Uber’s membership tier now accounts for 50% of Mobility and Delivery gross bookings, signaling a shift toward subscription-driven revenue.
Uber reported Q1 gross bookings of $53.72 billion, up 25% year-over-year, with Uber One’s 50 million members driving half of Mobility and Delivery volumes. Revenue growth lagged at 14%, reflecting business model adjustments as subscriptions gain traction.
Trips rose 20% and monthly active platform consumers reached 199 million, a 17% increase. Operating income grew 57%, with expanding margins, yet the company trades at a P/E of 17, suggesting undervaluation amid its transition to a membership-driven model.
CEO Dara Khosrowshahi highlighted the milestone, framing it as a strategic shift toward predictable revenue streams. The membership flywheel is reshaping Uber’s valuation metrics, moving beyond transactional rides to a subscription-based logistics network.