Uber Technologies, Inc. (NYSE:UBER) strengthened its growth outlook after delivering better-than-expected first-quarter 2026 results, prompting BNP Paribas analyst Nick Jones to maintain an Outperform rating and a $108 price forecast on the stock.

Uber Beats Expectations Across Key Metrics

Jones said on Wednesday that Uber reported strong first-quarter results, with Gross Bookings reaching $53.7 billion, about 1.5% above consensus estimates of $52.9 billion.

Revenue came in at $13.2 billion, broadly in line with Wall Street expectations, while adjusted EBITDA reached $2.5 billion, topping consensus by roughly 2%.

Uber also exceeded expectations on profitability, with adjusted EPS of 72 cents, beating estimates of 70 cents.

For the second quarter, Uber guided Gross Bookings to $56.25 billion-$57.75 billion, above Street expectations at the midpoint, while adjusted EBITDA guidance of $2.7 billion-$2.8 billion was roughly 4% above consensus.

Adjusted EPS guidance of 78 cents to 82 cents also bracketed analyst expectations.

Jones modestly raised his revenue and adjusted EBITDA forecasts following the results and guidance update while maintaining his $108 forecast price based on a 16x EV/2027E adjusted EBITDA multiple.

Mobility, Delivery And Platform Growth Remain Strong

Jones highlighted accelerating momentum across Uber’s Mobility and Delivery businesses despite macro and autonomous vehicle concerns.

Uber’s Mobility gross bookings rose about 25% year over year to $26.4 billion, beating consensus estimates, while Delivery gross bookings climbed about 28% to $26 billion.

He noted that Uber continued gaining traction through its “barbell” strategy, where lower-cost ride options boosted user frequency while premium offerings generated significantly higher profit dollars.

Jones also pointed to strong adoption of Uber One, with membership growing more than 50% year over year to 50 million users.

Uber One now drives half of gross bookings across Mobility and Delivery.

Cross-platform engagement also continued improving, with cross-platform users growing 1.5x faster than single-segment consumers.

Jones noted that nearly $15 billion in delivery gross bookings now originate from the Mobility app.

Uber For Business also remained a major growth driver, generating more than $5 billion in annualized gross bookings while growing roughly 45% year over year across more than 300,000 organizations globally.

Autonomous Vehicles And AI Expand Uber’s Long-Term Opportunity

“We see Uber as being positioned to remain dominant for the next several years,” the analyst said in the report.

Jones said Uber remains well-positioned despite lingering investor concerns that autonomous vehicles will disintermediate the platform.

Uber currently offers autonomous vehicle rides in eight cities and plans to expand to as many as 15 cities globally by year-end.

The company has signed or expanded partnerships with Zoox, WeRide Inc. (NASDAQ:WRD), Wayve, Waabi, Rivian Automotive, Inc. (NASDAQ:RIVN), Pony AI Inc. (NASDAQ:PONY), NVIDIA Corporation (NASDAQ:NVDA), Motional, Baidu, Inc. (NASDAQ:BIDU), Lucid Group, Inc. (NASDAQ:LCID), Nissan Motor Co., Ltd. (OTC:NSANY), Verne, Hertz Global Holdings, Inc. (NASDAQ:HTZ), and SafeDriver.

According to Jones, autonomous vehicle trips on Uber’s platform increased 10x year over year.

He also highlighted Uber’s growing use of artificial intelligence across consumer, driver, and internal operations. Uber launched “Cart Assistant” to help users build grocery orders, introduced “Earner Assistant” for drivers and couriers, and rolled out “One Search” to unify ride, food, and retail discovery within a single interface.

Internally, Uber now generates more than 10% of its production-ready code autonomously through AI coding agents.

Jones maintained that Uber’s dominant position in mobility and delivery, expanding autonomous vehicle ecosystem, strong network effects, and capital-light business model should continue to drive revenue growth, margin expansion, and free cash flow generation over the next several years.

Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $104.89. Recent analyst moves include:

  • DA Davidson: Buy (Raises forecast to $107.00) (May 6)
  • UBS: Buy (Lowers forecast to $110.00) (May 1)
  • Citizens: Market Outperform (Maintains forecast to $100.00) (April 28)

UBER Price Action: Uber Technologies shares were up 0.92% at $79.90 during premarket trading on Thursday, according to Benzinga Pro data.

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