Uber Technologies (NYSE: UBER) operates the world's largest ride-hailing platform, but its food delivery and commercial freight networks are also very competitive globally. The company is in the early stages of a major transformation as autonomous vehicles and robots complete a growing number of trips on its platform, which will significantly boost its revenue and earnings over the long term. Uber released its operating results for the second quarter of 2026 (ended June 30) on Aug. 5.
In his prepared remarks to shareholders, Chief Executive Officer Dara Khosrowshahi provided an update on the company's autonomous transition. Here's why investors might want to buy Uber stock on the back of his comments. This Rare Signal Is Flashing Again.
In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » Developing a safe and capable self-driving car might not be the hardest part of succeeding in the autonomous industry.
Companies also have to build a platform that customers can use to seamlessly request a ride, and it has to arrive in a timely fashion. Uber has already developed all of the necessary infrastructure to accomplish this, which is why dozens of companies have chosen to plug their autonomous cars and robots into its network. This arrangement is a win for everyone involved.
Uber's autonomous partners get access to its 208 million monthly active customers, so they don't have to build their own platforms from scratch. Uber, on the other hand, gets to keep its asset-light business model by simply taking a cut of every ride facilitated by its platform, without having to spend billions of dollars to develop its own self-driving cars. Autonomous vehicles are already active on Uber in seven cities, but Khosrowshahi says that could more than double to 15 cities by the end of 2026.
He also told shareholders that Uber will deploy around $10 billion over the next few years to help its partners bring their autonomous vehicles to market at scale. You might think that goes against the company's business model as a mere facilitator, but it's a very good idea, and I'll explain why. During Q2, Uber had $58 billion in gross bookings, which represented the total dollar amount customers spent on its platform for every ride, food order, and commercial delivery.
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