UBER, DASH, CART, LYFT: Hints into 2Q26 prints

Research evidence excerpt

UBER, DASH, CART, LYFT: Hints into 2Q26 prints

3 August 2026

Estimate Change

US Emerging Internet

Our Rideshare and Delivery basket has had some relief in recent weeks, but it’s been a Nikhil Devnani, CFA

+1 917 344 8425 challenging market. We head into Q2 with estimates flat-to-up a little, and expect numbers to

nikhil.devnani@bernsteinsg.com be ‘pretty good’ across the group. Nonetheless, the big question on our minds is whether this

quarter will do much to change narratives. The Delivery stocks seem more capable of follow-

Nathan Gee through as fundamentals will shape the debates vs. AVs and rideshare, which will take time.

+1 917 344 8573

nathan.gee@bernsteinsg.com

DASH: We nudge up Q2 GOV expectations slightly to $33.3B (implying solid ~24% Y/Y

Ajeya Patil, CFA organic ex-ROO, against a tougher compare). Credit card and app engagement data on

+1 917 344 8467 DoorDash looks broadly stable with the prior quarter, while the Wolt app showed some

ajeya.patil@bernsteinsg.com signs of slowing down and Deliveroo improved. After the disappointing 1Q26 deceleration

in order growth, we do think the stock will need at least ~1ppt of acceleration in the organic

Y/Y growth rate to 17% to assuage concerns (bad Q1 weather no longer a headwind). We

think it’s probably a quarter too early to get clear commentary on 2027 EBITDA, but the

Q3 guide can at least give us a sense of the exit rate on margins, while absorbing rising

tech re-platforming costs (update on progress can help). We anticipate $984M in 3Q26

Adj. EBITDA as the additional tech costs are offset by compounding GOV and improving

unit economics across International and Grocery & Retail. The risk from UBER x DHER and

interest in markets being sold to SSW are debates, but we don’t expect direct commentary.