US MOBILITY : Mobility & Delivery Monthly | May. - UBER & DASH Trending In-line

Research evidence excerpt

US MOBILITY : Mobility & Delivery Monthly | May. - UBER & DASH Trending In-line

EQUITIES

INTERNET & MEDIA

US MOBILITY

Mobility & Delivery Monthly | May. - UBER & DASH Trending

In-line

Each month, our tracker will surface key macro, industry, and 3P data trends to: (1) assess shifts in8 JUNE 2026

Securities Research Report intra-quarter sentiment and performance expectations, and (2) identify emerging longer-term trends.

Production time: 11:15* (London time)

Research Analysts & Publishing Entities Industry data points to stable underlying trends

Nick Jones Delivery-related spend maintained 15-16% share of total U.S. PCE. In May, Waymo announced

BNP Paribas Securities Corp1 rolling out its new Ojai robotaxi in Los Angeles, Phoenix, and San Francisco (link). Uber increased

+1 (929) 742-0211

nick.2.jones@us.bnpparibas.com its stake in Delivery Hero and is considering a new bid to acquire the company (link).

Uber (Outperform, $108 TP) – tracking in-line with expectation

Our regression indicates that Uber is pacing slightly below the Street’s $55.9B gross bookings

(mobility + delivery) estimate. Given our ~2.0% standard error and Uber’s growing GOV per MAU,

we view Uber as tracking in-line with expectations, implying y/y growth of 23%.

DoorDash (Outperform, $275 TP) – tracking in-line with expectation

Our regression indicates that DoorDash is pacing slightly behind the Street’s GOV estimate,

excluding an estimated ~$3.3B in GOV from Deliveroo. Given our ~2% standard error and DASH’s

growing GOV per MAU, we view DoorDash as tracking in-line with expectations of 22% y/y growth.

Instacart (Underperform, $37 TP) – MAUs still stagnant, no prediction

QTD, Instacart’s MAUs declined, reaffirming our concerns around its medium- to long-term growth

prospects.