管理層發言
Hello, and welcome to Uber's Q2 2026 Earnings Conference Call. I would now like to turn the conference over to Alaxandar Wang, Head of Investor Relations. You may begin.
Thank you, Sarah. Thank you for joining us today, and welcome to Uber's Second Quarter 2026 Earnings Presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi; and CFO, Balaji Krishnamurthy. During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com. Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our most recent Form 10-K and in other filings made with the SEC. We published our quarterly earnings press release, prepared remarks and supplemental slides to our Investor Relations website earlier today. We ask you to review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara. With that, let me hand it over to Dara.
Thanks, Alax. So Q2 was another outstanding quarter for Uber with record audience and engagement, driving durable growth, expanding margins and record cash generation. Gross bookings grew 22% year-on-year to more than $58 billion, above the high end of our guidance and marking our fourth consecutive quarter above 20% growth. Just as importantly, that growth translated into significant operating leverage with non-GAAP EPS growing 35% year-over-year and trailing 12-month free cash flow exceeding $10 billion for the first time in our history. Those results give us the ability to continue investing from a position of strength across our priorities. Our recently announced agreement to acquire Delivery Hero is a great example. The combination is going to expand our reach to nearly 100 markets and extend the proven strategy that has underpinned our growth for years by roughly doubling the number of markets where we can offer the full power of our platform across mobility and delivery. By bringing our technology and Uber One to millions more people, we believe this deal will create significant long-term shareholder value. We also continue to invest behind one of the largest opportunities in Uber's history, autonomous vehicles. Over the past year, the conversation around AVs has shifted from whether the technology can deliver a compelling service to how broadly, reliably and economically it can scale. That distinction matters because we believe the industry structure is becoming clearer. It mirrors what's happening in AI broadly. A few years ago, many expected AI to converge around a single foundation model. Instead, multiple frontier models have emerged alongside a growing open source ecosystem. We believe AVs, which are essentially physical AI, will follow a similar path. Just in the last week, we've seen NVIDIA release its Alpamayo open-weight model and our partners at Wayve received a permit in the U.K., and Zoox received approval to scale its robotaxi. The momentum across our partner base is remarkable. Unlike foundation models, however, AVs are physical, regulated systems that have to be deployed market by market with the variable patterns of ride-hailing. That makes the commercialization layer critical, and that's exactly the opportunity we're building towards. And our ambition is straightforward: to become the world's leading commercialization platform for autonomous vehicles. Taken together, we're executing with discipline today while building the capabilities we believe will define Uber's next decade of growth. With that, operator, let's open up for questions.
分析師問答
Your first question comes from the line of Brian Nowak with Morgan Stanley.
Maybe, Dara, a double-pronged one on autonomous, one on mobility and delivery. Just you've made a lot of progress with different partnerships, and there's a lot of technological progress happening. But maybe help us understand, if you look ahead 12 months from now, what are sort of the main milestones or progress sign points you're focused on, on your mobility strategy and your delivery strategy in AV just to ensure you're going down the right path?
Yes, absolutely, Brian. So in terms of the milestones we're looking at, the most important milestones are launches and the number of cities that we are live in, both with vehicle operators and then without vehicle operators. To remind you, we're live in 7 cities, and we're on track to be live in 15 cities by year-end. We've got a Nuro Lucid launch coming in the Bay. We've got Zoox coming in Vegas. We've got Wayve in London and Tokyo, Baidu also in London and then Pony and Verne in Zagreb and potentially more. So there's a bunch of launches coming up in the balance of the year. And then really, we're looking for more in 2027. We'll continue to launch markets with the partners that I talked about, but we'll be adding additional partners into the ecosystem as well. We expect to see Rivian in the market, and this is a full stack build, which is software and hardware with a very affordable bill of materials. We expect to be in perhaps San Francisco and Miami in 2028 for Rivian. And then in other partners' deployments, we expect to be in L.A. and San Francisco in 2027 and then 28 different cities globally by '28 as well. So really, what we're looking for is launches in markets, accelerating our data collection, which is really driving the newer end-to-end models, and then starting to commercialize this model. The numbers are small at this point. But for us, what we're looking at is, first of all, the quality of the service, and then second, the utilization of these vehicles. What we've seen is that launching with us as a partner with the built-in demand that we've got, we can drive very significant utilization per vehicle, often mid- to high-20s, low-30s in terms of trips per vehicle per day, which is quite substantial in terms of the needed monetization for these vehicles. So it's getting partners in market, quality of service and then obviously the economics of the service that we're looking at. On delivery, we're partnered with a number of partners, whether it's Serve or Cartken for sidewalk robots. What I am increasingly optimistic about is the potential of drones. We have partnerships with Flytrex and a number of partners coming up in the drone area. The promise of drones, while it will take time to get the economics down to sustainable levels, is significant. With AVs, it's a great experience and safe, but AVs, to some extent, are slower than human drivers at this point. Drone delivery can cut delivery timing significantly. Ordering dinner and getting it delivered to your home in 30 minutes is a magical experience; 10 to 15 minutes will be an even more magical experience. So while we're on the sidewalks now for delivery, we're looking forward to getting in the air with some of the partners out there.
