Uber — research brief

Slug: uber
Date: 2026-09-21
Industry: Mobility / Delivery (multi-product marketplace)
Accent: #000000

Label key

Primary sources

  1. Uber Q2 2026 earnings press release (Aug 5, 2026): https://investor.uber.com/news-events/news/press-release-details/2026/Uber-Announces-Results-for-Second-Quarter-2026/default.aspx
  2. Uber Q2 2026 prepared remarks PDF: https://s23.q4cdn.com/407969754/files/doc_earnings/2026/q2/transcript/Uber-Q2-26-Prepared-Remarks.pdf
  3. Uber One Help: https://help.uber.com/en/riders/article/what-is-uber-one?nodeId=84846d69-45b7-49e3-a8b6-ad23ea583c17
  4. Uber One marketing: https://www.uber.com/us/en/uber-one/
  5. IR hub: https://investor.uber.com/

Key FACTS (Q2’26 ended Jun 30, 2026)

Metric Value Source
MAPCs 208M (+16% YoY) IR PR
Trips 3.867B (+18% YoY) IR PR
Gross Bookings $58.022B (+24% / +22% CC) IR PR
Revenue $14.191B (+12% / +11% CC) IR PR
GAAP income from ops $1.890B (+30%) IR PR
Non-GAAP Operating Income $2.143B (+40%); 3.7% of GB IR PR
Adjusted EBITDA $2.819B; 4.9% of GB IR PR
Non-GAAP EPS $0.81 (+35%) IR PR
GAAP Diluted EPS $1.17 IR PR
Q2 Free cash flow $2.792B IR PR
TTM Free cash flow >$10B (first time) IR PR / prepared remarks
Unrestricted cash + ST investments $5.4B EoQ IR PR
Mobility GB / Rev / Seg OI $28.988B / $7.363B / $2.215B IR PR
Delivery GB / Rev / Seg OI $27.463B / $5.245B / $1.055B IR PR
Freight GB / Rev $1.571B / $1.583B IR PR
Drivers & couriers (Q2) Record 10.2M earned >$25B Prepared remarks
Uber One US list $9.99 / mo or $96 / year help.uber.com FACT
Q3’26 GB outlook $58.25–$60.25B (18–22% CC) IR PR guidance
Cost of revenue (ex D&A) $7.815B Q2 Statements in PR
S&M / R&D / G&A / Ops&support $1.515B / $1.043B / $935M / $805M Statements

Model read (teaching arc)

Pay-as-you-go Mobility → Delivery (Eats / grocery / retail) → Uber One ($9.99/$96) → Uber for Business / Freight → take-rate on Gross Bookings → AV + cross-platform Super App.

Two-sided marketplace: riders/eaters pay; Drivers/couriers and merchants supply capacity; Uber monetizes via service fees / take on Gross Bookings (Revenue Margin = Revenue / GB — cite IR definition, not invent a single take %).

Do not invent

# Uber — research brief

**Slug:** uber  
**Date:** 2026-09-21  
**Industry:** Mobility / Delivery (multi-product marketplace)  
**Accent:** `#000000`

## Label key
- **FACT** — company primary (IR press release, help.uber.com, product pages)
- **SECONDARY** — reputable press summarizing company disclosures
- **INFERENCE** — teaching connection (labeled; not a cited metric)

## Primary sources
1. Uber Q2 2026 earnings press release (Aug 5, 2026): https://investor.uber.com/news-events/news/press-release-details/2026/Uber-Announces-Results-for-Second-Quarter-2026/default.aspx
2. Uber Q2 2026 prepared remarks PDF: https://s23.q4cdn.com/407969754/files/doc_earnings/2026/q2/transcript/Uber-Q2-26-Prepared-Remarks.pdf
3. Uber One Help: https://help.uber.com/en/riders/article/what-is-uber-one?nodeId=84846d69-45b7-49e3-a8b6-ad23ea583c17
4. Uber One marketing: https://www.uber.com/us/en/uber-one/
5. IR hub: https://investor.uber.com/

## Key FACTS (Q2’26 ended Jun 30, 2026)
| Metric | Value | Source |
|---|---|---|
| MAPCs | 208M (+16% YoY) | IR PR |
| Trips | 3.867B (+18% YoY) | IR PR |
| Gross Bookings | $58.022B (+24% / +22% CC) | IR PR |
| Revenue | $14.191B (+12% / +11% CC) | IR PR |
| GAAP income from ops | $1.890B (+30%) | IR PR |
| Non-GAAP Operating Income | $2.143B (+40%); 3.7% of GB | IR PR |
| Adjusted EBITDA | $2.819B; 4.9% of GB | IR PR |
| Non-GAAP EPS | $0.81 (+35%) | IR PR |
| GAAP Diluted EPS | $1.17 | IR PR |
| Q2 Free cash flow | $2.792B | IR PR |
| TTM Free cash flow | >$10B (first time) | IR PR / prepared remarks |
| Unrestricted cash + ST investments | $5.4B EoQ | IR PR |
| Mobility GB / Rev / Seg OI | $28.988B / $7.363B / $2.215B | IR PR |
| Delivery GB / Rev / Seg OI | $27.463B / $5.245B / $1.055B | IR PR |
| Freight GB / Rev | $1.571B / $1.583B | IR PR |
| Drivers & couriers (Q2) | Record 10.2M earned >$25B | Prepared remarks |
| Uber One US list | $9.99 / mo or $96 / year | help.uber.com FACT |
| Q3’26 GB outlook | $58.25–$60.25B (18–22% CC) | IR PR guidance |
| Cost of revenue (ex D&A) | $7.815B Q2 | Statements in PR |
| S&M / R&D / G&A / Ops&support | $1.515B / $1.043B / $935M / $805M | Statements |

## Model read (teaching arc)
**Pay-as-you-go Mobility → Delivery (Eats / grocery / retail) → Uber One ($9.99/$96) → Uber for Business / Freight → take-rate on Gross Bookings → AV + cross-platform Super App.**

Two-sided marketplace: riders/eaters pay; Drivers/couriers and merchants supply capacity; Uber monetizes via service fees / take on Gross Bookings (Revenue Margin = Revenue / GB — cite IR definition, not invent a single take %).

## Do not invent
- Per-city take rates or private ARPU
- Exact Uber for Business contract pricing
- Exact AV fleet economics / Lucid deal terms beyond company-stated narrative
- Membership counts for Uber One