Stock Analysis on Net
Stock Analysis on Net

Uber Technologies Inc. (NYSE:UBER)

$24.99

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Uber Technologies Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 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
Interest income
Foreign currency exchange gains, net
Gain on business divestitures, net
Gain (loss) from sale of investments
Unrealized gain (loss) on debt and equity securities, net
Impairment of debt and equity securities
Impairment of equity method investment
Revaluation of MLU B.V. call option
Acquisition termination fee
Other, net
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-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 Growth
Revenue demonstrates a strong upward trajectory, increasing from $11,139 million in 2020 to $43,978 million in 2024. This consistent growth indicates successful expansion and market penetration over the period.
Cost of Revenue
Cost of revenue excluding depreciation and amortization also rose significantly, from $5,154 million in 2020 to $26,651 million in 2024. The increase in costs appears somewhat proportional to revenue growth, suggesting increased operational scale but also rising expenses associated with revenue generation.
Gross Profit
Gross profit increased steadily in line with revenue growth, reaching $17,327 million in 2024 from $5,985 million in 2020. This represents an improvement in absolute terms, though the margin indicates that cost pressures persist despite the growing scale.
Operating Expenses
Expenses across operations and support, sales and marketing, research and development, and general and administrative categories show varied patterns:
Operations and Support
Expenses increased marginally from $1,819 million in 2020 to $2,732 million in 2024, indicating controlled growth in direct operational support costs relative to growing revenue.
Sales and Marketing
Sales and marketing expenses peaked in 2021 at $4,789 million, followed by a gradual decline to $4,337 million in 2024, possibly reflecting improved efficiency or strategic shifts in marketing investments.
Research and Development
R&D spending increased overall, particularly jumping from $2,054 million in 2021 to $3,109 million in 2024, highlighting ongoing investment in innovation despite fluctuations.
General and Administrative
G&A costs fluctuated with a peak in 2024 at $3,639 million, after a dip in 2023. This suggests periodic adjustments in overhead or increased administrative complexities as the company expanded.
Depreciation and Amortization
Depreciation and amortization expenses show a declining trend from $575 million in 2020 to $711 million in 2024, with a slight increase by the end but generally remaining stable relative to revenue growth.
Income from Operations
A marked improvement is observed in operating income, turning from a loss of $4,863 million in 2020 to a positive $2,799 million in 2024. This reflects enhanced operational efficiency and profitability over the years.
Interest and Other Financial Income/Expenses
Interest expense slightly increased initially but declined to $523 million by 2024, whereas interest income grew substantially, reaching $721 million in 2024. Foreign currency exchange losses increased negatively to $391 million in 2024, indicating some exposure to currency risks.
Non-Operating Income and Expenses
The net gains and losses from divestitures, sale of investments, unrealized gains/losses, and other income/expense items present variability with significant one-time effects. Notable are the substantial unrealized losses in 2022 (-$7,045 million) and recoveries thereafter, influencing overall profitability volatility.
Income Before Taxes and Net Income
Income before taxes shifted from losses in 2020 and 2022 to positive figures of $4,125 million in 2024. The net income attributable to the company reversed from negative $6,768 million in 2020 to a significant positive $9,856 million in 2024, indicating a strong turnaround in overall financial performance.
Tax Provision
The tax provision shows fluctuation, with positive taxes paid in 2020-2022 but a large benefit recorded in 2024 ($5,758 million), which significantly contributed to improved net income for that year.
Equity Method Investments
Income from equity method investments is relatively minor and fluctuates between slight losses and gains, suggesting limited impact on overall financial results.