated to segments, grew 18% to $1,103 million.

GAAP numbers ran ahead of that for a reason outside operations. GAAP income from operations rose 30% to $1,890 million, but net income of $2,394 million included a $1.6 billion net pre-tax benefit from revaluing equity investments. The 10-Q identifies $1.1 billion of it as a gain on the Delivery Hero stake, recognised when Uber moved that holding to the equity method.

What did Uber do with its cash?

Free cash flow was $2,792 million, up 13%, on $2,862 million of operating cash flow. The CFO’s quotation in the release says trailing twelve-month free cash flow “exceeded $10 billion for the first time in Uber’s history.”

The cash went mainly into investments rather than buybacks this quarter. Uber repurchased 6.9 million shares for $510 million, against 16.4 million shares for $1.4 billion a year earlier, and had about $15.7 billion left under its repurchase program at June 30. The diluted share count still fell about 3.5% year over year, to 2,050 million (our arithmetic). Per the 10-Q, during the quarter Uber:

• paid $2.3 billion in cash for additional Delivery Hero shares, taking its ownership to 24.99%, and entered into total return swaps on Delivery Hero stock for $1.6 billion in cash;
• raised its stake in Careem Technologies to about 45%, then obtained a controlling interest on July 30.

After the quarter, on July 1 it completed the purchase of Getir’s food delivery business and a minority interest in its grocery business for about $465 million, and on July 16 it signed a business combination agreement with Delivery Hero under which it will make a voluntary public takeover offer at €41.50 a share, an implied equity value of $14.8 billion for 100% of the company. Uber says it will fund the offer from existing cash and new debt, signed a bridge credit agreement with €14.2 billion of commitments the same day, and expects the deal to close in the second half of 2027. Unrestricted cash, cash equivalents and short-term investments were $5.4 billion at quarter end, and short-term debt of $1,997 million appeared on the balance sheet, against none at year-end.

What is Uber’s Q3 2026 outlook?

Uber guides gross bookings of $58.25 billion to $60.25 billion, growth of 18% to 22% in constant currency with a roughly 1-point currency headwind to reported growth, and non-GAAP EPS of $0.84 to $0.88, growth of 28% to 35%, which it translates to adjusted EBITDA of $2.86 billion to $2.96 billion. The bookings growth range is the same as the one given for Q2, which Uber finished at the top of.

What to watch in Q3

• Bookings against the $58.25 billion to $60.25 billion range and constant-currency growth against 18% to 22%.
• Revenue as a share of bookings against 24.5%. The UK change began in January, so the year-over-year comparison stays distorted until early 2027.
• Non-GAAP operating income as a share of bookings against 3.7%, now the company’s preferred profit measure.
• The Delivery Hero offer: acceptance against the 50%-plus-one-share threshold, the merger-control clearances, and how much of the €14.2 billion bridge is drawn or refinanced.
• Buybacks against $510 million, as cash is committed to acquisitions.

Quick answers

What were Uber’s Q2 2026 earnings?

Gross bookings were $58.0 billion, up 24%, and revenue $14.2 billion, up 12%. GAAP diluted EPS was $1.17, including a $1.6 billion pre-tax gain on equity investments, and non-GAAP EPS $0.81, up 35%. Adjusted EBITDA was $2.82 billion.

Did Uber beat its Q2 2026 guidance?

Bookings ($58.02 billion) and adjusted EBITDA ($2.819 billion) came in above the top of the ranges Uber gave in May, $56.25 billion to $57.75 billion and $2.70 billion to $2.80 billion. Non-GAAP EPS of $0.81 was inside the $0.78 to $0.82 range.

Why did Uber’s revenue grow slower than bookings?

Mostly because of a Mobility business-model change in certain UK markets: Uber now records driver payments there as a reduction of revenue. The 10-Q quantifies the UK change at $1.1 billion of revenue for the quarter; the release puts the drag from business-model changes at 8 percentage points of revenue growth.

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Sources and method. Company figures — MAPCs, trips, gross bookings and revenue by segment, segment operating income, the income statement, the non-GAAP measures and their reconciliations, free cash flow, the balance sheet and cash flow statement, the Khosrowshahi and Krishnamurthy quotations and the Q3 2026 outlook — are Uber’s own disclosures in Exhibit 99.1 (press release) to the Form 8-K filed 2026-08-05 (accession 0001543151-26-000027) for the quarter ended 2026-06-30, read directly from SEC EDGAR and linked above. The $1.1 billion UK business-model revenue impact, the cost-of-revenue detail, the Delivery Hero, Careem and Getir transactions, the total return swaps, the bridge facility and the repurchase detail come from the Form 10-Q filed the same day (accession 0001543151-26-000032). The Q2 2026 outlook and the Q1 2026 column come from Exhibit 99.1 to the Form 8-K filed 2026-05-06 (accession 0001543151-26-000019). The 8-K was accepted by EDGAR at 06:56 ET on August 5, before the open. Statements made only on the earnings call or in documents not filed with the SEC are not used.

No consensus estimate is included, so this piece makes no claim that the quarter beat or missed expectations; the only comparison is with the company’s own guidance and the year-ago quarter. This piece makes no claim about the share-price reaction.

Our arithmetic, labelled as such: revenue as 24.5%, 27.1% and ~26.4% (UK impact added back) of gross bookings; the ~21% revenue growth excluding the UK impact; the ~1.9 of 2.6 points attributed to the UK change; the ~8.7 points the $1.1 billion represents against Q2 2025 revenue; the ~$0.27 billion and ~$19 million margins above the top of the guided ranges; the ~$15.00 and $14.31 average booking per trip and its ~5% increase; the ~7.6%, 7.3%, ~3.8% and 3.5% segment operating income as a share of segment bookings; and the ~3.5% decline in the diluted share count. These are computed from the disclosed figures, not reported numbers. The reading that the revenue-to-bookings gap is mostly an accounting presentation effect rather than a pricing one, and that the quarter’s capital story is the Delivery Hero offer, is our analysis, not a company statement, and is not a forecast.

Related: Shopify Q2 2026, reported the same morning, and AppLovin Q2 2026, Duolingo Q2 2026 and Spotify Q2 2026 from the same week.

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