Uber Technologies (UBER)
Market Price (7/23/2026): $70.55 | Market Cap: $144.8 BilInvestor Relations Sector: Industrials | Industry: Passenger Ground Transportation
Uber Technologies (UBER)
Market Price (7/23/2026): $70.55Market Cap: $144.8 BilSector: IndustrialsIndustry: Passenger Ground Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 6.8% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 10 Bil, FCF LTM is 9.8 Bil Stock buyback supportStock Buyback 3Y Total is 11 Bil Low stock price volatilityVol 12M is 34% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Fintech & Digital Payments, Future of Freight, Show more. | Weak multi-year price returns2Y Excs Rtn is -32%, 3Y Excs Rtn is -11% | Key risksUBER key risks include [1] global legal and regulatory challenges to its driver classification model and [2] the long-term threat of being disintermediated by companies operating their own autonomous vehicle networks. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 6.8% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 10 Bil, FCF LTM is 9.8 Bil |
| Stock buyback supportStock Buyback 3Y Total is 11 Bil |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Fintech & Digital Payments, Future of Freight, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -32%, 3Y Excs Rtn is -11% |
| Key risksUBER key risks include [1] global legal and regulatory challenges to its driver classification model and [2] the long-term threat of being disintermediated by companies operating their own autonomous vehicle networks. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 7/1/2026
Uber Technologies (UBER) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Discrepancy between strong operational performance and GAAP net income volatility. Uber reported an "exceptional start" to fiscal Q1 2026 (ended March 31, 2026), with Gross Bookings growing 25% year-over-year (YoY) to $53.7 billion and Adjusted EBITDA increasing 33% YoY to $2.5 billion. Non-GAAP EPS of $0.72 for Q1 2026 also exceeded analyst expectations of $0.70. Furthermore, the company provided strong guidance for fiscal Q2 2026, anticipating Gross Bookings of $56.25 billion to $57.75 billion (18% to 22% YoY constant-currency growth) and Non-GAAP EPS of $0.78 to $0.82 (31% to 38% YoY growth). Despite these robust underlying fundamentals and optimistic outlook, the stock's performance has been hindered by a significant non-cash GAAP net income headwind of $1.5 billion (pre-tax) from revaluations of its equity investments, leading to a reported GAAP net income of only $263 million in Q1 2026 and an 85.19% YoY decrease. This divergence between strong operational metrics and reported GAAP profitability has created investor uncertainty.
2. Investor apprehension regarding Autonomous Vehicle (AV) strategy and competitive landscape. Concerns about the long-term impact of autonomous vehicle technology on Uber's market share have weighed on the stock. Investors are wary of the potential erosion of Uber's dominance by robotaxi operators like Waymo. For instance, Uber shares experienced a 4.7% drop on June 30, 2026, driven by investor concerns surrounding its autonomous vehicle strategy, particularly after its Waymo Phoenix robotaxi pilot concluded, despite Uber's announcement of plans to secure a new AV partner in Phoenix. While Uber is pursuing a partnership-led approach to integrate robotaxis, working with over 20 companies, this competitive dynamic and strategic uncertainty remain a headwind.
Show more
Uber Technologies (UBER) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Discrepancy between strong operational performance and GAAP net income volatility. Uber reported an "exceptional start" to fiscal Q1 2026 (ended March 31, 2026), with Gross Bookings growing 25% year-over-year (YoY) to $53.7 billion and Adjusted EBITDA increasing 33% YoY to $2.5 billion. Non-GAAP EPS of $0.72 for Q1 2026 also exceeded analyst expectations of $0.70. Furthermore, the company provided strong guidance for fiscal Q2 2026, anticipating Gross Bookings of $56.25 billion to $57.75 billion (18% to 22% YoY constant-currency growth) and Non-GAAP EPS of $0.78 to $0.82 (31% to 38% YoY growth). Despite these robust underlying fundamentals and optimistic outlook, the stock's performance has been hindered by a significant non-cash GAAP net income headwind of $1.5 billion (pre-tax) from revaluations of its equity investments, leading to a reported GAAP net income of only $263 million in Q1 2026 and an 85.19% YoY decrease. This divergence between strong operational metrics and reported GAAP profitability has created investor uncertainty.
2. Investor apprehension regarding Autonomous Vehicle (AV) strategy and competitive landscape. Concerns about the long-term impact of autonomous vehicle technology on Uber's market share have weighed on the stock. Investors are wary of the potential erosion of Uber's dominance by robotaxi operators like Waymo. For instance, Uber shares experienced a 4.7% drop on June 30, 2026, driven by investor concerns surrounding its autonomous vehicle strategy, particularly after its Waymo Phoenix robotaxi pilot concluded, despite Uber's announcement of plans to secure a new AV partner in Phoenix. While Uber is pursuing a partnership-led approach to integrate robotaxis, working with over 20 companies, this competitive dynamic and strategic uncertainty remain a headwind.
Show more
Updated on 7/1/2026
Uber Technologies (UBER) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Discrepancy between strong operational performance and GAAP net income volatility. Uber reported an "exceptional start" to fiscal Q1 2026 (ended March 31, 2026), with Gross Bookings growing 25% year-over-year (YoY) to $53.7 billion and Adjusted EBITDA increasing 33% YoY to $2.5 billion. Non-GAAP EPS of $0.72 for Q1 2026 also exceeded analyst expectations of $0.70. Furthermore, the company provided strong guidance for fiscal Q2 2026, anticipating Gross Bookings of $56.25 billion to $57.75 billion (18% to 22% YoY constant-currency growth) and Non-GAAP EPS of $0.78 to $0.82 (31% to 38% YoY growth). Despite these robust underlying fundamentals and optimistic outlook, the stock's performance has been hindered by a significant non-cash GAAP net income headwind of $1.5 billion (pre-tax) from revaluations of its equity investments, leading to a reported GAAP net income of only $263 million in Q1 2026 and an 85.19% YoY decrease. This divergence between strong operational metrics and reported GAAP profitability has created investor uncertainty.
2. Investor apprehension regarding Autonomous Vehicle (AV) strategy and competitive landscape. Concerns about the long-term impact of autonomous vehicle technology on Uber's market share have weighed on the stock. Investors are wary of the potential erosion of Uber's dominance by robotaxi operators like Waymo. For instance, Uber shares experienced a 4.7% drop on June 30, 2026, driven by investor concerns surrounding its autonomous vehicle strategy, particularly after its Waymo Phoenix robotaxi pilot concluded, despite Uber's announcement of plans to secure a new AV partner in Phoenix. While Uber is pursuing a partnership-led approach to integrate robotaxis, working with over 20 companies, this competitive dynamic and strategic uncertainty remain a headwind.
