Uber Technologies, Inc. (NYSE:UBER) on Tuesday announced that it has agreed to acquire ezCater, Inc. for $2.3 billion in cash, expanding Uber Eats into higher-value workplace catering and group ordering.
• Uber Technologies stock is trading near recent lows. What’s the outlook for UBER shares?
Uber Bets $2.3 Billion on Catering Growth
ezCater operates a U.S. catering and workplace meals platform connecting businesses with more than 140,000 restaurants.
ezCater generated more than $2.5 billion in Gross Bookings over the past 12 months, with year-over-year growth in the high teens. Its average order value tops $400.
ezCater is profitable on a non-GAAP operating income basis, and Uber expects the acquisition to be margin accretive.
Uber plans to combine ezCater’s business-to-business catering capabilities with Uber Eats and Uber for Business, giving restaurants access to larger orders and expanding group-meal options for customers.
"Catering is a big business, and can be a huge revenue stream for restaurants," Uber CEO Dara Khosrowshahi said. "With Uber’s reach, we can bring that experience to millions more customers and help restaurants win more of these valuable orders."
Uber held cash and cash equivalents of $4.78 billion as of June 30, 2026.
Uber’s 2026 Deal Activity
Uber’s largest 2026 transaction was its July agreement to acquire Delivery Hero SE for about $14.8 billion in cash, expanding its delivery footprint across nearly 100 markets.
In March, Uber acquired Blacklane to support Uber Elite, its premium mobility offering, and strengthen its presence in luxury chauffeur and airport-transfer services.
Uber also committed up to $1.25 billion to a strategic partnership with Rivian Automotive Inc. (NASDAQ:RIVN) to integrate customized electric robotaxis into its autonomous network through 2031.
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UBER Technicals Remain Bearish
Uber is down 30.71% over the past 12 months and remains below its major moving averages, including the 20-day SMA of $70.08 and the 200-day SMA of $74.63.
The 20-day SMA remains below the 50-day, while the January Death Cross — with the 50-day below the 200-day — keeps the broader trend bearish.
Momentum is showing signs of improvement, however, with MACD above its signal line and a positive histogram, suggesting selling pressure may be easing.
Key resistance sits near $78.50, while support is around $69.50.
Earnings and Analyst Outlook
Uber is scheduled to report earnings on Nov. 4.
Analysts expect EPS of 95 cents, up from 81 cents a year earlier, on revenue of $14.71 billion versus $13.47 billion.
The stock carries a Buy consensus rating with an average price forecast of $103.74 across 39 analysts.
Wells Fargo raised its target to $92 while maintaining Overweight on Oct. 5. Scotiabank initiated coverage with Sector Outperform and a $100 target on Sept. 9, while Wedbush maintained Outperform with a $91 target on Sept. 8.
UBER Stock Price Activity: Uber shares were down 0.66% at $69.04 at the time of publication on Tuesday, according to Benzinga Pro data.
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