Diverging Interests Likely to Mark the End of the Uber-Waymo Partnership

Uber is the largest on-demand ridehailing provider in the world. It has matched riders with drivers, completing trips spanning billions of miles, and, as of March 2026, had 200 million customers using its ridehailing or food delivery services at least once a month. We view Uber as a leader in the growing ridehailing and delivery markets, which we expect to grow at least 15% annually through 2032. The firm faces ridehailing competition from players such as Lyft (mainly in the US) and rapidly scaling AV platforms like Waymo and Tesla, though the autonomous vehicle companies are still much smaller than Uber today.