Jim Cramer Says Buy Uber Right Now — Is He Right This Time?

Simple, unrehearsed, and unpolished. On the August 17 Lightning Round, Jim Cramer stated that Uber is “one great long-term stock” and that he is “a buyer, not a holder, not a seller,” but it wasn’t presented as a lighthearted statement. It seemed to be a repetition of something he had been observing develop for some time.

In 2026, Cramer returned to Uber multiple times. In May, he referred to it as “definitely a buy,” noted that the stock was at a rare discount, and stated bluntly that “there aren’t many as good.” Even from someone who covers dozens of stocks every week, that level of consistency is something to be aware of.

The enthusiasm and the valuation framing he’s employing are what make the current setup intriguing. Cramer specifically mentioned 22 times forward earnings, which is a figure that merits further investigation for a business that generates $2.8 billion in free cash flow on a quarterly basis and grows gross bookings at a rate of 22% annually. Uber’s stock has fallen more than 20% in the last year and has substantially underperformed the S&P 500 in 2026. Such underperformance typically indicates a failing company. The numbers for Uber reveal a different picture.

In the second quarter of 2026, gross bookings totaled $58 billion, travel increased by 18% to 3.9 billion, and adjusted EBITDA increased by 33% to $2.8 billion. That EBITDA amount was matched by free cash flow. The annual growth in non-GAAP earnings per share was 35%. These are not indicators of a troubled business. There’s a feeling that the market has been valuing Uber based more on its past—the legal battles, early setbacks, and cultural controversies—than on the company’s current state.

Uber added more new users in the last 12 months than in any comparable period over the previous five years, according to CEO Dara Khosrowshahi’s earnings report, which was more noteworthy than the headline figures. It’s not a developed platform that exploits its current user base. That platform is still in the active growth phase, which completely alters your perspective on the valuation.

Cramer has also brought up the issue of autonomous vehicles, which was long regarded as an existential danger to Uber’s business model. The argument was straightforward: who would need Uber’s network if Waymo or Tesla flooded the streets with robotaxis? The fact that Uber’s network of 200 million monthly active users is exactly what robotaxi companies need to scale has become more evident in 2026.

Instead of fighting the AV wave, Uber has been forming alliances. It has signed agreements with Wayve in London, Pony.ai for the deployment of robotaxis throughout Europe, Hinomaru Kotsu for a pilot project in Tokyo, and Zipline for drone delivery through Uber Eats. This is not a case of coincidental placement. Uber might become the distribution layer rather than a victim of autonomous mobility in general.

It is difficult to ignore the discrepancy between the company’s performance and that of the stock. On a trailing basis, return on equity is 37%. Uber commands almost 48% of its professional services category by revenue, according to market share data. These numbers don’t belong to a struggling startup, but rather to a powerful platform company.

It makes sense for Cramer’s critics to point out that he has a mixed record and that buying stocks based solely on the advice of a single commentator is a bad idea. That’s reasonable. However, the fundamental idea he keeps bringing up—that the market has been too preoccupied with concerns about robotaxi competition while neglecting Uber’s earnings trajectory and valuation—stands up to examination. It’s actually unclear if the stock will re-rate in the near future. However, Cramer’s business case isn’t based on exaggeration. It is based on growth rates, cash flow, and a forward multiple that appears reasonable in light of the data presented.

That doesn’t guaranty it, though. In markets, nothing is. However, it does make it worthwhile to sit for longer than most people seem to.