We continue to believe that Uber remains well positioned within its industry, with adjusted EBITDA specifically set to continue to scale higher through 2026 and into 2027, coupled with continued expansion in FCF. Our target price is $114 per share, and we would be buyers of the shares on any nonfundamental pullback. RECENT DEVELOPMENTS Uber Technologies recently reported 1Q26 adjusted net income of $1.493 billion, or $0.72 per share, up 44% from $1.072 billion, or $0.50 per share, in 1Q25. EPS matched our estimate of $0.70 and beat the Street estimate of $0.70. The higher first-quarter earnings largely reflected year-over-year growth in Gross Bookings (+26%), with gains in both the Mobility (+25%) and Delivery (+28%) segments, higher total company sales and higher EBITDA growth.