2026-01-23 15:35Summary of Key Points from the Earnings Call Transcript Industry Overview - The Mobility/Delivery Internet sub-sector is expected to report results in line with investor expectations, supported by a healthy consumer backdrop across the industry [1][2] - Rideshare and food delivery are identified as two of the fastest-growing verticals in the US Internet, with projected CAGRs of +13% and +11% from 2025 to 2030, respectively [1][2] Rideshare Industry Insights - The mobility landscape benefits from rising utility trends among upper-banded users, despite upward pricing dynamics [2] - The impact of Autonomous Vehicles (AV) on demand and supply remains a key debate, with investors closely monitoring upcoming market launches [2][10] - Uber's operating estimates have been raised, with expectations of increased trip frequency per rider and a low double-digit percentage (LDD) bookings CAGR through 2030 [10] - Lyft's acquisition of FREENOW allows it to operate a multimodal transportation network, with expectations of sustaining a LDD % bookings CAGR over the next five years [10] - The rise of AVs could represent a mid-single-digit percentage (MSD) of total rideshare industry bookings by 2030 [10] Food Delivery Industry Insights - The food delivery landscape is expanding from food to grocery delivery and local commerce, presenting significant growth opportunities [3][19] - The US food delivery market is segmented into first-party online, third-party online, and offline delivery, with 3P delivery expected to grow at a faster rate (11% CAGR) than overall delivery (10% CAGR) [28] - DoorDash is projected to grow inline with the broader industry, maintaining a 66% share of 3P delivery sales [28] Company-Specific Updates Uber (UBER) - Q3 Mobility gross bookings (GBs) grew +20% YoY, driven by trip growth (+22% YoY) and strong platform engagement [29] - Q3 Delivery GBs grew +25% YoY, with significant contributions from Grocery & Retail, achieving a $12 billion annualized GBs run-rate [29] - The company announced a $1.5 billion share buyback in Q3 as part of a $20 billion repurchase program [29] DoorDash (DASH) - Marketplace gross order value (GOV) accelerated +25% YoY in Q3, driven by strong growth in monthly active users and increasing order frequency [29] - The company plans significant investments in 2026 towards a single integrated global platform and new initiatives [29] Instacart (CART) - Q3 gross transaction value (GTV) grew +10% YoY, driven by order growth (+14% YoY) [30] - The company continues to focus on advertising as a growth driver, despite macro uncertainties affecting ad revenues [30] Lyft (LYFT) - Gross bookings rose +16% YoY in Q3, supported by record rides and expansion in Europe [30] - The company is developing partnerships for AVs and expects to generate over $1 billion in free cash flow per year through 2026 and 2027 [30] Financial Estimates and Projections - Uber's gross bookings are projected to reach $354.9 billion by 2030, with a YoY growth trend of 10% [32] - DoorDash's gross bookings are expected to grow to $235.9 billion by 2030, with a 15% YoY growth trend [32] - Lyft's gross bookings are projected to reach $33.5 billion by 2030, with a 10% YoY growth trend [32] Consumer Trends and Market Dynamics - The overall health of the consumer and durability of current operating trends are under scrutiny, with household income cohort trends analyzed to frame purchase intent [6] - Monthly active users (MAUs) for Uber grew +16% YoY in international markets, while Lyft's MAUs grew +1% YoY [43][50] Conclusion - The rideshare and food delivery industries are poised for significant growth, driven by consumer trends, technological advancements, and strategic company initiatives. Investors should remain vigilant regarding competitive dynamics and market developments as these sectors evolve.