3. Broader macroeconomic headwinds and tech sector valuation concerns. The market has faced a "complex macro backdrop" during the period, characterized by geopolitical tensions, notably the conflict in the Middle East, which incorporated a 60 basis points headwind in Uber's Q2 2026 outlook. This has contributed to higher oil prices and consequently, increased inflation expectations, potentially impacting consumer spending and overall economic growth. Additionally, a cautious sentiment around broader tech sector valuations, often referred to as an "AI-driven tech multiple contraction", has affected investor appetite for growth stocks. Questions about whether the substantial investments in AI infrastructure and models will yield sufficient returns are causing "increasing cracks" in the AI theme, thereby contributing to a generally less favorable environment for technology companies like Uber.
Show less
Uber Technologies (UBER) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Discrepancy between strong operational performance and GAAP net income volatility. Uber reported an "exceptional start" to fiscal Q1 2026 (ended March 31, 2026), with Gross Bookings growing 25% year-over-year (YoY) to $53.7 billion and Adjusted EBITDA increasing 33% YoY to $2.5 billion. Non-GAAP EPS of $0.72 for Q1 2026 also exceeded analyst expectations of $0.70. Furthermore, the company provided strong guidance for fiscal Q2 2026, anticipating Gross Bookings of $56.25 billion to $57.75 billion (18% to 22% YoY constant-currency growth) and Non-GAAP EPS of $0.78 to $0.82 (31% to 38% YoY growth). Despite these robust underlying fundamentals and optimistic outlook, the stock's performance has been hindered by a significant non-cash GAAP net income headwind of $1.5 billion (pre-tax) from revaluations of its equity investments, leading to a reported GAAP net income of only $263 million in Q1 2026 and an 85.19% YoY decrease. This divergence between strong operational metrics and reported GAAP profitability has created investor uncertainty.
2. Investor apprehension regarding Autonomous Vehicle (AV) strategy and competitive landscape. Concerns about the long-term impact of autonomous vehicle technology on Uber's market share have weighed on the stock. Investors are wary of the potential erosion of Uber's dominance by robotaxi operators like Waymo. For instance, Uber shares experienced a 4.7% drop on June 30, 2026, driven by investor concerns surrounding its autonomous vehicle strategy, particularly after its Waymo Phoenix robotaxi pilot concluded, despite Uber's announcement of plans to secure a new AV partner in Phoenix. While Uber is pursuing a partnership-led approach to integrate robotaxis, working with over 20 companies, this competitive dynamic and strategic uncertainty remain a headwind.
3. Broader macroeconomic headwinds and tech sector valuation concerns. The market has faced a "complex macro backdrop" during the period, characterized by geopolitical tensions, notably the conflict in the Middle East, which incorporated a 60 basis points headwind in Uber's Q2 2026 outlook. This has contributed to higher oil prices and consequently, increased inflation expectations, potentially impacting consumer spending and overall economic growth. Additionally, a cautious sentiment around broader tech sector valuations, often referred to as an "AI-driven tech multiple contraction", has affected investor appetite for growth stocks. Questions about whether the substantial investments in AI infrastructure and models will yield sufficient returns are causing "increasing cracks" in the AI theme, thereby contributing to a generally less favorable environment for technology companies like Uber.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -2.2% change in UBER stock from 3/31/2026 to 7/22/2026 was primarily driven by a -17.7% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.93 | 70.33 | -2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 52,017 | 53,687 | 3.2% |
| Net Income Margin (%) | 19.3% | 15.9% | -17.7% |
| P/E Multiple | 14.8 | 16.9 | 13.9% |
| Shares Outstanding (Mil) | 2,073 | 2,052 | 1.0% |
| Cumulative Contribution | -2.2% |
Market Drivers
3/31/2026 to 7/22/2026| Return | Correlation | |
|---|---|---|
| UBER | -2.2% | |
| Market (SPY) | 14.9% | 25.7% |
| Sector (XLI) | 10.6% | 16.5% |
Fundamental Drivers
The -13.9% change in UBER stock from 12/31/2025 to 7/22/2026 was primarily driven by a -52.6% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 81.71 | 70.33 | -13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 49,610 | 53,687 | 8.2% |
| Net Income Margin (%) | 33.5% | 15.9% | -52.6% |
| P/E Multiple | 10.2 | 16.9 | 65.1% |
| Shares Outstanding (Mil) | 2,084 | 2,052 | 1.6% |
| Cumulative Contribution | -13.9% |
Market Drivers
12/31/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| UBER | -13.9% | |
| Market (SPY) | 9.9% | 30.9% |
| Sector (XLI) | 15.6% | 22.5% |
Fundamental Drivers
The -24.6% change in UBER stock from 6/30/2025 to 7/22/2026 was primarily driven by a -41.2% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 93.30 | 70.33 | -24.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 45,380 | 53,687 | 18.3% |
| Net Income Margin (%) | 27.1% | 15.9% | -41.2% |
| P/E Multiple | 15.9 | 16.9 | 6.4% |
| Shares Outstanding (Mil) | 2,092 | 2,052 | 2.0% |
| Cumulative Contribution | -24.6% |
Market Drivers
6/30/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| UBER | -24.6% | |
| Market (SPY) | 22.0% | 33.0% |
| Sector (XLI) | 22.5% | 27.2% |
Fundamental Drivers
The 62.9% change in UBER stock from 6/30/2023 to 7/22/2026 was primarily driven by a 58.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.17 | 70.33 | 62.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,846 | 53,687 | 58.6% |
| P/S Multiple | 2.6 | 2.7 | 4.9% |
| Shares Outstanding (Mil) | 2,010 | 2,052 | -2.1% |
| Cumulative Contribution | 62.9% |
Market Drivers
6/30/2023 to 7/22/2026| Return | Correlation | |
|---|---|---|
| UBER | 62.9% | |
| Market (SPY) | 74.6% | 47.1% |
| Sector (XLI) | 73.6% | 46.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| UBER Return | -18% | -41% | 149% | -2% | 35% | -12% | 40% |
| Peers Return | 15% | -37% | 37% | 13% | 22% | 35% | 86% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| UBER Win Rate | 42% | 33% | 58% | 42% | 58% | 29% | |
| Peers Win Rate | 54% | 37% | 55% | 55% | 63% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| UBER Max Drawdown | -43% | -54% | -20% | -31% | -21% | -22% | |
| Peers Max Drawdown | -30% | -51% | -30% | -32% | -36% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LYFT, DASH, CHRW, RXO, JBHT. See UBER Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/22/2026 (YTD)
How Low Can It Go
| Event | UBER | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.4% | -18.8% |
| % Gain to Breakeven | 25.6% | 23.1% |
| Time to Breakeven | 28 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.6% | -7.8% |
| % Gain to Breakeven | 18.5% | 8.5% |
| Time to Breakeven | 8 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.9% | -9.5% |
