Aggregate stats often result in misleading conclusions. Here’s a good example from @a16z ( that implies Uber’s prices in the US are up significantly more than Lyft. At Uber, we measure this particular metric every single week. But to get to the true signal, we always control for mix effects from trip type and geography. We measure price quotes on a standard product (in this case UberX vs. Lyft Standard) on identical trips (same origin/destination/time of day combinations), and we call this metric NPI (normalized price index). Our philosophy consistently has been to price as affordably and as competitively as possible, with the NPI near 1.0 at all times. On an apples to apples basis, that story remains remarkably consistent in the US. Even though the overall assessment is directionally accurate, in not controlling for mix effects, A16Z/Gridwise come to an inaccurate conclusion. In fact, it shows the success of our deliberate strategy to both innovate with new products and expand our footprint into sparser markets. As a result, (1) Uber skews more toward higher-priced premium products, as consumers are increasingly opting into our newer premium products, and (2) Uber trips skew longer, and the mix of trips >15km has increased meaningfully driven by the faster growth in suburban and sparser markets. In other words, we are serving consumers with better products, and we are serving more consumers than ever before in newer markets that have been significantly underpenetrated for the ridehailing category.

Solid work by our teams to bend the AI cost curve while continuing to enable broad adoption. AI adoption at Uber is up 7X since Feb, while cost per session is down over 50% since the peak in May. More here:

Last week, @RJScaringe gave me a preview of the upcoming @Rivian Autonomy+, and it flawlessly drove from Sunnyvale to Cupertino and back! Today, I traded in my car for a Launch Edition R2. Super excited about the progress here!

Busy week for autonomous @Uber! 🚁 Partnership with @Zipline for drone delivery 🚗 @PonyAI_tech launch with Verne in Zagreb 🇬🇧 Early rider testing in London with @Wayve_ai 🇦🇪 Driverless in Dubai with @BaiduApollo 🤖 @CocoRobotics coming to Helsinki 🎰 Nevada L4 permit secured for @Motionaldrive and @Zoox in Las Vegas Congrats to the team and our amazing partners. Let the scaling continue 🚀

There are good reasons to adjust certain items from GAAP earnings. Stock comp is not one of those items. More companies should include it as a real cost, and more investors should demand that companies do so.

Uber's Mobility business sustaining ~20% growth at massive scale was on very few bingo cards -- and our barbell strategy has been the key to delivering this sustained momentum. Our portfolio of low cost products drives frequency, our premium products drive significantly higher profits, and both acquire new customers to our platform. Much more to come.

.@Uber Q1’26 earnings are out — we’re off to an exceptional start to 2026: ✅Third straight quarter of 21%+ Gross Bookings growth ✅Non-GAAP EPS up 44% to $0.72 ✅Nearly $10B of TTM Free Cash Flow — a record high 🥇Membership joined the 50/50 club — 50M members, 50% Gross Bookings coverage 🏋🏻‍♂️No skipped reps — delivering on our Mobility barbell strategy (low cost + premium) 💰Record $3B in share repurchases Looking ahead, our product innovation, AV leadership, and AI momentum have us well positioned to accelerate the power of our platform. Let’s #GoGetIt#!