Uber Technologies (UBER) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Capital allocation and strategic focus

• Capital allocation strategy is a refinement of previous approaches, focusing on disciplined reinvestment in core businesses, especially mobility and delivery.

• Five pillars guide capital allocation: core reinvestment, AV investment, selective M&A, shareholder returns, and maintaining investment grade rating.

• Over $10 billion in free cash flow generated, enabling aggressive share buybacks when stock is perceived as undervalued.

• M&A targets bolt-on opportunities that accelerate organic growth, such as recent deals in Turkey and SpotHero.

• Financial policies prioritize liquidity and credit rating to support strategic expansion.

Cross-platform and category expansion

• Cross-platform users generate 3x more gross bookings and profits than single-service users, but penetration is still early at 20% of MAPCs.

• Grocery and retail are at an early stage, with less than 10% penetration among delivery users, but show high frequency and growth potential.

• Product enhancements like universal search, personalization, and membership rewards are driving higher cross-platform engagement.

• Expansion of non-restaurant supply in grocery and retail is a focus, targeting both large merchants and long-tail SMBs.

• Increasing supply and selection in these categories aims to boost consumer retention and repeat usage.

Autonomous vehicles (AV) and international strategy

• AV technology is maturing, but commercialization faces hurdles: safety, OEM production scale, infrastructure, and regulation.

• AVs have proven incremental to ride hailing, expanding the category and improving utilization and consumer experience in pilot markets.

• Capital is flowing into AV partners, with $7 billion raised in 18-24 months, accelerating deployment.

• International AV deployments are advancing rapidly, with up to 15 cities targeted by year-end, half outside the U.S.

• Chinese AV partners offer cost advantages and rapid scaling, especially in Middle East markets.