Your next question comes from Eric Sheridan with Goldman Sachs.
Two, if I could. On the U.S. mobility acceleration, can you unpack a little bit some of the drivers of that acceleration? And how much you think might be building permanent signal as opposed to elements of the World Cup that might have played a role in that? And then I was struck by the comment that the first-time user momentum was as high as it was. What do you think you're putting in place there that's resulting in that type of first-time user momentum? And again, how should we be thinking about that sustaining going forward?
Thanks, Eric. I'll take the question on U.S. mobility and Dara will take the second one. The World Cup definitely was a benefit, but it was as expected to a large extent. The momentum we're seeing in the U.S. is consistent with the theme we've been talking about since the beginning of the year, and it is far broader than any one-off event. As a reminder, we expect the U.S. to accelerate through this year. In Q2, both trips and gross bookings accelerated, and we continue to hold our expectation for the remainder of the year. What's driving that is three distinct items. First, insurance is becoming a tailwind this year. We are reinvesting the savings from insurance back into the market, particularly in California, where there's a significant amount of reinvestment, and we are seeing a clear inflection in growth. In L.A. and San Francisco, our trip growth, for example, meaningfully outpaced the rest of the country. Second, our product innovation velocity across premium and affordable products—whether Reserve, U4B and Black on the premium side or Wait & Save and other products on the affordable side—is showing good traction. U4B, in particular, grew 40% year-on-year. Uber Health is growing even faster. Third, sparse markets, which we've discussed as a long-term opportunity, continue to be a strong driver for growth. In the U.S., less than 10% of eligible consumers in our sparse markets have used Uber in the past 12 months, whereas in dense markets that number is over 50%. We're making good progress there in improving supply, reliability and investing in marketing to drive awareness and trial. So overall, it's broad and sustainable.
On first-time users, we're very pleased with the record number of first-time users. The drivers are similar to what Balaji described. First, our lower-cost products continue to grow globally and in the U.S. Globally, low-cost products are two- and three-wheelers; in the U.S., it's Wait & Save, which allows consumers to trade off time against price, and Wait & Save is growing very quickly. Low-cost options bring a new sector of consumers onto the platform, and then we can sell them up to the mainline. Second is sparse markets: mobility and delivery are growing significantly faster in sparse markets than in dense markets as we build out inventory. Margins there are quite healthy, so you get increased growth and strong margins. Third is cross-platform: only 20% of our consumers use both Rides and Eats today, and those cross-platform users are growing 1.5x faster than single-product users. That's a sustainable advantage. As Eats grows, it moves consumers to Rides as well. Finally, new products bring in new audiences—Women Preferred brings more women drivers and riders to the marketplace; Uber Teens brings a new demographic; higher-margin products like U4B introduce enterprise audiences. Put together—low-cost options, cross-platform benefits, new products and sparse markets—these are contributing to growth and audience expansion.
Your next question comes from the line of Doug Anmuth with JPMorgan.
I have two. You highlighted some softness in Brazil mobility trips. Could you just talk about the competitive environment there? And then also if there are any other markets where you need to invest in Moto and low-cost mobility products? And then secondly, there's been a lot in the press recently regarding Uber's relationship with Waymo. Is there anything you can add or clarify there and specifically how you're thinking about those Austin and Atlanta partnerships?
