Uber Technologies Inc. (UBER) Q2'26 Earnings First Take

Equity Research 5 August 2026 | 8:09AM EDT

Uber Technologies Inc. (UBER): Q2’26 Earnings First Take

Based on our first read of the earnings materials, we expect a muted to slightly Eric Sheridan | negative reaction to Uber’s Q2’26 earnings report with overall revenue slightly below Goldman Sachs & Co. LLC Street estimates but both Gross Bookings and Adj. EBITDA (exceeding our estimates Julia Fein-Ashley and high end of guide) should be the longer term focus for investors as the earnings | julia.fein- report and call are digested. Our reading is that management is striking a Goldman Sachs & Co. LLC

constructive tone on underlying demand trends across the business, remaining Emma Huang | strong with data points around Uber for Business (Mobility) growing 40% YoY and Goldman Sachs & Co. LLC Grocery & Retail (Delivery) reaching a $15bn annualized run rate. On the topic of AVs, UBER mgmt stressed that they plan to invest more than $10bn toward autonomous vehicle commercialization, has AV operations in seven cities today, and expects to expand to as many as 15 cities by year-end. We would expect the conference call to focus on the current state of consumer spending habits, a focus on the explanation of trends in Brazil, framing of contribution to growth from new products/platform initiatives across Mobility & Delivery, the evolving autonomous vehicle ecosystem & any messaging on balance between growth investments and capital allocation.

Actuals vs. Estimates: Uber reported Q2 gross bookings of $58.02bn (vs. GSe at $56.82bn, Street (FactSet) $57.23bn), with Mobility at $28.99bn & Delivery at $27.46bn. Q2 total revenues were $14.19bn (vs. GSe $14.15bn & Street $14.24), with Mobility at $7.36bn, Delivery at $5.25bn & Freight at $1.58bn. Q2 Adj. EBITDA was $2.82bn (vs. GSe $2.66bn, Street $2.78bn) and non-GAAP EPS was $0.81 (vs. GSe of $0.79 and Street of $0.81).

Guidance vs. Street: Uber guided to Q3’26 total bookings of $58.25-60.25bn (which compares to GSe $60.07bn and Street $59.33bn) and Non-GAAP EPS of $0.84-0.88 (vs. GSe $0.91 and Street $0.87bn).

Valuation: Our $115 12-month price target is based on an equal blend of (1) EV/GAAP EBITDA applied to our NTM + 1 year estimates and (2) a modified DCF using EV/FCF-SBC multiple applied to our NTM + 4 years estimates discounted back 3 years.

Key risks to our Buy rating include: a) Slower growth in Mobility due to demand elasticity, maturation, competition from Autonomous Vehicles, etc.; b) Regulatory environment around driver classification (incl. compensation, benefits, etc.), merchant commission caps, ESG, etc.; c) Competitive forces in both Mobility and Delivery (incl. local commerce/logistics); d) Normalization of consumer discretionary

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Goldman Sachs Uber Technologies Inc. (UBER)

spend habits within Delivery; and e) volatility caused by the global macroeconomic environment and investor risk appetite for growth stocks.

UBER 12m Price Target: $115.00 Price: $71.99 Upside: 59.7%

Buy GS Forecast 12/25 12/26E 12/27E 12/28E Market cap: $149.9bn Revenue ($ mn) 52,017.0 57,896.5 66,918.4 76,226.1 Enterprise value: $147.6bn EBITDA ($ mn) 8,730.0 10,541.0 12,891.8 15,353.5 3m ADTV: $1.5bn EBIT ($ mn) 5,565.0 7,837.8 9,950.2 12,264.7 United States EPS ($) Americas Internet P/E (X) M&A Rank: 3 EV/EBITDA (X) FCF yield (%) Dividend yield (%) -- -- -- -- Net debt/EBITDA (X) 0.1 (0.2) (0.7) (1.6)

3/26 6/26E 9/26E 12/26E EPS ($)

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 4 Aug 2026 close.