Uber Technologies, Inc. (UBER) — Company Research

Last Updated: 18 May 2026

Uber Technologies (NYSE: UBER) is the largest global ride-hailing and on-demand mobility platform, with 199 million monthly active platform consumers, 13.6 billion trips in 2025, and $193 billion of gross bookings across three segments — Mobility, Delivery, and Freight. The company turned GAAP-profitable in 2023, generated $9.8bn of free cash flow in FY2025, and is now committing more than $10bn to a multi-partner autonomous-vehicle strategy in response to Waymo's rapid scaling. The thesis has shifted from "can it be profitable" to "can it own the AV transition before Waymo and Tesla disintermediate it."

1. Company Snapshot

Field	Value
Full name	Uber Technologies, Inc.
Ticker	NYSE: UBER
Sector / Industry	Industrials / Ground Transportation — Ride-hailing & Delivery Platform
Founded	2009 (as UberCab); IPO May 2019
Headquarters	San Francisco, California, USA
CEO	Dara Khosrowshahi (since Aug 2017; previously CEO of Expedia)
CFO	Balaji Krishnamurthy (since Mar 2026; previously VP Finance & Strategy at Uber)
Market cap	~$152.9bn (17 May 2026 close $75.00)
FY2025 revenue	$52.02bn (+18% YoY)
FY2025 GAAP net income	$10.05bn (includes $5.0bn tax-valuation-release benefit)
FY2025 GAAP diluted EPS	$4.73
Monthly Active Platform Consumers (MAPCs)	~199 million (Q1 2026)
Uber One members	50 million (Q1 2026)
Trips FY2025	13.57 billion (+20% YoY)
Employees	~31,100 (per FY2025 10-K)
Exchanges	NYSE (UBER); component of S&P 500 and Dow Jones Transportation Average
Website	www.uber.com / investor.uber.com

2. Bull Case vs Bear Case

Distilled from the full report below — factual only, no ratings.

Bull Case

• Gross-bookings re-acceleration: Q1 2026 gross bookings grew 21% constant-currency — the third consecutive quarter above 20%. Trips +20%, MAPCs +17%, Uber One members 50m and now generating half of all gross bookings across Mobility and Delivery.
• Free-cash-flow inflection: FY2025 FCF reached $9.76bn (operating cash flow $10.10bn minus capex $336m) — up 42% YoY. Q1 2026 FCF $2.29bn. The platform is capital-light: capex is <1% of revenue.
• Multi-horse AV strategy: $10bn+ committed across Waymo (US), Nuro/Lucid (US exclusive, late 2026 launch), WeRide (Middle East), Baidu (Asia), Momenta and Wayve (Europe) — positioning Uber as the global demand aggregator regardless of which AV stack wins.
• Operating leverage proven: FY2025 GAAP operating income doubled to $5.57bn (+99% YoY) on 18% revenue growth; adjusted EBITDA grew 35% to $8.73bn. Segment Mobility EBITDA margin reached ~12.5% of bookings, Delivery 3.9%.
• Capital return: Initiated buyback authorisation; FY2025 buybacks reduced share count modestly; balance sheet improving with $7.6bn cash & investments against $10.5bn long-term debt and accumulating retained earnings.

Bear Case

• Waymo first-mover risk: Waymo is operating ~3,000 robotaxis across 11 US cities, delivering 400k–500k paid rides per week, targeting 1 million weekly rides by year-end 2026. If Waymo continues to scale its own consumer app and lock in city-by-city deployment, Uber's demand aggregator thesis weakens at the edges where Waymo operates direct.
• Equity-investment volatility: Q1 2026 GAAP net income was only $263m (down 85% YoY) because of a $1.5bn pre-tax mark-down on equity investments. The company carries ~$9.2bn of equity-method and non-marketable investments (DiDi, Aurora, Joby etc.) that mark-to-market each quarter and can swing $1bn+ in either direction.
• Tax-benefit normalisation: FY2024 GAAP NI of $9.86bn included a $6.4bn tax-valuation-release benefit; FY2025 GAAP NI of $10.05bn includes another $5.0bn tax benefit. Underlying pre-tax income is much smaller — FY2026 effective tax rate will normalise upward.
• Take-rate compression and "business model changes": Q1 2026 disclosed that "business model changes" reduced revenue growth by 9 percentage points (constant currency) versus gross-bookings growth — reflecting reclassifications around insurance-cost recovery and platform fees. Investors need to watch the Mobility take-rate (revenue/gross bookings) for trend.
• Regulatory and driver-classification overhang: California Prop 22 challenges, EU Platform Work Directive (2024) creating a presumption of employment for digital-platform workers, UK Supreme Court rulings on worker status — all increase the probability of recurring reclassification costs across major markets.

