UBER · Earnings call · 2026Q3T · Full report

Delivery Market Expansion

Uber Technologies, Inc · 2026-11-04 · Importance 42 · Surprise 40 · In source text

Uber said U.S. delivery organic growth accelerated for a second consecutive quarter, with grocery, retail, and direct delivery growing faster and becoming a larger part of the portfolio. Core restaurant activity also accelerated, supported by U.S. merchant additions that were up about 12% year over year, while members accounted for 70% of delivery gross bookings. Management cited sparse-market expansion and merchant-funded promotions alongside membership discounts as additional growth drivers, and said its advertising and merchant-funded promotions exceeded $10 billion on a year-on-year basis. Courier growth keeping pace with consumer demand remained the principal operational challenge.

Key facts

• Uber is investing in shopper quality by paying high-quality shoppers more and adding technology such as photographing empty shelves to verify unavailable items.
• The number of merchants Uber added in the United States grew about 12% year over year, helping accelerate its core restaurant business.
• Uber described its grocery and retail addressable market as a $10 trillion TAM.
• Uber has organically experimented with dark stores in Taiwan and will be selective about entering the business, requiring good market fit and return on assets.

Impact estimates