Uber Technologies Inc. (NYSE:UBER)

The composition of assets exhibited notable shifts between 2021 and 2025. Current assets as a percentage of total assets initially increased from 22.74% to 29.19% before declining to 22.64%. Conversely, non-current assets decreased from 77.26% in 2021 to 71.19% in 2022, then increased to 77.36% in 2025. Within these broad categories, specific asset allocations underwent significant changes.

Liquidity and Short-Term Investments

Cash and cash equivalents remained relatively stable, fluctuating between 11.08% and 13.11% of total assets, ending at 11.50% in both 2024 and 2025. Short-term investments were initially absent but grew to 1.88% in 2023, peaking at 2.12% in 2024 before decreasing to 0.85% in 2025. Restricted cash and cash equivalents decreased over the period, from 1.63% to 1.02%.

Accounts Receivable and Current Assets

Accounts receivable increased from 6.29% to 8.80% between 2021 and 2023, then decreased to 6.19% in 2025. Prepaid expenses and other current assets followed a similar pattern, peaking at 4.61% in 2022 and declining to 3.08% in 2025. The overall trend in current assets suggests an initial build-up followed by a reduction.

Long-Term Investments

Investments experienced a substantial decrease as a percentage of total assets, falling from 30.45% in 2021 to 14.85% in 2025. This decline was partially offset by an increase in restricted investments, which rose from 0% to 14.36% over the same period. Equity method investments also decreased, from 2.06% to 0.46%.

Fixed and Intangible Assets

Property and equipment, net, decreased from 4.78% to 3.07% of total assets. Operating lease right-of-use assets also showed a declining trend, from 3.58% to 1.80%. Intangible assets, net, experienced a more significant reduction, falling from 6.22% to 1.70%.

Goodwill and Deferred Tax Assets

Goodwill decreased from 21.72% to 14.45% of total assets. Deferred tax assets increased significantly, rising from 0.16% in 2021 to 17.72% in 2025, representing a substantial shift in asset composition. Other assets also increased, from 0.86% to 5.85%.

The asset allocation demonstrates a strategic shift away from investments and intangible assets towards deferred tax assets and restricted investments. The decrease in goodwill suggests potential impairment or restructuring activities. The fluctuations in current assets may reflect changes in working capital management or operational cycles.