UBER Bernstein TMT 2026

Call Details

• Call Title: Bernstein TMT 2026 Conference - Uber Technologies
• Date: May 28, 2026 at 10:54 PM UTC
• Management Team:
  • Balaji Krishnamurthy (Chief Financial Officer)

Call Summary

Strategic Commentary

• The capital allocation priority hierarchy is reinvest in core organic efforts first, invest behind EV/AV strategy second, pursue selective M&A third, and return excess capital via buybacks last.
• The company reports approximately $10 billion of annual free cash flow generation and maintains a leverage policy of not exceeding 2x while sitting near 1x currently.
• Uber holds about a 37% exposure to Delivery Hero and describes that position as providing a 'seat at the table' for outcomes of Delivery Hero's strategic review.
• The firm stated its acquisition bar requires strategic fit, a clear regulatory and integration path, and accretion on an adjusted EPS basis relative to buybacks.
• Uber plans to continue share reduction as a priority while monetizing non-strategic equity stakes of about $8B to $9B when appropriate.
• The company is actively investing in Uber Autonomous Solutions including a data-collection fleet planned to generate up to 2 million miles of data per month by year-end.
• Tone was confident and disciplined, with repeated statements of high conviction such as 'we feel pretty confident' and emphasis on being selective and accretive.

Market / Industry View

• Uber described its platform as operating at scale with over $190 billion in gross bookings and supporting over 200 million monthly active customers.
• Over the last three years gross bookings grew 1.7x while free cash flow grew 10x, and on a three-year trailing basis Q1 top line compounded at roughly 20% CAGR.
• The company reported that profits compounded at about a 50% CAGR over the same three-year period and that historical free cash flow conversion has been north of 100%.
• Delivery footprint performance highlighted market-leading positions in Canada, U.K., France, Australia, Taiwan and Japan, with Australia growing 'upwards of 30% year-on-year'.
• Global autonomous activity was quantified as about 50 million trips today with Waymo at ~0.5 million weekly trips in the U.S. and Baidu at ~350,000 weekly trips in China.
• Management expects insurance-related cost relief in the U.S. and announced concluded carrier rate renegotiations with low single-digit percent increases.
• The company reported that roughly 50% of overall gross bookings come from Uber One members, with two-thirds of Delivery bookings and one-third of Mobility bookings from Uber One.