Uber Technologies, Inc.

Hello and welcome to the Uber first quarter 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star one on your telephone keypad. I would now like to turn the conference over to Alex Wong, head of investor relations. You may begin.

Thank you, Sarah. Thank you for joining us today, and welcome to Uber's first quarter 2026 earnings presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi, and CFO, Balaji Krishnamurthy. During today's call, we will present both GAAP and non-GAAP financial measures, additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the press release, supplemental slides, and our filings with the SEC, each of which is posted to investor.uber.com. Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks and uncertainties described in our most recent Form 10-K and in other filings made with the SEC. We published our quarterly earnings press release, prepared remarks, and supplemental slides to our investor relations website earlier today, and we ask you to review those documents if you haven't already. We open up to the call to questions following brief opening remarks from Dara. With that, let me hand it over to Dara.

Thanks, Alex. Uber had an exceptional start to 2026, driven by strong execution and a continued focus on product innovation. Despite a complex backdrop marked by war and weather, we delivered top line and profitability at or above the high end of our guidance. Gross bookings were up 21% year on year, reflecting the durability of our platform. And that growth was once again trip and audience led with our audience growing 17% alongside strong engagement. Our performance this quarter was balanced and broad-based. Mobility gross bookings accelerated to 20% with record margins. Delivery grew 23%, led by grocery and retail and supported by strong retention. And freight returned to growth for the first time in nearly two years. Importantly, we're scaling this growth profitably. Non-GAAP EPS increased 44% year over year, more than twice as fast as our bookings growth, driven by discipline, cost management, and operating leverage. We also generated strong free cash flow and returned a record $3 billion to shareholders through buybacks this quarter. We're also continuing to invest in the strength of our platform, which is compounding over time. We've now surpassed 50 million Uber One members and 10 million drivers and couriers globally Both important milestones that reflect strong customer loyalty and expanding number of earner opportunities on our platform. On the product front, our Go-Get event last week showcased how we're expanding Uber's role in everyday life across travel and local commerce. From hotel bookings and travel mode to new ways to shop and coordinate across our platform, these innovations are designed to deepen the everyday utility of our services and to build engagement and loyalty we're also making strong progress across our strategic priorities including autonomous where we continue to believe a hybrid network will unlock significant long-term value we now have more than 30 autonomous partners across mobility and delivery and are scaling deployments globally av mobility trips grew more than 10 x year on year And we remain on track to be live in up to 15 cities by the end of the year, including new deployments in the U.S. And with the launch of Uber Autonomous Solutions, we're building the technical and operational infrastructure to help our partners commercialize faster. Looking ahead, our guidance reflects continued momentum, disciplined capital allocation, and a clear focus on durable, profitable growth. And with that, operator, if you could open it up for questions.