Return on Equity (ROE)
since 2019
Calculation
Uber Technologies Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss) attributable to Uber Technologies, Inc.1 | ÷ | Total Uber Technologies, Inc. stockholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 37.18% | = | 100 | × | 10,053) | ÷ | 27,041) |
| Dec 31, 2024 | 45.72% | = | 100 | × | 9,856) | ÷ | 21,558) |
| Dec 31, 2023 | 16.77% | = | 100 | × | 1,887) | ÷ | 11,249) |
| Dec 31, 2022 | -124.54% | = | 100 | × | (9,141) | ÷ | 7,340) |
| Dec 31, 2021 | -3.43% | = | 100 | × | (496) | ÷ | 14,458) |
| Dec 31, 2020 | -55.18% | = | 100 | × | (6,768) | ÷ | 12,266) |
| Dec 31, 2019 | -59.94% | = | 100 | × | (8,506) | ÷ | 14,190) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 US$ in millions
The return on equity (ROE) exhibited significant volatility between 2019 and 2025. Initially, the company experienced substantial negative ROE values, followed by a period of improvement culminating in positive, though fluctuating, returns.
- Net Income Trend
- Net income attributable to Uber Technologies, Inc. demonstrated a pattern of losses from 2019 through 2021, with the largest loss occurring in 2022. Profitability improved markedly in 2023, continuing into 2024 and 2025, with net income increasing year-over-year.
- Stockholders’ Equity Trend
- Total stockholders’ equity decreased from 2019 to 2020, then increased through 2021. A substantial decrease was observed in 2022, followed by recovery in 2023, 2024, and 2025, indicating a strengthening financial position.
- ROE Analysis
- From 2019 to 2022, ROE was consistently negative, reaching its lowest point in 2022 at -124.54%. This was primarily driven by significant net losses, particularly in 2022, coupled with fluctuations in stockholders’ equity. A positive ROE of 16.77% was achieved in 2023, coinciding with the return to net income profitability. The ROE increased substantially to 45.72% in 2024, before moderating to 37.18% in 2025. The increase in ROE from 2022 to 2024 suggests improved efficiency in generating profits from shareholders’ investments. The slight decrease in ROE in 2025, despite continued net income growth, may indicate a slower rate of equity growth relative to earnings.
The correlation between net income and ROE is evident; as net income improved, ROE transitioned from negative to positive values. The fluctuations in stockholders’ equity also played a role in the ROE’s volatility, particularly the significant decline in 2022 which exacerbated the negative ROE.
AI Ask an analyst for more
Comparison to Competitors
Uber Technologies Inc., ROE, long-term trends, comparison to competitors
| Uber Technologies Inc. | FedEx Corp. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 37.18% | 14.58% | 38.65% | 21.94% | 34.34% |
| Dec 31, 2024 | 45.72% | 15.70% | 39.95% | 24.84% | 34.59% |
| Dec 31, 2023 | 16.77% | 15.23% | 43.14% | 28.08% | 38.76% |
| Dec 31, 2022 | -124.54% | 15.34% | 57.54% | 10.69% | 58.36% |
| Dec 31, 2021 | -3.43% | 21.64% | 46.06% | -39.05% | 90.44% |
| Dec 31, 2020 | -55.18% | 7.03% | 31.54% | -118.61% | 204.41% |
| Dec 31, 2019 | -59.94% | 3.04% | 32.65% | 26.09% | 135.90% |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Comparison to Sector (Transportation)
Uber Technologies Inc., ROE, long-term trends, comparison to sector (transportation)
| Uber Technologies Inc. | Transportation | |
|---|---|---|
| Dec 31, 2025 | 37.18% | 28.74% |
| Dec 31, 2024 | 45.72% | 31.30% |
| Dec 31, 2023 | 16.77% | 27.38% |
| Dec 31, 2022 | -124.54% | 19.64% |
| Dec 31, 2021 | -3.43% | 30.78% |
| Dec 31, 2020 | -55.18% | -10.82% |
| Dec 31, 2019 | -59.94% | 8.33% |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Comparison to Industry (Industrials)
Uber Technologies Inc., ROE, long-term trends, comparison to industry (industrials)
| Uber Technologies Inc. | Industrials | |
|---|---|---|
| Dec 31, 2025 | 37.18% | 27.59% |
| Dec 31, 2024 | 45.72% | 23.51% |
| Dec 31, 2023 | 16.77% | 27.70% |
| Dec 31, 2022 | -124.54% | 15.38% |
| Dec 31, 2021 | -3.43% | 15.38% |
| Dec 31, 2020 | -55.18% | 0.24% |
| Dec 31, 2019 | -59.94% | 14.56% |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).