Uber reported a 14% year-over-year increase in first-quarter revenue, which fell slightly short of analyst expectations.
The company projected current-quarter gross bookings to reach a range of $56.25 billion to $57.75 billion, exceeding market forecasts.
Net income for the quarter was impacted by a $1.5 billion charge related to the revaluation of equity investments.
On January 22, 2026, Uber's CEO Dara Khosrowshahi spoke during an appearance on CNBC at the World Economic Forum in Davos, Switzerland.
The ride-hailing giant announced Wednesday that its Q1 revenue missed market expectations. However, its guidance for gross bookings significantly surpassed analyst predictions, leading to a 10% surge in its stock price following the earnings release.
A comparison of Wall Street expectations compiled by Refinitiv with Uber's actual performance:
Earnings per share: $0.13, compared to an expected $0.70. Revenue: $13.2 billion, compared to an expected $13.29 billion.
Uber stated that its net income was negatively affected by a $1.5 billion charge due to the fair value revaluation of equity investments. The company reported non-GAAP earnings per share of $0.72. Uber holds stakes in Asian mobility firms Didi and Grab.
Due to this pre-tax loss from the revaluation, net profit plummeted to $263 million from $1.78 billion in the same period last year. First-quarter revenue grew 14% year-over-year, increasing from $11.5 billion to $13.2 billion.
Delivery was Uber's fastest-growing segment, with revenue surging 34% year-over-year to $5.07 billion from $3.78 billion, beating the analyst consensus estimate of $4.89 billion.
The company cited strong growth in its delivery businesses in Australia, Japan, and the United Kingdom.
Overall revenue fell short of expectations primarily due to weakness in the Mobility segment. Revenue from this segment grew just 5% year-over-year to $6.8 billion, below market expectations of $7.11 billion.
In his prepared remarks for the earnings call, Uber CEO Dara Khosrowshahi noted the company is operating in a complex macroeconomic environment characterized by extreme weather disruptions, geopolitical tensions, and significant oil price volatility. Since U.S. military action against Iran began in February, U.S. oil prices have surged approximately 50%.
Rising fuel prices particularly impact Uber drivers who cover their own fuel costs. In late March, Uber introduced a driver fuel subsidy and several incentive programs, effective until the end of May.
Total trips on the platform reached 3.6 billion for the quarter. Gross bookings increased 25% year-over-year to $53.7 billion, exceeding market expectations of $52.8 billion.
For the second quarter, the company forecasts gross bookings between $56.25 billion and $57.75 billion, surpassing the consensus estimate of $56.17 billion.
Uber continues to invest in autonomous vehicle technology, planning to purchase autonomous vehicles from partners such as Waabi, Wayve, Rivian, and Nuro once their driverless cars pass safety validation and can operate without a safety driver.
Autonomous vehicle partners also include robotaxi service providers like Google's Waymo and China's WeRide. Their autonomous vehicles are expected to be integrated into the Uber platform for commercial service in the future.
Concurrently, Uber is commercializing services for the autonomous vehicle industry, including customized insurance, operational support, and training data.
To improve internal cost efficiency, Uber is broadly implementing AI to enhance research and development productivity and has slowed its hiring pace. The company disclosed that 95% of its engineers now use AI coding tools monthly, and over 10% of its code is now autonomously written by AI agents.
Uber management will hold an analyst conference call at 8:00 AM Eastern Time to discuss the quarterly results in detail.