| % Gain to Breakeven | 16.1% | 10.5% |
| Time to Breakeven | 8 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.5% | -6.7% |
| % Gain to Breakeven | 13.0% | 7.1% |
| Time to Breakeven | 7 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.4% | -24.5% |
| % Gain to Breakeven | 114.8% | 32.4% |
| Time to Breakeven | 361 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.9% | -33.7% |
| % Gain to Breakeven | 177.0% | 50.9% |
| Time to Breakeven | 232 days | 140 days |
In The Past
Uber Technologies's stock fell -20.4% during the 2025 US Tariff Shock. Such a loss loss requires a 25.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | UBER | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.4% | -18.8% |
| % Gain to Breakeven | 25.6% | 23.1% |
| Time to Breakeven | 28 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.4% | -24.5% |
| % Gain to Breakeven | 114.8% | 32.4% |
| Time to Breakeven | 361 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.9% | -33.7% |
| % Gain to Breakeven | 177.0% | 50.9% |
| Time to Breakeven | 232 days | 140 days |
In The Past
Uber Technologies's stock fell -20.4% during the 2025 US Tariff Shock. Such a loss loss requires a 25.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Uber Technologies (UBER)
Uber Technologies, Inc. (UBER) is a global technology company that operates proprietary applications to connect consumers with a vast network of independent service providers. At its core, Uber facilitates on-demand services across several key areas: personal transportation, goods delivery, and freight logistics. The company structures its operations into three primary segments: Mobility, Delivery, and Freight.
The Mobility segment provides ridesharing services, connecting consumers with independent drivers for transportation in a range of vehicles, from cars to taxis, across a wide geographical footprint. The Delivery segment focuses on connecting consumers with local restaurants, grocers, and other stores to order and receive meals, groceries, alcohol, and convenience items delivered to their door. Both Mobility and Delivery primarily serve individual consumers seeking convenient on-demand services, as well as the independent drivers and merchants who provide these services.
Uber's Freight segment operates a logistics platform that links carriers with shippers, offering transparent pricing and booking capabilities for transportation management and other logistics services. This segment caters to businesses, specifically trucking companies (carriers) and businesses needing to transport goods (shippers). Uber Technologies operates its diverse suite of services across North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific region.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Uber Technologies (UBER):
- It's like an Amazon for on-demand transportation and local delivery services.
- Think of it as an Expedia for booking ground transportation and local delivery solutions.
AI Analysis | Feedback
- Ridesharing/Ride-hailing: Connects consumers with independent drivers for transportation services in various vehicles.
- Meal Delivery: Enables consumers to order meals from local restaurants for pickup or delivery (Uber Eats).
- Grocery & Other Goods Delivery: Provides delivery services for groceries, alcohol, convenience store items, and select other goods.
- Freight Logistics: Connects carriers with shippers on its platform, offering transparent pricing and booking for freight shipments and other logistics services.
AI Analysis | Feedback
```html
Uber Technologies (UBER) primarily sells to individuals. The company serves the following categories of customers:
- Riders: Individuals who use the Uber platform to request and receive on-demand transportation services across a variety of vehicles. These customers are served by the Mobility segment.
- Delivery Consumers: Individuals who use the Uber Eats platform to order food from restaurants, groceries, alcohol, and other convenience items for delivery or pick-up. These customers are served by the Delivery segment.
AI Analysis | Feedback
Uber Technologies (UBER) has the following major suppliers:
- Amazon.com, Inc. (AMZN)
- Alphabet Inc. (GOOGL)
AI Analysis | Feedback
Dara Khosrowshahi, Chief Executive Officer
Dara Khosrowshahi joined Uber as Chief Executive Officer in August 2017. He previously served as the CEO of Expedia Group for over 12 years, from August 2005 to September 2017, where he expanded the company's global presence and oversaw key acquisitions including Travelocity, Orbitz, and HomeAway. Prior to his role at Expedia, he was the Chief Financial Officer of IAC from January 1998 to January 2005. Khosrowshahi began his career in 1991 as an analyst at the investment bank Allen & Company.
Prashanth Mahendra-Rajah, Chief Financial Officer
Prashanth Mahendra-Rajah was appointed Chief Financial Officer of Uber in November 2023. Before joining Uber, he served as CFO at Analog Devices from September 2017 to November 2023 and as CFO at WABCO Holdings from June 2014 to September 2017. During his tenure at WABCO, he led several critical corporate acquisitions and was instrumental in reshaping the company's operations and value proposition. His extensive financial experience also includes roles at Applied Materials, Visa, and United Technologies. Mahendra-Rajah currently serves on the board of directors for Shopify and The Goodyear Tire & Rubber Company.
Andrew Macdonald, President and Chief Operating Officer
Andrew Macdonald serves as President and Chief Operating Officer, overseeing Uber's global operations and leading initiatives focused on enhancing efficiency and customer experience. He has been pivotal in expanding Uber's global footprint and forming strategic partnerships. His career at Uber is extensive, and he also holds board positions at Lime and Careem.
Tony West, Senior Vice President, Chief Legal Officer, and Corporate Secretary
Tony West is Uber's Senior Vice President, Chief Legal Officer, and Corporate Secretary, leading the company's global Legal, Compliance and Ethics, and Security functions. Prior to Uber, he was Executive Vice President Public Policy and Government Affairs, General Counsel, and Corporate Secretary at PepsiCo. West also held senior positions in the Obama administration, serving as the Associate Attorney General of the United States (2012-2014) and the Assistant Attorney General of the Civil Division (2009-2012) at the U.S. Department of Justice.
Sundeep Jain, Chief Product Officer and Senior Vice President of Engineering
Sundeep Jain is the Chief Product Officer and Senior Vice President of Engineering at Uber, where he is responsible for the global Mobility and Delivery products, encompassing product management, design, data science, and product operations. Before joining Uber, Jain was the Vice President of Product Management at Google, focusing on the Search Ads group. Earlier in his career, he was a Vice President at Zynga and founded a tech startup, Aceva Technologies, Inc., which was acquired by FIS.
