Goldman Sachs highlights Uber's platform expansion, membership growth and Grocery & Retail momentum

Overview

This conference-takeaways report summarizes management's priorities for Uber's broader platform: scaling Mobility and Delivery, expanding membership and local-commerce offerings, pursuing autonomous-vehicle partnerships, and extending its reach through Delivery Hero. Goldman Sachs remains Buy rated with a $110 12-month price target.

Core views

Goldman Sachs reports that management remains focused on scaling supply and demand across Uber's Mobility and Delivery products while increasing penetration in sparse markets. Management described these less-dense markets as profitable and scalable growth opportunities that are growing 1.5x faster than core markets. The company is also pursuing a "barbell" strategy, although the report does not further define its components. Uber One remains a central platform-engagement lever. Subscribers increased 50% year on year to more than 50 million, representing about 50% of Uber's total bookings. Management sees room for further expansion by connecting loyalty programs to the membership proposition and enriching core-platform benefits, including priority dispatch and complimentary upgrades. The report therefore links membership growth to deeper engagement across the platform. Management recently announced a restructuring affecting approximately 10% of full-time staff. The stated objective is faster decision-making by reducing microteams, where managers oversee one to three people, and shifting experienced managers toward teams of seven to 15 people. On autonomous vehicles, management reiterated that AVs represent an attractive opportunity for the platform. Uber is investing through partnerships such as Waymo and Zoox, relationships with OEMs through investments with manufacturers, and fleet-management and infrastructure capabilities. The report presents these activities as Uber's approach to participating in AV development while leveraging its platform. Grocery & Retail is a major Delivery growth vector. Management said Eats could ultimately become larger than Rides in part because of Grocery & Retail. In Q2, the category reached a $15 billion annualized run rate and grew more than 40% year on year. Management characterized the category as still early in its development and is focused on improving selection, quality and reliability as it scales. Management also framed the previously announced Delivery Hero acquisition as strategically useful because of its presence in markets including the Middle East. Goldman Sachs notes that the asset could support Uber's broader platform strategy and increase cross-platform usage. Goldman Sachs maintains a Buy rating. Its $110 12-month price target is based equally on an EV/GAAP EBITDA multiple applied to NTM+1 estimates and a modified DCF that applies an EV/FCF-SBC multiple to NTM+4 estimates and discounts that value back three years. The report identifies slower Mobility growth, regulatory developments, competition, normalization of Delivery discretionary spending, and macro-driven volatility in growth-stock risk appetite as risks to its rating and target.

Analysis framework

The report summarizes management comments from the Communacopia + Technology Conference, organizing them around platform growth, membership, organization, autonomous vehicles, Grocery & Retail and Delivery Hero. Goldman Sachs supports its valuation with an equal blend of forward EV/GAAP EBITDA and a modified discounted-cash-flow approach.

Methodology notes

• Valuation methodsEV/EBITDA valuation

  EV/GAAP EBITDA multiple applied to NTM+1 estimates

  Goldman Sachs values one half of its target-price framework by applying an enterprise-value-to-GAAP-EBITDA multiple to estimates for the next twelve months plus one year.

• Valuation methodsDCF (Discounted Cash Flow)

  Modified DCF using an EV/FCF-SBC multiple on NTM+4 estimates, discounted back three years

  The other half of the target-price framework estimates enterprise value from a forward free-cash-flow measure adjusted for stock-based compensation and discounts it back to the present.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Uber Technologies Inc. (UBER)

  Primary covered company; Goldman Sachs highlights platform scaling, Uber One, autonomous vehicles and Grocery & Retail as key strategic drivers.

  Strengths

  Sparse markets are growing 1.5x faster than core markets; Uber One has more than 50 million members; Grocery & Retail is growing more than 40% year on year.

  Comparison

  Management believes Eats could become larger than Rides in part due to Grocery & Retail.

  Risks

  Slower Mobility growth, regulation, Mobility and Delivery competition, normalization of Delivery spending, and macro-driven growth-stock volatility.

Key data

• Uber One members50mm+Up 50% year on year and accounting for approximately 50% of Uber total bookings.
• Sparse-market growth1.5x faster than core marketsManagement described sparse markets as profitable, scalable opportunities for further penetration.
• Restructuring~10% of full-time staffIntended to reduce microteams and speed decision-making.
• Grocery & Retail annualized run rate$15bnReached during Q2 and grew more than 40% year on year.
• Price target$110.00Goldman Sachs 12-month target price.
• Current price and implied upside$71.08; 54.8%Price as of 9 Sep 2026 close.

Impact & implications

Goldman Sachs views the combination of broader platform penetration, growing membership, early-stage local-commerce scaling and AV ecosystem investment as supportive of Uber's strategic opportunity. Delivery Hero could further support cross-platform usage in strategic markets.

Risks

• Mobility growth could slow because of demand elasticity, market maturation, or competition from autonomous vehicles.
• Regulatory risk includes driver classification, compensation and benefits, merchant commission caps, and ESG-related requirements.
• Competition could intensify across Mobility, Delivery, local commerce and logistics.
• Delivery demand could normalize as consumer discretionary-spending habits change.
• Global macroeconomic conditions and investor risk appetite for growth stocks could create volatility.

What to watch

• Further scaling of supply and demand across Mobility and Delivery, particularly in sparse markets.
• Uber One membership growth and additions to loyalty-linked or premium platform benefits.
• Progress in autonomous-vehicle partnerships, OEM relationships, fleet management and infrastructure.
• Grocery & Retail growth, selection, quality and reliability as the category scales.
• Execution and cross-platform usage opportunities associated with the Delivery Hero acquisition.