Ride sharing and on-demand delivery platform Uber (NYSE: UBER) met Wall Street’s revenue expectations in Q2 CY2026, with sales up 12.2% year on year to $14.19 billion. Its non-GAAP profit of $0.81 per share was in line with analysts’ consensus estimates.
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Uber (UBER) Q2 CY2026 Highlights:
- Revenue: $14.19 billion vs analyst estimates of $14.24 billion (12.2% year-on-year growth, in line)
- Adjusted EPS: $0.81 vs analyst estimates of $0.80 (in line)
- Adjusted EBITDA: $2.82 billion vs analyst estimates of $2.77 billion (19.9% margin, 1.6% beat)
- Operating Margin: 13.3%, up from 11.5% in the same quarter last year
- Free Cash Flow Margin: 19.7%, up from 17.3% in the previous quarter
- Monthly Active Platform Consumers: 208 million, up 28 million year on year
- Market Capitalization: $146.5 billion
Company Overview
Notoriously funded with $7.7 billion from the Softbank Vision Fund, Uber (NYSE: UBER) operates a platform of on-demand services such as ride-hailing, food delivery, and freight.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Over the last three years, Uber grew its sales at a solid 16.4% compounded annual growth rate. Its growth beat the average consumer internet company and shows its offerings resonate with customers, a helpful starting point for our analysis.
This quarter, Uber’s year-on-year revenue growth was 12.2%, and its $14.19 billion of revenue was in line with Wall Street’s estimates.
Looking ahead, sell-side analysts expect revenue to grow 13.1% over the next 12 months, a deceleration versus the last three years. We still think its growth trajectory is attractive given its scale and indicates the market is baking in success for its products and services.
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Monthly Active Platform Consumers
User Growth
As a gig economy marketplace, Uber generates revenue growth by expanding the number of services on its platform (e.g. rides, deliveries, freelance jobs) and raising the commission fee from each service provided.
Over the last two years, Uber’s monthly active platform consumers, a key performance metric for the company, increased by 15.6% annually to 208 million in the latest quarter. This growth rate is among the fastest of any consumer internet business and indicates its offerings have significant traction. 
In Q2, Uber added 28 million monthly active platform consumers, leading to 15.6% year-on-year growth. The quarterly print isn’t too different from its two-year result, suggesting its new initiatives aren’t accelerating user growth just yet.
Revenue Per User
Average revenue per user (ARPU) is a critical metric to track because it measures how much the company earns in transaction fees from each user. This number also informs us about Uber’s take rate, which represents its pricing leverage over the ecosystem, or “cut” from each transaction.
Uber’s ARPU growth has been subpar over the last two years, averaging 1.6%. This isn’t great, but the increase in monthly active platform consumers is more relevant for assessing long-term business potential. We’ll monitor the situation closely; if Uber tries boosting ARPU by taking a more aggressive approach to monetization, it’s unclear whether users can continue growing at the current pace. 
This quarter, Uber’s ARPU clocked in at $68.23. It declined 2.9% year on year, worse than the change in its monthly active platform consumers.
Key Takeaways from Uber’s Q2 Results
It was great to see Uber increase its number of users this quarter. We were also happy its EBITDA outperformed Wall Street’s estimates. On the other hand, non-GAAP EPS guidance for Q3 was slightly below estimates. Overall, this was a mixed quarter. The stock traded down 3% to $69.91 immediately following the results.
So should you invest in Uber right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
