EARNINGS RESULTS · Q2 2026

Uber Q2 2026: Revenue Up 12.17%, Operating Margin 13.32%

Results for the quarter ended 2026-06-30 bring the business drivers and cash after investment into focus. Quarterly free cash flow was $2.79 bn. The dated assessment on 2026-10-08 was wait at a reference price of $68.45.

Uber · UBERPublished October 8, 2026Quarter ended June 30, 2026

Q2 2026: What the Quarter Delivered

Revenue: $14.19 bn
Revenue growth YoY: 12.2%
Operating income: $1.89 bn
Operating margin: 13.3%
Diluted EPS, GAAP: $1.17

Uber reported $14.19 bn of revenue in Q2 2026. Revenue rose 12.17% from the comparable prior-year quarter. Operating profit was $1.89 bn, with an operating margin of 13.32%. Reported diluted EPS was $1.17.

The operating margin—the share of revenue left after operating expenses—improved against the comparable period but eased from the preceding quarter.

How Revenue Reached Operating Profit

The quarter's revenue and operating result imply an operating margin of 13.32%: $13.32 of operating profit for every $100 of revenue, before interest and tax.

Uber's operating margin has improved across the reported history, although it has fluctuated along the way.

What the Reported Earnings Include

Other non-operating income: $1.34 bn
GAAP net income: $2.42 bn
Diluted weighted-average shares: 2.05 bn shares

Q2 2026 GAAP net income was $2.42 bn. Other non-operating income was $1.34 bn.

Our subjective model therefore starts with operating profit and applies assumed recurring interest expense and normalized taxes.

Cash Left After Investment

Operating cash flow: $10.42 bn
Cash flow after reported cash capital purchases: $10.12 bn
Quarterly operating cash flow: $2.86 bn
Quarterly cash CapEx: $0.07 bn
Quarterly OCF less cash PPE purchases: $2.79 bn

In Q2 2026, operating cash flow of $2.86 bn less cash capital expenditure of $0.07 bn left $2.79 bn of free cash flow. Operations funded cash investment and left cash after that spending.

Strong cash generation does not, by itself, establish how the proposed takeover will be funded or how much cash the combined business will retain.

The Verdict Recorded on 2026-10-08

Verdict Invest recorded wait on 2026-10-08, using a reference price of $68.45 dated 2026-10-07. This assessment relates to the Q2 2026 results, with a 12-month horizon and stated validity through 2026-11-07.

Confirmation to watch: Disclosure of acquisition financing terms that preserves balance-sheet flexibility.
Confirmation to watch: Evidence that platform growth can sustain operating margins without heavier participant incentives.
Confirmation to watch: A credible explanation of Delivery Hero integration costs and the combined business's ability to turn operating profit into cash.
Risk to this assessment: Persistent incentive pressure weakens operating margins despite revenue growth.
Risk to this assessment: Acquisition funding materially increases financing strain or shareholder dilution.
Risk to this assessment: Integration spending and investment commitments undermine the existing platform's cash-generation advantage.