Stock Analysis on Net

Uber Technologies Inc. (NYSE:UBER)

$24.99

Common-Size Income Statement
Quarterly Data

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Uber Technologies Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 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
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-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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Revenue and Cost of Revenue
The revenue remained stable at 100% throughout all the quarters. The cost of revenue excluding depreciation and amortization showed a significant increase starting from March 2021, rising from approximately -45% to consistently around -60% in later periods, indicating increasing cost pressure relative to revenue.
Gross Profit
Gross profit margins declined sharply from above 50% in early 2020 to approximately 40% to 39% in periods after March 2021. This reflects the growing costs of revenue impacting profitability at the gross margin level.
Operating Expenses
Operations and support costs showed a marked improvement, decreasing from over -15% of revenue in early 2020 to below -6% in the most recent quarters. Sales and marketing expenses displayed a steady decline from above -27% early on, reaching around -9% to -10%. Research and development costs also decreased over time from nearly -20% to approximately -6% or -7% of revenue. General and administrative expenses fluctuated but generally trended downwards from about -26% in early 2020 to a mixed range averaging lower than -10%, with some volatility particularly after 2022.
Depreciation and Amortization
The percentage of revenue spent on depreciation and amortization gradually declined from close to -4% in early 2020 to below -1.5% by the latest reported periods, reflecting either asset base changes or amortization schedules improving relative to revenue.
Operating Income (Loss)
Operating income exhibited substantial volatility. Initially, large losses nearing -85% of revenue occurred mid-2020, but operating losses progressively shrank, turning positive in some quarters from late 2022 onward, reaching up to around 11.5% of revenue in mid-2025. This demonstrates improved operational efficiency and cost control.
Interest Expense
Interest expense as a percentage of revenue steadily declined over the entire period, falling from nearly -4% to below -1% in recent quarters, indicating reduced interest burden or optimization of debt structure.
Other Income (Expense), Net
Other income and expense showed significant fluctuations with sharp swings between large negative and positive values. The extreme volatility suggests irregular or non-recurring items impacting net income unpredictably over the periods.
Income Before Taxes and Equity Method Investments
This metric mirrored the operating income trend, going from large losses in early periods to positive and growing values in later quarters, reaching nearly 20% of revenue in late 2025. The recovery highlights improved overall profitability before tax impacts.
Income Tax Provision (Benefit)
Tax effects varied considerably, with some quarters showing tax benefits while others recorded provisions. Notably, a sharp tax benefit occurred in the first quarter of 2025, comprising over 50% of revenue, likely indicating extraordinary tax circumstances or adjustments.
Income (Loss) from Equity Method Investments
This item remained relatively small in magnitude, moving slightly between minor positive and negative contributions, indicating a limited but stable impact on total profitability.
Net Income (Loss) Including Non-Controlling Interests
Net income exhibited significant volatility, initially showing large losses above -90% of revenue in early 2020, improving dramatically to positive territory with several quarters of profitability from mid-2021 onwards. In particular, very strong positive results occurred in early 2025 with net income exceeding 50% of revenue, demonstrating a major turnaround in profitability.
Net Income (Loss) Attributable to Uber Technologies, Inc.
The net income attributable to the parent company followed the trends of overall net income closely, with early losses turning to substantial profits, especially in the latest quarters. This confirms that the core company's financial performance materially improved over the reported periods.