Common-Size Income Statement
Quarterly Data
Uber Technologies Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
The analysis of the financial data over the reported periods reveals several notable trends concerning cost structure, profitability, and operational efficiency.
- Cost of Revenue (exclusive of depreciation and amortization)
- This cost has exhibited an overall increasing trend as a percentage of revenue, rising from approximately 45.9% in early 2020 to around 60% in the latest reported periods. This indicates growing costs directly associated with generating revenue, which correspondingly results in a pressure on gross profit margins.
- Gross Profit
- Gross profit margins have generally declined over the period, from about 54% in early 2020 to around 39-40% in the most recent quarters. This decline aligns with the increasing cost of revenue and suggests tightening margins at the gross profit level.
- Operating Expenses
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- Operations and Support
- The proportion of revenue allocated to operations and support has decreased steadily from around 15.5% in Q1 2020 to below 6% by early 2025, reflecting improved operational efficiency or cost controls in this area.
- Sales and Marketing
- Sales and marketing expenses as a percentage of revenue have decreased notably, from a high of over 38% at times to under 10% in some of the last quarters. This trend indicates a significant reduction in marketing spend relative to revenue, possibly suggesting a shift in strategy or improved marketing efficiency.
- Research and Development
- R&D expenses similarly show a gradual reduction from nearly 20% of revenue in early 2020 to around 7% in recent periods. This reduction may reflect changes in investment focus or efficiency gains in product development activities.
- General and Administrative
- The G&A expense percentage demonstrates volatility but a general decline from roughly 26.5% to nearer 5-10%, albeit with some spikes in certain quarters. This suggests efforts to streamline administrative functions, though fluctuations indicate variability possibly due to non-recurring items or restructurings.
- Depreciation and Amortization
- Depreciation and amortization as a percentage of revenue have steadily decreased, falling from just under 4% to about 1.5% in recent quarters, signifying either reduced capital expenditure, asset sales, or changes in asset useful life assumptions.
- Income (loss) from Operations
- The operating loss margin shows substantial improvement across the period. Initially, losses reached as high as 84% of revenue, but in recent quarters the margin turns positive, reaching over 10% in some instances. This marks a significant turnaround in operational profitability.
- Interest Expense
- Interest expense relative to revenue gradually declined from nearly 4% to below 1%, indicating possible debt reduction or refinancing on more favorable terms.
- Other Income (Expense), Net
- This item exhibits considerable volatility, with swings from significant negative values to strong positive figures. The lack of a consistent pattern suggests the influence of irregular or non-operational gains and losses affecting income unpredictably.
- Income before Taxes and Equity Investments
- After initially deep losses exceeding 90% of revenue, the company returns to positive pre-tax income in certain quarters, reflecting improving operational and non-operational results. However, sharp fluctuations persist, highlighting ongoing earnings volatility.
- Provision for Income Taxes
- Income tax impact fluctuates modestly, occasionally positive or negative, with some unusual spikes (notably a 50% positive impact in one quarter), likely driven by discrete tax events or changes in tax positions.
- Income (Loss) from Equity Method Investments
- Contributions from equity method investments remain minor and mostly negative or near zero, indicating limited positive impact from affiliates or joint ventures.
- Net Income (Loss) Including Non-controlling Interests
- Net results have shown marked volatility with heavy losses in 2020, improvement and occasional profitability thereafter, followed by mixed results in recent times. Notably, the data displays a strong positive net income percentage reaching as high as nearly 58% in one quarter, suggesting periods of significant profitability interspersed with losses.
- Net Income Attributable to Uber Technologies, Inc.
- Similar patterns emerge here as in overall net income, with wide swings between large losses and notable profitability. The improvement beginning in late 2021 and continuing into 2024 highlights successful efforts to control costs and improve the bottom line, though volatility remains a characteristic feature.