Uber Technologies Inc. (NYSE:UBER)

The Return on Assets (ROA) exhibited significant volatility between 2019 and 2025. Initially negative, the ROA demonstrated improvement over the period, culminating in positive and increasingly substantial returns.

Net Income Impact

From 2019 through 2021, net income attributable to the company was consistently negative, contributing to negative ROA values. The magnitude of net losses decreased from 2019 to 2020, resulting in a less negative ROA. However, a substantial net loss in 2022 led to a significant decline in ROA. A turnaround began in 2023 with positive net income, driving the ROA into positive territory. Net income continued to grow in 2024 and 2025, further enhancing the ROA.

Asset Base Evolution

Total assets increased from 2019 to 2021, followed by a decrease in 2022. Assets then experienced substantial growth in both 2024 and 2025. The initial asset growth, coupled with negative net income, exacerbated the negative ROA in the early years. The decrease in assets in 2022, while coinciding with a large net loss, did not prevent a further decline in ROA. The subsequent asset expansion, alongside positive and increasing net income, fueled the ROA’s improvement.

ROA Trend Analysis

The ROA began at -26.78% in 2019 and improved to -20.35% in 2020. A slight improvement to -1.28% was observed in 2021, but the ROA sharply declined to -28.47% in 2022. A substantial positive shift occurred in 2023, with the ROA reaching 4.88%. Continued positive performance resulted in ROA values of 19.23% and 16.27% in 2024 and 2025, respectively. This indicates a significant and sustained improvement in the company’s ability to generate earnings from its asset base.

The positive trend in ROA from 2023 onwards suggests increasing operational efficiency and profitability. The growth in both net income and total assets contributed to this improvement, although the positive net income was the primary driver of the ROA’s turnaround.