Common-Size Income Statement
Quarterly Data
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Uber Technologies Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
A comprehensive transition from significant operational losses toward consistent profitability is evident over the analyzed period. The most notable trend is the emergence of positive operating income, which shifted from a deficit of 52.50% of revenue in March 2021 to a surplus of 14.56% by March 2026. This turnaround is primarily driven by aggressive reductions in operating expenses relative to revenue growth, indicating strong operating leverage.
- Gross Profitability and Direct Costs
- Cost of revenue, exclusive of depreciation and amortization, showed volatility in the early stages, peaking at 63.83% in June 2022. However, it stabilized around 60% for several years before dropping to 54.97% in the final quarter. Consequently, gross profit margins remained relatively stable between 36% and 41% for most of the period, ending with a significant expansion to 45.03% in March 2026.
- Operating Expense Optimization
- There is a systemic reduction in all primary operating expense categories as a percentage of revenue. Sales and marketing expenses experienced the most dramatic decline, falling from 38.00% in March 2021 to 10.04% by March 2026. Similarly, research and development costs decreased from 17.74% to 7.20%, and general and administrative expenses moved from 15.98% to 6.04%. Operations and support costs also trended downward, ending at 5.78%.
- Operational Income Performance
- Operating income reflects a steady trajectory of improvement. After experiencing deep losses in 2021 and 2022, the company achieved its first positive operating margin in June 2023 (3.53%). This positive trend accelerated through 2024 and 2025, reaching a peak of 14.56% in the final recorded quarter, signaling that the core business model has achieved sustainable operational efficiency.
- Net Income and Non-Operating Volatility
- While operating income stabilized, net income remained highly volatile due to fluctuations in other income and expense items and tax provisions. Extreme swings are observed, such as the net loss of 86.52% in March 2022 contrasted with a net income of 57.55% in December 2024. These variances suggest that non-core financial activities and one-time tax events have a disproportionate impact on the bottom line compared to the steady improvement seen in operations.
- Financial Obligations and Other Costs
- Interest expenses as a percentage of revenue have steadily declined from 3.96% to 0.82%, suggesting either a reduction in debt load or significant revenue growth relative to fixed interest obligations. Depreciation and amortization also trended downward from 7.30% to 1.39%, further contributing to the expansion of the operating margin.