AI Analysis | Feedback
The key risks to Uber Technologies (UBER) are:
- Regulatory and Legal Challenges Regarding Worker Classification: Uber's business model heavily relies on classifying its drivers and delivery persons as independent contractors. This classification is continuously challenged by legal and regulatory bodies globally, including in the United States. Should these challenges result in reclassifying drivers as employees, Uber could face substantial increases in operational costs due to mandated benefits, minimum wage requirements, overtime pay, and other employment-related expenses. Several lawsuits and audits have already led to significant settlements and liabilities for alleged misclassification. While California's Proposition 22 aimed to solidify the independent contractor model for gig workers, its legal standing continues to be contested.
- Intense Market Competition: Uber operates in highly competitive markets across its Mobility, Delivery, and Freight segments. In ride-hailing, it faces rivals like Lyft in the U.S. and various regional players globally (e.g., DiDi Chuxing, Grab). The delivery segment, particularly Uber Eats, competes intensely with companies such as DoorDash and Grubhub. This fierce competition can lead to price wars, increased promotional spending, and lower margins, which can negatively impact Uber's profitability and market share.
- Impact of Autonomous Vehicle Technology: The advancement and widespread adoption of autonomous vehicle (AV) technology pose a significant, long-term disruptive risk to Uber's driver-reliant business model. While Uber has explored and partnered in the AV space, successful scaling of driverless services by competitors like Waymo and Tesla could reduce the need for human drivers, fundamentally altering the ridesharing and delivery landscape. This could challenge Uber's current operating model or necessitate substantial investments and strategic adaptations to remain competitive, including potentially relying on AV fleets from other providers.
AI Analysis | Feedback
- Autonomous ride-hailing services from competitors (e.g., Waymo, Cruise) that could scale driverless operations, directly threatening Uber's Mobility segment by offering potentially lower-cost alternatives.
- Robotic and automated delivery services from competitors (e.g., Nuro, Starship) and major retailers, which could provide more efficient and cost-effective last-mile delivery, impacting Uber's Delivery segment.
- Increasing investment by restaurants, grocers, and other merchants in their own direct-to-consumer (D2C) online ordering and delivery infrastructure, potentially reducing their reliance on third-party aggregator platforms like Uber Eats.
- Autonomous trucking technologies developed and deployed by competitors, which could disrupt the traditional freight brokerage model that Uber Freight currently leverages.
AI Analysis | Feedback
Uber Technologies, Inc. operates across three primary segments: Mobility, Delivery, and Freight, each tapping into substantial addressable markets globally.
Mobility Segment (Ridesharing)
The global ride-sharing market, which encompasses Uber's Mobility segment, was valued at approximately USD 144.10 billion in 2025. This market is projected to expand significantly, reaching an estimated USD 659.39 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 18.40% during the forecast period. North America held the largest share of this market in 2025, accounting for 44.52%.
Delivery Segment (Online Food and Grocery Delivery)
Online Food Delivery: The global online food delivery market was valued at USD 319.99 billion in 2025. Experts predict this market will grow to USD 728.83 billion by 2034, with a CAGR of 9.58% during the 2026-2034 forecast period. Asia-Pacific is a dominant region, accounting for 34% of the global market share.
Online Grocery Delivery: For online grocery delivery services, the global market was estimated at USD 909.6 billion in 2025. It is projected to reach USD 7,644.8 billion by 2034, exhibiting a robust CAGR of 25.88% from 2026 to 2034. The Asia-Pacific region currently leads this market, holding over 58.3% of the market share in 2025.
Freight Segment (Freight and Logistics)
The global logistics market, relevant to Uber's Freight segment, was valued at USD 11.23 trillion in 2025. This market is anticipated to grow to approximately USD 24.36 trillion by 2035, with a CAGR of 8.05% from 2026 to 2035. In 2025, the Asia-Pacific region represented the largest share of the global logistics market, at 44.59%.
AI Analysis | Feedback
Uber Technologies (UBER) is expected to drive future revenue growth over the next 2-3 years through several key strategies across its segments:
- Expansion and Diversification of Delivery Services: Uber is significantly expanding its Delivery segment beyond traditional restaurant meals into new verticals such as groceries, alcohol, convenience stores, and general retail. The company has forged strategic partnerships with major retailers like Five Below, Dollar General, and Kroger to integrate their offerings onto the Uber Eats platform, aiming to capture a larger share of the on-demand delivery market. This diversification is intended to boost overall revenue by increasing the range of goods available for delivery.
- Growth in Mobility Segment through Audience Expansion, Increased Engagement, and New Offerings: Uber is focused on increasing its Monthly Active Platform Consumers (MAPC) and boosting trips per active user, particularly in suburban and international markets. New mobility product offerings like Moto (two-wheeler rides) and Reserve (pre-scheduled rides), along with women-preferred and teen-focused products, are contributing to audience growth. The Uber One membership program is crucial for customer retention and increasing usage frequency, with members spending significantly more than non-members. The company is also emphasizing geographic expansion, for example, aiming to cover 70% of Germany by the end of 2024 through local partnerships.
- Development and Deployment of Autonomous Vehicles (AVs) and AI Integration: Uber is making substantial investments and forming strategic partnerships (e.g., with Waymo, NVIDIA, Baidu Apollo Go) in autonomous vehicle technology. AVs are viewed as a significant growth opportunity, expected to amplify the platform's strengths, generate higher utilization, and improve economics. Furthermore, Uber is leveraging AI and machine learning across its operations to enhance efficiency, improve productivity, and personalize user experiences.
- Growth of the Advertising Platform: Uber is actively developing its advertising platform, leveraging its vast user base and proprietary data to create new revenue streams. This platform surpassed a $1.5 billion annual run rate in Q1 2025, with advertising penetration in delivery exceeding 2%. This growing segment represents a direct monetization strategy from its extensive ecosystem.
- Expansion and Technological Advancements in the Uber Freight Segment: Uber Freight is poised for significant growth, particularly in Europe, where it aims to increase freight under management tenfold to 2 billion euros by 2028. The segment is also deploying an AI-Driven Logistics Network to enhance real-time decision-making, improve efficiency, reduce costs, and increase profitability in logistics operations. This includes expanding into areas like long-haul trucking to address capacity shortages.
AI Analysis | Feedback
Share Repurchases
- Uber's Board of Directors authorized its first-ever share repurchase program of up to $7.0 billion of common stock in February 2024.
