UBER Set to Report Q2 Earnings: Buy, Sell or Hold the Stock?

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For 2026, the Zacks Consensus Estimate for UBER’s revenues is pegged at $57.97 billion, implying an expansion of 11.5% year over year. The consensus mark for 2026 EPS is pegged at $2.94, implying a decline of 44.5% on a year-over-year basis.

In the trailing four quarters, this company’s earnings surpassed estimates on three occasions and missed the mark in the other quarter, the average beat being 89.6%.

Q2 Earnings Whispers for UBER

Our proven model does not conclusively predict an earnings beat for UBER for the June quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

UBER has an Earnings ESP of -3.04% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Shaping UBER’s Q2 Results

Uber’s gross bookings are likely to have been impressive in the June quarter, despite the ongoing geopolitical crisis, as demand for its services remains strong. Notwithstanding the current turbulent scenario, people need rides to go to work and airports. The gross bookings forecast for the second quarter of 2026 is very impressive, highlighting the bullishness surrounding the key metric.

Despite the ongoing uncertainty in the Middle East and the resultant fuel price volatility, gross bookings are projected in the range of $56.25-$57.75 billion, highlighting growth of 18% to 22% year over year on a constant-currency basis. The outlook assumes a roughly 2 percentage-point currency tailwind to total reported year-over-year growth.

The Zacks Consensus Estimate for gross bookings in the second quarter of 2026 is pegged at $57.2 billion, suggesting 6.5% growth from the first-quarter 2026 results. We expect both its mobility and delivery segments to record double-digit increases in gross bookings in the June quarter. In the second quarter, Uber expects adjusted EBITDA to be in the range of $2.7 billion to $2.8 billion.

However, tariff-related headwinds are likely to hurt results. High fuel costs might have hurt the bottom-line performance in the to-be-reported quarter. We believe that more than the financial numbers, it is the guidance that investors will watch closely. Uber has been focusing on autonomous vehicles to drive growth. The company is expected to provide updates on this on the second-quarter conference call.

During the quarter, Uber, in collaboration with WeRide WRD, a Chinese autonomous vehicle company, announced plans to introduce commercial robotaxi services in the Greater Zurich Region. This move represents Uber and WeRide’s second joint deployment in Europe, coming just weeks after the announcement of a similar initiative in Madrid.

The service is expected to commence later this year in partnership with Switzerland’s Federal Roads Office (“FEDRO”), pending regulatory approvals. At launch, passengers will be able to access the robotaxi service through the Uber app. The launch builds on Uber and WeRide’s growing track record in autonomous mobility.

UBER’s Price Performance & Valuation

Shares of Uber have declined in excess of 6% over the past three months, but still outperformed the Zacks Internet-Services industry. However, it has underperformed compared to its rival Lyft LYFT.

3-Month Price Comparison

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From a valuation perspective, Uber is trading at a slightly lower level compared with its industry. Going by its price/earnings ratio, the company is trading at a forward earnings multiple of 18.4, below the industry’s 19.5. The company has a Value Score of C. Meanwhile, Lyft’s shares appear to be even cheaper, trading at a forward earnings multiple of 8.44. Lyft has a Value Score of B currently.

UBER’s P/E F12M vs. Industry & LYFT

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How to Play Uber Pre-Q2 Earnings

Uber’s diversification efforts and shareholder-focused approach merit appreciation. Backed by a market capitalization of $143.3 billion, the company is well-positioned to withstand challenging market conditions. Diversification plays a crucial role in reducing risk for large enterprises, and Uber has executed this strategy effectively. Through a series of acquisitions, expansion into new markets and service categories, and continued innovation, the company has strengthened its business model. Its growing international presence is especially important, as it further diversifies revenue sources across geographies. Strategic investments have also helped Uber expand its offerings and enhance its overall value proposition.

However, rising competition in the robotaxi and autonomous driving space continues to be a key concern. At the same time, higher operating costs, a challenging macroeconomic environment and increasing debt levels remain meaningful headwinds that warrant attention.

Overall, Uber stock appears worth holding at current levels, but initiating a new position ahead of the upcoming earnings release may not be the most prudent move. Waiting for management’s comments on tariffs, geopolitical uncertainties and third-quarter guidance could provide greater visibility into the company’s near-term outlook.

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This article originally published on Zacks Investment Research (zacks.com).

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