Uber to Acquire ezCater for $2.3 Billion to Bring Catering to Uber Eats

Deal terms and structure

Uber Technologies, Inc. (NYSE: UBER) and ezCater, Inc. announced an agreement for Uber to acquire ezCater, a U.S. platform for catering and workplace meals, in an all-cash transaction valued at $2.3 billion. The deal was disclosed on October 6, 2026 in a joint release issued by Uber. ezCater connects businesses to more than 140,000 restaurants nationwide, with tools to manage ordering, food spend, and 24/7 customer support for meetings, events, and recurring enterprise catering. ezCater generated over $2.5 billion in Gross Bookings over the trailing twelve months, growing in the high teens year-over-year, with average order values above $400. Uber said the acquisition is expected to close in the coming months, subject to regulatory approvals and other customary closing conditions.

Strategic rationale from Uber and ezCater

The acquisition is intended to combine ezCater's catering and B2B expertise with Uber Eats' consumer and restaurant reach, and Uber for Business's enterprise relationships. Uber CEO Dara Khosrowshahi said catering "can be a huge revenue stream for restaurants," and that Uber's reach can bring ezCater's platform "to millions more customers." ezCater CEO Nihad Rahman said the team is "proud of what we've built — the leading platform for workplace catering," and that joining Uber will extend its B2B capabilities across Uber's "global ecosystem of customers, merchants, and couriers." The companies said restaurants will gain access to larger orders and new diners, group-order customers will get a simpler experience, and Uber Eats couriers will see additional earning opportunities.

Profitability, growth profile, and price comparison

Uber described ezCater as profitable on a Non-GAAP Operating Income basis and said the deal is expected to be margin accretive. A separate analysis of the announcement, published the same day, framed the implied multiple at about 0.9x bookings for a profitable B2B asset and noted that ezCater's high-teens gross-bookings growth trails Uber Delivery's 26% bookings growth in the second quarter of 2026, characterizing the transaction as a purchase of margin rather than growth. That same analysis cited Uber's $10.1 billion of free cash flow over the last four quarters, framing the $2.3 billion price as less than a single quarter's $2.79 billion of free cash flow, and said ezCater's annualized bookings add roughly 2% to Uber Delivery.

Follow-up signals

Closing of the transaction is pending regulatory approvals and customary closing conditions. Uber's next scheduled checkpoint referenced in coverage of the announcement is the November 4 third-quarter earnings report, which observers cited as the next opportunity to see whether capital return activity recovers while the separate Delivery Hero transaction remains to be funded.