Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
Uber Technologies Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Current Ratio Trends
- The current ratio has demonstrated fluctuations over the observed periods, starting at 1.14 in March 2021 and declining to a low of 0.98 by December 2021. It then stabilized around 1.00 through mid-2022, followed by a general upward trend peaking at 1.41 in September 2024. After this peak, the ratio decreased to 1.02 by June 2025. These variations suggest periodic changes in short-term liquidity with a notable increase in the latter part of the timeline, indicating an improved capacity to cover current liabilities with current assets during that period.
- Quick Ratio Trends
- The quick ratio echoed a somewhat similar pattern with an initial decrease from 0.96 in March 2021 to 0.82 in December 2021, reflecting tighter liquid asset coverage of current liabilities excluding inventories. Thereafter, it moderately increased, reaching above 1.00 in mid-2023 and mid-2024, peaking at 1.27 in September 2024. Post-peak, the ratio declined again, ending at 0.97 in June 2025. Overall, the quick ratio indicates episodic improvements in immediate liquidity, although it remained close to or below the benchmark of 1.0 in several periods, pointing to moderate liquidity risk at times.
- Cash Ratio Trends
- The cash ratio remained the lowest among the three liquidity measures throughout, starting at 0.81 in March 2021 and dropping to 0.55 by December 2021, indicating limited cash and cash equivalent holdings relative to current liabilities. The ratio saw a gradual increase to a high of 0.92 in September 2024, reflecting a temporary enhancement in the most liquid form of assets. This was followed by a decrease to 0.60 by June 2025. The overall pattern suggests a generally conservative cash holding strategy with some seasonal improvements but continued constraints on immediate cash availability.
- Summary of Liquidity Position
- Across the periods analyzed, the liquidity ratios exhibit cyclical trends with dips in late 2021 followed by recoveries peaking around late 2024. The current and quick ratios indicate that the company usually maintains adequate levels of short-term assets to meet liabilities, though some periods reflect tighter liquidity. The cash ratio highlights consistent limitations in high liquidity assets but also shows strategic improvements at certain intervals. This suggests an overall balanced approach to managing liquidity with responsiveness to market or operational conditions reflected in the fluctuating ratios.
Current Ratio
Uber Technologies Inc., current ratio calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
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| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current assets | ||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Current ratio1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current assets
- The current assets exhibit fluctuations over the periods analyzed, initially showing a moderate degree of variability with values ranging from approximately $7.8 billion to $9.7 billion between early 2021 and the end of 2022. Starting from early 2023, there is a notable upward trend, with current assets increasing to above $10.6 billion and continuing to rise sharply, peaking at over $15.3 billion in late 2024. Subsequently, there is a decline, with the figure settling in the $12.2 to $14.1 billion range by mid-2025.
- Current liabilities
- Current liabilities have generally trended upward across the entire period under review. Beginning around $7.3 billion in early 2021, current liabilities steadily increased throughout the timeframe, reaching approximately $12.7 billion by mid-2025. The incremental rises appear consistent with only minor short-term volatility, suggesting a sustained increase in short-term obligations.
- Current ratio
- The current ratio exhibits variability but remains close to the benchmark range of 1.0, indicating a generally balanced short-term liquidity position relative to current liabilities. In early 2021, the ratio starts slightly above 1.1, declines to just below 1.0 by year-end 2021, and then experiences some recovery with values fluctuating around the 1.0 to 1.2 range. A significant improvement is observed during late 2023 and 2024, peaking at 1.41 in late 2024, which indicates enhanced liquidity. However, there is a subsequent decline in early 2025, bringing the ratio closer again to around 1.0 to 1.1.
- Summary
- Over the period analyzed, current assets increased considerably with a notable acceleration starting in 2023, while current liabilities steadily rose without pronounced volatility. The current ratio remained mostly stable but showed periods of both tightening and strengthening short-term liquidity. The peak in the current ratio in late 2024 suggests a temporary strengthening of the company's ability to cover short-term obligations, although this effect moderates in early 2025. Overall, the trends indicate growth in working capital components with a generally maintained balance between assets and liabilities.