3. What Does This Company Actually Do?

Uber operates a three-segment on-demand technology platform that matches consumer and merchant demand with independent drivers and couriers. Riders open the app, request a service, and Uber's algorithms match them with available capacity at a price determined by real-time supply and demand. The company takes a service fee on each transaction and remits the balance to the driver or merchant after platform costs (insurance, payment processing, customer support).

Segment	% of revenue	What it is
Mobility	~51% (Q1'26: $6.80bn of $13.20bn)	Ride-hailing — UberX, Uber Black, Uber Comfort, Uber Reserve, shared rides, and emerging robotaxi/AV rides. FY2025 gross bookings ~$103bn (+25% YoY). Includes taxi partnerships in Europe and Asia.
Delivery	~38% (Q1'26: $5.07bn of $13.20bn)	Uber Eats food delivery, grocery (Uber Grocery), Uber Direct (third-party logistics for retailers), Drizly alcohol delivery, and convenience. FY2025 Delivery bookings ~$87bn (+25% YoY); 34% Q1'26 revenue growth was the standout segment.
Freight	~10% (Q1'26: $1.34bn of $13.20bn)	Digital freight brokerage matching shippers with carriers; smallest and slowest-growing segment (+6% YoY). Loss-making at the segment-EBITDA level.

Geographic split is broadly: US & Canada ~50% of gross bookings, EMEA ~25%, Latin America ~12%, APAC ~13%. The customer base is roughly 80% consumer (ride and delivery) and 20% commercial (Freight shippers, Uber for Business corporate, Uber Direct merchants).

4. The Business Model

How a platform like Uber makes money. Uber earns a service fee (commonly called the "take rate") on every transaction across its three segments. On a $20 Mobility ride, Uber typically takes ~$5–$6 in service fees and pass-throughs (insurance, payment processing, regulatory fees); on a $30 Delivery order it takes ~$8–$10. Aggregate take-rate on gross bookings was approximately 26.9% in FY2025 ($52.0bn revenue / $193.5bn bookings) — up from 23.5% in 2022 as Mobility scaled and the company recognises more insurance recoveries in revenue.

Unit economics. FY2025 GAAP operating margin was 10.7% of revenue (or 2.9% of gross bookings); adjusted EBITDA margin 16.8% of revenue (4.5% of bookings). Mobility segment-EBITDA margin was 12.5% of bookings, Delivery 3.9%, Freight slightly negative. The capital-light model means capex of just $336m on $52bn of revenue, generating an FCF conversion of ~94% of adjusted EBITDA.

Moat. Three layers: (1) Network density — in a mature city, more drivers means shorter wait times, which means more riders, which means more drivers. This is hard to replicate at scale: Lyft remains the only US Mobility competitor and is ~25% of Uber's scale. (2) Cross-product flywheel — Uber One ($9.99/month) ties Mobility, Delivery and Grocery together; members now generate half of platform gross bookings and have higher retention. (3) Data and routing — 75 billion historical trips have trained Uber's matching, pricing and ETA algorithms over 16 years.

Subsidies / regulatory credits. Uber does not receive material government subsidies. The structural debate is the reverse: should Uber's reclassification costs (insurance, paid sick leave, healthcare contributions to drivers) be funded by the company, the rider, or the state? Each jurisdiction is answering differently — CA Prop 22 (driver as IC with benefits), EU PWD (presumption of employment), UK Supreme Court (worker status). The economic effect can be 100–300 bps of margin per affected market.

Autonomous-vehicle economics. When a robotaxi replaces a human driver, the unit economics flip: Uber's take-rate on a Waymo trip in Phoenix is approximately equal to a normal trip, but Uber no longer pays the driver. Effective take-rate per AV ride is therefore much higher — the rest goes to the AV fleet operator (Waymo/Lucid/Hertz). The bull case is that Uber retains the customer relationship and brand at higher unit profitability. The bear case is that AV operators eventually build their own consumer apps and disintermediate the aggregator.

5. Financial Health

All figures below are taken directly from the Uber Q4 2025 / FY2025 Earnings Release (4 February 2026), Q1 2026 Earnings Release (6 May 2026), and SEC Form 10-K / 10-Q filings. Historical revenue, net income, EPS and long-term debt sourced from SEC EDGAR XBRL companyfacts (us-gaap LongTermDebtNoncurrent, Revenues, NetIncomeLoss, EarningsPerShareDiluted).

