Uber

Uber’s capital allocation has pivoted to shareholder returns alongside organic investment. The board authorized a 7B buyback in Feb 2024, executed a 1.5B ASR in Jan 2025, and added a new 20B authorization in Aug 2025. Management has also refinanced debt, redeemed higher‑coupon notes, and plans to settle 2025 converts.

SBC remains elevated (about 1.8B in 2024; 1.375B in 9M 2025), but is increasingly offset by buybacks. Capex is modest relative to cash flow due to an asset‑light marketplace model; autonomy participation is partner‑driven to avoid large balance‑sheet commitments.

M&A has been selective in recent periods, with focus on ecosystem and international options. Overall, decisions reflect discipline, though we will continue to watch SBC dilution versus repurchase cadence.