UBER earnings analysis
What we found in UBER's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Uber Technologies, Inc. reported Q1 2026 results with revenue of $13.2 billion, reflecting a 14% year-over-year increase. The company also saw a diluted EPS of $0.72, beating the estimated $0.70. However, the sharp decline in net income attributable to Uber Technologies, down 85% to $263 million, primarily due to a significant loss on equity investments, raised concerns about profitability moving forward.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increase of 14% YoY
- Uber's revenue reached $13.2 billion in Q1 2026, up from $11.5 billion in Q1 2025.
- EPS Surpassed Estimates
- Diluted EPS was $0.72, slightly beating the consensus estimate of $0.70.
- Mobility and Delivery Segment Growth
- Delivery segment revenue grew by 34% year-over-year to $5.1 billion, while Mobility grew 5% to $6.8 billion.
- Free Cash Flow Stable
- Free cash flow increased to $2.3 billion from $2.25 billion in the same quarter last year.
- Cash Position Strength
- Uber ended the quarter with $6.1 billion in unrestricted cash and investments.
- Operating Income Surge
- Operating income grew significantly to $1.9 billion, up from $1.2 billion in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 85% Drop in Net Income
- Net income fell to $263 million compared to $1.776 billion in Q1 2025, primarily due to a $1.5 billion loss on equity investments.
- UK Business Model Change Impact
- Changes in the business model in the UK adversely affected revenue by $1 billion.
- Regulatory Risks in Driver Classification
- Potential changes to legislation affecting driver classification could impose significant costs if drivers are required to be treated as employees.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.72
- Gross margin
- 39.6%
- Operating margin
- 14.5%
- Segment
- Mobility: $6.8 billion
- Segment
- Delivery: $5.1 billion
- Segment
- Freight: $1.3 billion
What they said about what is next.
The company anticipates gross bookings of $56.25 to $57.75 billion for Q2 2026, expecting a year-over-year revenue growth of 18% to 22%.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 13, 2026
- Uber’s 2025 Form 10-K emphasizes scale and platform synergies — the Company reports a global footprint in over 70 countries and more than 15,000 cities and highlights cross‑sell benefits (Uber One members 46 million as…
- 10-Q · August 6, 2025
- Uber reported Q2 2025 revenue of $12,651 million, up $1,951 million YoY (from $10,700 million) and up $1,121 million QoQ (from $11,530 million). Operating margin expanded to 11.5% (vs. 7.4% in Q2 2024) while diluted EPS…
- 10-Q · October 31, 2024
- Uber reported strong Q3 results: revenue of $11,188 million, up $1,896 million year-over-year (from $9,292 million) and up ~$488 million vs the prior quarter; operating income widened to $1,061 million and diluted EPS…
- 10-Q · May 8, 2024
- Uber reported first-quarter revenue of $10,131 million, up from $8,823 million a year earlier, and delivered positive operating income of $172 million versus an operating loss of $262 million in Q1 2023. Despite…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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