Nikhil Devnani

Tony argued international is a minimum-viable-scale business where DoorDash leads or is a strong #2 and gaining share in its top markets.

Ravi attributed ~1% GOV impact to winter storms and emphasized strong underlying demand with record MAUs, order frequency, and subscription growth.

Tony acknowledged AI productivity gains but noted uncertainty about translating to faster customer outcomes. Ravi guided OpEx roughly in 2% range.

Tony drew parallels to Amazon taking product search from Google. Physical world execution (mapping, operations, metadata) creates defensible moat. AI chatbots viewed as channel partners like Facebook and Google were.

Tony cited pets, electronics (gifting), health and beauty, and home improvement as growing categories. DoorDash becoming the everything-in-your-city store. Multi-category shopping behavior emerging.

Ravi said spending across cost of sales, S&M, R&D and OpEx. Autonomous, software business (digital ordering + SevenRooms), and tech stack work each hit different P&L lines.

Ravi confirmed Q2 take rate improvement from seasonal Dasher cost relief, credit/refund improvements, and growing ads contribution. H2 take rate to be higher than H1.

Tony said single-digit percentage of food occasions captured. Still losing vast majority of occasions to the pantry. Long runway ahead. Ravi added both new and existing cohorts larger than last year.

Ravi emphasized unchanged philosophy: invest behind strength, improve unit economics, drive retention and frequency, scale drives profitability. Focus on long-term profit dollar production.

Ravi focused on driving total free cash flow dollars higher. Unit economics improved in 2024 vs 2023 but did not provide specific profitability targets or timeline.

Ravi confirmed growing repeat engagement: number of users in new verticals growing, order frequency increasing, monthly spend per user rising.

Asked to break GMV growth into volume vs ASP and whether investments were pulled forward; Jamie described balanced growth across buyers, frequency, sold items and ASP.

Jamie explained growth is balanced across active buyers, sold items and ASP. Noted mid-value buyers growing every quarter since 2024 and U.S. enthusiast buyers up 8%.

Peggy noted Q1 gross margin up 1pp driven by payment cost efficiencies and U.K. shipping accounting change. Response was directionally positive but lacked specific long-term margin framework.

Jamie attributed broad-based strength to years of investment paying off across strategic priorities: focus categories, C2C, and recommerce each growing high single to low double digits in 2025, collectively driving the significant majority of GMV.

Jamie noted that while excited by Live's 7x run rate and Vehicles, the primary growth driver remains the core business with focus categories, C2C, and recommerce expected to be consistent strong drivers in 2026.

Peggy acknowledged continued investment in priority areas but noted the company is early in the planning cycle and would provide more commentary later, assuring focus on balancing top and bottom line growth.

Peggy detailed investments in eBay Live, accelerated cross-border shipping roadmap, vehicles business, and global employee footprint expansion, noting 9% operating profit growth and operating leverage generation in Q3.

Peggy confirmed the high gross margin business gets operating leverage from top-line growth and emphasized the company focuses on balancing top-line growth with operating income dollar maximization.

Jamie acknowledged recent strong releases may moderate and tougher comparisons will come later in 2025, but expressed continued confidence in the long-term growth potential of the hobby driven by fundamental platform improvements.

Jamie stated no material impact on advertising to date, citing strong demand across Promoted Listings General, CPC products, and promoted offsite with 3.7M+ seller adoption.

Balaji outlined a clear integration hypothesis, migration onto Uber's single global tech platform, a close assumed in 2H2027, migrations by 2029, and disciplined synergy underwriting.

Dara outlined the full AV ecosystem buildout: fleet management (Hertz), depots/charging, financing (Santander), insurance (Marsh/Apollo). AV insurance expected cheaper than human insurance.

Balaji described barbell strategy: low-cost products drive 75% higher frequency, premium products drive 3.5x higher profit growth, both driving 25% lift in first-time acquisition. Payback varies by product.

Prashanth emphasized trip-led growth with audience hitting nearly 150M users, driven by both core growth and new product portfolio. Q3 also benefited from strong international and European summer travel.

Dara described real-world data collection at scale using rideshare vehicles with sensor suites, with positive partner feedback on data value for model training, scalable via fleet partners and IC drivers.

Prashanth pushed back on deceleration framing, noting 19% trip growth for three consecutive quarters and narrowing trips-to-GB gap driven by insurance pass-through and international mix.

Dara acknowledged lower mobility frequency in suburbs due to car ownership but highlighted offsetting pricing tailwinds from reserve product, which is 40% non-travel and higher in less dense markets.

Dara explained that most US pricing increases were pass-through for insurance costs, and premium products like U4B fund lower-cost products like UberX Share and shuttle.

Chris tied the acceleration to the fastest new-customer activation since 2022 and strength across marketplace and enterprise; answered directly.

Management declined to size enterprise separately, calling it a core part of how the platform compounds; Emily said both marketplace and enterprise generate profit-positive dollars with bespoke retailer economics.

Rogers called competitive-impact concerns overblown, citing GTV acceleration through 2025 and leadership in large baskets.

Rogers said it is not binary and would report retailers moving to price parity quarterly; took a consultative approach with retailers. Direct.

Directly attributed order acceleration to restaurants and the lower minimum basket, and flagged expected Q3 moderation as it laps restaurants.

Detailed self-serve tools, AI-delivered insights, inspiration ads and universal campaigns built specifically for emerging brands.

Fidji said smaller baskets lift frequency, GTV, and IC+ adoption at acceptable economics via order batching, and flagged early international enterprise traction. Directly answered.