Uber grew the total value of all rides and deliveries on its platform by 22% in the second quarter of 2026 compared to a year earlier, according to the company's earnings press release. The number of individual trips grew 18%. A conference call with analysts is set for Wednesday, August 5 at 5:00 a.m. PT, as announced July 13.

A few terms to clear up first. "Gross Bookings" means the total dollar value of everything booked through Uber — every ride, every food delivery, every freight order added together. "Constant-currency" means Uber stripped out the effect of exchange-rate changes between the dollar and other currencies, so the growth figure reflects how the business actually performed, not whether the dollar got stronger or weaker.

That 22% growth rate is at the high end of what Uber told investors to expect. On May 6, the company said it expected Gross Bookings of $56.25 billion to $57.75 billion for the quarter, which worked out to 18% to 22% growth (Uber Investor Relations). Hitting the top of that range means demand stayed strong.

In the previous quarter (Q1 2026), Gross Bookings grew 25% to $53.7 billion, and revenue grew 14% to $13.2 billion (Uber Investor Relations). So the 22% growth in Q2 is a slight slowdown from 25% in Q1 — but only by three percentage points.

Here is why the Trips number matters. Trips grew 18%, which is slower than the 22% growth in Gross Bookings. That means each trip was worth more on average than a year ago — people were spending more per ride or per delivery. Think of it like a store where both the number of customers and the size of each shopping cart went up.

Reuters reported on May 6 that Uber expected to earn 78 to 82 cents per share in the quarter, slightly above the 79 cents analysts were predicting (Reuters).

The broader picture here involves something called the exchange-rate gap. When the U.S. dollar is strong, money Uber earns in other countries is worth less when converted back to dollars. In Q1, the 25% Gross Bookings growth and 14% revenue growth dropped to just 10% revenue growth once you adjusted for currency effects. For Q2, Uber only released the constant-currency figure of 22% in its press release. The actual dollar figures will come out on the call. If the currency hit is similar to Q1, the reported growth number could be noticeably lower than 22%.

There is also a structural reason Uber's revenue grows slower than its Gross Bookings. Gross Bookings counts the full price of every ride or delivery. Revenue only counts Uber's cut — what is left after paying drivers and couriers. So if Uber keeps a smaller percentage of each transaction over time, revenue growth will trail Gross Bookings growth even when more people are using the app. In Q1, that gap was large: Gross Bookings grew 25% but revenue grew only 14%.

The bottom line is that Uber's Q2 numbers confirm what management laid out in Q1 — the business is still growing fast, and the slight slowdown from 25% to 22% is modest. What investors will want to hear on the call: whether Uber's share of each transaction is shrinking, and how problems in the Middle East, mentioned in the Reuters report, affected the business.