Quick Ratio
Uber Technologies Inc., quick ratio calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
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| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||
| Short-term investments | ||||||||||||||||||||||||
| Restricted cash and cash equivalents | ||||||||||||||||||||||||
| Accounts receivable, net of allowance | ||||||||||||||||||||||||
| Total quick assets | ||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Quick ratio1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Analysis of Quick Assets and Current Liabilities
- The total quick assets demonstrate variability over the observed periods with an overall upward trend. Starting at approximately 6,977 million USD, they reach a peak around the third quarter of 2024 at 13,715 million USD, reflecting substantial growth. After this peak, a decline is noted, followed by a modest recovery towards the second quarter of 2025, reaching 12,330 million USD.
- Current liabilities similarly show an increasing trajectory, rising from 7,288 million USD at the beginning of the period to 12,686 million USD by mid-2025. This steady increase indicates growing short-term obligations faced by the company.
- Interpretation of Quick Ratio Trends
- The quick ratio fluctuates throughout the quarters but tends toward a value near or slightly above 1 in later periods, implying an improvement in the company's short-term liquidity position. Early in the period, the ratio falls below 1 several times, suggesting potential challenges covering current liabilities with quick assets. However, by mid-2023, the ratio surpasses 1 and maintains values close to this benchmark, even peaking at 1.27 in the third quarter of 2024. This peak suggests a strong liquidity buffer during that time.
- Subsequent quarters show a retreat from the peak ratio, with values dipping below 1 again but staying near this level, which may reflect tighter liquidity conditions or proactive management of working capital in response to increasing liabilities.
- Overall Insights
- The analysis reveals that both quick assets and current liabilities have grown substantially over the examined timeline, indicating expansion in the company's scale of operations or changes in capital structure. The quick ratio's movement illustrates that despite rising liabilities, liquidity levels have been largely maintained near the minimum threshold considered safe, which generally signals prudent financial management.
- The period around the third quarter of 2024 emerges as a significant moment when liquidity was notably robust. However, the subsequent decline in the quick ratio suggests the need for ongoing attention to liquidity management to sustain this stability amid increasing liabilities.
Cash Ratio
Uber Technologies Inc., cash ratio calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||
| Short-term investments | ||||||||||||||||||||||||
| Restricted cash and cash equivalents | ||||||||||||||||||||||||
| Total cash assets | ||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Cash ratio1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets exhibited fluctuations over the reviewed periods. Initially, there was an increase from approximately $5.9 billion to nearly $6.9 billion within the first three quarters, followed by a decline to about $4.9 billion by the end of 2021. From 2022 onwards, cash assets showed a general upward movement with intermittent dips, notably peaking around $10 billion in the third quarter of 2024, and then adjusting downward to approximately $7.3 to $8.6 billion in early 2025. This suggests periods of both liquidity accumulation and expenditure or investment, reflecting dynamic cash management.
- Current Liabilities
- Current liabilities demonstrated a consistent and steady increase throughout the analyzed timeframe. Starting at approximately $7.3 billion in early 2021, the liabilities rose gradually every quarter, surpassing $12.6 billion by mid-2025. This persistent upward trend indicates growing short-term obligations, which could imply increased operational activity, higher accruals, or additional short-term financing.
- Cash Ratio
- The cash ratio, representing the company's ability to cover current liabilities with cash and cash equivalents, showed notable volatility. The ratio began relatively healthy at 0.81 but declined sharply to 0.55 by late 2021, implying reduced liquidity coverage. Throughout 2022 and into 2023, the ratio fluctuated between 0.55 and 0.75, showing some recovery but remaining below earlier levels. The ratio reached a peak of 0.92 in the third quarter of 2024, reflecting a temporary strong liquidity position. However, it declined thereafter to values around 0.6 to 0.67 in early 2025. Despite occasional improvement, the ratio mostly remained below 1, indicating that the company generally held less cash than its current liabilities, which could raise concerns regarding short-term liquidity resilience.
- Overall Insights
- The financial data suggest a growing pressure on short-term liquidity, as evidenced by the steady rise in current liabilities outpacing the increases in cash assets. Although cash assets showed significant variations with periods of accumulation, they have not consistently kept pace with the liabilities growth. The cash ratio's downward tendencies and volatility further highlight challenges in maintaining strong liquidity coverage. The peak in late 2024 may indicate one-time cash injections or improved cash flows, yet the subsequent decline points to ongoing liquidity management challenges. Continuous monitoring of these trends is advisable to ensure sufficient liquidity buffers and to manage the increasing current liabilities effectively.