Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Uber Technologies Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	1,013)	858)	790)	728)	860)
Short-term insurance reserves	3,387)	2,754)	2,016)	1,692)	1,442)
Operating lease liabilities, current	169)	175)	190)	201)	185)
Accrued legal, regulatory and non-income taxes	2,052)	1,533)	1,044)	1,573)	2,187)
Accrued Drivers and Merchants liability	1,626)	1,421)	1,996)	1,593)	1,187)
Accrued compensation and employee benefits	777)	649)	710)	587)	442)
Income and other tax liabilities	1,033)	751)	684)	476)	376)
Commitment to issue unsecured convertible notes in connection with Careem acquisition	—)	—)	128)	152)	238)
Current portion of long-term debt	—)	1,150)	25)	27)	27)
Finance leases liabilities, current	138)	136)	156)	115)	191)
Other	2,125)	2,049)	1,715)	1,709)	1,889)
Accrued and other current liabilities	7,751)	7,689)	6,458)	6,232)	6,537)
Current liabilities	12,320)	11,476)	9,454)	8,853)	9,024)
Long-term insurance reserves	9,076)	7,042)	4,722)	3,028)	2,546)
Long-term debt, net of current portion	10,521)	8,347)	9,459)	9,265)	9,276)
Operating lease liabilities, non-current	1,390)	1,454)	1,550)	1,673)	1,644)
Deferred tax liabilities	31)	9)	56)	27)	365)
Finance leases liabilities, non-current	84)	174)	322)	284)	43)
Other	297)	266)	454)	475)	527)
Other long-term liabilities	412)	449)	832)	786)	935)
Non-current liabilities	21,399)	17,292)	16,563)	14,752)	14,401)
Total liabilities	33,719)	28,768)	26,017)	23,605)	23,425)
Redeemable non-controlling interests	165)	93)	654)	430)	204)
Common stock, $0.00001 par value	—)	—)	—)	—)	—)
Additional paid-in capital	38,101)	42,801)	42,264)	40,550)	38,608)
Accumulated other comprehensive loss	(432)	(517)	(421)	(443)	(524)
Accumulated deficit	(10,628)	(20,726)	(30,594)	(32,767)	(23,626)
Total Uber Technologies, Inc. stockholders’ equity	27,041)	21,558)	11,249)	7,340)	14,458)
Non-redeemable non-controlling interests	877)	825)	779)	734)	687)
Total equity	27,918)	22,383)	12,028)	8,074)	15,145)
Total liabilities, redeemable non-controlling interests and equity	61,802)	51,244)	38,699)	32,109)	38,774)

Based on: 10-K (reporting date: 2025-12-31), 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).

Overall, the company’s liabilities and stockholders’ equity demonstrate a significant increase from 2021 to 2025. Total liabilities increased substantially, while stockholders’ equity experienced volatility, with a notable recovery in later years. A closer examination of individual liability and equity components reveals specific trends driving these changes.

Current Liabilities: Current liabilities generally increased over the period, rising from US$9,024 million in 2021 to US$12,320 million in 2025. Accrued and other current liabilities consistently represent the largest portion of this total, fluctuating between approximately US$6,232 million and US$7,751 million. Accrued legal, regulatory, and non-income taxes exhibited considerable fluctuation, decreasing from US$2,187 million in 2021 to US$1,044 million in 2023 before increasing to US$2,052 million in 2025. A significant increase in the current portion of long-term debt is observed between 2023 and 2024, jumping from US$25 million to US$1,150 million, before remaining undefined in 2025.
Non-Current Liabilities: Non-current liabilities also increased over the five-year period, growing from US$14,401 million in 2021 to US$21,399 million in 2025. Long-term insurance reserves experienced substantial growth, more than tripling from US$2,546 million to US$9,076 million. Long-term debt, net of current portion, remained relatively stable between US$9,265 million and US$9,459 million from 2022 to 2024, then increased to US$10,521 million in 2025. Deferred tax liabilities decreased significantly, falling from US$365 million in 2021 to US$31 million in 2025.
Stockholders’ Equity: Total stockholders’ equity experienced significant fluctuations. It decreased from US$14,458 million in 2021 to a low of US$7,340 million in 2022, then recovered to US$27,041 million in 2025. Accumulated deficit was a major driver of these changes, decreasing from a negative US$23,626 million in 2021 to a negative US$10,628 million in 2025, indicating improving profitability or reduced losses. Additional paid-in capital decreased from US$42,801 million in 2024 to US$38,101 million in 2025. Redeemable non-controlling interests also fluctuated, peaking at US$654 million in 2023 and decreasing to US$165 million in 2025.
Total Liabilities, Redeemable Non-Controlling Interests, and Equity: The combined total of these components increased from US$38,774 million in 2021 to US$61,802 million in 2025, reflecting the overall growth in both liabilities and, after an initial decline, equity. The most substantial increase occurred between 2023 and 2025.

In summary, the company experienced a period of increasing financial scale, evidenced by the growth in total liabilities and eventual recovery in stockholders’ equity. The composition of both liabilities and equity shifted over time, with notable changes in specific accounts such as long-term insurance reserves, accrued taxes, and accumulated deficit. The significant increase in current liabilities in 2024, particularly the current portion of long-term debt, warrants further investigation.

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Uber Technologies Inc. (NYSE:UBER)

Balance Sheet: Liabilities and Stockholders’ Equity