- In January 2025, Uber entered into an accelerated share repurchase agreement to buy back $1.5 billion of shares, as part of the previously authorized $7.0 billion program. These transactions were expected to be completed during the first quarter of 2025.
- In August 2025, the company announced an additional stock repurchase authorization of up to $20 billion, bringing the total authorized buyback amount for the year to $27 billion. Uber spent $1.9 billion on share buybacks in Q4 2025.
Share Issuance
- Uber Technologies reported $0 Million in Issuance of Stock as of December 2025.
- The number of outstanding shares for Uber Technologies decreased from 2.151 billion in 2024 to 2.120 billion in 2025, reflecting a reduction consistent with share repurchases. As of March 6, 2026, the company's shares outstanding were 2.08 billion.
Outbound Investments
- In February 2021, Uber acquired Drizly for $1.1 billion.
- In July 2021, Uber acquired Transplace for $2.25 billion.
- In May 2025, Uber acquired Trendyol Go for $700 million, securing an 85% controlling stake.
Capital Expenditures
- Uber's capital expenditures were $298 million in 2021, $252 million in 2022, $223 million in 2023, $242 million in 2024, and $336 million in 2025. Capital expenditures for Q4 2025 were $75.0 million.
- Forecasted capital expenditures for 2026 are $389.5 million.
- Uber maintains an "asset-light" business model, which contributes to lower capital expenditure requirements. The company approaches autonomous vehicles through a partnership-first strategy, rather than in-house development and hopes private equity will assume vehicle ownership, which affects future capital expenditure considerations.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 124.03 |
| Mkt Cap | 26.2 |
| Rev LTM | 13,428 |
| Op Inc LTM | 781 |
| FCF LTM | 1,077 |
| FCF 3Y Avg | 632 |
| CFO LTM | 1,408 |
| CFO 3Y Avg | 1,179 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.2% |
| Rev Chg 3Y Avg | 13.0% |
| Rev Chg Q | 9.2% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | 10.0% |
| Op Inc Chg 3Y Avg | 10.3% |
| Op Mgn LTM | 5.1% |
| Op Mgn 3Y Avg | 2.2% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 14.8% |
| CFO/Rev 3Y Avg | 12.7% |
| FCF/Rev LTM | 10.2% |
| FCF/Rev 3Y Avg | 7.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 26.2 |
| P/S | 1.9 |
| P/Op Inc | 27.0 |
| P/EBIT | 28.9 |
| P/E | 29.2 |
| P/CFO | 22.7 |
| Total Yield | 3.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.1% |
| 3M Rtn | 7.8% |
| 6M Rtn | 1.2% |
| 12M Rtn | 35.9% |
| 3Y Rtn | 51.4% |
| 1M Excs Rtn | 4.7% |
| 3M Excs Rtn | 0.2% |
| 6M Excs Rtn | -7.5% |
| 12M Excs Rtn | 19.6% |
| 3Y Excs Rtn | -6.5% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mobility | 29,670 | 25,087 | 19,832 | 14,029 | 6,953 |
| Delivery | 17,248 | 13,750 | 12,204 | 10,901 | 8,362 |
| Freight | 5,099 | 5,141 | 5,245 | 6,947 | 2,132 |
| All Other | 0 | 8 | |||
| Total | 52,017 | 43,978 | 37,281 | 31,877 | 17,455 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mobility | 7,899 | 6,497 | 4,963 | 3,299 | 1,596 |
| Delivery | 3,572 | 2,471 | 1,506 | 551 | -348 |
| Goodwill and asset impairments/loss on sale of assets | -2 | -3 | -84 | -25 | -157 |
| Loss on lease arrangement, net | -2 | -2 | -4 | -7 | |
| Restructuring and related charges | -9 | -25 | -51 | -2 | 0 |
| Freight | -33 | -74 | -64 | 0 | -130 |
| Acquisition, financing and divestitures related expenses | -43 | -25 | -36 | -46 | -102 |
| Legal, non-income tax, and regulatory reserve changes and settlements | -564 | -1,123 | -9 | -732 | -526 |
| Depreciation and amortization | -719 | -711 | -823 | -947 | -902 |
| Stock-based compensation expense | -1,826 | -1,796 | -1,935 | -1,793 | -1,168 |
| Corporate G&A and Platform Research and Development (R&D) | -2,708 | -2,410 | -2,353 | -2,137 | -1,881 |
| Accelerated lease costs related to cease-use of Right of use (ROU) assets | -6 | -5 | |||
| All Other | 0 | -11 | |||
| COVID-19 response initiatives | -1 | -54 | |||
| Legacy auto insurance transfer | 0 | -103 | |||
| Mass arbitration fees, net | 14 | -43 | |||
| Gain on lease arrangement, net | 0 | ||||
| Total | 5,565 | 2,799 | 1,110 | -1,832 | -3,834 |
Price Behavior
Price Behavior
| Market Price | $70.33 | |
| Market Cap ($ Bil) | 144.3 | |
| First Trading Date | 05/10/2019 | |
| Distance from 52W High | -29.7% | |
| 50 Days | 200 Days | |
| DMA Price | $73.00 | $79.56 |
| DMA Trend | down | down |
| Distance from DMA | -3.7% | -11.6% |
| 3M | 1YR | |
| Volatility | 38.5% | 33.9% |
| Downside Capture | 26.38 | 118.83 |
| Upside Capture | -12.49 | 62.18 |
| Correlation (SPY) | 22.0% | 34.5% |
UBER Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.84 | 0.88 | 0.89 | 0.87 | 0.94 | 1.17 |
