It has been about a month since the last earnings report for Uber Technologies (UBER Quick QuoteUBER - Free Report) . Shares have added about 7.8% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Uber due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

UBER Q2 Earnings Beat Estimates

Uber Technologies reported mixed second-quarter 2026 results, wherein earnings surpassed the Zacks Consensus Estimate while revenues missed the mark.

Quarterly earnings of $1.17 per share, beat the Zacks Consensus Estimate of 83 cents by 41%. The figure surged 85.7% from 63 cents in the year-ago quarter. Revenues increased 12.2% year over year on a reported basis and 11% on a constant currency basis to $14.19 billion but missed the consensus estimate of $14.21 billion by 0.1%.

Adjusted EBITDA advanced 33% to $2.81 billion. Adjusted EBITDA margin as a percentage of gross bookings improved to 4.9% from 4.5%, highlighting faster earnings growth relative to platform transaction growth.

UBER's Bookings and Engagement Accelerate

Gross bookings grew 24% year over year on a reported basis and 22% year over year on a constant-currency basis to $58.02 billion, while trips increased 18% to 3.87 billion, reflecting expanding platform usage.

Mobility bookings rose 22% year over year on a reported basis and 20% on a constant currency basis to $28.98 billion, supported by continued demand for rides across Uber’s global platform.

Delivery gross bookings advanced 26% year over year on a reported basis and 25% on a constant currency basis to $27.46 billion, while Freight bookings increased 25% year over year on a reported basis as well as on a constant currency basis to $1.57 billion. Growth across all three offerings demonstrated the breadth of the company’s platform during the quarter.

Monthly active platform consumers, or users completing at least one Mobility ride or Delivery order in a month, increased 16% year over year to 208 million. Trips per monthly active consumer rose 2%, signaling higher engagement alongside user growth.

Uber's Mobility Growth Supports Profits

Mobility revenues increased 1% year over year to $7.36 billion and remained flat on a constant-currency basis. Business model changes limited reported revenue growth even as the underlying value of transactions completed through the platform expanded.

Mobility segment operating income climbed 28% year over year to $2.21 billion. The improvement showed that the company converted higher bookings and platform activity into stronger segment profitability.

The Mobility business remained Uber’s largest revenue contributor. Its profit growth also provided an important counterbalance to rising corporate general and administrative expenses and platform research and development spending.

UBER's Delivery and Freight Revenues Surge

Delivery revenues jumped 28% year over year on a reported basis and 26% on a constant-currency basis to $5.24 billion. The segment continued to benefit from higher order activity and growing consumer participation across the platform.

Delivery operating income surged 38% year over year to $1.05 billion. The growth rate exceeded the segment’s revenue increase, reflecting improved operating leverage as the business scaled.

Freight revenues rose 26% year over year on a reported basis and 25% on a constant-currency basis to $1.58 billion. The segment’s operating loss narrowed to $24 million from $26 million a year ago, indicating modest progress toward improved profitability despite continued losses.

Balance Sheet & Cash Flow

Uber exited the second quarter with cash and cash equivalents of $4.87 billion compared with $5.55 billion at the end of the prior quarter. Long-term debt, net of the current portion, was $10.7 billion, compared with $10.5 billion at the end of prior quarter.

Operating cash flow was $2.86 billion in the reported quarter. The free cash flow was $2.79 billion.

The company repurchased $518 million of common stock during the reported quarter.

Uber Issues Q3 Growth Outlook

For the third quarter of 2026, Uber expects gross bookings between $58.25 billion and $60.25 billion. The range implies constant-currency growth of 18-22%, with an anticipated currency headwind of roughly 1 percentage point to reported growth.

Non-GAAP earnings are projected between 84 cents and 88 cents per share, representing year-over-year growth of 28-35%. Adjusted EBITDA is expected in the range of $2.86 billion to $2.96 billion.Top of FormBottom of Form

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates review.

The consensus estimate has shifted 18.48% due to these changes.

VGM Scores

Currently, Uber has a nice Growth Score of B, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Uber has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.