Stock Analysis on Net
Stock Analysis on Net

Uber Technologies Inc. (NYSE:UBER)

Common-Size Income Statement 

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 100.00 100.00 100.00 100.00 100.00
Cost of revenue, exclusive of depreciation and amortization -60.60 -60.24 -61.67 -53.57 -46.27
Gross profit 39.40% 39.76% 38.33% 46.43% 53.73%
Operations and support -6.21 -7.21 -7.57 -10.75 -16.33
Sales and marketing -9.86 -11.68 -14.92 -27.44 -32.17
Research and development -7.07 -8.49 -8.78 -11.77 -19.80
General and administrative -8.27 -7.19 -9.84 -13.27 -23.93
Depreciation and amortization -1.62 -2.21 -2.97 -5.17 -5.16
Income (loss) from operations 6.36% 2.98% -5.75% -21.97% -43.66%
Interest expense -1.19 -1.70 -1.77 -2.77 -4.11
Interest income 1.64 1.30 0.44 0.21 0.49
Foreign currency exchange gains, net -0.89 -0.49 -0.46 -0.38 -1.15
Gain on business divestitures, net 0.00 0.55 0.04 9.65 1.83
Gain (loss) from sale of investments 0.00 -0.20 0.00 2.37 0.00
Unrealized gain (loss) on debt and equity securities, net 4.17 4.32 -22.10 6.54 -1.12
Impairment of debt and equity securities 0.00 0.00 0.00 0.00 -15.17
Impairment of equity method investment 0.00 0.00 -0.57 0.00 0.00
Revaluation of MLU B.V. call option 0.00 0.00 0.60 0.00 0.00
Acquisition termination fee -0.54 0.00 0.00 0.00 0.00
Other, net -0.18 -0.53 0.00 0.48 0.53
Other income (expense), net 4.20% 4.95% -22.05% 18.86% -14.59%
Income (loss) before income taxes and income (loss) from equity method investments 9.38% 6.23% -29.57% -5.87% -62.36%
(Provision for) benefit from income taxes 13.09 -0.57 0.57 2.82 1.72
Income (loss) from equity method investments -0.09 0.13 0.34 -0.21 -0.31
Net income (loss) including non-controlling interests 22.39% 5.78% -28.67% -3.27% -60.94%
Net (income) loss attributable to non-controlling interests, net of tax 0.03 -0.72 -0.01 0.42 0.18
Net income (loss) attributable to Uber Technologies, Inc. 22.41% 5.06% -28.68% -2.84% -60.76%

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.