Uber Technologies Inc saw its stock jump roughly 7.75% in morning trading after the company released first-quarter 2026 results ahead of the market open. Investors reacted to a combination of profit beats, ambitious forward bookings guidance and an aggressive share repurchase program.
Operationally, Uber reported a 20% year-over-year increase in trips and gross bookings growth of 21% on a constant currency basis. The company posted a record GAAP income from operations of $1.9 billion. On an adjusted basis, non-GAAP earnings per share reached $0.72, a 44% increase from the prior year.
Uber offered guidance for the current period's gross bookings in a range that management said would likely reach $56.25 billion to $57.75 billion, a level the report notes exceeds analysts' expectations. That forward view, combined with the quarter's results, was cited by market participants as a key driver of the share move.
Several corporate actions amplified investor enthusiasm. The company executed $3.0 billion in share repurchases during the quarter, more than doubling the $1.8 billion returned in Q1 2025. Insider buying also caught attention: six directors made coordinated purchases of restricted stock units and common stock on May 5-6, 2026, acquiring in total more than 24,000 shares.
The delivery division - identified in the results as the fastest-growing part of the business - generated $5.07 billion in revenue, a 34% increase year-over-year, topping the average analyst estimate of $4.89 billion. Management highlighted progress in autonomous initiatives as another positive pillar. CEO Dara Khosrowshahi told analysts that he expects tailwinds to continue as the company targets Waymo services in 15 cities by the end of 2026.
Company leadership framed the quarter as a clear pivot toward earnings quality, even while acknowledging external pressures. CEO Khosrowshahi said the business delivered amid what he described as "a complex backdrop marked by war and weather," producing results at or above the high end of guidance for both top line and profitability.
Uber's fiscal statements were reinforced by commentary from the finance team. CFO Balaji Krishnamurthy stated the company was "off to an exceptional start to 2026, with Gross Bookings growth exceeding 21% for the third consecutive quarter and earnings scaling at more than twice our topline." That message underlined management's point that earnings are accelerating faster than revenue.
Macro conditions played a supporting role in the stock move. U.S. equity benchmarks rallied on the day, with the S&P 500 up 1.12%, the Dow Jones rising 1.20% and the NASDAQ climbing 1.38%.
Summing up, the market response reflected a cluster of favorable elements - a pronounced earnings beat, record operating profit, a $3.0 billion buyback and above-consensus guidance for gross bookings - which together pushed shares to their highest intraday level in weeks.
Key points
- Uber reported record GAAP operating income of $1.9 billion and non-GAAP EPS of $0.72, up 44% year-over-year.
- Gross bookings guidance for the current period of $56.25 billion to $57.75 billion topped analyst expectations; gross bookings grew 21% year-over-year on a constant currency basis.
- Delivery revenue rose 34% to $5.07 billion, beating the average analyst estimate of $4.89 billion; the company also repurchased $3.0 billion in stock during the quarter.
Risks and uncertainties
- Revenue growth challenges remain a noted issue even as profitability improves, a dynamic that could affect expectations for future topline expansion - impacting ride-hailing and delivery sectors.
- Management acknowledged external pressures such as war and weather, which create ongoing uncertainty for top-line performance and operational stability across transportation and delivery services.
- Forward guidance and strategic initiatives, including autonomous services expansion, depend on execution and timing; any delays could influence investor sentiment in mobility and autonomous technology markets.