Uber Technologies Quick Take: 2Q Upside on Delivery Acceleration; Committing to $10B in AV Investments

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Uber Technologies

Not Rated

UBER, UBER US

Price (04 Aug 26):$71.99

Quick Take: 2Q Upside on Delivery Acceleration;

Committing to $10B in AV Investments

2Q GBs Accelerated & EBITDA Above Guide. UBER reported 2Q GBs

slightly above $58B, +22% FXN (guide 18% - 22% FXN), 1% ahead of JPMe

$57.5B and above the high end of the $56.25B-$57.75B guide. MAPCs

increased +16% to 208M, while frequency grew +2%. Mobility GB of $29B

(+20% FXN ) was in line w/JPMe of $29.1B (+20.5% FXN), while Delivery

GB of $27.5B (+25% FXN) was 1% above our $27.1B (+22.5% FXN). 2Q

EBITDA of $2.82B (4.86% of GBs) came in above the high end of the $2.70B$2.80B guide.

Mobility GBs Strength Driven by US. Mobility GBs reported a second

consecutive qtr of 20% FXN growth, driven by acceleration in both trips and

GBs in the US. Uber saw benefits in CA and highlighted that trips growth in

CA cities like LA and SF (both Waymo cities) grew significantly faster than the

rest of the US, driven by lower pricing due to lower insurance costs. Uber also

continues to see benefits of the barbell strategy, w/high-value products like

U4B GBs up 40% Y/Y, while Moto and Wait & Save continue to expand the

category. Sparser markets remain a key growth driver and grew 1.5x faster than

denser markets.

Delivery GBs Accelerated. Uber Delivery GBs accelerated to +25% FXN (vs.

23% in 1Q), driven by strong consumer retention, continued growth in

membership, and G&R strength as Uber gained category position in top 10 Int’l

markets. G&R reached $15B run-rate GBs (40%+ Y/Y) as selection continues

to improve, w/notable strength in EU markets like UK, France, and Germany.

Advertising remains strong and exceeded $2.5B ARR, growing ~50% Y/Y w/

growth across enterprise brands, G&R, and Mobility ads.

3Q GBs Guide. UBER guided to 3Q GBs of $58.25B-$60.25B (18% - 22%

FXN Y/Y), in line w/consensus of $59.3B at the mid-point, and includes ~1pt

of FX headwind. Uber’s 3Q Adj.EPS guide of $0.84-$0.88 also came in line

w/JPMe of $0.86 at the mid-point, and represents ~32% Y/Y growth at the midpoint. Uber’s 3Q guide translates into Adj. EBITDA of $2.86B-$2.96B, and

…