Uber Technologies is facing increased investor and analyst scrutiny over its acquisition strategy following its recent $2.3 billion deal to buy ezCater. [4]
The debate centers on Uber’s preference for acquiring established businesses over building capabilities internally. The company has committed approximately $18 billion to various deals. [4]
On October 8, 2026, Uber CFO Balaji Krishnamurthy defended the company’s M&A playbook. [4] He argued that acquisitions can support expansion, improve returns, and make better use of Uber’s global platform. [4]
Krishnamurthy acknowledged past mistakes but said more recent deals are performing ahead of expectations. He suggested acquisitions can be a more efficient path to growth than building from scratch. [4]
The market reaction appears mixed as investors weigh the potential of these acquisitions against integration risks and uncertainty about their long-term returns. [3]