Yes, Doug. In Brazil, the competitive environment is intense. We compete with local players like DiDi, and Latin America has generally been competitive. What's different now is the amount of competition in the food business: DiDi Food and Meituan have entered, competing with iFood. They are all going after two-wheeler delivery supply, and that same two-wheeler supply switches between delivering food and moving people. The cost of securing that supply has increased significantly. We're shifting incentives from the consumer side to the delivery side to counteract that. The good news is we continue to hold our share in Brazil, but you see share move from mobility to delivery because of heavy investment there. Our two-wheeler business is relatively new, with low margins, so it's not hitting the bottom line materially, but it is affecting trip volumes. Regarding Waymo, Waymo is a very important partner of ours and we continue to operate with them in Austin and Atlanta. We expect to continue operating in those markets next year. It's a terrific product and the on-the-ground partnership remains strong. At the same time, we want to avoid dependence on a single partner. We're seeing many new players in the AV ecosystem, similar to the foundation model space. While we provide a great service with Waymo in Austin and Atlanta, we'll continue to build services with other partners. We'll be in 15 markets by the end of the year and many more next year. As a reminder of our scale, AVs are doing hundreds of thousands of trips per week while we're at roughly 300 million trips per week overall; AVs are less than 0.5% of our trip volume. AV penetration will be slower than AI due to regulation and physical constraints. We have time to develop partnerships with a competitive playing field and attractive commercials.
Your next question comes from John Colantuoni with Jefferies.
Can you talk to the evolving regulatory environment in autonomous vehicles and how you see policy playing into the pace of adoption and geographic expansion? And second, regarding overhead expenses, talk about what has allowed you to temper headcount additions relative to your initial plan and the framework you're using to make decisions about reinvesting these tailwinds versus dropping them to the bottom line?
John, as it relates to regulation, we are a highly regulated business and we routinely talk to lawmakers—governors, mayors and council members—who have legitimate concerns about AI and AVs in their communities. Concerns include job loss, safety and congestion. AVs have performed well in markets where we've introduced them, but there have been issues such as safe driving through school zones, interactions with emergency vehicles, and behavior during large power failures when traffic lights aren't functioning. Those are real issues that need to be discussed. For example, D.C. has constraints around presidential or vice presidential motorcades and street closures. We must have proper dialogue with all constituencies so new laws reflect the needs of stakeholders. Sometimes going too fast can lead to public backlash, as seen with some AI deployments. We think a measured approach with smart regulation and stakeholder dialogue will enable sustainable innovation. We are pro-AV but want regulation that ensures a durable model.
I'll take the question on overhead and headcount. We have shown a track record of discipline on headcount additions across multiple years. This year, two themes are prominent. First, investments in AI should result in productivity gains that allow us to moderate headcount additions. Second, we are focusing on organizational effectiveness. On AI, though we're early, we are already seeing productivity lifts for developers. Adoption of AI-based coding tools among our engineers is near 100% and for the measurement we are looking at, we've seen a doubling in code output per engineer. We are measuring this carefully and not getting ahead of ourselves, but at a minimum it has allowed us to moderate hiring. Other areas with discrete AI investments include customer support—where we expect to improve quality and reduce cost—and marketing. On organizational effectiveness, we intermittently review structures and during the quarter we surgically reduced headcount by 10% to 20% in a couple organizations, producing modest savings. Our objective is to remain disciplined and, where we find savings, reinvest appropriately into the marketplace to deliver value to consumers and earners.
Your next question comes from Justin Post with Bank of America.
Dara, in the prepared remarks, you talked about $10 billion of investment in AVs. How do you think that flows through to the income statement over time? Any thoughts on margin impact of that? And second, maybe you could comment a little bit on how you think about Lucid's ability to make those vehicle commitments given some recent news in the press. And then Balaji, if you want to comment at all on take rates. I think bookings were up 22% constant currency, revenues up 19%. Just some high-level thoughts on that.
