Uber Technologies, Inc.

Hello and welcome to Uber's Q2 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. And 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 second quarter 2026 earnings presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi, and CFO, Pathology 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. We ask you review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara. With that, let me hand it over to Dara.

Thanks, Alex. So Q2 was another outstanding quarter for Uber with record audience and engagement, driving durable growth, expanding margins, and record cash generation. Growth bookings were 22% year-on-year to more than $58 billion, above the high end of our guidance and marking our fourth consecutive quarter above 20% growth. Just as importantly, that growth translated into significant operating leverage with non-GAAP EPS growing 35% year-over-year, and trailing 12-month free cash flow exceeding $10 billion for the first time in our history. Those results give us the ability to continue investing from a position of strength across our priorities. A recently announced agreement to acquire Delivery Hero is a great example. The combination is going to expand our reach to nearly 100 markets and extend the proven strategy that has underpinned our growth for years by roughly doubling the number of markets where we can offer the full power of our platform across mobility and delivery. By bringing our technology and Uber One to millions more people, we believe this deal will create significant long-term shareholder value. We also continue to invest behind one of the largest opportunities in Uber's history, autonomous vehicles. Over the past year, the conversation around AVs has shifted. from whether the technology can deliver a compelling service to how broadly, reliably, and economically it can scale. That distinction matters because we believe the industry structure is becoming clearer. It mirrors what's happening in AI broadly. A few years ago, many expected AI to converge around a single foundation model. Instead, multiple frontier models have emerged alongside a growing open source ecosystem. We believe ADs, which are essentially physical AI, will follow a similar path. Just in the last week, we've seen NVIDIA release its Alpha Mayo open weight model, and our partners at Wave received a permit in the UK, and Zoox received approval to scale its rolo taxi. The momentum across our partner base is remarkable. Unlike foundation models, however, AVs are physical, regulated systems that have to be deployed market by market with the variable patterns of ride hailing. That makes the commercialization layer critical, and that's exactly the opportunity we're building towards. Our ambition is straightforward, to become the world's leading commercialization platform for autonomous vehicles. Taken together, we're executing with discipline today while building the capabilities we believe will define Uber's next decade of growth. With that operator, let's open up for questions.