Uber Technologies reported first-quarter 2026 earnings on Wednesday morning that exceeded Wall Street expectations, sending shares sharply higher in pre-market trading. The ride-hailing and delivery giant posted gross bookings of $53.7 billion and revenue of approximately $13.2 billion, up 14% year over year, while issuing a Q2 gross bookings forecast of $56.25 billion to $57.75 billion — above the analyst consensus of $56.23 billion.
Shares jumped roughly 9.6% in extended trading to nearly $80, recovering from a closing price of $72.94 on Tuesday.
Demand Holds Amid Macro Uncertainty
The better-than-expected guidance signals sustained demand from U.S. commuters and travelers despite lingering concerns over geopolitical tensions in the Middle East and broader macroeconomic headwinds. Both the mobility and delivery segments showed double-digit growth in bookings, continuing trends established in Uber’s record fourth quarter of 2025, when gross bookings reached $54.14 billion.
Uber had guided Q1 gross bookings to a range of $52.0 billion to $53.5 billion, implying 17% to 21% constant-currency growth. The actual figure of $53.7 billion came in slightly above the high end of that range.
Robotaxi Expansion and Analyst Sentiment
Investors had been watching closely for updates on Uber’s autonomous vehicle partnerships. The company has been expanding its robotaxi operations through deals with Waymo, which surpassed 500,000 fully autonomous rides per week according to Alphabet CEO Sundar Pichai on a recent earnings call. Uber has also deepened partnerships with Waabi and Lucid for autonomous vehicle deployments.
Heading into the report, Wall Street broadly maintained a bullish stance on the stock. Of 39 analysts tracked by MarketBeat, 33 rated Uber a buy or strong buy, with an average twelve-month price target of $105.11. Separately, a survey of 33 analysts compiled by Public.com showed a consensus buy rating with an average target of $107.12.
The results mark a rebound from Uber’s Q4 2025 earnings miss, when adjusted EPS of $0.71 fell short of the $0.78 consensus, driven by margin pressure from the company’s strategy of offering more affordable rides to boost trip volumes.
