UBER: 2Q:26 EPS Preview: Solid Results Unlikely to Settle AV Debate

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UBER: 2Q:26 EPS Preview: Solid Results Unlikely to Settle AV Debate

lly in '27, mostly in US, but expect Uber US mobility trip volumes to remain EBITDA (MM)

healthy at 14%+, <200bps decel. Believe Waymo, and AVs in general, will be rideshare 2026E 2.48B A 2.77B E 2.93B E 3.20B E11.38B E

TAM expanding, adding ~150bps to industry growth in '27. This is a critical assumption Prior NC 2.77B E 2.99B E 3.32B E11.57B E

when evaluating the durability of Uber's growth, as expect Uber to largely go it alone in 2027E 3.06B E 3.31B E 3.58B E 3.83B E13.79B E

the US until AV partners begin scaled deployments late in the decade. Prior 3.12B E 3.37B E 3.65B E 3.94B E14.08B E

Source: Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NC = No Change, NE = No Estimate

View potential acquisition of Delivery Hero as next step in maturing global market

for restaurant delivery w/ continued tailwinds from grocery & retail, contributing Ken Gawrelski

4pts to 2H:26 Delivery GB growth. Expect any deal could incl. divesting some Delivery Equity Analyst | Wells Fargo Securities, LLC

Hero markets for strategic and regulatory reasons. Believe Uber priority acquisition Ken.Gawrelski@wellsfargo.com | 617-210-3707

markets: Middle East, South Korea and Argentina. 2H:26 Delivery ests excl. pending Getir Zachary Morrissey

acquisition; estimate ~150bps tailwind to GB growth at breakeven margins. Associate Equity Analyst | Wells Fargo Securities, LLC

Zachary.Morrissey@wellsfargo.com | 212-214-5344

David UmanskyEstimates, rating and price target. Reduce '26 / '27/ '28 total GB estimates by 40bps /

70bps / 70bps, evenly split across both Mobility & Delivery. Total revenue forecasts AssociateDavid.Umansky@wellsfargo.comEquity Analyst | Wells Fargo| 212-214-1406Securities, LLC