Notes

Glossary, sources, model logic, and known caveats for the Q2'26F forecast · submitted ahead of Uber's August 5, 2026 earnings

Glossary

The jargon, in plain English.

MAPCMonthly Active Platform Consumers: unique users who take at least one ride or place one order in a month. Uber's core user count.

Gross Bookings (GB)Total dollar value of all rides, food orders, and freight billed on the platform, before Uber pays drivers and couriers.

Take RateRevenue as a percentage of Gross Bookings: the cut Uber keeps after paying out drivers and couriers.

Adj EBITDAUber's headline profit metric: earnings before interest, taxes, depreciation, and amortization, plus add-backs like stock-based compensation.

Non-GAAP OI (NGOP)Segment-level operating income measure Uber began disclosing in Q1'26, replacing segment Adjusted EBITDA.

GuidanceThe Gross Bookings and Adj EBITDA ranges management projected for the quarter on the prior earnings call. This model is scored against it.

Q2'26F / Q1'26AF = forecast, A = actual. Q2'26F is the quarter this model predicts; anything marked A is a reported number from Uber's filings.

Mobility / Delivery / FreightUber's three reporting segments: rides, Uber Eats, and trucking logistics.

EBITDA Margin Scenarios

Bear4.8%

Base · submitted4.9%

Bull5.0%

Guidance: $2,700M–$2,800M Adj EBITDA · EPS $0.78–$0.82

Known Caveats

Segment Adj EBITDA discontinued from Q1'26

Uber stopped disclosing segment-level Adjusted EBITDA starting Q1'26. Replaced by segment Non-GAAP Operating Income.

Two separate contra-revenue effects on take rates

Q2'24 and Q3'24 take rates are distorted by a reclassification of certain sales and marketing costs as contra-revenue. Q1'26 is different: a UK business model change effective January 2026 records driver payments as contra-revenue, and it is structural rather than one-off. The Mobility take rate assumption (25.8%) reflects this. It affects revenue only, not Gross Bookings, EBITDA, or operating income.

Segment trips/MAPC not disclosed

Uber only discloses trips/MAPC at the consolidated level. Segment GB in this model is built from mix assumptions, not segment-level trip counts.

Model Logic

Nine steps from user count to operating income.

MAPCs YoY Growth

Applied to Q2'25 actual MAPCs (180M) to get Q2'26F MAPCs.

Trips/MAPC YoY Growth

Applied to Q2'25 actual monthly trips/MAPC (6.05x) to get Q2'26F trips/MAPC.

Total Trips

MAPCs × monthly trips/MAPC × 3 months.

GB per Trip

12-quarter historical mean applied to total trips to get Gross Bookings.

Segment Mix

Mobility / Delivery / Freight % of total GB applied to get segment GB.

Segment Take Rates

Applied to segment GB to get segment revenue. Consolidated revenue is the sum of segments.

EBITDA Margin Scenario

Applied directly to total Gross Bookings (top-down) to get consolidated Adj EBITDA, independent of the segment build-up.

Segment Op Margins

Applied to segment GB to get segment Non-GAAP Operating Income (replaced segment Adj EBITDA starting Q1'26).

Corp G&A + Platform R&D

Flat dollar deduction added to segment NGOP sum to get total Non-GAAP Operating Income.

Data Sources

All figures drawn from Uber's public filings. Click to download the PDF.

Q2'24 Earnings Press Releaseprior-year comp supplies Q2'23 actuals

Q3'24 Earnings Press Releaseprior-year comp supplies Q3'23 actuals

Q4'24 Earnings Press Releaseprior-year comp supplies Q4'23 actuals; Non-GAAP OI history begins here

Q1'25 Earnings Press Releaseprior-year comp supplies Q1'24 actuals

Q2'25 Earnings Press ReleaseQ2'25 actuals; base quarter for the Q2'26F build-up

Q3'25 Earnings Press ReleaseQ3'25 actuals

Q4'25 Earnings Press ReleaseQ4'25 actuals

Q1'26 Earnings Press ReleaseQ1'26 actuals; retroactively disclosed Q4'24/Q1'25 segment Non-GAAP OI

Q1'26 Earnings Call TranscriptMAPC growth, trips/MAPC trends, and insurance tailwind commentary

Q1'26 note: Mobility revenue +5% YoY vs GB +25% YoY: contra-revenue reclassification, not demand weakness.