UBER · Q2 FY2026
Uber Technologies, Inc Q2 FY2026 earnings analysis
By SageNoodle ResearchBullish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $14.19B | $12.65B (yr ago) | Beat |
| EPS | $1.17 | $0.63 (yr ago) | Beat |
| Free Cash Flow | $2.79B | $2.48B (yr ago) | Beat |
| Gross Margin | Not meaningful | Not meaningful (yr ago) | Miss |
| Operating Margin | 13.3% pre-tax margin | 11.5% pre-tax margin (yr ago) | Beat |
What changed
Revenue increased 12.2% year over year to $14.19B, while pre-tax margin expanded 1.8 percentage points to 13.3%. EPS rose to $1.17 from $0.63 and derived free cash flow increased to $2.79B, although net debt climbed by $2.89B sequentially to $7.85B.
Impact on the investment thesis
There is no prior SageNoodle fair value to revise; this update establishes a base-case fair value of $82.26 per share. The stronger margin and EPS support that value, but higher net debt prevents a more aggressive multiple.