Uber Technologies, Inc.

Uber reported gross bookings of more than $58 billion in Q2, up 22% year over year. Non-GAAP EPS increased 35% year over year, and trailing 12-month free cash flow exceeded $10 billion for the first time. Balaji also said mobility revenue margin was 7.6%, while mobility revenue margin/take rate was down nearly 500 basis points year over year, with about 400 basis points tied to the U.K. business model change and the rest mainly from deliberate investments in lower-cost offerings and Brazil Moto. Looking ahead, management said the U.S. is expected to continue accelerating through the year, Uber is on track to be live in 15 AV cities by year-end, and delivery should see a headwind from acquisition comparisons in Q3 even as organic growth is improving.

Dara Khosrowshahi framed the quarter as evidence of durable growth and expanding operating leverage, emphasizing that Uber is investing from a position of strength. He highlighted the Delivery Hero deal as a way to nearly double the number of markets where Uber can offer its full mobility-and-delivery platform, and he reiterated that autonomous vehicles are a major long-term opportunity. His tone was confident and expansive, but he repeatedly stressed disciplined execution, regulation-aware deployment, and a commercialization focus rather than a pure technology race.

Balaji Krishnamurthy emphasized financial discipline alongside growth. He said the company has now generated a little over $10 billion in free cash flow over the trailing 12 months, bought back about $3.5 billion of stock this year, and pivoted about $4 billion of capital in Q2 toward Delivery Hero-related M&A; he added that share repurchases should rebuild over the next few months, not quarters. He also noted near 100% engineer adoption of AI coding tools and a doubling of code output per engineer, plus selective headcount reductions of about 10% to 20% in some organizations. On margins, he said mobility operating income margin remains strong at 7.6% and that most of the reported mobility revenue margin decline was optical from the U.K. change, with the net take rate broadly stable.

Analysts pressed on the U.S. mobility acceleration, asking how much was World Cup-related versus structural; management said the event helped but the broader pickup is being driven by insurance tailwinds, product innovation like Reserve, U4B, Black and Wait & Save, and sparse-market penetration opportunities. On AV, management said the milestones to watch are launches and city count, with 7 cities live now and 15 targeted by year-end, and stressed that utilization, quality, and economics matter more than headline volume at this stage. Questions on Brazil pointed to intense competition from DiDi, Meituan and others for 2-wheeler delivery supply, while Waymo questions were answered with reassurance that Austin and Atlanta remain strong partnerships even as Uber wants to avoid dependence on a single partner.