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

Strategic priorities and business focus

• Emphasis on strengthening the core business through reliability, affordability, and selection, with over 8 million drivers and couriers and more than 1 million merchants on the platform, driving conversion and growth.

• Cross-platform usage and membership are key growth drivers, with 37% of users using multiple products and 30 million Uber One members, both contributing to higher spend and retention.

• New business segments, including premium, economy, and new supply categories, have reached a $26 billion annual run rate, growing at 55% year-on-year and expected to scale further.

Autonomous vehicles (AV) and future outlook

• AV is seen as a trillion-dollar market opportunity, with partnerships across mobility, delivery, and trucking, and imminent launches in Austin and Atlanta with Waymo.

• Five key elements for AV commercialization: superhuman safety, regulatory alignment, OEM partnerships for affordable vehicles, local operations, and high utilization.

• AV market expected to remain fragmented, with multiple players and a hybrid model of human and AV drivers for the next 10–15 years.

• Utilization guarantees and selective balance sheet investments will support early AV fleet growth, with minimal impact on overall cash flow.

Core business performance and growth drivers

• Core business is exceeding expectations, with 21% gross bookings growth, 60% EBITDA growth, and 106% free cash flow conversion.

• New products like Reserve and two-wheelers are expanding the user base, especially in less dense markets and internationally, driving audience growth to over 170 million monthly actives.

• Membership and multi-product usage continue to fuel growth, with U.S. mobility and Eats showing durable, high-teens growth and six consecutive quarters of 20%+ gross bookings growth.

• International markets, such as Germany, Spain, Italy, Latin America, and Japan, remain underpenetrated, offering significant future growth potential.