Uber Q2 earnings preview: Street sees 48% upside as growth holds

Uber Technologies reports Q2 earnings Wednesday with Wall Street expecting EPS of $0.83, up 32 percent from $0.63 a year earlier.

"Keeping our eyes on organic results, despite M&A distractions," Brian Pitz, five-star analyst at BMO Capital, said, reiterating a Buy rating with a $119 price target.

Management guided Q2 gross bookings of $56.25 billion to $57.75 billion, representing constant-currency growth of 18 percent to 22 percent. Adjusted EBITDA is expected between $2.70 billion and $2.80 billion, up from $2.1 billion in the year-ago quarter. Pitz projects gross bookings of $57.4 billion and revenue of $14.3 billion, versus the Street's $57.2 billion and $14.27 billion consensus.

UBER stock has retreated about 30 percent from its 52-week high, trading near $72. The average analyst price target of $106.70 implies 48 percent upside, and a strong print with positive guidance could trigger a rebound.

Uber's Mobility segment is expected to contribute meaningfully to growth, supported by healthy trip volumes, resilient commuting and travel demand, and continued strength in the U.S. market. Management has indicated U.S. Mobility growth should accelerate further in 2026. The company is also expanding into suburban and lower-density regions, where trip growth is faster and margins are higher than the core business.

The Delivery segment posted 23 percent year-over-year gross bookings growth in Q1, and demand trends remain favorable. Uber One membership continues to grow, and Grocery & Retail remains one of the company's fastest-growing businesses, outpacing core restaurant delivery. Uber for Business is expanding at more than twice the rate of the broader Mobility segment.

Analyst Targets Range From $91 to $119 Ahead of Print

B of A Securities' Justin Post maintained a Buy rating and trimmed his price target from $104 to $103 on July 28. TD Cowen's John Blackledge holds a Buy with a $118 target, while BTIG's Jake Fuller maintains Buy with a $100 target. Wedbush's Ygal Arounian assumed an Outperform rating with a $91 target on July 16.

Wall Street maintains a Strong Buy consensus on UBER stock based on 30 Buys and two Holds. Pitz expects "healthy but moderating growth" beyond Q2, projecting Q3 gross bookings growth to slow to about 19 percent year-over-year.

The Q2 report arrives as Uber integrates its $14.8 billion acquisition of Delivery Hero, announced last month. Investors will watch management's commentary on U.S. Mobility acceleration, Delivery expansion, and operating leverage for signals on whether double-digit revenue growth can persist alongside margin expansion.

This article is for informational purposes only and does not constitute investment advice.