Aug 5, 2026 earnings call — Record growth and Delivery Hero acquisition
Gross bookings grew 22% year-on-year to more than $58 billion.
Revenue $14.2B (est $14.2B) · EPS $0.81 (est $0.81)
Key quotes
"Our ambition is straightforward, to become the world's leading commercialization platform for autonomous vehicles."
"The combination is going to expand our reach to nearly 100 markets and extend the proven strategy that has underpinned our growth for years by roughly doubling the number of markets where we can offer the full power of our platform across mobility and delivery."
"I'll remind folks that only 20% of our consumers at this point use both Rides and Eats, and that's growing 1.5x faster than single product users as well."
Analyst Q&A 8
AV and delivery milestones and city launches
Q (Brian Nowak · Morgan Stanley): They asked what milestones and progress signs to expect in the next 12 months for mobility and delivery AV strategies.
A: Management said the main milestones are launches and the number of cities live, both with and without vehicle operators. They noted they are live in 7 cities and on track to be live in 15 cities by year-end, named several partner launches, and emphasized accelerating data collection, service quality and vehicle utilization. On delivery, they are testing sidewalk robots and pursuing drone partnerships to cut delivery times toward 10 to 15 minutes.
"So in terms of what the milestones we're looking at, the most important milestones are really launches and the number of cities that we are live in, both with vehicle operators and then without vehicle operators." — Dara Khosrowshahi (CEO)
Drivers of U.S. mobility growth and new users
Q (Eric Sheridan · Goldman Sachs): They asked what is driving the U.S. mobility acceleration and how much is permanent versus World Cup effects, and what is causing the strong first-time user momentum and whether it will sustain.
A: Management said the World Cup helped but the acceleration is broader and sustainable, driven by insurance tailwinds, product innovation and growth in sparse markets. They explained first-time user momentum comes from low-cost products like Wait & Save, growth in sparse markets, cross-platform usage (Rides to Eats), and new products like Women Preferred and Uber Teens.
"So low cost, it kind of introduces a whole new sector of consumers onto the platform, and then we can sell them up to the mainline as well." — Dara Khosrowshahi (CEO)
Brazil competition and Waymo partnerships
Q (Douglas Anmuth · JPMorgan): They asked about the competitive environment in Brazil and whether other markets need investment in Moto/low-cost products, and also asked for clarification on the Waymo relationship and Austin/Atlanta partnerships.
A: Management said Brazil is highly competitive, especially in food where rivals are chasing 2-wheeler delivery supply, shifting share toward delivery and pressuring trip volumes; they are moving incentives to the delivery side and continue to hold share. On Waymo, they called it a very important partner, said they continue to operate in Austin and Atlanta and expect to continue next year, while building relationships with many other AV partners; AV trip volume remains very small relative to total trips.
"So it's even less than 0.5% of our overall trip volume." — Dara Khosrowshahi (CEO)
AV regulation and headcount discipline
Q (John Colantuoni · Jefferies): They asked how evolving AV regulation affects adoption and expansion, and how the company is deciding on headcount additions versus reinvesting savings.
A: Management said AVs face real regulatory concerns—job loss, safety and congestion—and they engage with lawmakers to shape smart, sustainable regulation, even if that means moving deliberately. On headcount, they said they are disciplined, expect AI investments to raise productivity, and reported near 100% adoption of AI coding tools by engineers with measurable code output gains and some targeted 10% to 20% headcount reductions in parts of the company.
"We are seeing, at the moment, near 100% adoption with our engineers on AI-based coding tools." — Balaji Krishnamurthy (CFO)
$10B AV plan, Lucid, and take rates
Q (Justin Post · BofA): They asked how the $10 billion AV investment flows through the income statement and margins, for comment on Lucid's ability to meet vehicle commitments, and for thoughts on take rates.
A: Management said the $10 billion is a multiyear plan split between equity investments in AV software partners and selective balance-sheet support for fleet ops, real estate or OEMs, and that partners have raised additional capital alongside Uber’s investments. They said Lucid has a new CEO refocusing on fundamentals, they remain close partners and view Lucid’s vehicle program as strategic, and that mobility take-rate moves include a nearly 500 basis point year-on-year decline largely from a 400 basis-point U.K. business-model change while net take rate remains broadly stable.
"So far, for every dollar that we have invested, our partners have been able to raise an additional $2.50 from other investors." — Balaji Krishnamurthy (CFO)
AI effects on consumers and buyback timing
Q (Mark Stephen Mahaney · Evercore): They asked how much AI can improve the consumer experience and metrics, and when buybacks will return to more normal levels.
A: Management said AI improves experience in many small ways, citing Cart Builder where carts built with AI are often twice the size of non-AI carts, and that many small AI improvements will raise conversion, order size and relevance over time. On capital allocation, they said they generated just a little over $10 billion in free cash flow over the trailing 12 months, historically target about 50% for buybacks, have repurchased about $3.5 billion so far, deployed about $4 billion tactically for Delivery Hero-related purchases, and expect buyback levels to rebuild over months rather than years.
"And the effect there is consumers love it, the ones who use it, but also the size of those carts is often twice the size of kind of non-AI built carts." — Dara Khosrowshahi (CEO)
Integrating Delivery Hero and AV user trends
Q (Nikhil Devnani · Bernstein): They asked what lessons the company learned on integrations to apply to Delivery Hero, and what user engagement and retention look like in mature AV markets that compete with Uber.
A: Management said successful integrations require a clear hypothesis and plan; they expect to migrate Delivery Hero onto Uber's global tech platform, have a proven playbook, and are confident in the planned synergies. They added that AV market cohorts look strong—trip growth accelerated in San Francisco, L.A. and Phoenix in Q2 versus Q1 and category position is higher than a year ago—while the broader U.S. opportunity remains much larger than current AV cities.
"Where we are with Delivery Hero in particular, is that we have very high confidence on our integration plan." — Balaji Krishnamurthy (CFO)
AV lab work and delivery growth outlook
Q (Ross Sandler · Barclays): They asked what the new AV lab is building that complements partners, and for comments on organic delivery growth and the Q3 outlook given recent acquisitions.
A: Management said the AV lab is training end-to-end L4 models using rideshare-specific data by building out hundreds of cars with robotaxi-grade sensors to collect a high-fidelity superset of data for all partners. On delivery, they said they closed Trendyol Go in June 2025 and are lapping it in Q3, recently closed Getir which will add growth in Q3 and beyond, and that organic delivery is accelerating with strong U.S. and international trends and healthy third-quarter prospects despite inorganic timing effects.
"We're building out hundreds of cars that are riding in rideshare-specific scenarios with robotaxi-grade kind of sensors, and we're collecting kind of a super set of data that then we can provide to all of our partners." — Dara Khosrowshahi (CEO)