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Earnings Callsⓘ
Q1 2026May 6, 2026
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Earnings beat expectations, driven primarily by demand elasticity from insurance cost reductions, efficiency gains from autonomous vehicle (AV) and AI investments, and accelerated expansion of the membership ecosystem.
Gross Bookings grew 21%, Audience grew 17%; Non-GAAP EPS rose 44% year-over-year, twice the growth rate of Bookings; Uber One members surpassed 50 million, up 50% year-over-year.
Mobility Booking accelerated to 20%, Delivery grew 23% driven by Grocery and retail, and Freight resumed growth for the first time in nearly two years. AV Mobility trips increased more than 10x year-over-year, with over 30 partners and a target to cover 15 cities by year-end. Insurance cost savings of "hundreds of millions of dollars" drove U.S. Mobility acceleration, with particularly strong growth in Los Angeles. Hotel booking launched in partnership with Expedia, 10% of code generated by AI agents, and trip growth in sparse markets was twice that of core markets.
Management expects U.S. Mobility to accelerate throughout the year, with AI investment budgets "raised" but offset by slower headcount growth. U.S. Mobility trip growth is expected to continue accelerating.
Management "underestimates" the effect of AI investments but remains optimistic, while acknowledging intensifying competition in Europe (DoorDash, Prosus) and bottlenecks in AV scaling, including regulation and vehicle availability.