Uber’s Q1 Keeps The Cash Flow Coming

Uber gave investors a first-quarter report that turned rush hour, dinner hour, and airport pickup hour into one very profitable dashboard. The company reported revenue of $13.2 billion, up 14% from a year earlier, while gross bookings rose 25% to $53.7 billion. Trips climbed 20% to 3.6 billion, and shares rose after the release as Wall Street rewarded a platform that kept turning movement, meals, and membership fees into bigger bookings and higher earnings leverage.

The strongest signal was that Uber’s scale is still expanding without losing its earnings grip. Adjusted EBITDA rose 33% to $2.5 billion, while non-GAAP operating income climbed 42% to $1.9 billion. Free cash flow came in at $2.3 billion. That is the kind of combination investors want from a company that used to be graded mainly on growth. Now Uber gets judged on whether the growth machine can keep cranking out cash without coughing up a wheel.

Mobility gross bookings rose 25% to $26.4 billion, while Delivery gross bookings climbed 28% to $26.0 billion. Freight, which has been the awkward passenger in Uber’s back seat, posted 6% gross bookings growth to $1.3 billion. Uber One also reached 50 million members globally, with members now driving half of Mobility and Delivery gross bookings. Uber is not just getting people into cars and food onto doorsteps — it is getting customers to subscribe to the habit.

Uber expects second-quarter gross bookings of $56.25 billion to $57.75 billion and non-GAAP EPS of $0.78 to $0.82, with that EPS range implying 31% to 38% year-over-year growth. The message was simple enough for Wall Street to understand without surge pricing — Uber’s first quarter showed a business still expanding with riders, orders, members, and cash. That is the real pickup point for investors — Uber has turned motion into a business, and now it just has to keep the meter running.

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