Research · Sep 3, 2026
Uber delivered FY2025 Gross Bookings of ~$182B and Adj. EBITDA of ~$7.7B — the first full year of meaningful GAAP profitability, driven by Mobility take rate expansion to ~31% and Delivery EBITDA margin improving toward 4%. Advertising at ~$1.5B (+40%) is the highest-margin incremental dollar. FY2026 thesis: does Waymo AV integration scale from hundreds to thousands of vehicles creating a structural take-rate improvement, and does the advertising business reach $2B+ driving further EBITDA margin expansion toward 5%+ of gross bookings?
Research · Aug 25, 2026
Grab says cost per AI interaction for drivers and merchants roughly halved year over year while monthly interactions grew tenfold, so the tools now go to every partner.
Research · Apr 23, 2026
Uber's stake hike to 11.5% in Lucid, plus a 35,000-unit robotaxi order and $1.05B raise, settles partnership over takeover speculation. LCID gains backlog and capital for 95% upside to $5.50 in 12 months; UBER locks EV supply for margin gains. Breaks on production misses or stake trim by year-end.
Research · Apr 13, 2026
Tesla's April 10, 2026, Dutch FSD approval catalyzes EU robotaxi fleets, boosting OEM-ride hailing winners like TSLA, UBER, RIVN, GM, and GOOG. Analysis ranks TSLA top for scale, UBER for value, amid high-margin fleet potential. Key metrics show UBER's 18% growth at 14x P/E leading near-term.
