Uber shares fall 5.9% since the last earnings report, even as earnings beat expectations

Uber Technologies shares have slid about 5.9% since its last earnings report, according to a Yahoo Finance market update published June 5. The post attributed the weakness to an earnings versus revenue split, noting that Uber’s first-quarter earnings cleared the consensus estimate, while revenue came in short of expectations.

In its first-quarter update for the period ended March 31, Uber reported Non-GAAP EPS of 72 cents, up 44% year over year, and Non-GAAP operating income of about $1.9 billion, also up 42%. Non-GAAP results are adjusted to remove certain items management treats as non-recurring or not indicative of core performance. The company also said it generated $2.3 billion in free cash flow, which it defines as cash from operations minus capital expenditures. Uber’s gross bookings, a key top-line metric that reflects total payment volume before Uber’s take-rate, rose to $53.7 billion.

At the same time, Uber’s revenue growth rate and commentary underlined why investors may still have hesitated. Uber said revenue grew to $13.2 billion, but that “business model changes” lowered total revenue year-over-year growth by 9 percentage points (8 percentage points on a constant-currency basis). The company did not spell out in the earnings materials provided here what those specific business model changes were, only that they weighed on reported revenue growth.

Uber also highlighted that GAAP profitability included a meaningful non-operating factor tied to its equity investments. The company reported GAAP net income attributable to Uber of $263 million, and noted that results included a $1.5 billion pre-tax headwind from revaluations of equity investments. That distinction matters because GAAP (Generally Accepted Accounting Principles) figures are often more volatile for companies with large mark-to-market positions, while investors typically watch Non-GAAP measures for ongoing operating momentum.

For the quarter ahead, Uber issued guidance for Q2 2026. Management projected gross bookings of $56.25 billion to $57.75 billion and Non-GAAP EPS of 78 cents to 82 cents. It also said it expects the outlook to assume a roughly 2 percentage-point currency tailwind to total reported year-over-year growth. The guidance suggests the company expects continued expansion, but investors can react to whether forward revenue and margin assumptions match the latest consensus estimates.

Uber used the earnings call to emphasize its platform strategy. CEO Dara Khosrowshahi said Uber One reached 50 million members and that members were driving half of gross bookings across Mobility and Delivery. In management’s view, that subscriber momentum is intended to support recurring demand and improve the economics of the platform. At the same time, investors may be weighing whether the same product changes that support growth also depress reported revenue growth in the near term.

Looking forward, the immediate question for the stock is whether the next earnings cycle shows revenue growth catching up to the company’s bottom-line progress, or whether “business model changes” continue to mask underlying demand. Beyond operating performance, shareholders will also be watching how the next earnings report compares with analyst consensus expectations and whether investors continue to revise their models for revenue, take-rate, and margins. Uber’s next scheduled earnings date is expected to fall in early August 2026, based on market estimates, but an exact date would be confirmed by the company closer to the event.