Analysis of Geographic Areas
Uber Technologies Inc. operates in 2 regions: United States and All other countries.
Area Asset Turnover
Uber Technologies Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 9.24 | 7.77 | 6.25 | 5.59 | 3.03 |
| All other countries | 64.34 | 63.88 | 55.87 | 43.38 | 33.59 |
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).
Asset turnover ratios for the geographic areas presented demonstrate distinct trends between 2021 and 2025. The United States exhibits a consistent upward trajectory, while asset turnover in all other countries, though also increasing, shows a moderating growth rate in later periods.
- United States
- The asset turnover ratio for the United States increased steadily over the five-year period. Beginning at 3.03 in 2021, it rose to 9.24 by 2025. This represents a substantial improvement in the efficiency with which assets are used to generate revenue within this region. The rate of increase appears to accelerate from 2022 to 2024, suggesting potentially significant operational improvements or shifts in asset allocation.
- All Other Countries
- Asset turnover in all other countries also increased from 2021 to 2025, moving from 33.59 to 64.34. However, the pace of growth decelerated. The largest year-over-year increase occurred between 2021 and 2022 (9.79), followed by 2022 and 2023 (12.49). Subsequent increases were smaller, at 8.01 (2023-2024) and 0.46 (2024-2025). This suggests that while asset utilization is improving, the rate of improvement is diminishing, potentially indicating maturing markets or increased investment in less efficiently utilized assets.
The significant difference in magnitude between the two ratios is noteworthy. Throughout the period, asset turnover in all other countries remained considerably higher than in the United States. This could be attributable to a variety of factors, including differing business models, asset intensity, or market characteristics across the regions. The converging trends, however, suggest a potential narrowing of operational efficiency gaps between the two geographic areas.
The sustained growth in both regions indicates effective asset management strategies. However, the decelerating growth in “All Other Countries” warrants further investigation to understand the underlying causes and potential implications for future performance.
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Area Asset Turnover: United States
Uber Technologies Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 23,771) | 21,429) | 18,620) | 17,953) | 9,058) |
| Long-lived assets, net | 2,572) | 2,757) | 2,980) | 3,210) | 2,991) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 9.24 | 7.77 | 6.25 | 5.59 | 3.03 |
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets, net
= 23,771 ÷ 2,572 = 9.24
The financial performance within the United States demonstrates a consistent and accelerating trend of improved asset utilization between 2021 and 2025. Revenue experienced substantial growth over the period, while the value of long-lived assets exhibited a more moderate pattern. This combination resulted in a significant increase in the area asset turnover ratio.
- Revenue
- Revenue generated in the United States increased from US$9,058 million in 2021 to US$23,771 million in 2025. This represents a cumulative growth of 163.1% over the five-year period. The most substantial year-over-year increase occurred between 2021 and 2022, with revenue nearly doubling. Growth continued at a strong pace in subsequent years, though with diminishing percentage gains.
- Long-lived assets, net
- The net value of long-lived assets in the United States showed initial growth, increasing from US$2,991 million in 2021 to US$3,210 million in 2022. However, this was followed by a decline, reaching US$2,572 million by 2025. The overall decrease from the 2022 peak to 2025 was approximately 19.9%. This suggests a potential increase in asset efficiency or strategic divestment of assets.
- Area asset turnover
- The area asset turnover ratio, a measure of how efficiently assets are used to generate revenue, increased markedly from 3.03 in 2021 to 9.24 in 2025. This represents a more than threefold increase over the period. The ratio’s growth accelerated from 2022 onwards, indicating a strengthening relationship between revenue generation and asset investment. The consistent upward trend suggests improved operational efficiency and a more effective utilization of assets within the United States.
The combined effect of increasing revenue and decreasing long-lived assets resulted in a substantial improvement in asset turnover. This indicates that the business is becoming increasingly effective at generating sales from its asset base within the United States.
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Area Asset Turnover: All other countries
Uber Technologies Inc.; All other countries; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 28,246) | 22,549) | 18,661) | 13,924) | 8,397) |
| Long-lived assets, net | 439) | 353) | 334) | 321) | 250) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 64.34 | 63.88 | 55.87 | 43.38 | 33.59 |
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets, net
= 28,246 ÷ 439 = 64.34
The financial performance of this geographic area demonstrates a consistent upward trend in revenue alongside a moderate increase in long-lived assets. This has resulted in a significant and sustained improvement in asset turnover over the analyzed period.
- Revenue
- Revenue experienced substantial growth, increasing from US$8,397 million in 2021 to US$28,246 million in 2025. This represents a cumulative increase of 236.1% over the five-year period. The growth rate appears to be accelerating, with larger absolute increases observed in later years.