Five-year trend (fiscal year ended 31 December):

Fiscal year	Revenue ($bn)	YoY %	GAAP EPS (diluted)	Adjusted EPS	Dividend/share	Long-term debt (YE, $bn)
FY2021	17.45	+57%	$(0.29) loss	n/a	—	9.28
FY2022	31.88	+83%	$(4.65) loss	n/a	—	9.27
FY2023	37.28	+17%	$0.87	$0.62	—	9.46
FY2024	43.98	+18%	$4.56 (incl. $6.4bn tax benefit)	$1.82	—	8.35
FY2025	52.02	+18%	$4.73 (incl. $5.0bn tax benefit)	$2.45	—	10.52

Quarterly trend (most-recent first):

Quarter	Revenue ($bn)	Adjusted EPS	GAAP EPS (diluted)
Q1 2026	13.20 (+14% YoY)	$0.72 (+44%)	$0.13 (incl. $1.5bn equity-revaluation hit)
Q4 2025	14.37 (+20%)	$0.71 (+27%)	$0.14 (incl. $1.6bn equity-revaluation hit)
Q3 2025	13.47 (+20%)	$0.71 (+34%)	$1.20
Q2 2025	12.65 (+18%)	$0.63 (+33%)	$1.04
Q1 2025	11.53 (+14%)	$0.50 (+139%)	$0.83
FY2025 total	52.02	$2.45	$4.73

Cash flow, balance sheet and capital return (FY2025, per Q4 2025 release):

• Operating cash flow: $10.10bn (FY2024: $7.14bn) — up 42% YoY
• Capital expenditure: $336m (FY2024: $242m)
• Free cash flow: $9.76bn (FCF formula = operating cash flow minus capex; both lines from the consolidated cash flow statement)
• Gross bookings: $193.5bn (+19% YoY)
• Adjusted EBITDA: $8.73bn (+35% YoY)
• Cash, cash equivalents and short-term investments: $7.63bn at year-end ($7.11bn cash + $0.53bn ST investments)
• Long-term debt (noncurrent): $10.52bn (FY2024: $8.35bn) — per balance sheet line "Long-term debt, net of current portion"
• D&A (FY2025): $719m (from cash flow statement)
• Tax benefit: FY2025 benefit from income taxes was $4.35bn including a $5.0bn release of deferred tax valuation allowance — not recurring
• No dividend currently; share-buyback authorisation in place

Note: Uber does not report a traditional gross margin (it is a marketplace, not a goods seller). The relevant operating metric is "take-rate" (revenue/gross bookings); see Section 4 for unit economics.

6. Valuation & Market Data

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Share price (17 May 2026)	$75.00
Market cap	~$152.9bn
Enterprise value	~$155.8bn (market cap $152.9bn + total debt ~$10.6bn − cash & ST investments $7.63bn per FY2025 balance sheet)
Trailing P/E (GAAP)	~15.9x ($75 / FY2025 GAAP EPS $4.73) — note: distorted upward by $5bn tax-valuation-release benefit; underlying GAAP EPS ex-tax-benefit ~$2.40
P/E (forward)	~20.3x (consensus FY2026 GAAP EPS ~$3.70 on normalised tax rate)
P/S (TTM)	~2.94x (market cap $152.9bn / FY2025 revenue $52.02bn)
EV/EBITDA (TTM)	~17.9x (EV $155.8bn / FY2025 Adjusted EBITDA $8.73bn); ~24.8x on a GAAP basis using EBITDA = GAAP operating income $5.57bn + D&A $719m
P/FCF	~15.7x (market cap $152.9bn / FY2025 FCF $9.76bn; FCF = operating cash flow $10.10bn − capex $336m per FY2025 cash flow statement)
EV / Gross Bookings (TTM)	~0.81x (EV $155.8bn / FY2025 gross bookings $193.5bn) — useful platform comparator
52-week high	$101.99
52-week low	$68.46
Current vs 52-week range	~10% above 52w low; ~26% below 52w high
Short interest (% of float)	~2.6–2.8% (~52–56m shares short, latest FINRA report)
Days to cover	~2.6 days
Dividend yield	0% (no dividend declared)
Shares outstanding	~2.04 billion (basic)