Justin, the $10 billion of AV investments refers to investment over a multi-year period. The investments fall into two categories. First, investments in our AV software partners—typically equity investments with milestones that give us roadmap visibility and position us for commercialization. These anchor investments also help our partners catalyze external fundraising: to date, for every dollar we've invested, partners have raised about $2.50 from other investors. Second, selective balance sheet support to bootstrap AV infrastructure on the ground—support for fleet operations, real estate or OEM offtake commitments as we deploy with partners. We discussed 120,000 vehicle commitments we are looking to deliver over the next few years, and a lot of that is an example of this second category. We're also actively working to financialize the ecosystem with third-party financial sponsors to scale beyond Uber's balance sheet. As we approach deployment and scale-out, there will be P&L impacts and we'll provide more visibility and sizing for investors as appropriate.
On Lucid, they announced their latest quarter and Silvio has joined as the new CEO. He's taking steps to refocus on fundamentals, refactor the cost base and focus on product quality. Those actions can be tough but are necessary and positive. We've spoken with Silvio and remain close with Lucid. The B2B program they're building and their program with us for AVs are highly strategic, and it's a large order with guaranteed volume that we can monetize with a car that is attractive in the $70,000 to $80,000 range. The Nuro and Lucid teams are working closely together and the integration of Nuro's AI into Lucid's driver training, vehicle integration and APIs is progressing well. Lucid is backed by the Public Investment Fund, which is a long-term investor in Uber and Lucid. We find the combination of our partnership, Nuro's collaboration and the actions Silvio is taking to be the right formula for Lucid to deliver on commitments.
On the revenue take rate, remember that we implemented a business model change in the U.K., which primarily impacts mobility. Delivery revenue margin is largely stable, so set that aside. You saw a near 500 basis point decline year-on-year in reported revenue margin; about 400 basis points of that is entirely related to the U.K. business model change and is an optical impact that shifts cost from revenue. Other movements are deliberate investments we've discussed—investments in lower-cost offerings and Moto in Brazil. Investors should focus on the net take rate disclosed in our 10-Q, which shows take rate remaining broadly stable. From an operating income standpoint, our mobility operating income margin remains strong at 7.6%.
Your next question comes from Mark Mahaney of Evercore.
I want to ask an AI question and a capital allocation question. There's this line in here about AI making Uber more intuitive for consumers. I absolutely would think that AI is leading to greater personalization across a series of services. And it would show up in kind of better conversion rates, more spend per consumer, et cetera. Dara, is there anything you could quantify about how much better the Uber process from a consumer perspective can be because of AI? And then Balaji, this comment about steadily returning to a more normalized level of activity in terms of the capital allocation share repurchases. Can you put a little timing on that? Is that a return over a year? Are we talking years or quarters?
When we think about AI, there are several functions it can serve. First, it can make the consumer experience simpler and better. An example is Cart Builder: you can take a picture of a dish or input a recipe and the AI helps build the shopping cart. Consumers who use it love it, and the cart sizes are often twice as large as non-AI built carts. So AI can drive larger average order sizes and consumer delight. Second, larger models can make smarter predictions about consumer behavior using a broader set of signals—history, real-time signals and cross-platform behavior—allowing us to show more relevant information, more targeted ads that convert better, better merchant monetization and improved organic restaurant order. AI can also surface deals or flag items likely to be out of stock, improving conversion and reliability. We're very early in this path. People often expect a single giant hit from AI, but for our business it's thousands of small improvements over many quarters and years that will contribute to average order size, service quality, reliability and putting the right product in front of the consumer at the right time. For example, three-quarters of our rides happen via a personalized destination suggestion, and we get it right most of the time, eliminating typing for the consumer. Expect AI to contribute through many incremental wins rather than one big spike.
On buybacks, we've generated just over $10 billion in free cash flow over the trailing 12 months. Historically we've targeted deploying about 50% of free cash flow to buybacks. So far this year, we've repurchased about $3.5 billion of stock. We tactically pivoted towards M&A in Q2, primarily market purchases of Delivery Hero stock; we deployed about $4 billion of capital in Q2 to secure the ability to act on that opportunity. Now that the announcement is complete, we are steadily rebuilding our share repurchase levels. This is measured in months, not years; you should expect a return to more normalized repurchase activity over the coming months.
Your next question comes from Nikhil Devnani with Bernstein.
