Wall Street lifts Uber targets following Q1 2026 earnings beat
Uber Technologies reported a 44% rise in adjusted earnings per share and $2.3 billion in free cash flow, prompting a consensus 'Strong Buy' rating from 50 covering analysts.
Wall Street analysts have raised price targets for Uber Technologies following the company’s first-quarter 2026 earnings report, with new estimates ranging from $105 to $119. The upgrades follow Uber’s announcement of a 25% year-on-year increase in gross bookings to $53.7 billion and a 14% rise in total revenue to $13.2 billion. Adjusted earnings per share climbed 44% to $0.72, driven by improved profitability across delivery, advertising, and subscription services.
The company generated $2.3 billion in free cash flow during the quarter and returned $3 billion to shareholders via stock buybacks. Management attributed the earnings growth to strict cost controls, operating leverage, and lower insurance costs, with expectations for hundreds of millions in further insurance savings in 2026. Uber Freight also resumed growth for the first time in nearly two years, contributing to the broader improvement in margins.
Analysts highlight Uber’s expansion into travel, autonomous vehicle partnerships, and its Uber One membership program as key drivers for potential upside. The Uber One membership program, which now boasts more than 50 million members, accounts for over half of the company’s bookings and continues to grow 50% year-on-year. Members spend three times more than regular customers, reinforcing the value of the subscription model.
The firm is also deepening its presence in the autonomous vehicle sector, citing a potential trillion-dollar market opportunity. Uber currently partners with more than 30 autonomous vehicle companies, including Zoox, Nuro, and Alphabet’s Waymo, with autonomous mobility trips increasing more than ten times year-on-year. Management expects autonomous operations in up to 15 cities by the end of 2026.
The consensus rating among the 50 analysts covering Uber is a "Strong Buy," with 37 recommending a "Strong Buy," three a "Moderate Buy," nine a "Hold," and one a "Strong Sell." Based on the average price target of $106.80, shares have potential upside of 43% from current levels, with some estimates suggesting even higher long-term potential.
