Uber Technologies reported second-quarter 2026 Gross Bookings growth of 22% year-over-year on a constant-currency basis, with Trips growing 18% year-over-year, according to the company's Q2 2026 earnings press release (Uber Investor Relations). The results conference call is scheduled for Wednesday, August 5 at 5:00 a.m. PT, as previously announced on July 13 (Uber Investor Relations).

The 22% constant-currency Gross Bookings print lands at the upper end of the guidance range Uber issued in its first-quarter release. On May 6, the company guided Q2 Gross Bookings to $56.25 billion to $57.75 billion, representing 18% to 22% constant-currency growth (Uber Investor Relations). Hitting the top of that band signals that demand held up through the quarter without the deceleration that more cautious positioning might have implied.

The sequential context matters. Q1 2026 Gross Bookings grew 25% year-over-year to $53.7 billion, while revenue grew 14% to $13.2 billion, or 10% on a constant-currency basis (Uber Investor Relations). The Q2 Gross Bookings growth rate of 22% represents a modest three-percentage-point deceleration from Q1's 25%, a narrowing of the gap between headline and constant-currency growth that is consistent with a stronger U.S. dollar relative to the prior-year period.

Trips growth of 18% year-over-year provides a volume floor beneath the Gross Bookings figure. Because Gross Bookings grew faster than Trips, the implied average booking value per trip increased on a constant-currency basis. That spread between value growth and volume growth widened modestly from Q1, when Gross Bookings grew 25% and the company did not separately disclose a Trips growth rate in the facts available here.

Reuters reported on May 6 that Uber forecast second-quarter adjusted EPS of 78 to 82 cents, slightly above the 79-cent analyst consensus at the time (Reuters). The EPS guidance midpoint of 80 cents carried a one-cent premium to Street expectations, a narrow but directional signal that management expected profitability to track with the bookings strength.

The wider angle here is the comparison between the constant-currency and reported growth rates. In Q1, the 25% Gross Bookings growth and 14% revenue growth compressed to 10% constant-currency revenue growth, reflecting meaningful foreign-exchange headwinds. For Q2, the Gross Bookings constant-currency figure of 22% is the only growth metric disclosed in the earnings press release facts available; reported-dollar growth and revenue figures will surface on the call. If the Q2 FX gap mirrors Q1's, reported Gross Bookings growth could come in materially below the 22% constant-currency figure.

Another data point worth parsing: Uber's revenue growth has lagged Gross Bookings growth significantly. In Q1, the 14-percentage-point spread between Gross Bookings growth (25%) and revenue growth (14%) reflects the structural difference between Gross Bookings, which captures total transaction value, and revenue, which nets out amounts paid to drivers and couriers. As Uber's mix shifts toward lower take-rate segments, this gap can persist or widen even when underlying demand is robust.

The guidance beat on Gross Bookings, combined with the EPS forecast above consensus, positions the Q2 print as a confirmation of the trajectory management set in Q1. The deceleration from 25% to 22% constant-currency Gross Bookings growth is modest and consistent with a company still expanding at a rate that outpaces most large-cap technology peers. What the call will need to address: whether the take-rate compression visible in Q1's revenue-to-bookings gap continued into Q2, and how Middle East headwinds, flagged in the Reuters report, factored into the regional mix.