7. What Are They Building / What's Coming?

Uber's 2026 product roadmap and investment programme is centred on autonomous-vehicle deployment, deeper monetisation of the Uber One membership flywheel, and continued expansion of Delivery and adjacencies (Grocery, Uber Direct). Per management's published statements at GO-GET (Uber's product event), Q1 2026 earnings, and subsequent press releases:

• Multi-partner AV strategy — $10bn+ committed. Uber's autonomous tech partnerships span Waymo and Nuro (US), Baidu and WeRide (Middle East), Momenta and Wayve (Europe), and manufacturers Rivian, Stellantis, Mercedes-Benz, Foxconn and Lucid for vehicle production. Target: AV rides in 15 cities by end-2026; "world's largest facilitator of AV trips" by 2029.
• Lucid + Nuro robotaxi launch (late 2026, San Francisco Bay Area). Uber-exclusive robotaxi using Lucid Gravity SUVs with Nuro's self-driving software. Uber has committed to at least 35,000 Lucid Gravity vehicles (raised from 20,000 originally). Nuro received its California driverless permit in May 2026.
• Hertz fleet management partnership (announced 29 Apr 2026). Hertz (via new affiliate Oro Mobility) will provide charging, maintenance, cleaning and depot staffing for the Uber robotaxi fleet — resolving the operational "last mile" of AV deployment. Initial focus on Lucid/Nuro vehicles; expansion to other AV partners planned 2027.
• Waymo on Uber (current). Waymo robotaxis remain bookable through the Uber app in Phoenix and Austin. The relationship is increasingly competitive — Waymo also operates its own consumer app in many of the same cities and has partnered with Lyft in Nashville. Uber's strategy is "be the demand layer; do not depend on Waymo."
• Uber One growth. 50 million members at Q1 2026; members now drive 50% of platform gross bookings across Mobility and Delivery. Member ARPU and retention materially higher than non-members. International rollout continuing.
• Delivery breadth. Grocery, retail (Uber Direct merchant logistics), alcohol (Drizly) all scaling; Delivery Q1 2026 revenue grew 34% YoY. Travel-integration features (Uber Travel) launched at GO-GET allow trip-stitching across rides, flights and accommodation.
• Q2 2026 guidance (issued 6 May 2026): Gross bookings constant-currency growth of 18%–22%; non-GAAP EPS $0.78–$0.82 (+31% to +38% YoY); adjusted EBITDA $2.70bn–$2.80bn.
• R&D investment areas: AI for matching, dynamic pricing, fraud detection; payments stack; Mexico/Latam expansion; Freight automation.

8. Competitive Landscape

Uber competes with traditional ride-hail rivals (Lyft, DiDi, Bolt, Ola), with autonomous-only operators (Waymo, Tesla Robotaxi, Zoox), with food-delivery specialists (DoorDash, Just Eat Takeaway, Deliveroo), with freight digital brokers (Convoy [defunct], CHRW, Echo Global), and with public transit and personal vehicle ownership. The 2026 competitive question is whether Waymo's consumer app or Tesla's robotaxi service eventually disintermediate Uber's aggregation layer in major US cities.

Peer	Market Cap (May 2026)	FY2025 Revenue	P/E (TTM, May 2026)	Primary product / differentiator
Lyft (NASDAQ: LYFT)	~$8bn	~$6.0bn (per FY2025 10-K)	~30x	US-only ride-hail; partnered with Waymo in Nashville for AV; ~25% of Uber's Mobility scale; bikes & scooters legacy.
DoorDash (NASDAQ: DASH)	~$95bn	~$11.7bn (per FY2025 10-K, estimated)	~70x	US-focused food-delivery leader with ~60% domestic restaurant-delivery share; DashPass subscription parallels Uber One.
Waymo (within Alphabet GOOGL)	(GOOGL ~$2.0tn)	Not disclosed; ~25m paid rides 2025	(GOOGL ~24x)	Autonomous-only ride-hail; ~3,000 Jaguar I-PACE robotaxis across 11 US cities; targeting 1m weekly rides by YE 2026.
Tesla Robotaxi (within Tesla TSLA)	(TSLA ~$900bn)	Not disclosed; ~25 unsupervised vehicles in 3 Texas cities	(TSLA ~85x)	FSD-based robotaxi; production Cybercab launched Apr 2026; vertical integration of vehicle + software; subscale today but credible 2027–2028 risk.
DiDi Global (private/ADRs)	~$25bn (private mark)	~$28bn (FY2024, latest available)	(private)	China & Latam ride-hail; Uber holds ~12% equity stake (legacy from 2016 China exit); reports limited public financials.

