Uber One Surpasses 50 Million Members, Ad Business Hits $2B Run Rate
UBER•Uber One membership surpassed 50 million members, driving half of Mobility and Delivery Gross Bookings, while the advertising segment reached a $2 billion annualized revenue run rate. Non-GAAP EPS rose 44% in Q1 2026 on 21% gross bookings growth, with shares trading at a 17x P/E.
1. High-Margin Growth Drivers
Uber’s Uber One subscription has exceeded 50 million members, now accounting for 50% of Mobility and Delivery Gross Bookings. The advertising unit leverages the platform’s user base to generate a $2 billion annualized revenue run rate with minimal incremental costs.
2. Q1 2026 Financial Highlights
In Q1 2026, non-GAAP EPS climbed 44% as gross bookings grew 21%, demonstrating operating leverage from high-margin initiatives. Last twelve-month revenue growth stands at 18.3% with a three-year average of 16.6%, and operating margin has improved by 3.2 percentage points.
3. Valuation and Risk Factors
Shares trade at a 17.0 P/E multiple versus the S&P median of 23.9, reflecting modest valuation against strong fundamentals. The key debate centers on whether growth from Uber One and advertising can offset potential cost impacts from driver reclassification and regulatory threats in Europe.
