Ride sharing and on-demand delivery platform Uber (NYSE:UBER) missed Wall Street’s revenue expectations in Q1 CY2026, but sales rose 14.5% year on year to $13.2 billion. Its non-GAAP profit of $0.72 per share was 3.8% above analysts’ consensus estimates.
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Uber (UBER) Q1 CY2026 Highlights:
- Revenue: $13.2 billion vs analyst estimates of $13.3 billion (14.5% year-on-year growth, 0.8% miss)
- Adjusted EPS: $0.72 vs analyst estimates of $0.69 (3.8% beat)
- Adjusted EBITDA: $2.48 billion vs analyst estimates of $2.43 billion (18.8% margin, 1.9% beat)
- Q2 guidance for bookings and adjusted EBITDA both beat
- Operating Margin: 14.6%, up from 10.6% in the same quarter last year
- Free Cash Flow Margin: 17.3%, down from 19.5% in the previous quarter
- Monthly Active Platform Consumers: 199 million, up 29 million year on year
- Market Capitalization: $148.6 billion
Company Overview
Notoriously funded with $7.7 billion from the Softbank Vision Fund, Uber (NYSE:UBER) operates a platform of on-demand services such as ride-hailing, food delivery, and freight.
Revenue Growth
A company’s long-term performance is an indicator of its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Thankfully, Uber’s 16.6% annualized revenue growth over the last three years was solid. Its growth beat the average consumer internet company and shows its offerings resonate with customers, a helpful starting point for our analysis.
This quarter, Uber’s revenue grew by 14.5% year on year to $13.2 billion but fell short of Wall Street’s estimates.
Looking ahead, sell-side analysts expect revenue to grow 12.2% over the next 12 months, a deceleration versus the last three years. We still think its growth trajectory is satisfactory given its scale and suggests the market is forecasting success for its products and services.
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Monthly Active Platform Consumers
User Growth
As a gig economy marketplace, Uber generates revenue growth by expanding the number of services on its platform (e.g. rides, deliveries, freelance jobs) and raising the commission fee from each service provided.
Over the last two years, Uber’s monthly active platform consumers, a key performance metric for the company, increased by 15.4% annually to 199 million in the latest quarter. This growth rate is among the fastest of any consumer internet business and indicates its offerings have significant traction. 
In Q1, Uber added 29 million monthly active platform consumers, leading to 17.1% year-on-year growth. The quarterly print was higher than its two-year result, suggesting its new initiatives are accelerating user growth.
Revenue Per User
Average revenue per user (ARPU) is a critical metric to track because it measures how much the company earns in transaction fees from each user. This number also informs us about Uber’s take rate, which represents its pricing leverage over the ecosystem, or "cut" from each transaction.
Uber’s ARPU growth has been subpar over the last two years, averaging 2.2%. This isn’t great, but the increase in monthly active platform consumers is more relevant for assessing long-term business potential. We’ll monitor the situation closely; if Uber tries boosting ARPU by taking a more aggressive approach to monetization, it’s unclear whether users can continue growing at the current pace. 
This quarter, Uber’s ARPU clocked in at $66.35. It declined 2.2% year on year, worse than the change in its monthly active platform consumers.
Key Takeaways from Uber’s Q1 Results
It was great to see Uber increase its number of users this quarter. We were also happy its EBITDA outperformed Wall Street’s estimates. Looking ahead, Q2 guidance for bookings and EBITDA both exceeded Wall Street's estimates. On the other hand, its revenue slightly missed. Overall, this was still a solid quarter considering the better-than-expected outlook. The stock traded up 8.3% to $79.41 immediately following the results.
So do we think Uber is an attractive buy at the current price? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).