UBER - Incrementally Positive Following Meeting with Company; QTD Trends in Rides/Eats Bode Well for 2Q (Card Data)

研报英文原文证据摘录

UBER - Incrementally Positive Following Meeting with Company; QTD Trends in Rides/Eats Bode Well for 2Q (Card Data)

benefits

for members (such as the recent partnership with Expedia (EXPE, Hold, Miller), we expect the subscription to continue to gain adoption

amongst users and increasingly become a driver of traffic to the platform.

The US mobility business continues to hum along at a very healthy clip with further acceleration on the horizon in FY26. The

company’s US mobility business, which showed accelerating growth in 1Q26, is operating at a very healthy clip and is poised for further

acceleration in FY26 driven by 1) insurance costs shifting from a headwind to a tailwind (see more below), 2) ongoing expansion outside

of its major US cities (these smaller cities are growing 2x as fast as their larger counterparts), and 3) continued innovation on the product

across its “barbell” offering. We believe the strong trends observed in 1Q within the US mobility business despite an uncertain macro

along with prospects for accelerating growth throughout the remainder of the year are a testament to the healthy underlying marketplace

fueled by Uber’s investments into the platform. We’d also highlight that based on our analysis of the Truist Card Data, the company’s

consolidated Mobility GBs appear to be tracking ahead of consensus estimates QTD (see additional detail below).

• As it pertains to insurance, the insurance reform across a number of states (most notably California) along with a deceleration in

the company’s 3P renewal rates with major insurance providers are providing a tailwind to insurance costs Y/Y. Beyond the favorable

trends in pricing associated with reforms & renewals, Uber has also made (and is continuing to make) efforts to drive down incident