| Up Beta | 1.80 | 2.53 | 1.43 | 1.08 | 0.82 | 1.28 |
| Down Beta | 2.68 | 1.61 | 1.31 | 1.12 | 1.07 | 1.11 |
| Up Capture | 10% | -3% | 33% | 43% | 56% | 136% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 18 | 30 | 60 | 122 | 377 |
| Down Capture | -17% | 24% | 59% | 93% | 115% | 104% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 23 | 33 | 65 | 127 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UBER | |
|---|---|---|---|---|
| UBER | -22.9% | 33.8% | -0.72 | - |
| Sector ETF (XLI) | 20.0% | 16.6% | 0.92 | 28.4% |
| Equity (SPY) | 20.0% | 12.6% | 1.16 | 34.7% |
| Gold (GLD) | 21.2% | 28.1% | 0.67 | 8.0% |
| Commodities (DBC) | 33.0% | 19.1% | 1.36 | -11.0% |
| Real Estate (VNQ) | 13.9% | 14.0% | 0.70 | 17.2% |
| Bitcoin (BTCUSD) | -43.6% | 42.9% | -1.21 | 21.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UBER | |
|---|---|---|---|---|
| UBER | 7.3% | 45.0% | 0.30 | - |
| Sector ETF (XLI) | 13.4% | 17.6% | 0.60 | 44.8% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 51.2% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 6.7% |
| Commodities (DBC) | 9.3% | 19.5% | 0.37 | 5.5% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 34.7% |
| Bitcoin (BTCUSD) | 15.2% | 53.5% | 0.46 | 23.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UBER | |
|---|---|---|---|---|
| UBER | 4.9% | 50.5% | 0.32 | - |
| Sector ETF (XLI) | 13.8% | 20.0% | 0.61 | 45.2% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 50.1% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 8.3% |
| Commodities (DBC) | 7.1% | 17.9% | 0.31 | 15.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 37.7% |
| Bitcoin (BTCUSD) | 58.5% | 66.2% | 0.99 | 21.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 8.5% | 4.7% | -1.0% |
| 2/4/2026 | -5.1% | -5.7% | -3.2% |
| 11/4/2025 | -5.1% | -5.6% | -8.8% |
| 8/6/2025 | -0.2% | 2.6% | 2.9% |
| 5/7/2025 | -2.5% | 6.9% | -1.4% |
| 2/5/2025 | -7.6% | 10.3% | 7.5% |
| 10/31/2024 | -9.3% | -6.4% | -9.4% |
| 8/6/2024 | 10.9% | 18.4% | 22.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 9 |
| # Negative | 13 | 12 | 15 |
| Median Positive | 6.9% | 7.7% | 15.9% |
| Median Negative | -5.2% | -6.9% | -4.5% |
| Max Positive | 18.9% | 29.5% | 28.2% |
| Max Negative | -9.3% | -19.7% | -23.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 8.5% | 4.7% | -1.0% |
| 2/4/2026 | -5.1% | -5.7% | -3.2% |
| 11/4/2025 | -5.1% | -5.6% | -8.8% |
| 8/6/2025 | -0.2% | 2.6% | 2.9% |
| 5/7/2025 | -2.5% | 6.9% | -1.4% |
| 2/5/2025 | -7.6% | 10.3% | 7.5% |
| 10/31/2024 | -9.3% | -6.4% | -9.4% |
| 8/6/2024 | 10.9% | 18.4% | 22.4% |
| 5/8/2024 | -5.7% | -7.3% | -2.2% |
| 2/7/2024 | 0.3% | -2.1% | 12.7% |
| 11/7/2023 | 3.7% | 8.5% | 24.1% |
| 8/1/2023 | -5.7% | -9.1% | -8.3% |
| 5/2/2023 | 11.5% | 18.6% | 15.9% |
| 2/8/2023 | 5.5% | 0.9% | -7.4% |
| 11/1/2022 | 12.0% | 4.2% | 9.7% |
| 8/2/2022 | 18.9% | 29.5% | 16.7% |
| 5/4/2022 | -4.6% | -19.7% | -16.1% |
| 2/9/2022 | -6.1% | -9.0% | -23.5% |
| 11/4/2021 | 4.2% | -4.4% | -15.0% |
| 8/4/2021 | 3.0% | 3.0% | -1.0% |
| 5/5/2021 | -8.9% | -14.4% | -2.0% |
| 2/10/2021 | -3.9% | -6.6% | -4.5% |
| 11/5/2020 | 6.9% | 10.6% | 28.2% |
| 8/6/2020 | -5.2% | -12.2% | -4.2% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 9 |
| # Negative | 13 | 12 | 15 |
| Median Positive | 6.9% | 7.7% | 15.9% |
| Median Negative | -5.2% | -6.9% | -4.5% |
| Max Positive | 18.9% | 29.5% | 28.2% |
| Max Negative | -9.3% | -19.7% | -23.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
| 06/30/2019 | 08/09/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Gross Bookings | 56.25 Bil | 57.00 Bil | 57.75 Bil | 8.1% | Higher New | Guidance: 52.75 Bil for Q1 2026 | |
| Q2 2026 Gross Bookings Growth | 18.0% | 20.0% | 22.0% | 1.0% | Higher New | Guidance: 19.0% for Q1 2026 | |
| Q2 2026 Non-GAAP EPS | 0.78 | 0.8 | 0.82 | 16.8% | Higher New | Guidance: 0.69 for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | 2.70 Bil | 2.75 Bil | 2.80 Bil | 13.6% | Higher New | Guidance: 2.42 Bil for Q1 2026 | |
Prior: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Gross Bookings | 52.00 Bil | 52.75 Bil | 53.50 Bil | -0.5% | Lowered | Guidance: 53.00 Bil for Q4 2025 | |
| Q1 2026 Non-GAAP EPS | 0.65 | 0.69 | 0.72 | ||||
| Q1 2026 Adjusted EBITDA | 2.37 Bil | 2.42 Bil | 2.47 Bil | -1.6% | Lowered | Guidance: 2.46 Bil for Q4 2025 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Gross Bookings | 52.25 Bil | 53.00 Bil | 53.75 Bil | 8.2% | Higher New | Actual: 49.00 Bil for Q3 2025 | |
| Q4 2025 Adjusted EBITDA | 2.41 Bil | 2.46 Bil | 2.51 Bil | 9.8% | Higher New | Actual: 2.24 Bil for Q3 2025 | |
Insider Activity
Updated 7/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Krishnamurthy, Nikki | SVP and Chief People Officer | Direct | Sell | 3182026 | 74.45 | 30,000 | 2,233,605 | 34,304,897 | Form |