I had a couple of separate ones, please. So first on M&A, just given Delivery Hero, you've done bolt-on deals in the past across the U.S. and other markets. What have the learnings been on integration? What worked well? What were some mistakes to avoid as you look to integrate Delivery Hero, which is a bigger and more complex asset? And then separately, in markets where you have AV products that are competing with Uber and not on the Uber network yet, what have you generally observed about mobility cohort engagement and retention behavior?
Thanks, Nikhil. On past acquisitions, the key lesson is to have a clear integration hypothesis before pursuing the deal. For Delivery Hero specifically, we have high confidence in our integration plan. We plan to migrate primarily onto an existing global tech platform supported by a proven integration playbook, a realistic timeline, and a disciplined underwriting of synergies. We've examined the asset in detail. We operate a single tech platform for delivery; Delivery Hero, with the exception of Baemin, is on one stack, and there is opportunity to migrate onto a modern tech stack like Uber's. Assuming we close in the second half of 2027, we'll spend 2028 on planning and development and execute primary migrations in 2029—an appropriate timeline for a transaction of this size. The synergies we're targeting are rooted in high-confidence areas: moving to a common tech platform, platform overlap infrastructure, eliminating duplicative roles and services, and consolidating shared services such as payments and cloud infrastructure. We remain committed to delivering the synergies we communicated.
In mature AV markets, operating trends are strong and cohort strength shows in trip growth. Trip growth in San Francisco, L.A. and Phoenix accelerated in Q2 versus Q1, and our category position in these markets is higher than a year ago. The comparison to Google Search is informative: AI search penetration is much higher than AV penetration today, but AI has increased the overall market. Google was later to the market but its distribution and brand allowed it to be a significant player. We believe our distribution and brand position us to win over the long term as AV scales. The trends in these markets are strong and support our view.
I'll add that the opportunity in the U.S. is broader than the markets where AVs operate today. Only 30% of our U.S. gross bookings and 25% of our profits come from the top 20 cities; the long tail of thousands of other cities and suburbs will remain a primary growth and profit engine for many years. We will continue to invest in both humans and AVs, and the U.S. remains a strong market for these teams.
Sarah, we'll take our last question please.
Your last question will come from Ross Sandler with Barclays.
Dara, the new AV lab, just what are those guys working on that complements what your partners are working on? And then BK, the delivery business has these small acquisitions we're lapping—one in Turkey—and then we're adding these two in the third quarter. It looks like organic growth is picking up. Could you just talk about the organic growth that you're seeing in Q2 and what's implied in Q3 for delivery?
Ross, in AV development we're seeing end-to-end models replace heuristics-based approaches. Many companies, including Waymo and Nuro, built AV systems using rule-based logic, and that is being replaced by end-to-end models that ingest large amounts of data and make decisions more like humans. AV Labs will accelerate development and training of Level 4 models efficiently using real rideshare-specific data. We're building out hundreds of cars that operate in rideshare scenarios with robotaxi-grade sensors, collecting a super set of high-fidelity data that we can provide to partners. One challenge is each partner collecting unique tail data to train safe AVs; by collecting a consolidated rideshare-specific dataset, we bring scale to AV development and provide that to partners. We are seeing development accelerate and AV Labs is designed to act as a strong partner and accelerator for the whole ecosystem.
On M&A and delivery: we closed our acquisition of Trendyol Go in Turkey in the back half of June 2025, so we will lap that in Q3. We closed the second acquisition in Turkey earlier this month—Getir—which will have a positive contribution to growth in Q3 and beyond. We also have a smaller reconsolidation with Careem. On the whole, the net reported impact to delivery growth is a headwind because Trendyol Go was larger than the two acquisitions for this quarter. Underneath that, the organic delivery business is accelerating nicely: very strong trends in the U.S. and internationally, and we gained category position in all our large markets. So you should expect healthy trends for delivery in Q3, with a mix of inorganic handoffs and organic acceleration.
Well, thank you, everyone, for joining the call. Thank you to the entire Uber team for another quarter of really strong execution and looking forward to all of the innovation in the industry and everything that we're going to build for you. We'll talk to you next quarter. Thanks.
This concludes today's conference call. Thank you for joining. You may now disconnect.