- Long-lived assets, net
- Long-lived assets, net, increased from US$250 million in 2021 to US$439 million in 2025. While increasing each year, the growth in these assets is considerably slower than the growth in revenue. This suggests efficient utilization of existing assets to generate sales.
- Area asset turnover
- The area asset turnover ratio exhibits a strong positive trend, rising from 33.59 in 2021 to 64.34 in 2025. This indicates a significant improvement in the efficiency with which assets are being used to generate revenue. The ratio increased by 91.8% over the period. The rate of increase slowed slightly between 2023 and 2025, suggesting potential stabilization of asset utilization efficiency, though still remaining positive.
The combination of robust revenue growth and controlled asset expansion has driven a substantial increase in asset turnover. This suggests effective management of assets and a strong ability to generate sales from the existing asset base within this geographic area.
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Revenue
Uber Technologies Inc., revenue by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 23,771) | 21,429) | 18,620) | 17,953) | 9,058) |
| All other countries | 28,246) | 22,549) | 18,661) | 13,924) | 8,397) |
| Total | 52,017) | 43,978) | 37,281) | 31,877) | 17,455) |
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).
Revenue exhibits substantial growth across all reported periods. A clear distinction emerges between the performance of the United States and all other countries, though both demonstrate positive trajectories. Total revenue consistently increases year-over-year, driven by gains in both geographic segments.
- United States Revenue
- Revenue from the United States increased significantly from US$9,058 million in 2021 to US$17,953 million in 2022, representing a growth of 98.8%. Subsequent growth rates moderate to 3.6% between 2022 and 2023, 14.8% between 2023 and 2024, and 8.4% between 2024 and 2025. While still positive, the deceleration suggests a maturing market or increased competition within the United States.
- All Other Countries Revenue
- Revenue from all countries excluding the United States also shows strong growth, increasing from US$8,397 million in 2021 to US$13,924 million in 2022, a growth of 66.1%. This segment demonstrates robust expansion, with growth rates of 34.1% between 2022 and 2023, 21.7% between 2023 and 2024, and 25.3% between 2024 and 2025. This indicates substantial opportunities and increasing market penetration in international markets.
- Comparative Growth
- In 2022, the growth rate of revenue from all other countries exceeded that of the United States. However, the United States maintained a larger revenue base throughout the analyzed period. From 2023 onwards, while both segments continue to grow, the rate of increase in revenue from all other countries consistently surpasses that of the United States, suggesting a potential shift in the geographic distribution of revenue contribution.
- Total Revenue Composition
- In 2021, the United States accounted for approximately 51.9% of total revenue. This proportion decreased to 46.7% in 2022, and further to 49.9% in 2023. By 2024, the United States represented 48.7% of total revenue, and this decreased to 45.7% in 2025. This demonstrates a gradual diversification of revenue sources, with an increasing reliance on international markets.
Overall, the revenue figures indicate a company experiencing significant expansion. The increasing contribution from international markets suggests a successful global strategy, while the moderating growth in the United States warrants continued monitoring to understand underlying market dynamics.
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Long-lived assets, net
Uber Technologies Inc., long-lived assets, net by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 2,572) | 2,757) | 2,980) | 3,210) | 2,991) |
| All other countries | 439) | 353) | 334) | 321) | 250) |
| Total | 3,011) | 3,110) | 3,314) | 3,531) | 3,241) |
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).
The value of long-lived assets within the United States exhibited a generally decreasing trend over the five-year period. Conversely, long-lived assets held in all other countries demonstrated consistent growth. Total long-lived assets initially increased before declining.
- United States
- The value of long-lived assets in the United States began at US$2,991 million in 2021, increasing to US$3,210 million in 2022. Following this peak, a decline was observed, reaching US$2,757 million in 2024 and further decreasing to US$2,572 million in 2025. This represents an overall decrease of approximately 13.9% from 2021 to 2025.
- All Other Countries
- Long-lived assets outside of the United States increased steadily throughout the period. Starting at US$250 million in 2021, the value rose to US$321 million in 2022, US$334 million in 2023, US$353 million in 2024, and culminated in US$439 million in 2025. This signifies a substantial increase of approximately 75.6% from 2021 to 2025.
- Total Long-Lived Assets
- Total long-lived assets increased from US$3,241 million in 2021 to US$3,531 million in 2022. However, this was followed by a period of decline, with values decreasing to US$3,314 million in 2023, US$3,110 million in 2024, and US$3,011 million in 2025. The net change from 2021 to 2025 is a decrease of approximately 7.4%.
- Geographic Shift
- The relative proportion of long-lived assets located in areas outside of the United States increased over the observed period. In 2021, assets in all other countries represented approximately 7.7% of the total. By 2025, this proportion had risen to approximately 14.6%. This suggests a strategic shift in asset allocation towards international markets.
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