| 2 | Krishnamurthy, Balaji (a) | Chief Financial Officer | Direct | Buy | 2242026 | 71.25 | 22,453 | 1,599,780 | 2,047,872 | Form |
| 3 | West, Tony | See Remarks | Direct | Sell | 1212026 | 83.50 | 3,125 | 260,938 | 14,744,764 | Form |
| 4 | West, Tony | See Remarks | Direct | Sell | 12182025 | 80.36 | 3,125 | 251,125 | 14,096,992 | Form |
| 5 | West, Tony | See Remarks | Direct | Sell | 11182025 | 92.10 | 3,125 | 287,812 | 16,037,833 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Krishnamurthy, Nikki | SVP and Chief People Officer | Direct | Sell | 3182026 | 74.45 | 30,000 | 2,233,605 | 34,304,897 | Form |
| 2 | Krishnamurthy, Balaji (a) | Chief Financial Officer | Direct | Buy | 2242026 | 71.25 | 22,453 | 1,599,780 | 2,047,872 | Form |
| 3 | West, Tony | See Remarks | Direct | Sell | 1212026 | 83.50 | 3,125 | 260,938 | 14,744,764 | Form |
| 4 | West, Tony | See Remarks | Direct | Sell | 12182025 | 80.36 | 3,125 | 251,125 | 14,096,992 | Form |
| 5 | West, Tony | See Remarks | Direct | Sell | 11182025 | 92.10 | 3,125 | 287,812 | 16,037,833 | Form |
| 6 | Mahendra-Rajah, Prashanth | CFO | Direct | Sell | 11132025 | 94.41 | 5,500 | 519,234 | 1,919,278 | Form |
| 7 | West, Tony | See Remarks | Direct | Sell | 10202025 | 93.00 | 3,125 | 290,625 | 16,074,678 | Form |
| 8 | Mahendra-Rajah, Prashanth | CFO | daughter | Buy | 10202025 | 93.00 | 5 | 465 | 465 | Form |
| 9 | West, Tony | See Remarks | Direct | Sell | 9242025 | 100.38 | 100,000 | 10,038,498 | 17,221,846 | Form |
| 10 | Khosrowshahi, Dara | Chief Executive Officer | Direct | Sell | 9242025 | 100.48 | 150,000 | 15,071,878 | 98,725,219 | Form |
| 11 | West, Tony | See Remarks | Direct | Sell | 9182025 | 93.94 | 3,125 | 293,562 | 16,116,159 | Form |
| 12 | Mahendra-Rajah, Prashanth | CFO | Direct | Sell | 9182025 | 99.42 | 2,750 | 273,405 | 2,239,734 | Form |
| 13 | Khosrowshahi, Dara | Chief Executive Officer | Direct | Sell | 9162025 | 95.37 | 300,000 | 28,610,676 | 108,009,500 | Form |
| 14 | West, Tony | See Remarks | Direct | Sell | 8282025 | 95.00 | 3,125 | 296,875 | 16,175,555 | Form |
| 15 | Hazelbaker, Jill | See Remarks | Direct | Sell | 8262025 | 96.42 | 31,250 | 3,013,122 | 8,343,310 | Form |
| 16 | Krishnamurthy, Nikki | SVP and Chief People Officer | Direct | Sell | 8192025 | 91.74 | 11,571 | 1,061,519 | 38,184,040 | Form |
| 17 | Mahendra-Rajah, Prashanth | CFO | Direct | Sell | 7092025 | 95.00 | 2,750 | 261,250 | 2,087,625 | Form |
Investor Activity (13F)
Updated Jul 23, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Pershing Square Capital Management, L.P. | $2.2 Bil | 15.7% | 11 | Hold | 13F |
| Theleme Partners LLP | $229.0 Mil | 15.3% | 10 | ADD +61.0% | 13F |
| Toyota Motor Corp/ | $368.7 Mil | 15.1% | 5 | Hold | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $105.2 Mil | 14.0% | 11 | ADD +16.1% | 13F |
| HughesLittle Investment Management Ltd. | $52.5 Mil | 10.3% | 14 | ADD +71.6% | 13F |
| Altimeter Capital Management, LP | $573.4 Mil | 10.1% | 13 | ADD +42.6% | 13F |
| Investment Management Associates Inc /Adv | $35.5 Mil | 9.6% | 27 | ADD +10.7% | 13F |
| Nixon Capital, LLC | $27.3 Mil | 9.3% | 22 | Hold | 13F |
| Steelhead Partners LLC | $120.8 Mil | 8.7% | 24 | ADD +81.8% | 13F |
| No Street GP LP | $125.9 Mil | 8.4% | 31 | ADD +25.0% | 13F |
| Soma Equity Partners LP | $113.0 Mil | 8.3% | 20 | TRIM -20.6% | 13F |
| Par Capital Management Inc | $268.8 Mil | 7.8% | 45 | ADD +275.5% | 13F |
| Appaloosa LP | $455.5 Mil | 7.7% | 31 | ADD +242.3% | 13F |
| Two Creeks Capital Management, LP | $71.1 Mil | 7.5% | 21 | ADD +32.0% | 13F |
| Ulysses Management LLC | $19.5 Mil | 7.4% | 28 | TRIM -10.6% | 13F |
| Torque Asset Management LLC | $18.5 Mil | 7.3% | 12 | Hold | 13F |
| Quaker Capital Investments, LLC | $25.9 Mil | 6.3% | 21 | Hold | 13F |
| Dorsey Asset Management, LLC | $78.4 Mil | 6.2% | 11 | New | 13F |
| Teewinot Capital Advisers, L.L.C. | $77.1 Mil | 6.1% | 33 | ADD +76.7% | 13F |
| Venator Management LLC | $24.3 Mil | 5.8% | 28 | Hold | 13F |
| WIM INVESTMENT MANAGEMENT Ltd | $19.7 Mil | 5.8% | 20 | Hold | 13F |
| HS Management Partners, LLC | $15.8 Mil | 5.5% | 24 | TRIM -20.5% | 13F |
| Silverback Asset Management LLC | $27.8 Mil | 5.5% | 45 | ADD +21.1% | 13F |
| Long Corridor Asset Management Ltd | $19.3 Mil | 4.7% | 38 | New | 13F |
| Southpoint Capital Advisors LP | $223.0 Mil | 4.6% | 41 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Southpoint Capital Advisors LP | $223.0 Mil | 4.6% | 41 | New | 13F |
| Glenview Capital Management, LLC | $104.7 Mil | 2.8% | 41 | New | 13F |
| Kensico Capital Management Corp | $91.8 Mil | 1.9% | 20 | New | 13F |
| Dorsey Asset Management, LLC | $78.4 Mil | 6.2% | 11 | New | 13F |
