Uber Technologies reported second-quarter results showing gross bookings increased 22% year over year to more than $58 billion, surpassing the high end of guidance. Non-GAAP earnings per share climbed 35%, and the company achieved trailing 12-month free cash flow exceeding $10 billion for the first time. The results marked the company’s fourth consecutive quarter of growth above 20%, according to Chief Executive Officer Dara Khosrowshahi.
Autonomous vehicle deployment remains a central strategic priority for the company. Uber is currently operating in seven cities and targets expansion to 15 cities by year-end. The company outlined plans to invest approximately $10 billion in the autonomous vehicle ecosystem, including equity investments in autonomous-vehicle software partners and selective balance-sheet support for fleet operations. Uber has discussed commitments involving as many as 120,000 vehicles over the next several years. Multiple partners are expected to launch services across various markets, including operations planned for 2027 and 2028. The company is also establishing AV Labs to collect rideshare-specific data using robotaxi-grade sensors that could support multiple partners’ autonomous driving model development.
Delivery expansion through the planned Delivery Hero acquisition represents another major growth initiative. Uber expects the transaction to close in the second half of 2027 and anticipates moving Delivery Hero operations onto its global technology platform. The acquisition could nearly double the number of markets offering both mobility and delivery services, expanding reach to nearly 100 markets. However, integration planning and development is expected to occupy 2028, with primary technology migrations anticipated in 2029.
Mobility segment performance showed acceleration in the United States, driven by insurance savings, product innovation and expansion in less densely populated markets. Trip growth in Los Angeles and San Francisco meaningfully outpaced the rest of the country. However, mobility revenue margin declined nearly 500 basis points year over year, with approximately 400 basis points attributable to a United Kingdom business-model change. Brazil experienced competitive pressure in mobility trips amid increased competition for two-wheeler supply from food-delivery competitors. Uber repurchased approximately $3.5 billion of stock during the first half of 2026 but shifted capital allocation toward acquisition activity in the second quarter.
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