Amit Fulay

$UBER Q3'26 earnings are out — another strong quarter of growth and expanding profitability, with record engagement across our platform: ✅Gross Bookings of $59.8 billion, up 20%+ for the fifth straight quarter ✅Non-GAAP EPS grew 35% YoY to $0.88 ✅$10.4 billion in free cash flow on a TTM basis, another record high 🚗Driver & courier earnings well over $25 billion = more than $100 billion annual runrate 🤖Scaling fully driverless autonomous vehicles, with ~700 expected in 2026, 2,000+ in 2027, & tens of thousands starting in 2028 As we enter the busiest quarter of the year, our priorities are clear: build on our momentum, and deliver against our AV milestones, while continuing to grow profitably.

A few things: "DoorDash typically builds whereas Uber usually buys" - The facts don't support this opinion. Uber didn't deploy any capital on M&A between 2022 to 2024, while organically establishing category leading positions across Mobility and Delivery globally. Meanwhile, nearly the entirety of Doordash's international business is built on fairly expensive acquisitions (Wolt, Deliveroo), and it has acquired substantials assets to expand into new verticals as well (Sevenrooms, Grub Campus etc). If you add up the deployments, you'll find that Uber has deployed a significantly smaller portion of its FCF on acquisitions than DD has, while delivering steady ~20% growth off a much larger base. "Uber doesn’t seem to be buying cheaply either" Every dollar of Gross Bookings is not created equal. We have successfully executed on a barbell strategy where products with high ticket size and margins allow us to invest behind affordable products that drive acquisition and frequency for the platform. Additionally, our Uber for Business offering has delivered sustained, strong traction. ezCater has a nearly 10X order size relative to a typical delivery order in the US, and is accretive to Delivery margins outright. We expect more upside post synergies (and potentially more as it's plugged into U4B distribution and goes global). Beyond the strategic merits, financially, it delivers a better return than buying back our own stock, which is a bar we continue to hold for any evaluation. Build vs. buy. Catering is an operationally complex business. When an office admin orders lunch for their hungry team, you better deliver! That means a distinct product experience, work on merchant ops, as well as a specialized effort with couriers and set up specialists. That doesn't mean it can't be built, but this acquisition leapfrogs Uber well ahead. Combined with our distribution and global footprint, an acquisition allows us to scale this category much faster. Uber vs. Expedia. I guess it needs to be said - Uber is not Expedia! Post COVID, Uber has compounded topline at over 20% and bottomline at over 70% (CAGR 2022-2025).