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Uber Technologies Goes All-In On AVs — Can 15 Cities Change The Growth Story?

Uber Technologies reported a strong start to 2026 with notable growth across its diverse business segments amid a challenging global environment. Gross bookings increased by 21% year-over-year, driven by a 20% acceleration in Mobility bookings with record margins, 23% growth in Delivery led by grocery and retail, and a return to growth in the Freight segment for the first time in nearly two years. Audience growth of 17% and high engagement contributed to this broad-based expansion. Profitability improved significantly, with non-GAAP earnings per share rising 44%, outpacing booking growth. This was attributed to disciplined cost management and operating leverage. Free cash flow generation was strong, enabling a record $3 billion in share repurchases in the quarter. Uber One membership surpassed 50 million members globally, a 50% year-over-year increase, driving over half of bookings and higher retention rates.