Uber reported that top-line growth has exceeded 20% for four straight quarters and that its grocery and retail segment now represents a $15 billion business growing more than 40% annually, according to CEO Dara Khosrowshahi speaking at the Goldman Sachs Communacopia + Technology Conference on Thursday.
Uber generated over $10 billion in free cash flow and a return on assets of nearly 16% over the trailing twelve months, based on InvestingPro data cited during the session. The company said it operates with nine autonomous-vehicle partners and expects to reach 15 by year-end, naming Waymo, Zoox, WeRide, Pony.ai, and Avride as current or affiliated partners. Uber has secured access to more than 120,000 AV-ready vehicles and highlighted a partnership with WeRide in Madrid.
Khosrowshahi said there is now a "clear line of sight" for partners to reach an autonomous-vehicle cost of $50,000 to $60,000 including compute and sensors. Uber estimates AV utilization will be roughly 30% higher than a first-party operator would achieve. Technical capability for no-vehicle-operator partnerships is expected to be demonstrated in 2027, with meaningful scaling projected for 2028 and 2029; Uber aims to be the largest facilitator of AV commercialization by 2029.
On membership, Uber One surpassed 50 million members, growing 50% year over year. Members account for about 50% of gross bookings globally, approaching 60% in some markets. Members spend roughly three times more than non-members, and cross-platform members spend three times more than single-platform users. The company also noted partnerships with Delta Air Lines, Marriott, and American Express to enrich the membership offering.
Geographic penetration data showed core markets at about 50% among eligible consumers and sparse markets at roughly 10%, though the latter are growing 1.5 times faster. Uber is expecting a Delivery Hero acquisition to nearly double its addressable consumer audience once the transaction closes, anticipated in 2025.
On operations, Uber cut about 10% of its full-time staff to reduce layers between the CEO and operating teams and eliminate micro-teams of one to three direct reports. The target structure calls for experienced managers running teams of seven to fifteen people.
Khosrowshahi described consumer demand as remaining robust with no visible signal of change. He cautioned that multi-product promotion is difficult because pushing mobility users toward delivery can under-optimize the mobility experience. On M&A, he said the hurdle rate for acquisitions remains very high given the organic-growth opportunity, the AV investment case, and the view that the stock is undervalued.
