Pershing Square's Performance Dragged by Uber's Mixed Quarterly Results
What happened
Pershing Square Capital Management has underperformed the S&P 500 year to date, largely due to Uber Technologies. Uber reported Q2 revenue of $14.19 billion, which missed analyst estimates. While operating income increased 30% year over year to $1.9 billion, the company's Q3 gross bookings guidance was short of analyst expectations.
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Why it matters
Uber Technologies is the largest holding in Pershing Square Capital Management's public equity portfolio, accounting for roughly 12.7% as of the second quarter. The mixed quarterly performance and declining share price have negatively impacted the fund's overall returns.
Pershing Square added Uber Technologies as a new holding on August 18, 2026.
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Who's involved
- Pershing SquareHedge fund that holds a large investment position in Uber Technologies.
- UberRide-hailing company whose financial results are impacting Pershing Square.
- Bill AckmanFounder and primary manager of Pershing Square Capital Management.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- UberSpeculative
Could face market pressure due to missed revenue estimates and short guidance, impacting market valuation.
- GrabSpeculative
Could see a reduction in the value of its equity stake due to Uber's financial decline.
- Rivian AutomotiveSpeculative
Might see its ability to fund large capital investments affected by Uber's financial health.
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The entities involved
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Pershing Square
park in downtown Los Angeles
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Uber
peer-to-peer ridesharing, food delivery, and transportation network company headquartered in San Francisco, California