Uber Technologies, Inc. Q1 FY2026 earnings call

• Uber had an exceptional start to 2026 driven by strong execution and product innovation. Gross bookings up 21% y/y, audience grew 17%.
• Mobility, delivery, freight showed growth. Scaling growth profitably, non-GAAP EPS up 44%, strong free cash flow, returned $3B to shareholders via buybacks.
• Surpassed 50M Uber One members and 10M drivers/couriers globally. Go-Get event showcased expansion in everyday life across travel and local commerce.
• Progress on strategic priorities like autonomous, over 30 autonomous partners, av mobility trips up over 10x y/y, on track to be live in up to 15 cities by end of year.

Gross bookings were up 21% year on year. Mobility gross bookings accelerated to 20% with record margins. Delivery grew 23%, led by grocery and retail. Freight returned to growth. Non-GAAP EPS increased 44% year over year. Generated strong free cash flow and returned a record $3 billion to shareholders through buybacks. Over 50 million Uber One members and 10 million drivers and couriers globally.

Guidance reflects continued momentum, disciplined capital allocation, focus on durable, profitable growth. Confident in continued US mobility acceleration in 2026, as seen in LA and SF insurance cost savings translating to trip growth.

• Actual results may differ materially from forward-looking statements. Factors causing differences include those in press release, risks in Form 10-K and other SEC filings. Risks related to AV scaling like regulatory dialogue, fleet management, financing, insurance.
• Concerns about being abstracted away by personal agents reducing direct relationship with users.

Q: Talk about early benefits of insurance cost savings in LA and SF and confidence in US mobility acceleration in 2026, and Go-Get event's impact on shifting users to booking ahead.

A: On Go-Get, Uber Reserve grew, margins higher, satisfaction strong, expanding to more than airports. On insurance, hundreds of millions in savings expected, auto insurance renewals in March, improved rates, seeing elasticity and trip growth acceleration in CA, especially LA.

Q: Critical tech investments on consumer-facing side to tie services together, personalization, recommendation, agentic-driven behavior.

A: Importance of basics like reliability, selection. AI solves UI issues, allows users to interact as they want, drives cross-platform usage. AI used in card assistant, agent questions, upselling, predicting destinations. Cross-platform opportunity with $15B run rate gross bookings from mobility app to delivery, 30% of mobility consumers never used Eats yet.

Q: U.S. suburban delivery and Uber One growth drivers.

A: Suburban delivery early innings, growth in sparse markets, trip growth 2x faster in sparse vs core urban. Uber One 50M members, over 50% of bookings, growing 50% y/y, benefits like no delivery fees, credits, global benefits, new features, member days driving growth.

Q: AVS, Wemo launching in southern cities, progress with partners.

A: ABs huge opportunity, expect to be in 15 markets by end of year, no effect of Waymo launches on overall business, strong trends in markets with Waymo, driver earnings up, category position higher. Success in signing partners due to demand, utilization, Uber Autonomous Solutions helping partners.

Q: ROI framing, Santander deal.

A: ROI varies by product, looking for incremental audience, frequency, margins. Barbell strategy for mobility. Santander deal helps with AV scaling, ecosystem including financing, working with Santander innovatively, AV insurance cheaper than human insurance.

Q: AI spending, market share trends.

A: AI spending increased, used in many workflows, accelerator for employees. Delivery market share improving, investing in sparse markets, offensive in international markets, launched in Finland, top 10 markets showing good trends.

Q: AV bottlenecks, trip growth in SF and LA.

A: AV scaling blockers include more cars, safety, regulator dialogue. SF and LA trip growth due to insurance-driven goodness, category position expansion, expected acceleration in rest of year.

Q: Risk of marketplaces' direct relationship with users due to personal agents.

A: Uber building indispensable service, investing in agents and AI, seen interaction with agents as first use case. Confident majority of transactions come direct, seen similar theme in travel meta search where consolidated players accrued value.