Uber Freight reported a significant revenue increase in the second quarter of 2026, both year-over-year and sequentially, though the division remained unprofitable.

Revenue for the quarter reached $1.583 billion, representing a 25% increase from the same period a year earlier and an 18.3% rise from the first quarter. The result marks Uber Freight's highest quarterly revenue since the post-pandemic freight surge, reflecting a broader cyclical recovery taking hold across the logistics sector in 2026. Despite the strong top-line growth, operating income remained at negative $24 million for the quarter.

Uber (NYSE: UBER) did not specifically address Uber Freight's performance during its earnings call with analysts, and the accompanying slide deck included only basic financial data for the segment.

Starting this year, Uber changed its financial reporting methodology, presenting segment operating income rather than EBITDA. Under the previous EBITDA framework, Uber Freight was breakeven or marginally profitable in only a few quarters. Since Uber acquired Transplace in 2021 to build its digital brokerage and shipper TMS business, the division has largely operated at a loss.

The latest report did not alter that trajectory. Operating income data for the past five quarters shows the following results, beginning with Q2 2025: negative $26 million, negative $40 million, negative $18 million, negative $30 million, and most recently, negative $24 million.

On a margin basis, Uber Freight's operating income as a percentage of gross bookings improved to negative 1.5% from negative 2.2% in the first quarter. A year earlier, the figure stood at negative 2.1%, while the final quarter of 2025 recorded a margin of negative 1.4%. The sequential improvement suggests the division is edging closer to breakeven on an operating basis, though it has not yet sustained profitability across a full quarter under either reporting framework.

Among publicly traded third-party logistics providers, Uber Freight's revenue growth led or tied the field. RXO (NYSE: RXO) posted approximately 25% top-line growth, comparable to Uber Freight. Landstar (NASDAQ: LSTR) reported 18.2% growth, while C.H. Robinson (NASDAQ: CHRW) recorded 19.3%. The fact that all four major players posted similar double-digit gains signals that rising freight volumes and tighter capacity are lifting results industrywide rather than reflecting share gains by any single provider.

Uber Freight may have lost money again, but its revenue was the highest since the great freight bonanza post-pandemic. $UBER pic.twitter.com/89p3fvthVj — John Kingston (@JohnHKingston) August 6, 2026

As Transplace's operations have become a larger share of total Uber Freight revenue, the company no longer separates legacy Uber Freight from legacy Transplace in its financial reporting. With nearly five years having passed since the acquisition, sources indicate that the two operations have become increasingly intertwined, making any attempt to segregate revenue and income between them impractical.

However, a 25% surge in revenue is unlikely to stem from increased sales of a TMS platform such as Transplace. Such growth would more likely reflect brokerage operations benefiting from higher market rates.

Source: FreightWaves