Company Reports

Uber is the world's largest on-demand ride-hailing provider, 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 competition from players such as Lyft (mainly in the US) and rapidly scaling autonomous vehicle (AV) platforms like Waymo and Tesla, though the AV companies are still much smaller than Uber today.

Uber's second-quarter operating performance was in line with our expectations, with gross bookings narrowly beating management’s forecast by 2%. We view the third-quarter outlook as slightly soft, with decelerating top-line growth and margin expansion.

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.

According to the Financial Times, Waymo is exploring a future split with Uber as the companies lobby for different regulatory frameworks for autonomous vehicles. They currently have exclusive partnerships in Austin and Atlanta.

Delivery Hero confirmed that Uber is interested in acquiring it after building a sizable stake over the past month. An offer of EUR 33 per share was rejected; shareholders are reportedly targeting closer to EUR 40 per share.

Uber's first quarter was strong, beating management’s gross bookings forecast by 2% and effectively meeting analyst expectations for net revenue per FactSet. Revenue would have been higher if not for an accounting change. Uber One added 4 million memberships in the quarter, reaching 50 million.

Uber is the largest on-demand ridehailing provider in the world. It has matched riders with drivers completing trips over billions of miles and, at the end of December 2025, has 202 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 until 2032. The firm faces ridehailing competition from players such as Lyft (mainly in the US), but Uber is the clearly superior network. Uber also faces increasing competition from rapidly scaling AV platforms like Waymo and Tesla.

Uber's fourth-quarter gross bookings grew 22% year over year, exceeding management’s guidance of 20%. The firm estimates slightly lower year-over-year growth (19% at the midpoint) for the next quarter. We suspect guidance and autonomous vehicle uncertainty are the main reasons for the stock decline.

Uber's third-quarter earnings exceeded management's forecast for 20% growth in bookings. The firm estimates similar growth for the next quarter and only a 100-basis-point increase in adjusted operating margin, which we suspect is the primary reason for the shares selling off.

Uber is the largest on-demand ridehailing provider in the world. It has matched riders with drivers completing trips over billions of miles and, at the end of September 2025, has 189 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 until 2032. The firm faces ridehailing competition from players such as Lyft (mainly in the US), but Uber is the clearly superior network. Uber also faces competition from scaling AV platforms like Waymo and Tesla.

Uber's second-quarter earnings met its forecast for 18% growth in gross bookings and beat adjusted EBITDA expectations. The firm guided to further operating margin expansion next quarter, underscoring stability in high teens growth and beneficial operating leverage. Users reached an all-time high.

Uber is the largest on-demand ridehailing provider in the world. It has matched riders with drivers completing trips over billions of miles and, at the end of June 2025, has 180 million customers using its ridehailing or food delivery services at least once a month. We view Uber as a leader in the fast-growing ridehailing and delivery markets, which we expect to grow at least 15% annually until 2032. The firm faces ridehailing competition from players such as Lyft (mainly in the US), but Uber is the clearly superior network.

Uber announced first-quarter earnings where gross bookings narrowly beat management guidance and net revenue slightly missed FactSet analyst expectations for the first time in five quarters. Adjusted EBITDA margin reached an all-time high of 16.2%.

Uber is the largest on-demand ridehailing provider in the world. It has matched riders with drivers completing trips over billions of miles and, at the end of March 2025, has 170 million customers using its ridehailing or food delivery services at least once a month. We view Uber as a leader in the fast-growing ridehailing and delivery markets, which we expect to grow at least 15% annually until 2032. The firm faces ridehailing competition from players such as Lyft (mainly in the US), but Uber is the clearly superior network.

On April 2, President Trump announced a sweeping set of tariffs that range from a 10% tax on every country to varying reciprocal tariffs on perceived bad actors. DoorDash, Uber, and Lyft are less reliant on foreign inputs, but highly reliant on consumer health, which could be affected.

Robotaxi adoption is set to grow. Waymo and Tesla stand at the forefront of this technological shift, which offers both an opportunity and threat to ride-hailing vendors, Uber and Lyft.

Uber reported earnings that exceeded management guidance while maintaining respectable growth in key network effect metrics, including trips, monthly active platform consumers, or MAPCs, engagement (trips/MAPC), and monetization per user. Despite this, shares are currently trading down in the mid $60 range due to somewhat weak guidance for 2025, primarily driven by expected currency headwinds. However, we are maintaining our $79 fair value estimate and view the current pricing as an attractive entry point to this narrow-moat company.

Uber is the largest on-demand ride-hailing provider in the world. It has matched riders with drivers completing trips over billions of miles and, at the end of December 2024, has 171 million customers using its ride-hailing or food delivery services at least once a month. We view Uber as a leader in the fast-growing ride-hailing and delivery markets, which we expect to grow at least 15% annually until 2032. The firm faces ride-hailing competition from players such as Lyft (mainly in the US), but Uber is the clearly superior network.

We are transferring coverage of Uber and Lyft, maintaining a narrow moat for Uber while downgrading Lyft to no-moat. As part of this update, we are changing the fair value estimate on Uber from $80 to $79 and the fair value estimate on Lyft from $20 to $16. The ride-hailing industry is at the cusp of a technological inflection point, with autonomous vehicles, or AVs (“robotaxis”), expected to play an increasingly impactful role. We believe that Uber is the only ride-hailing company with a vast network and critical mass. As such, Uber presents a strong value proposition to potential AV partners that are looking to drive utilization.

Uber is the largest on-demand ride-hailing provider in the world. It has matched riders with drivers, completed trips over billions of miles, and, at the end of September 2024, has 161 million customers using its ride-hailing or food delivery services at least once a month. We view Uber as a leader in the fast-growing ride-hailing and delivery markets, which we expect to grow at least 15% annually until 2032. The firm faces ride-hailing competition from players such as Lyft (mainly in the US), but Uber is the clearly superior network.