Stock Analysis on Net
Stock Analysis on Net

Uber Technologies Inc. (NYSE:UBER)

Common-Size Income Statement 
Quarterly Data

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

Microsoft Excel
3 months ended: Dec 31, 2025 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
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenue, exclusive of depreciation and amortization -60.43 -60.21 -60.16 -60.15 -60.49 -60.43 -60.64 -60.88 -60.96 -60.55 -59.75 -59.61 -61.66 -62.00 -63.83 -58.74 -53.72 -50.32 -53.42 -58.90
Gross profit 39.57% 39.79% 39.84% 39.85% 39.51% 39.57% 39.36% 39.12% 39.04% 39.45% 40.25% 40.39% 38.34% 38.00% 36.17% 41.26% 46.28% 49.68% 46.58% 41.10%
Operations and support -5.26 -5.46 -5.50 -5.79 -5.67 -6.14 -6.37 -6.76 -7.07 -7.35 -7.19 -7.25 -7.03 -7.40 -7.64 -8.37 -9.47 -9.80 -11.00 -14.57
Sales and marketing -9.43 -9.48 -9.56 -9.17 -10.11 -9.80 -10.42 -9.05 -9.41 -10.13 -13.20 -14.30 -13.04 -13.82 -15.09 -18.43 -21.84 -24.11 -31.97 -38.00
Research and development -6.16 -6.40 -6.64 -7.07 -6.56 -6.92 -7.10 -7.80 -7.89 -8.58 -8.75 -8.78 -8.68 -9.11 -8.72 -8.56 -9.66 -10.18 -12.42 -17.74
General and administrative -5.10 -8.78 -5.29 -5.70 -9.32 -5.63 -6.41 -11.93 -6.07 -6.95 -5.32 -10.68 -8.66 -10.88 -10.54 -9.22 -10.57 -12.90 -15.68 -15.98
Depreciation and amortization -1.29 -1.40 -1.38 -1.48 -1.41 -1.60 -1.62 -1.88 -2.04 -2.21 -2.25 -2.35 -2.59 -2.72 -3.01 -3.71 -4.26 -4.50 -5.75 -7.30
Income (loss) from operations 12.35% 8.26% 11.46% 10.65% 6.44% 9.48% 7.44% 1.70% 6.56% 4.24% 3.53% -2.97% -1.65% -5.93% -8.83% -7.03% -9.52% -11.81% -30.24% -52.50%
Interest expense -0.80 -0.83 -0.85 -0.91 -0.98 -1.28 -1.30 -1.22 -1.56 -1.79 -1.56 -1.90 -1.75 -1.75 -1.72 -1.88 -2.25 -2.54 -2.93 -3.96
Other income (expense), net -9.52 12.02 1.28 2.27 2.14 16.54 3.93 -6.69 13.40 -0.56 2.96 3.31 8.91 -6.41 -21.11 -81.08 25.46 -37.81 49.45 58.90
Income (loss) before income taxes and income (loss) from equity method investments 2.03% 19.45% 11.89% 12.01% 7.60% 24.75% 10.07% -6.22% 18.40% 1.89% 4.93% -1.56% 5.51% -14.10% -31.66% -89.99% 13.69% -52.16% 16.29% 2.45%
(Provision for) benefit from income taxes 0.28 30.04 -1.12 3.49 50.19 -1.41 -0.53 -0.29 -1.34 0.43 -0.70 -0.62 0.98 -0.70 -0.95 3.38 1.68 2.08 12.19 -6.37
Income (loss) from equity method investments -0.10 -0.10 -0.09 -0.11 -0.08 -0.11 -0.11 -0.04 0.05 0.03 0.04 0.41 0.49 0.36 0.21 0.26 -0.16 -0.27 -0.18 -0.28
Net income (loss) including non-controlling interests 2.21% 49.39% 10.67% 15.38% 57.71% 23.23% 9.42% -6.54% 17.11% 2.36% 4.27% -1.78% 6.97% -14.43% -32.40% -86.34% 15.21% -50.34% 28.30% -4.20%
Net (income) loss attributable to non-controlling interests, net of tax -0.15 -0.19 0.04 0.02 -0.15 0.12 0.07 0.09 -2.73 0.02 0.00 0.00 -0.05 -0.02 0.19 -0.18 0.22 0.31 0.81 0.48
Net income (loss) attributable to Uber Technologies, Inc. 2.06% 49.20% 10.71% 15.40% 57.55% 23.35% 9.49% -6.46% 14.38% 2.38% 4.27% -1.78% 6.92% -14.46% -32.22% -86.52% 15.44% -50.03% 29.12% -3.72%

Based on: 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).

The common-size income statement reveals significant fluctuations in profitability and expense management over the observed period. Revenue is consistently represented as 100% by definition. A notable trend is the initial high cost of revenue, decreasing from 58.90% in March 2021 to 60.49% in December 2022, before stabilizing around 60% through December 2025. Gross profit correspondingly increased from 41.10% to 49.68% in September 2021, then decreased to 36.17% in June 2022, and gradually recovered to 39.57% by December 2025.

Operating Expenses
Operations and support expenses demonstrated a consistent decline as a percentage of revenue, moving from 14.57% in March 2021 to 5.26% in September 2025. Sales and marketing expenses exhibited a more dramatic reduction, falling from 38.00% to 9.43% over the same period. Research and development expenses also decreased, though less sharply, from 17.74% to 6.16%. General and administrative expenses showed considerable volatility, peaking at 15.98% and decreasing to 5.10% before increasing again to 8.78% in September 2025 and then falling to 5.10% in December 2025. These reductions in operating expenses suggest improved efficiency or a shift in business strategy.

Depreciation and amortization consistently decreased as a percentage of revenue, from 7.30% in March 2021 to 1.29% in December 2025, potentially indicating a slowing of capital expenditure or changes in asset utilization. Income (loss) from operations experienced a substantial turnaround, moving from a loss of -52.50% in March 2021 to a profit of 12.35% in December 2025, reflecting the combined effect of revenue growth and expense control.

Non-Operating Items & Net Income
Interest expense decreased steadily from 3.96% to 0.80%. Other income (expense), net, was highly volatile, with a significant positive impact in March 2021 (58.90%) and again in December 2025 (12.02%), but also substantial negative impacts in September 2021 (-37.81%) and December 2023 (-9.52%). This volatility significantly influenced income before income taxes. The provision for (benefit from) income taxes also fluctuated considerably. Net income (loss) attributable to the company mirrored the operational improvements, transitioning from a loss of -3.72% to a profit of 2.06% by December 2025. Net income attributable to non-controlling interests remained relatively small, with minor fluctuations throughout the period.

Overall, the common-size income statement demonstrates a significant improvement in financial performance over the analyzed period. The company moved from substantial losses to profitability, driven by decreasing operating expenses and a more stable cost of revenue. However, the volatility of other income (expense), net, and the provision for income taxes introduces some uncertainty in the overall financial picture.

AI Ask an analyst for more