Uber Technologies reported higher second-quarter revenue and profit Wednesday, driven by continued growth in its delivery business and record trip volumes, though shares came under pressure after the company issued third-quarter guidance that fell short of Wall Street’s expectations.

The ride-hailing and delivery company posted revenue of $14.19 billion for the quarter ended June 30, up 12% from $12.65 billion a year earlier, though the figure came in just below the $14.24 billion analysts had expected, according to estimates compiled by LSEG. Net income attributable to Uber climbed to $2.39 billion, or $1.17 per diluted share, up from $1.36 billion, or 63 cents per share, in the same period last year. That result included a $1.6 billion pre-tax benefit tied to the revaluation of Uber’s equity investments, a factor that makes the company’s adjusted, non-GAAP earnings a more direct measure of underlying operating performance. On that basis, Uber posted earnings of 81 cents per share, matching analyst expectations exactly.

Bookings and Trips Outpace Revenue Growth

Gross bookings, the total dollar value of rides, delivery orders and freight activity processed on Uber’s platform, rose 24% year over year to $58.0 billion, or 22% on a constant-currency basis, comfortably topping the $57.23 billion average analyst estimate. Total trips across the platform grew 18% to 3.87 billion, driven by a 16% increase in monthly active platform consumers, which reached 208 million during the quarter.

Uber’s core mobility segment generated $7.36 billion of the quarter’s revenue, with mobility gross bookings rising 22% year over year to $28.99 billion. The delivery segment contributed $5.25 billion in revenue, with delivery gross bookings jumping 26% to $27.46 billion, making it the fastest-growing major segment of the company’s business during the quarter. The company noted that revenue growth trailed bookings growth in part because business model changes reduced its reported and constant-currency revenue growth rates by roughly eight percentage points during the period.

Profitability Continues to Improve

Beyond the headline revenue and earnings figures, Uber highlighted continued expansion in its underlying profitability metrics. Adjusted EBITDA grew 33% to $2.82 billion, while non-GAAP operating income rose 40% to $2.14 billion, up from a year earlier. The company’s GAAP operating margin expanded to approximately 13.3% of revenue, up from 11.5% in the prior-year period, while non-GAAP operating income as a share of gross bookings rose to 3.7% from 3.3%.

Operating cash flow increased 12% to $2.86 billion, and after accounting for $70 million in capital expenditures, free cash flow reached $2.79 billion, up 13% from a year earlier. Chief Financial Officer Balaji Krishnamurthy said in a statement that the company’s trailing twelve-month free cash flow exceeded $10 billion for the first time in Uber’s history, a milestone he pointed to as evidence that the company continues to convert strong top-line growth into faster earnings and significant cash generation.

CEO Points to Record User Growth

Uber CEO Dara Khosrowshahi framed the quarter as further evidence of the company’s expanding platform advantage, saying in a statement that Uber’s platform advantage continues to compound, citing record consumers and engagement alongside profitable growth across the business. Khosrowshahi added that the company added more first-time users over the past twelve months than in any period over the past five years, and said Uber is investing from a position of strength as it works to accelerate its cross-platform strategy globally and build what he described as the world’s largest platform for autonomous vehicles.

Speaking separately about the company’s autonomous vehicle ambitions, Khosrowshahi said that as the industry shifts from proving the technology to commercializing it at scale, Uber is building one of the most valuable positions in the AV ecosystem. That comment came against a backdrop of some uncertainty in Uber’s autonomous vehicle partnerships, after the company and Waymo recently confirmed they would end their exclusive robotaxi arrangement in Atlanta and Austin, Texas, by early 2028, opening the door for Uber to pursue additional autonomous vehicle partners in those markets.

Guidance Falls Short of Expectations

Despite the quarter’s overall strength, Uber’s stock came under pressure following the release of its third-quarter outlook, which trailed Wall Street’s expectations on both bookings and earnings. The company projected third-quarter gross bookings in a range of $58.25 billion to $60.25 billion, with a midpoint of $59.25 billion that fell just short of the $59.33 billion analysts had been expecting. Uber also guided to non-GAAP earnings per share of 84 to 88 cents for the quarter, a range whose midpoint landed below the 89-cent average analyst estimate.

The relatively cautious forward guidance, paired with a quarter that saw revenue narrowly miss expectations even as bookings and profitability metrics beat forecasts, illustrated the mixed signals investors were left to weigh following the report, despite otherwise strong underlying operational performance across the company’s core mobility and delivery businesses.

Corporate Costs Rise Alongside Growth

Not every metric moved in Uber’s favor during the quarter. Corporate general and administrative expenses, along with platform research and development costs not directly attributable to individual business segments, rose 18% to $1.10 billion, up from $935 million a year earlier, reflecting the broader scale of investment underpinning the company’s growth initiatives, including its expanding push into autonomous vehicle technology. The company also noted that adjusted EBITDA, historically one of its most closely watched metrics, is no longer considered a key measure by management, as Uber continues transitioning toward newer non-GAAP measures for evaluating its performance going forward.

Uber hosted a conference call with analysts following the release of its results to discuss the quarter’s performance in greater detail, including further color on its third-quarter outlook and the company’s broader strategic priorities heading into the back half of 2026. With gross bookings and trip volumes continuing to significantly outpace reported revenue growth, and free cash flow generation reaching a new company milestone, investors are likely to continue closely watching how Uber balances its aggressive investment in areas like autonomous vehicles against the underlying profitability trends that have increasingly defined the company’s recent quarterly results.