Uber Adds Delivery Hero in $14.8 Billion Deal as Growth Cools
Uber Technologies disclosed a roughly $14.8 billion equity-value takeover offer for Delivery Hero, extending an acquisition streak even as its most recent quarterly bookings growth decelerated to 25% from 22% a quarter earlier.
Uber Technologies (UBER) disclosed a takeover offer for Delivery Hero valued at roughly $14.8 billion in equity, a deal that would expand the ride-hailing and delivery company's combined market footprint from 34 to 58 countries. The filing carried no quarterly operating or financial results, a departure from the standard trips, bookings, revenue and EBITDA disclosures that accompanied each of the prior four releases.
The offer follows Uber's acquisition of Getir's Türkiye delivery business the prior quarter, marking two consecutive quarters in which the company has expanded its Delivery segment through acquisition rather than organic growth alone. Combined, Uber and Delivery Hero would post pro-forma Gross Bookings of $236 billion for 2025.
Uber said the transaction is expected to be accretive to Non-GAAP EPS once it closes, with high-single-digit percentage accretion by the third year. The company plans to fund the deal with existing cash and a roughly €14 billion committed bridge facility, while maintaining an investment-grade rating and gross leverage below 2x.
The dealmaking arrives as Uber's underlying growth has been slowing. In the most recently reported quarter, Q1 2026, Gross Bookings rose 25% YoY, or 21% in constant currency, down from 22% YoY growth in Q4 2025 and 21% in Q3 2025 on a reported basis. Management framed the quarter as the third straight above 21% constant-currency growth, even as the reported figure decelerated. Revenue growth slowed more sharply, up 14% YoY (10% constant currency) to $13.2 billion, down from 20% YoY growth in each of the prior two quarters; the company attributed nine points of that deceleration to changes in its business model.
Profitability metrics plateaued alongside the slowing top line. Adjusted EBITDA margin as a share of Gross Bookings held at 4.6% in Q1 2026, matching Q4 2025 and up from roughly 4.2% to 4.4% a year earlier, but showing no further sequential improvement after three quarters of gains. Non-GAAP operating income margin was similarly flat at 3.5%, unchanged from Q4 2025 after rising from about 3.0% to 3.1% a year earlier. Uber also retired Adjusted EBITDA as its headline profitability measure starting this quarter, adopting Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP EPS instead and stating that Adjusted EBITDA "is no longer a key measure used by management".
Delivery continued to outpace Mobility within the business. Delivery Gross Bookings rose 28% YoY (23% constant currency) to $26.0 billion in Q1 2026, versus 25% YoY (20% constant currency) growth to $26.4 billion in Mobility, extending a pattern seen in the two prior quarters. Delivery segment operating income grew 43% YoY, outpacing Mobility's 28% growth for a third consecutive quarter. Freight remained the smallest segment, returning to modest growth of 6% YoY in Q1 2026 after a 1% decline in Q4 2025, and continued to run near break-even.
GAAP diluted earnings per share fell to $0.13 in Q1 2026 from $0.83 a year earlier, an 85% decline driven by a $1.5 billion pre-tax headwind tied to equity investment revaluations. The swing echoed Q4 2025, when GAAP EPS fell to $0.14 from $3.21, though that prior comparison was distorted by a one-time $6.4 billion tax valuation benefit.
For the current quarter, Uber guided to Gross Bookings growth of 18% to 22% YoY in constant currency and Non-GAAP EPS of $0.78 to $0.82, up 31% to 38% YoY. The low end of that bookings range sits below the 21% constant-currency growth Uber delivered in Q1 2026, implying the company expects growth to decelerate further even as it pursues the Delivery Hero acquisition to broaden its footprint.