Policy impact — EU Platform Work Directive. The EU PWD (adopted October 2024, with transposition deadlines through December 2026) creates a presumption of employment for platform workers in certain member states, with the burden of proof shifting to the platform. Uber estimates this is most material in France, Germany, Spain and the Netherlands; the company has stated it expects to absorb the costs through pricing rather than business-model exit. UK Supreme Court 2021 worker-status ruling already applied; California Prop 22 remains in force but is under continuing litigation.

9. Leadership and Ownership

CEO: Dara Khosrowshahi — CEO since August 2017. Previously CEO of Expedia (2005–2017), where he built it into the world's largest online travel agency. Hired by the Uber board to replace co-founder Travis Kalanick. Has overseen the company's IPO (May 2019), exits from China and South-East Asia ride-hail, transition to GAAP profitability (2023), and the current AV strategy. Owns ~982,544 shares directly (~$74m at $75/share).

CFO: Balaji Krishnamurthy — promoted to CFO in March 2026 from VP Finance & Strategy. Replaced Prashanth Mahendra-Rajah, who left after a short tenure. Has been at Uber for 9 years; previously at General Catalyst and Citi.

Board Chair: Ronald Sugar (Independent, former Northrop Grumman CEO); led the board through the Khosrowshahi appointment and the post-IPO governance transition.

Key executives:

• Andrew Macdonald — SVP & President of Mobility & Business Operations
• Pierre-Dimitri Gore-Coty — SVP, Delivery
• Lior Ron — President, Uber Freight
• Sundeep Jain — Chief Product Officer
• Nikki Krishnamurthy — SVP & Chief People Officer
• Tony West — SVP, Chief Legal Officer & Corporate Secretary

Insider ownership: Combined directors and officers hold approximately 1% of shares outstanding. No founder remains in management (Travis Kalanick exited the board in 2019). Khosrowshahi's ~983k direct shares plus vested options/RSUs make him the largest individual insider holder.

Major institutional holders (per 13F filings in latest reporting period): Vanguard (~9%), BlackRock (~7%), Morgan Stanley, FMR (Fidelity), Capital Research, Saudi Public Investment Fund (~5%, legacy from 2016 investment). Total institutional ownership is approximately 80% of float.

Recent insider transactions (from SEC Form 4 filings, last ~90 days):

Name	Date	Type	Shares	Price	Value	Plan Type
David Trujillo (Director)	04 May 2026	RSU vest	5,415	n/a	(M-code derivative)	RSU
Balaji Krishnamurthy (CFO)	16 Apr 2026	RSU vest / tax withholding	4,392 (2,255 withheld)	$76.48	~$335,800 (gross)	RSU
Ursula M. Burns (Director)	10 Apr 2026	RSU grant	322	n/a	RSU Deferral Program	RSU
Balaji Krishnamurthy (CFO)	Mar 2026	RSU/options grant	42,482 + 67,971 + 97,993 options	n/a	(CFO promotion grant)	RSU/Options
Dara Khosrowshahi (CEO)	02 Mar 2026	RSU grant	97,879	n/a	(4-year vest)	RSU
Dara Khosrowshahi (CEO)	Feb 2026	Performance RSU vest	389,041	n/a	(Mar 2023 grant)	RSU

Net insider activity in 2026: predominantly RSU vesting and equity-compensation grants. No discretionary open-market purchases by named executive officers in the reporting period; small disposals are limited to tax-withholding share withholding on RSU vesting events.

