Uber Technologies, Inc. · Q2 2026 call

Q2 was another outstanding quarter for Uber with record audience engagement driving durable growth, expanding margins, and record cash generation.

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.

our ambition is straightforward: to become the world's leading commercialization platform for autonomous vehicles.

we can drive very significant utilization per vehicle, often mid to high 20s, low 30s in terms of trips per vehicle per day

in the US, 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%.

What we're seeing that's new and different in Brazil is there is an enormous amount of competition as it relates to the food business. DiDi has introduced DiDi Food. Meituan has gotten in there going against iFood, which is the incumbent in Brazil as well.

Waymo is a very, very important partner of ours, and we continue to operate in Austin and Atlanta. […] At the same time, we want to make sure that we're not dependent on one partner.

AVs are doing kind of hundreds of thousands of trips per week. We're at 300 million kind of trips per week as well. So it's even less than 0.5% of our overall trip volume.

sometimes you got to slow down to drive sustainable regulation. We're very much pro-AV, but we want any regulation to kind of address the needs of stakeholders

We are seeing, at the moment, near 100% adoption with our engineers on AI-based coding tools. And for the measurement that we are looking at right now, we are seeing a doubling in the code output per engineer. So there is a lot more nuance to this, and we are being quite smart internally on how we're measuring this and not getting ahead of our skis.

through the quarter, we were able to surgically, in a couple of organizations, cut head count by about 10% to 20%

so far for every dollar that we have invested, our partners have been able to raise an additional $2.50 from other investors.

Of that 500 basis points, about 400 basis points is entirely related to this UK business model change, and it's an optical impact.

I wouldn't look for one giant hit from AI. It's going to be thousands of small hits and improvements to our ecosystem that's going to drive, we think, growth for the foreseeable future.

we have bought back about $3.5 billion of our stock this year. And we tactically pivoted quite heavily towards M&A in the second quarter. And largely, that was a function of our market purchases of Delivery Hero stock. We deployed about $4 billion of capital in the second quarter

I don't think this is a year away. We're talking about months, not quarters.

Only 30% of our US gross bookings and 25% of our profits are coming from the top 20 cities. And the long tail of thousands of other cities and suburbs, they will remain a primary growth and profit engine for Uber for many years to come.

it is a headwind to Delivery reported growth on a net basis, both for gross bookings and trips because Trendyol Go was a lot larger in size than the two acquisitions we're talking about for this quarter. Underneath that, our organic Delivery business is accelerating quite nicely.