Uber Technologies Inc. (UBER) Q2'26 Earnings Review Revenue Noise Shouldn’t Distract from Long Term Narratives Building in ...

Equity Research 5 August 2026 | 6:31PM EDT

Uber Technologies Inc. (UBER) Q2’26 Earnings Review: Revenue Noise Shouldn’t Distract from Long-Term Narratives Building in Both Operating Momentum & Scale; Compelling Risk/Reward on Revenue Growth & FCF Opportunity Ahead

UBER 12m Price Target: $110.00 Price: $68.18 Upside: 61.3% BUY Eric Sheridan In its Q2’26 earnings report, UBER highlighted a number of themes | Goldman Sachs & Co. LLC across an overall positive earnings report: 1) overall Gross Bookings Julia Fein-Ashley demonstrated strong global demand trends – with mgmt. | Goldman Sachs & Co. LLC highlighting the continued acceleration of the US mobility business, Grocery and Retail bookings having reached an annualized run-rate Emma Huang | Goldman Sachs & Co. LLC of $15bn during Q2, while also emphasizing their focus on executing against their global cross-platform strategy (to enable growth both within mature & emerging markets); 2) Q2 trip growth moderated Key Data _____________________________________ Market cap: $140.5bn primarily due to supply softness in Brazil – which mgmt. framed to Enterprise value: $142.0bn 3m ADTV: $1.5bn be more of a localized dynamic, and we believe that this is unlikely United States to present as anything more than a transient dynamic; 3) Americas Internet M&A Rank: 3 Autonomous Vehicle strategy and execution continues to emerge as GS Forecast __________________________________ a long-term strategic narrative – with mgmt. reiterating that AV 12/25 12/26E 12/27E 12/28E

operations are expected to be live in as many as 15 cities by year Revenue ($ mn) New Revenue ($ mn) Old 52,017.0 52,017.0 57,477.9 57,896.5 66,196.0 66,918.4 75,397.3 76,226.1 end (up from 7 today); & 4) an emphasis that scaling the scope of EBITDA ($ mn) 8,730.0 11,337.7 13,437.0 15,867.1 EBIT ($ mn) 5,565.0 8,420.1 10,437.2 12,705.0 the platform in total (as opposed to any one product or geography) EPS ($) New is increasingly the focus of management’s growth investment EPS ($) Old P/E (X) allocation and (in our view) remains the least appreciated and Dividend yield (%) -- -- -- -- understood by investors. In total, while we understand the negative Net debt/EBITDA (X) 0.1 0.1 (0.4) (1.0)

reaction to a revenue performance in this earnings report, we would 6/26 9/26E 12/26E 3/27E frame this quarter’s results as confirmatory of many long-term EPS ($)

narratives that inform our thesis on the company’s multi-year GS Factor Profile ______________________________ Growth prospects, including: Financial Returns

n Mobility (AVs). In our view, the launch of Uber Autonomous Multiple Solutions, paired with recent (and ongoing) investments & partnerships within the AV ecosystem, results in Uber being well Integrated

positioned to play a pivotal role in scaling (and enabling Percentile 20th 40th 60th 80th 100th

distribution) within the autonomous vehicle industry. While the UBER relative to Americas Coverage debate around what role UBER will play within the AV industry UBER relative to Americas Internet

will likely persist, we believe that the continued execution of Source: Company data, Goldman Sachs Research estimates. See disclosures for details. scaling their operations & partnership announcements will be central to muting the most notable bull/bear debate in the

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Uber Technologies Inc. (UBER)

Uber Technologies Inc. (UBER) Balance Sheet ($ mn) _______________________________________ BUY Rating since Sep 12, 2021 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 9,647.0 11,246.3 18,141.7 27,802.4 Accounts receivable 3,827.0 4,130.2 4,727.7 5,318.3 Inventory -- -- -- -- Ratios & Valuation…