10. Risks and Challenges

• Autonomous-vehicle disintermediation (Strategic): Waymo and Tesla both operate consumer-facing AV apps in some Uber markets. If consumers learn to bypass Uber for AV rides, the aggregator margin compresses on the most-profitable Mobility geographies.
• Equity-investment volatility (Financial): ~$9.2bn of equity-method and non-marketable investments (DiDi, Aurora, Joby, others). FY2024 saw +$1.8bn revaluations; FY2025 −$0.1bn; Q1 2026 −$1.5bn. GAAP EPS will continue to swing with these marks.
• Tax-benefit normalisation (Financial): FY2024 GAAP NI included a $6.4bn tax-valuation-release benefit; FY2025 included $5.0bn. Effective tax rate will rise materially in FY2026 once valuation allowances are exhausted, compressing reported GAAP earnings.
• Driver-classification regulation (Regulatory): EU PWD, UK worker-status rulings, US state-level proposals (NY, NJ, MA, WA) all increase the probability that Uber must reclassify some drivers as employees with associated benefits costs.
• Insurance cost inflation (Operational): Long-term insurance reserves grew to $9.4bn (Q1 2026) from $7.0bn (Q4 2024) — driven by tort-reform setbacks in some US states and rising bodily-injury claim severity. A 100 bp move in reserve assumptions can be a multi-hundred-million-dollar income statement event.
• Cyber and platform security (Operational): Uber suffered a high-profile breach in 2022 disclosed extensively to the SEC; ongoing FTC consent decree. Any further significant incident would trigger regulatory and customer-trust damage.
• Take-rate management vs. driver supply (Operational): Aggressive take-rate increases lift margin but reduce driver supply, lengthening wait times and ultimately reducing demand. Q1 2026 disclosed "business-model changes" that reclassified ~9 percentage points of revenue growth — investors will need to watch true take-rate trends.
• Macro / consumer-discretionary exposure (Macro): Mobility is more discretionary than essential; a US recession would compress trip frequency. Delivery has shown more resilience in past slowdowns.
• Cross-border tax disputes (Regulatory): Multiple jurisdictions (UK, NL, Brazil) have litigated VAT or income-tax positions; ongoing exposure of several hundred million dollars in aggregate.
• Concentration in North America (Geographic): ~50% of gross bookings from US & Canada; CA Prop 22 dependency means a Supreme Court reversal of the proposition would be a material cost event.
• Capital allocation to AV (Financial): The $10bn+ AV commitment is meaningful relative to FY2025 FCF of $9.8bn. Any AV partner project failure or write-down would damage both the balance sheet and the strategic narrative.
• Key-person concentration (Operational): Khosrowshahi has been CEO since 2017; his departure would create execution risk during the AV transition.

11. Recent Developments

• 15 May 2026 — Uber commits $10bn+ to non-Waymo robotaxi partnerships. Press coverage characterised the disclosure as "Uber turns on Waymo" given the increased emphasis on alternative AV stacks (Lucid/Nuro, Wayve, WeRide).
• 08 May 2026 — Nuro secures California driverless permit. Required regulatory step for the late-2026 Lucid Gravity / Nuro robotaxi launch in the SF Bay Area.
• 06 May 2026 — Q1 2026 earnings. Revenue $13.20bn (+14% YoY, +10% constant-currency); GAAP EPS $0.13 (−85% on equity revaluation hit); non-GAAP EPS $0.72 (+44%); adjusted EBITDA $2.48bn (+33%); FCF $2.29bn. Q2 2026 guidance: bookings +18%–22% CC, adj EBITDA $2.70–$2.80bn. Shares jumped 8%+ on the guide.
• 04 May 2026 — Uber reaches 50m Uber One members. Disclosed at Q1 2026; members generate ~50% of platform gross bookings.
• 29 Apr 2026 — Hertz / Oro Mobility partnership announced. Hertz to provide fleet operations (charging, maintenance, cleaning) for Uber robotaxi fleet starting with Lucid Gravity vehicles. Hertz shares rose ~22% on the day.
• 02 Mar 2026 — CEO Khosrowshahi RSU grant; CFO Balaji Krishnamurthy appointed. Khosrowshahi awarded 97,879 RSUs vesting over four years.
• 04 Feb 2026 — FY2025 results. Revenue $52.02bn (+18%); GAAP operating income $5.57bn (+99%); GAAP NI $10.05bn (incl. $5.0bn tax benefit); FCF $9.76bn (+42%); 13.57bn trips; 199m MAPCs by Q1 2026.

12. Key Dates Coming Up

• 05 Aug 2026 — Q2 2026 earnings release (expected; before market open per prior cadence)
• 30 Sep 2026 — End of Q3 2026; first quarter to potentially include any initial Lucid/Nuro robotaxi trips at very limited scale
• 04 Nov 2026 — Q3 2026 earnings release (expected)
• 31 Dec 2026 — Targeted live launch window for Uber-exclusive Lucid/Nuro robotaxi service in SF Bay Area; 15-city AV target
• 03 Feb 2027 — Q4 2026 / FY2026 earnings release and FY2027 guidance (expected based on prior-year cadence)
• 15 Mar 2027 — Next major RSU/performance-share vesting date for CEO; relevant to share-supply dynamics

For the live macro and rate-cut calendar relevant to Uber's consumer-discretionary exposure, see the ChartsView Economic Calendar. For interactive technical analysis of UBER and US mobility peers, use ChartsView Live Charts. Discuss this report and share your view in the ChartsView Forum.

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