Uber Technologies (UBER) Q2 FY2026 Earnings Call

Bottom line

The sleeper story isn't Delivery Hero, it's that EPS growth decelerated from 44% to 35% YoY even as bookings accelerated, while two of management's favorite KPIs from last quarter, Uber One and AV trip growth rate, either vanished or got swapped for a denominator game that makes AV penetration look smaller, not bigger. The obvious headline is a blowout quarter plus a transformative Delivery Hero deal, but the real binding constraint remains regulatory and partner-dependency risk in AV, visible in the shift from unconditional Waymo enthusiasm to explicit diversification language: 'we want to make sure that we're not dependent on one partner'. My view changes if next quarter Uber restates Uber One membership growth and gives an AV trip YoY growth rate using the same methodology as last quarter; if both stay dark, that's a pattern, not a coincidence.

The 30-second version

EPS growth is quietly decelerating while bookings accelerate, and the AV growth metric just got swapped out
Delivery Hero is the headline, but the real story is $4B of capital got diverted from buybacks to build a market stake before the deal was even announced
Uber One, the loyalty flywheel they touted every quarter as '50 million members growing 50%,' vanished from this call entirely

What changed this quarter

Metric	Q1'26	Q2'26	Change
Gross Bookings growth (YoY)	+21% YoY	+22% YoY, >$58B	+100 bps acceleration, 4th straight quarter >20%
Non-GAAP EPS growth (YoY)	+44% YoY	+35% YoY	900 bps deceleration despite faster bookings
Trailing 12M Free Cash Flow	Strong, no explicit TTM figure disclosed	>$10B TTM, first time in company history	New disclosed milestone
Share buybacks (in-quarter/YTD)	$3B returned in Q1	$3.5B YTD, down vs. ~50% of FCF target	Diverted to $4B DH stock purchases
Mobility operating income margin	'Record margins' (no explicit %)	7.6%	First explicit number given
Mobility take rate (YoY)	Not flagged as an issue	Down ~500 bps YoY, ~400 bps from UK model reclass	Reclassification distorting optics
AV live cities	On track for 'up to 15 cities by end of year'	Live in 7, 'on track' for 15 by year-end	Behind pace, reiterated target
AV trip growth (YoY)	'Grew more than 10x year on year'	No rate given; absolute 'hundreds of thousands of trips per week' vs. 300M total	Rate metric disappeared, replaced with denominator game
Uber One membership/growth	50M members, +50% YoY, >50% of bookings	Not disclosed; mentioned once re: DH deal only	Metric dropped entirely
Sparse market penetration (US)	Framed qualitatively as 'early innings'	<10% of eligible consumers used Uber in sparse markets vs. >50% in dense	First quantification of TAM gap

Accountability tracked

5 new promises made5 narrative shifts flagged2 prior promises scored

Inside the full report

The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.

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Uber Technologies (UBER)

The 30-second version

What changed this quarter

Accountability tracked

Follow what management promises next