| Minneapolis Portfolio Management Group, LLC | $23.0 Mil | 2.4% | 33 | New | 13F |
| Long Corridor Asset Management Ltd | $19.3 Mil | 4.7% | 38 | New | 13F |
| Nishkama Capital, LLC | $12.0 Mil | 1.7% | 39 | New | 13F |
| Par Capital Management Inc | $268.8 Mil | 7.8% | 45 | ADD +275.5% | 13F |
| Appaloosa LP | $455.5 Mil | 7.7% | 31 | ADD +242.3% | 13F |
| Boothe Investment Group, Inc. | $7.2 Mil | 2.3% | 40 | ADD +104.6% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $11.7 Mil | 1.7% | 28 | ADD +97.4% | 13F |
| Steelhead Partners LLC | $120.8 Mil | 8.7% | 24 | ADD +81.8% | 13F |
| Teewinot Capital Advisers, L.L.C. | $77.1 Mil | 6.1% | 33 | ADD +76.7% | 13F |
| Egerton Capital (UK) LLP | $334.6 Mil | 3.7% | 24 | ADD +73.5% | 13F |
| HughesLittle Investment Management Ltd. | $52.5 Mil | 10.3% | 14 | ADD +71.6% | 13F |
| Theleme Partners LLP | $229.0 Mil | 15.3% | 10 | ADD +61.0% | 13F |
| Islander Capital Partners, L.P. | $5.5 Mil | 2.2% | 15 | ADD +60.9% | 13F |
| Altimeter Capital Management, LP | $573.4 Mil | 10.1% | 13 | ADD +42.6% | 13F |
| Two Creeks Capital Management, LP | $71.1 Mil | 7.5% | 21 | ADD +32.0% | 13F |
| Warther Private Wealth, LLC | $18.3 Mil | 4.3% | 40 | ADD +31.6% | 13F |
| No Street GP LP | $125.9 Mil | 8.4% | 31 | ADD +25.0% | 13F |
| Silverback Asset Management LLC | $27.8 Mil | 5.5% | 45 | ADD +21.1% | 13F |
| Trinity Street Asset Management LLP | $24.3 Mil | 1.7% | 22 | ADD +16.8% | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $105.2 Mil | 14.0% | 11 | ADD +16.1% | 13F |
| Investment Management Associates Inc /Adv | $35.5 Mil | 9.6% | 27 | ADD +10.7% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Joho Capital LLC | $73.7 Mil | 15.7% | 9 | Exited | Dec 31, 2025 | 13F |
| Criteria Caixa, S.A.U. | $48.9 Mil | 16.9% | 8 | Exited | Dec 31, 2025 | 13F |
| Varenne Capital Partners | $22.3 Mil | 4.6% | 24 | Exited | Dec 31, 2025 | 13F |
| Benchstone Capital Management LP | $15.3 Mil | 1.7% | 43 | Exited | Dec 31, 2025 | 13F |
| Owl Creek Asset Management, L.P. | $11.8 Mil | 1.4% | 30 | Exited | Dec 31, 2025 | 13F |
| Cooper Investors PTY LTD | $9.0 Mil | 3.0% | 41 | Exited | Dec 31, 2025 | 13F |
| Blue Whale Capital LLP | $56.3 Mil | 2.7% | 26 | TRIM -27.1% | Mar 31, 2026 | 13F |
| DSM Capital Partners LLC | $154.7 Mil | 2.7% | 44 | TRIM -24.0% | Mar 31, 2026 | 13F |
| Soma Equity Partners LP | $113.0 Mil | 8.3% | 20 | TRIM -20.6% | Mar 31, 2026 | 13F |
| HS Management Partners, LLC | $15.8 Mil | 5.5% | 24 | TRIM -20.5% | Mar 31, 2026 | 13F |
| Ulysses Management LLC | $19.5 Mil | 7.4% | 28 | TRIM -10.6% | Mar 31, 2026 | 13F |
| Lyrical Asset Management LP | $238.5 Mil | 3.6% | 39 | TRIM -5.8% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Pershing Square Capital Management, L.P. | $2.2 Bil | 15.7% | 11 | Hold | 13F |
| Altimeter Capital Management, LP | $573.4 Mil | 10.1% | 13 | ADD +42.6% | 13F |
| Appaloosa LP | $455.5 Mil | 7.7% | 31 | ADD +242.3% | 13F |
| Toyota Motor Corp/ | $368.7 Mil | 15.1% | 5 | Hold | 13F |
| Egerton Capital (UK) LLP | $334.6 Mil | 3.7% | 24 | ADD +73.5% | 13F |
| Par Capital Management Inc | $268.8 Mil | 7.8% | 45 | ADD +275.5% | 13F |
| Lyrical Asset Management LP | $238.5 Mil | 3.6% | 39 | TRIM -5.8% | 13F |
| Theleme Partners LLP | $229.0 Mil | 15.3% | 10 | ADD +61.0% | 13F |
| Southpoint Capital Advisors LP | $223.0 Mil | 4.6% | 41 | New | 13F |
| DSM Capital Partners LLC | $154.7 Mil | 2.7% | 44 | TRIM -24.0% | 13F |
| No Street GP LP | $125.9 Mil | 8.4% | 31 | ADD +25.0% | 13F |
| Steelhead Partners LLC | $120.8 Mil | 8.7% | 24 | ADD +81.8% | 13F |
| Soma Equity Partners LP | $113.0 Mil | 8.3% | 20 | TRIM -20.6% | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $105.2 Mil | 14.0% | 11 | ADD +16.1% | 13F |
| Glenview Capital Management, LLC | $104.7 Mil | 2.8% | 41 | New | 13F |
| Kensico Capital Management Corp | $91.8 Mil | 1.9% | 20 | New | 13F |
| Dorsey Asset Management, LLC | $78.4 Mil | 6.2% | 11 | New | 13F |
| Teewinot Capital Advisers, L.L.C. | $77.1 Mil | 6.1% | 33 | ADD +76.7% | 13F |
| Two Creeks Capital Management, LP | $71.1 Mil | 7.5% | 21 | ADD +32.0% | 13F |
| Blue Whale Capital LLP | $56.3 Mil | 2.7% | 26 | TRIM -27.1% | 13F |
| HughesLittle Investment Management Ltd. | $52.5 Mil | 10.3% | 14 | ADD +71.6% | 13F |
| L1 Capital International Pty Ltd | $47.2 Mil | 2.8% | 23 | Hold | 13F |
| Investment Management Associates Inc /Adv | $35.5 Mil | 9.6% | 27 | ADD +10.7% | 13F |
| Silverback Asset Management LLC | $27.8 Mil | 5.5% | 45 | ADD +21.1% | 13F |
| Nixon Capital, LLC | $27.3 Mil | 9.3% | 22 | Hold | 13F |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Passenger Ground Transportation Resources |
| Mass Transit Magazine |
| Metro Magazine |
| Transit World |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 7/22/2026