Stock Analysis on Net
Stock Analysis on Net

Uber Technologies Inc. (NYSE:UBER)

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Common-Size Income Statement

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Uber Technologies Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Revenue
Cost of revenue, exclusive of depreciation and amortization
Gross profit
Operations and support
Sales and marketing
Research and development
General and administrative
Depreciation and amortization
Income (loss) from operations
Interest expense
Interest income
Foreign currency exchange gains, net
Gain on business divestitures, net
Gain (loss) from sale of investments
Unrealized gain (loss) on debt and equity securities, net
Impairment of debt and equity securities
Impairment of equity method investment
Revaluation of MLU B.V. call option
Acquisition termination fee
Other, net
Other income (expense), net
Income (loss) before income taxes and income (loss) from equity method investments
(Provision for) benefit from income taxes
Income (loss) from equity method investments
Net income (loss) including non-controlling interests
Net (income) loss attributable to non-controlling interests, net of tax
Net income (loss) attributable to Uber Technologies, Inc.

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Revenue and Cost Trends
Revenue was consistently at 100% throughout all periods. The cost of revenue, excluding depreciation and amortization, displayed a rising trend from -46.27% in 2020 to a peak of -61.67% in 2022, subsequently stabilizing near -60% in 2023 and 2024. This indicates increasing direct costs associated with revenue generation followed by a moderate improvement.
Profitability Margins
Gross profit margins declined significantly from 53.73% in 2020 to 38.33% in 2022, with a slight recovery to roughly 39% in the last two years. Income (loss) from operations showed marked improvement, moving from a substantial negative margin of -43.66% in 2020 to positive margins of 2.98% in 2023 and further to 6.36% in 2024.
Operating Expenses
Significant reductions were observed in various operating expense categories relative to revenue. Operations and support costs decreased steadily from -16.33% in 2020 to -6.21% in 2024. Sales and marketing expenses experienced a sharp decline from -32.17% to -9.86%, while research and development expenses were reduced from -19.8% to -7.07%. General and administrative expenses also demonstrated notable contraction from -23.93% to approximately -8.27% in the latest period.
Depreciation and Amortization
Depreciation and amortization as a percentage of revenue declined steadily, from -5.16% in 2020 to -1.62% in 2024, indicating reduced non-cash charges relative to revenue over time.
Financial Income and Expenses
Interest expense decreased from -4.11% to -1.19%, demonstrating reduced financing costs. Interest income, conversely, increased from 0.49% to 1.64%, contributing positively to overall financial results. Foreign currency exchange losses remained relatively minor but increased slightly in the last period. Gains on business divestitures were notably high in 2021 at 9.65% but negligible afterward. Other net income (expense) showed large fluctuations, with significant gains in 2021 and 2023, but losses in other years.
Impairments and Gains on Securities
Impairments of debt and equity securities were present only in 2020 at -15.17%. Unrealized gains and losses on investments fluctuated considerably, including a large unrealized loss in 2022 (-22.1%) but positive gains in 2023 and 2024 (~4%). Acquisition termination fees appeared in 2024 at a small negative rate (-0.54%).
Income Before Taxes and Net Income
Income before income taxes exhibited volatility, starting at a substantial loss of -62.36% in 2020, improving to a near break-even position in 2021 (-5.87%), falling again sharply in 2022 (-29.57%), and turning positive in 2023 and 2024 (6.23% and 9.38%, respectively). Provision for income taxes shifted from a modest benefit in early periods to a significant provision of 13.09% in 2024.
Net Income Attributable to the Company
Net income attributable to the company showed extensive volatility, with large losses of approximately -60.76% in 2020 and -28.68% in 2022. A turnaround occurred in 2023 and intensified in 2024, resulting in positive net income margins of 5.06% and 22.41%. Non-controlling interests' effect on net income remained relatively small throughout the period.