Americas Technology: Internet

Research evidence excerpt

Americas Technology: Internet

Equity Research

19 July 2026 | 6:39PM EDT

AMERICAS TECHNOLOGY: INTERNET

Ridesharing & Delivery Q2’26 Preview: Analyzing the Industry Debates

& Estimates

In previewing the upcoming earnings season for the Mobility/Delivery Internet Eric Sheridan

+1(917)343-8683 |

sub-sector, we expect reported results to come in broadly inline to above investor eric.sheridan@gs.com

Goldman Sachs & Co. LLC

expectations, with a relatively stable consumer backdrop (despite investor concerns)

Julia Fein-Ashleyacross our industry work and conversations. Within this note, we take the +1(212)902-5070 | julia.fein-

opportunity to update our US Grocery Industry model and operating estimates ashley@gs.comGoldman Sachs & Co. LLC

across the four companies in this sub-sector coverage universe. In our view, the Emma Huang

online grocery category has one of the lowest online penetration rates today (across +1(212)902-7229emma.huang@gs.com|

eCommerce) and we expect the industry to grow at a +11% 2025-2030 CAGR. Goldman Sachs & Co. LLC

Specifically, within our industry model, we further break out the category between

ship-to-home, delivery & pickup options – and believe that grocery delivery (similar

to the food delivery industry) will see durable double-digit growth in the years to

come. Despite several companies across our coverage universe investing to scale

their presence within the industry (AMZN, DASH, UBER, CART) – we have not seen

any evidence of growth rates being pressured. In our view, there remains a significant

amount of white space for all players to grow into the market (as previously outlined

here).

More broadly, the mobility landscape continues to benefit from rising utility trends

across both higher HHI users (with an upward tilt to pricing – as seen with