Uber Stock: What to Know About the $2.3 Billion ezCater Deal

TLDR

• Uber is buying workplace catering platform ezCater for $2.3 billion in an all-cash deal.
• The deal adds ezCater’s 140,000+ U.S. restaurant network to Uber Eats.
• ezCater brought in more than $2.5 billion in gross bookings over the past year.
• Average order value on ezCater tops $400, which should help Uber’s margins.
• The deal follows Uber’s $14.8 billion bid for Delivery Hero back in July.

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Uber stock dipped 0.69% in early trading before closing up 0.4% on Tuesday, as the company confirmed it’s acquiring catering platform ezCater for $2.3 billion in cash.

Uber Technologies, Inc., UBER

The deal pushes Uber further into workplace meals and group ordering, a corner of the food business it hasn’t fully tapped yet. ezCater connects companies with restaurants for catering orders, from small meetings to ongoing office meal programs.

Uber plans to fold ezCater’s catering tools into both Uber Eats and Uber for Business. That pairs ezCater’s restaurant relationships with Uber’s existing network of corporate clients.

What ezCater Brings to the Table

ezCater’s network spans more than 140,000 restaurants across the U.S. The platform generated over $2.5 billion in gross bookings over the past twelve months, growing at a high-teens percentage year over year.

$UBER TO ACQUIRE EZCATER FOR $2.3B IN CASH, EXPANDING UBER EATS INTO CATERING

Uber is buying ezCater, a U.S. workplace meals and catering platform with 140,000+ restaurant partners and more than $2.5B in trailing 12-month gross bookings.

ezCater is growing at a high-teens rate… pic.twitter.com/ZEbwFtqpR1

— Wall St Engine (@wallstengine) October 6, 2026

The business is already profitable on a non-GAAP basis. Uber said the deal should be margin accretive, meaning it should help rather than hurt profitability.

Average order value on ezCater exceeds $400. That’s well above a typical food delivery order, which is part of why Uber expects a lift to margins.

“Catering is a big business, and can be a huge revenue stream for restaurants,” Uber CEO Dara Khosrowshahi said in a statement.

ezCater CEO Nihad Rahman said the company is looking forward to bringing its catering expertise to Uber’s “global ecosystem of customers, merchants, and couriers.”

J.P. Morgan Securities is advising Uber on the transaction. Evercore is advising ezCater.

Uber expects the deal to close within the next few months. It’s still subject to regulatory approval and other standard closing conditions.

A Pattern of Dealmaking

This isn’t Uber’s first big swing at food delivery this year. In July, the company agreed to acquire Delivery Hero in a deal valuing the Berlin-based company at $14.8 billion.

That transaction would expand Uber’s combined mobility and delivery footprint from 79 to 99 markets. Delivery Hero generated $42 billion in gross bookings in 2025, so the scale here is hard to miss.

The Delivery Hero deal is expected to close in the second half of 2027, pending regulatory sign-off. It’s a longer runway than the ezCater deal, which is moving much faster.

Khosrowshahi has been telegraphing this shift for months. In August, he called large-group orders a “massive addressable opportunity” and said Uber Eats would eventually move “beyond the individual meal.”

That comment lines up directly with the ezCater purchase. Workplace catering is exactly the kind of large, recurring order Khosrowshahi was pointing to.

Uber’s delivery segment has been one of its stronger growth engines lately. In the quarter ended June 30, gross bookings for delivery grew 25%, driven by more volume and more active users.

On that earnings call, Khosrowshahi flagged large group orders and in-store pickups as the next areas of focus, according to the Wall Street Journal. The ezCater deal appears to be the first concrete step toward that goal.

Together, the ezCater and Delivery Hero deals show Uber spending heavily this year to widen its delivery business beyond single-meal orders. Both deals remain pending regulatory approval.